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The King of Prussia, Pa., developer and of Baltimorre signed a ground lease with the college in 1999 and vowed tobuild 100,000 square feet of shopd and restaurants as part of the $110 million office, hotel and parkinvg center known as Lockwood Place. But since that time, the developers have scaled backthe project, relinquishing the idea of a beginning only preliminary work on the parkiny garage, and, now, puttingh the retail portion on hold. James D. Tschechtelin, president of Baltimorew City Community College, acknowledged the delay, but said he coulc make few comments untilthe school's developmengt committee reviews a recent letter from Kravco Co. "The eventse of Sept.
11 and the attack on America have changede a lotof things," he said. T. Courtenay Jenkinsx III, a senior vice president with TrammellCrow Co., whichh is assisting with the office development, said Kravco'sa recent decision should not affecf the overall health of the project. "Kravclo is just delaying the start date with the Jenkins said. "It's no big deal. With 9-11 and the you don't want to open up a retaiol development with less than afull Retailers, including national chains, are reluctant to debut new storee in a tough economy. Sales at 80 of the country'e regional malls dropped 3.2 percentr from Nov. 23 through Dec.
9, according to the Internationapl Council ofShopping Centers. The numbers exclude sales at department stores and othe rmall anchors. Despite the postponement of the Lockwood retail Jenkins said he expects ground on the office towerd to be broken in even if a lead tenant has notbeen secured. By the time the offices portion isunder construction, the retaip sector may have rebounded, allowing for that part of the developmentr to get under way, he said. "It's turning out to be a phasedc project," Jenkins said.
When the Statse Board of Public Workas approvedthe 50-year ground lease betweenn the college and the developers in late 1999, the schoop sent out a press release explaininv why it selected the Kravco plan. The second of four reasons states, "It was the only proposalk planned to be completed in one Signs on the site originallh said construction would begin inSprin 2001. Site work on the the first phase ofthe project, starterd in the late fall. But, regardless of the Baltimore City Community College is stillkguaranteed $1.1 million a year before escalationm under the terms of the ground lease.
The schoo is also entitled to 2 percent of grossarents "after build out," Tschechtelin It is this revenue that the college coulr lose if the project is not completedd as promised. Initial plans caller for 244,500 square feet of offices space, 100,000 square feet of retai l space, a 250-room hotel and a 700-spacee parking garage on the 2.8-acrer college site bounded by Market Place, Gay and Pratt streets. Many real estatw experts question whether the site will ever amount to more than a parkinh garage as the need for commercial space continuesxto shrink. Neither Wayne L. Snyder, chairman of Kravco Co.
, nor Theo Rodgers, presiden t of A&R Development, could be reached for
Saturday, June 30, 2012
Friday, June 29, 2012
Stand-alone VA hospital? Site impasse stalls project - Denver Business Journal:
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But Jacque Montgomery, a spokeswoman for the Universityy ofColorado Denver, said the is continuing talks with the VA for use of the second tower, despit e opposition from veterans groups, U.S. Sen. Ken D-Colo., and U.S. Rep. Ed Perlmutter, The VA is exploring a leasing arrangement with the neighborinb University of Colorado Hospitak that would allowthe VA’s hospital to use medical technology and floor space at the university’z yet-to-be-built second tower at the Anschutz Medical Campus in while maintaining other services elsewhere near the In June, the VA unveiled a $548 million plan that wouled have reduced the number of beds in the originapl project from 160 to 116 and cut the floof space by about 11,000 square feet.
The VA announced it has set asidw $148 million for the long-delayed project. Veterans groups, Salazat and Perlmutter want the VA to builxa single, standalone hospital just outside the perimeteras of the Anschutz Medical Campus — a proposal that’sz estimated to cost $1.1 billion, nearly twice as much as the less-expensivee option the VA is considering. In early Salazar and Perlmutter sent a lettereto Dr. Jim Peake, the VA’s asking the agency to make a standalone hospitapla “major construction” Directors of five veterans groupas sent a letter to Peaker last month that disagreed with the VA’s stance.
“At a time when no cost seems too great to bear on the deployed battlefields of Iraq and Afghanistan to support our we question the determination of the VA aboutg whatis ‘not the letter stated. Montgomery said the hospital plans to build the tower regardlesss of whether the VA shares the site. She said the VA’s participation won’t change the time frames for the completion of theseconx tower, but also that it’sx too early to say when that towert might be built or how big it will be.
Peakew suggested the original plan for a standalone hospital was too costly and inefficientt in an opinion piece submitted to Denver medialast “It wasn’t only the cost of the facility that trulg concerned me; it was that building a hospitalk of such size would still not properly serve the majoritgy of veterans in this area,” Peakes wrote, noting that building a giant new inpatientt hospital runs contrary to medica trends.
Based on recent acquisitions, VA appears to be committed to building some kind of medical centerd forveterans — but it may be a question of when and how The agency recently paid $37 millioj to acquire an existing medical buildinb near the Anschutz Medical Campus to use for administrativse purposes. More than a year ago, the VA spent $14.5 milliom to buy 23 acres of adjacenr land fromthe . Jill executive director of the authority, said it’w unclear how the VA plans to use the but the agency is leaningtoward co-locating the site with in-patieng services offered in the second tower and outpatient serviced that would be offered in a freestanding VA The hospital’s fate probabluy will be decided by the next presidentiapl administration.
Appointed in October 2007, Peakde was the third VA secretary appointee by the Bush and political observers say helikelg won’t be reappointed by Bush’s In the meantime, veteranw seeking medical attention will go to the near the old University near Ninth Street and Colorado Boulevard in
But Jacque Montgomery, a spokeswoman for the Universityy ofColorado Denver, said the is continuing talks with the VA for use of the second tower, despit e opposition from veterans groups, U.S. Sen. Ken D-Colo., and U.S. Rep. Ed Perlmutter, The VA is exploring a leasing arrangement with the neighborinb University of Colorado Hospitak that would allowthe VA’s hospital to use medical technology and floor space at the university’z yet-to-be-built second tower at the Anschutz Medical Campus in while maintaining other services elsewhere near the In June, the VA unveiled a $548 million plan that wouled have reduced the number of beds in the originapl project from 160 to 116 and cut the floof space by about 11,000 square feet.
The VA announced it has set asidw $148 million for the long-delayed project. Veterans groups, Salazat and Perlmutter want the VA to builxa single, standalone hospital just outside the perimeteras of the Anschutz Medical Campus — a proposal that’sz estimated to cost $1.1 billion, nearly twice as much as the less-expensivee option the VA is considering. In early Salazar and Perlmutter sent a lettereto Dr. Jim Peake, the VA’s asking the agency to make a standalone hospitapla “major construction” Directors of five veterans groupas sent a letter to Peaker last month that disagreed with the VA’s stance.
“At a time when no cost seems too great to bear on the deployed battlefields of Iraq and Afghanistan to support our we question the determination of the VA aboutg whatis ‘not the letter stated. Montgomery said the hospital plans to build the tower regardlesss of whether the VA shares the site. She said the VA’s participation won’t change the time frames for the completion of theseconx tower, but also that it’sx too early to say when that towert might be built or how big it will be.
Peakew suggested the original plan for a standalone hospital was too costly and inefficientt in an opinion piece submitted to Denver medialast “It wasn’t only the cost of the facility that trulg concerned me; it was that building a hospitalk of such size would still not properly serve the majoritgy of veterans in this area,” Peakes wrote, noting that building a giant new inpatientt hospital runs contrary to medica trends.
Based on recent acquisitions, VA appears to be committed to building some kind of medical centerd forveterans — but it may be a question of when and how The agency recently paid $37 millioj to acquire an existing medical buildinb near the Anschutz Medical Campus to use for administrativse purposes. More than a year ago, the VA spent $14.5 milliom to buy 23 acres of adjacenr land fromthe . Jill executive director of the authority, said it’w unclear how the VA plans to use the but the agency is leaningtoward co-locating the site with in-patieng services offered in the second tower and outpatient serviced that would be offered in a freestanding VA The hospital’s fate probabluy will be decided by the next presidentiapl administration.
Appointed in October 2007, Peakde was the third VA secretary appointee by the Bush and political observers say helikelg won’t be reappointed by Bush’s In the meantime, veteranw seeking medical attention will go to the near the old University near Ninth Street and Colorado Boulevard in
Wednesday, June 27, 2012
JU, Florida Coastal program to shorten degree path - Jacksonville Business Journal:
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Called the 3/3 program, it will allow some studentss to be dually enrolled at JU for theird last year and at Florida Coastal for their first year of law The program will be offered for the first time in the fall2009 semester, but it will probabl be a year or two before any studentxs are in a position to take advantager of it. JU students who have completed all the coursez required fortheir bachelor’s degree by the end of their juniotr year, except for nine hours of are eligible for the 3/3 program. They must also meet othet criteria, such as maintaining a 3.
3 gradse point average, getting a 154 on the law schoo entrance exam and applying to Floridza Coastal no later than February of theiejunior year. Those eligible for the program can then taketypicalk first-year law school classeas at Florida Coastal, such as contracts, torts and propert law classes, and get credit for them at both JU and Florida Coastal. The students would pay the standarcd Florida Coastal tuition forthoswe classes, but would save nine credits worth of tuitiohn at JU.
“This prograj will provide students with the opportunity to earn both degreesx in a minimum ofsix years, as opposeds to the traditional seven years of studg here in Jacksonville,” said Terri Davlantes, vice dean at Floridwa Coastal. “It’s a wonderful joinr effort between ourtwo schools, and we’re hopeful it will lead to more collaborationj in the future.” Officials at the two schoolsw say it’s too earlgy to tell how many studentsa will be interested in the program, mainlty because students will have to plan theirf JU schedules well in advance to completw coursework in their majors by the end of theifr third year.
Called the 3/3 program, it will allow some studentss to be dually enrolled at JU for theird last year and at Florida Coastal for their first year of law The program will be offered for the first time in the fall2009 semester, but it will probabl be a year or two before any studentxs are in a position to take advantager of it. JU students who have completed all the coursez required fortheir bachelor’s degree by the end of their juniotr year, except for nine hours of are eligible for the 3/3 program. They must also meet othet criteria, such as maintaining a 3.
3 gradse point average, getting a 154 on the law schoo entrance exam and applying to Floridza Coastal no later than February of theiejunior year. Those eligible for the program can then taketypicalk first-year law school classeas at Florida Coastal, such as contracts, torts and propert law classes, and get credit for them at both JU and Florida Coastal. The students would pay the standarcd Florida Coastal tuition forthoswe classes, but would save nine credits worth of tuitiohn at JU.
“This prograj will provide students with the opportunity to earn both degreesx in a minimum ofsix years, as opposeds to the traditional seven years of studg here in Jacksonville,” said Terri Davlantes, vice dean at Floridwa Coastal. “It’s a wonderful joinr effort between ourtwo schools, and we’re hopeful it will lead to more collaborationj in the future.” Officials at the two schoolsw say it’s too earlgy to tell how many studentsa will be interested in the program, mainlty because students will have to plan theirf JU schedules well in advance to completw coursework in their majors by the end of theifr third year.
Tuesday, June 26, 2012
Snap Fitness scours D.C. area for gym space - Washington Business Journal:
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A dozen Snap Fitness locationsw have opened between Northern Virginia and Baltimord over thepast year. “Many of them started off in areae like Ashburn and Manassas and we are the firstf to go inside the beltway in the middle of a dense said Snap Fitness franchise ownerDave Rudy, who just openesd the 2,400 square-foot, renovated space in Old The former executive with Ikon Office Solutiones Inc., who recently completed three Ironman has signed on with Snap Fitnesas to open three locationw but first wants to make sure the firsyt one is fully operational. He is scouringv similar busy marketplaces around shopping including Ballston, Clarendon and possiblyt Crystal City.
No specific locations have beenidentified yet, said Glennb Ulick, senior associate in Grubh & Ellis’ Baltimore office, who is helping Rudy sign his next two He will likely focus on Alexandria, and/or east Fairfax. said “Most folks are not used to seeing fitness facilitieas in high traffic retail areas but the responss has been positive from folkz who live and work inthe [Old area,” said Rudy. “Two doorse down is Pacers, one of the top runninyg stores inthe area, so clients are already coming to this The gym’s concept does not include bells and whistles like fancy spas and saunas, he but rather straight workout equipment.
The Chanhassen, six-year-old fitness chain says more than 1,800o Snap locations have been sold with some 30 to 40 new storeesadded monthly. “It’s becauswe people refuse to giveup fitness. We are about making it valuableand efficient,” said Rudy.
A dozen Snap Fitness locationsw have opened between Northern Virginia and Baltimord over thepast year. “Many of them started off in areae like Ashburn and Manassas and we are the firstf to go inside the beltway in the middle of a dense said Snap Fitness franchise ownerDave Rudy, who just openesd the 2,400 square-foot, renovated space in Old The former executive with Ikon Office Solutiones Inc., who recently completed three Ironman has signed on with Snap Fitnesas to open three locationw but first wants to make sure the firsyt one is fully operational. He is scouringv similar busy marketplaces around shopping including Ballston, Clarendon and possiblyt Crystal City.
No specific locations have beenidentified yet, said Glennb Ulick, senior associate in Grubh & Ellis’ Baltimore office, who is helping Rudy sign his next two He will likely focus on Alexandria, and/or east Fairfax. said “Most folks are not used to seeing fitness facilitieas in high traffic retail areas but the responss has been positive from folkz who live and work inthe [Old area,” said Rudy. “Two doorse down is Pacers, one of the top runninyg stores inthe area, so clients are already coming to this The gym’s concept does not include bells and whistles like fancy spas and saunas, he but rather straight workout equipment.
The Chanhassen, six-year-old fitness chain says more than 1,800o Snap locations have been sold with some 30 to 40 new storeesadded monthly. “It’s becauswe people refuse to giveup fitness. We are about making it valuableand efficient,” said Rudy.
Sunday, June 24, 2012
GM files for bankruptcy, plans to transfer operations to Wentzville - Washington Business Journal:
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Some operations and equipmenty from a steel stamping planft inGrand Rapids, Mich., which is slated to closee as part of the automaker's will be transferred to Wentzville, according to Bob Wheeler, a spokesma n for the Wentzville plant. It's not yet knowj how many, if any, Michigan employees will opt to transfertto Wentzville, he said. GM officials callec Wentzville Mayor Paul Lambi at9 a.m. Monday to assur him the local plantt wouldremain open. "It's good that they are shippinf in work for this Lambi said. "That's a positive that corporated thinks this plant willbe around.
" Lambi said, rival automaker Chrysler plans to shutte r its Fenton factors after investing $130 milliob in them, so it was importany for Wentzville to not rely on GM so much and diversifyg its revenue stream. When Lambi took officw seven years ago, Wentzville counted on GM for abour 55 to 60 percent of itstotal revenue. Today, that's more like 15 percenty of the city's $24 million general fund, becausde GM pays the city about $3 millionh a year in real estatse taxes, property taxes and other fees, he GM on Monday by the end of but the Wentzville plant was sparedbecause it’s the only plany where Chevrolet Express and GMC Savan a vans are made, The Wentzville plant will still undergoo a previously announced and other productio cuts in June and July that will resulgt in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaked is among the largest in U.
S. histort and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billiobn in liabilities and $82 billion in assets, according to the filexd in New York. GM to St. largest privately held Enterprise Rent-a-Car, and to Chapter 11, which allows the company to operate whilwe protected fromits creditors, pushees GM into a fast-track bankruptcy and provides $30 billiom of additional taxpayer funds to restructure. The GM plan as detailed by U.S. officialsw would allow a much smallerr GM to emerge from court protection withij 60 to90 days. The automakedr has not provided an updatesd target for job cuts but was lookinb toeliminate 21,000 U.S.
factory jobs from the 54,00 0 union members it now employs. General Motors employs 92,000 in the United Statew and is indirectly responsiblefor 500,000o retirees. The U.S. government would hold a 60 percent financia interest in areorganized GM, and the UAW woul take a 17.5 percent stake. The governmentsd of Canada and the provincre of Ontario have agreed to a 12 percent ownership stakee in exchange forfinancial aid. GM bondholders woulx get 10 percent. "It’s a bittersweet Wheeler said.
"You hate to have to go throug the process of closing plantsz andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futured and be the vibrant compant we once were." Download a copy of the
Some operations and equipmenty from a steel stamping planft inGrand Rapids, Mich., which is slated to closee as part of the automaker's will be transferred to Wentzville, according to Bob Wheeler, a spokesma n for the Wentzville plant. It's not yet knowj how many, if any, Michigan employees will opt to transfertto Wentzville, he said. GM officials callec Wentzville Mayor Paul Lambi at9 a.m. Monday to assur him the local plantt wouldremain open. "It's good that they are shippinf in work for this Lambi said. "That's a positive that corporated thinks this plant willbe around.
" Lambi said, rival automaker Chrysler plans to shutte r its Fenton factors after investing $130 milliob in them, so it was importany for Wentzville to not rely on GM so much and diversifyg its revenue stream. When Lambi took officw seven years ago, Wentzville counted on GM for abour 55 to 60 percent of itstotal revenue. Today, that's more like 15 percenty of the city's $24 million general fund, becausde GM pays the city about $3 millionh a year in real estatse taxes, property taxes and other fees, he GM on Monday by the end of but the Wentzville plant was sparedbecause it’s the only plany where Chevrolet Express and GMC Savan a vans are made, The Wentzville plant will still undergoo a previously announced and other productio cuts in June and July that will resulgt in the layoffs of 300 Monday’s Chapter 11 filing by the 101-year-old automaked is among the largest in U.
S. histort and largest-ever U.S. manufacturing bankruptcy. GM listed $173 billiobn in liabilities and $82 billion in assets, according to the filexd in New York. GM to St. largest privately held Enterprise Rent-a-Car, and to Chapter 11, which allows the company to operate whilwe protected fromits creditors, pushees GM into a fast-track bankruptcy and provides $30 billiom of additional taxpayer funds to restructure. The GM plan as detailed by U.S. officialsw would allow a much smallerr GM to emerge from court protection withij 60 to90 days. The automakedr has not provided an updatesd target for job cuts but was lookinb toeliminate 21,000 U.S.
factory jobs from the 54,00 0 union members it now employs. General Motors employs 92,000 in the United Statew and is indirectly responsiblefor 500,000o retirees. The U.S. government would hold a 60 percent financia interest in areorganized GM, and the UAW woul take a 17.5 percent stake. The governmentsd of Canada and the provincre of Ontario have agreed to a 12 percent ownership stakee in exchange forfinancial aid. GM bondholders woulx get 10 percent. "It’s a bittersweet Wheeler said.
"You hate to have to go throug the process of closing plantsz andeliminating jobs, but look that’s what's going on with a lot of Hopefully we can rebound, hire people in the futured and be the vibrant compant we once were." Download a copy of the
Saturday, June 23, 2012
Lufkin Industries Reports Second Quarter 2009 Results From Continuing Operations
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Excluding the impact of a $1.3 million (net of or $0.08 per diluted share provisioj related tothe class-action lawsuit againstf the Company, earnings from continuing operationxs for the second quarter of 2009 declined to $6.0 or $0.40 per diluted share, compared with $21.2 or $1.42 per diluted for the second quarter of 2008. Including the impacyt of the lawsuit, reportedd earnings from continuing operations for the second quarted of 2009were $4.7 million, or $0.32 per dilutedf share. Revenues declined 29% to $123.7 millio compared to $174.5 million for the seconxd quarterof 2008. "As expected, the seconed quarter of 2009 was a difficult one for ourentirr industry," said John F.
"Jay" Glick, president and chief executivre officerof Lufkin. "We felt the full bruntr of the decline in commodity prices and the depressedglobal economy. "Bookings in both our Oil Field and Power Transmissionh divisions were up from the first quarter of but they were down significantly from2008 levels, when we saw recor d levels of activity. A numbe of international projects continue to be deferred whilwe some North American projects continue to be cancelled particularly bythe majors. However, cancellations were down significantlt from the first quarterof 2009. "Thiw slowdown is impacting all our butthe U.S.
market continues to be the most We have seen significant declines in drillinh activity in the Barnett and Haynesvillew shale gas basins primarily due to the depressed level of natural gas pricezs relative to the price of crude oiland gas-on-gasw competition. Depressed natural gas prices are impacting cash and therefore, the budgets of both our major and independen t oil and gas customers are being constrained. As a result, crudes oil projects are being delayed or cancellecas well. "Our combined order backlog declinedto $162.e million in the second quartetr from $309.7 million in the second quarterd of last year and from $208.
0 million at the end of the 2009first quarter," he "We continue to view the uncertainh energy markets and economic conditions as a short-- to mid-term risk to our operations. Althoughg we expect it to take two more quarters for our customers to pull downexistingh inventories, we remain optimistic that the situatiom will begin to improve in the seconc half of 2009. In the Power Transmission we have already seen signs of stabilization in orders forour high-speed gearboxes, and we are seeing opportunities in new marketx for our artificial lift services and systems. "We continus to take steps to reduce cost s to improve ourcompetitive position.
We have reducedf our workforce byroughly 16% year to date, some operationsw were placed on short work weeks and overtimes pay was eliminated. We are continuing to work on unwindinyg commitments made late last year in oursupply chain, and we should soon see the decline in material costsa benefiting our profit margins. "Our recen t strategic acquisitions demonstrate that we remainj focused on the longerf term growth ofthe company. Our most recent acquisitionn of RMT enhances our opportunities to provided a broader range of technology to the turbo compressord sector that supports theenergy industry." Oil Fiels Division - Oil Field revenues for the second quarter of 2009 decreased 41% to $75.
0 compared to $126.5 million in the secon quarter of 2008. By comparison, Oil Field revenuee in the first quarter of 2009totaledf $111.7 million. The year-over-year decreases was led by a 51% decline in new unit primarily inNorth America, as well as a 38% drop in Automatio sales. Sales from recently acquired ILScontributed $4.2 million durintg the second quarter of 2009. Oil Field'ss new business bookings declined 83% from the second quarter of 2008 but were up 106% from the firstt quarter of 2009. Oil Field's backlofg decreased to $53.1 million at the end of the secon d quarterfrom $170.9 million at the end of last year'ws second quarter and $93.3 million at March 31, 2009.
This decreass was caused primarily by lower orderzs for newpumping units, as customers deferred or cancelled drillingg programs in response to lower energy prices, and by the inventory overhanhg in a number of our customers' The Oil Field Division experienced approximatelyh $8 million in cancelled orders during the second which is down significantly from the firsrt quarter. The continued low level of drillingf activity has also slowed our drawes on rawmaterials inventory, which we builr up during a higher-priced materials environment last year.
The Companuy believes supply costs have begun tobottom out, base d on our internal unit cost Power Transmission Division - Sales of Lufkin's Power Transmission products increased 2% to $48.7 million compared to $48.0 milliohn in last year's second quarter, and increasec by 18% from the first quarter of 2009. The year-over-year increasee was driven by a 3% increase in new unit saleas to $38.1 million. Bookings in Power Transmissiojincreased 60% sequentially but declined 13% from a year ago to $43 Power Transmission backlog at June 30, 2009, decreasexd to $109.1 million from $138.8 million at June 30, and $114.7 million at March 31, 2009.
Consolidatexd - Gross profit margin for the second quarter decreasedto 21.8 % of revenues, compared to 27.4% of revenuesa in last year's second quarter. Operating which includes the pre-tax impact of $2 million in additionap litigation expense, declined to $6.4 million in the seconds quarter, compared to $30.8 million in last year'as second quarter. Selling, general and administrative expenses as a percentage of revenuezs increasedto 15% of revenues compared to 10% in the prior-yearr quarter as a result of declining revenues and the labo component of our SG&A expense. "Volatility in oil pricees continues to adversely affectour customers' investmentg decisions.
The outlook for globaol economic recoveryremains uncertain, which makes demand forecasts for energy an even less exacyt science than normal. Against the backdroo of continued uncertainty, we are working aggressively to control costx andimprove efficiencies, whilde at the same time investing in improvementas in our people, our production equipment, and in developinvg technologies that differentiate our products by delivering more values to our customers. We are also acquirin g companies that fit our strategy for growth through expandingv our base of product andservicde technologies," Glick said. Lufkin will discuss its secondf quarter financial results in a conference call todayat 10:00 a.m.
Easterb Time (9:00 a.m. Central Time). To listen to the dial (480) 629-9772 and ask for the "Lufkij Industries" call at least 10 minutes prior to the The conference call will also be broadcast live via the Internegt and can be accessed throughthe "Earnings Conference Call" page of Lufkin's corporate website at . A telephonixc replay will be available througbh July 22 bydialing (303) 590-3030 and enteringv reservation number 4106097#. Lufkin Inc.
sells and services oilfield pumping foundry castings and power transmission products throughout the The Company has vertically integrated all vitak technologies requiredto design, manufacture and market its This release contains forward-looking statementds and information that are based on management's beliefs as well as assumptions made by and information currentlhy available to management. When used in this release, the wordxs "anticipate," "believe," "estimate," "expect" and similar expressions are intendesd toidentify forward-looking statements.
Such statementsd reflect the Company's current views with respecrt to certain events and are subject tocertainn assumptions, risks and uncertainties, many of which are outsided the control of the Company. These risks and uncertaintieas include, but are not limited to, (i) oil (ii) capital spending levels of oil producers, (iii) availability and pricew for raw materialsand (iv) general industry and economic conditions. Should one or more of these risks oruncertainties materialize, or shoulsd underlying assumptions prove incorrect, actual results may vary materiall y from those anticipated, believed, estimated or expected.
The Company does not intendc to updatethese forward-looking statement s and information. Contact: Christopherf L. Boone Chief Financialk Officer 936-631-2749 DRG&E Jack Lascar / 713-529-6600 Anne Pearson / 210-408-6321 (Table s to follow) LUFKIN INDUSTRIES, INC. Financialk Highlights (In thousands, except per share data) Three Months Ended Six Months EndexJune 30, June 30, 2009 2008 2009 2008 Sales $123,739o $174,488 $276,877 $315,558 Cost of sales 96,743 126,693 215,698 227,24e Gross profit 26,996 47,795 61,179 88,315 Selling, general and administrativse expenses 18,593 16,976 37,023 33,741 Litigatiomn reserve 2,000 0 5,000 0 Operatint income 6,403 30,819 19,156 54,574 Other incomer (expense), net 675 715 1,215 933 Earnings from continuinf operations before income tax provisionj 7,078 31,534 20,371 55,507 Income tax provision 2,344 10,356 6,537 18,744 Earnings from continuingt operations 4,734 21,178 13,834 36,763e Earnings (loss) from discontinued net of tax (237) 55 9 9 Net earnings $4,497 $21,233 $13,475 $36,86 Basic earnings per share: Earnings from continuinbg operations $0.
32 $1.44 $0.93 $2.50 Earnings from discontinuecd operations $(0.02) $- $(0.02) $0.0 Net earnings $0.30 $1.44 $0.91 $2.51 Dilutec earnings per share: Earnings from continuing operations $0.323 $1.42 $0.93 $2.47 Earnings from discontinued operationsd $(0.02) $- $(0.02) $0.01 Net earnings $0.30 $1.42 $0.9 1 $2.48 Dividends per share $0.26 $0.25 $0.50 $0.50 Weighted average number of shares outstanding: Basic 14,860,8043 14,772,015 14,860,799 14,707,037 Diluted 14,897,701 14,922,885 14,895,122 14,864,895 LUFKIN INDUSTRIES, INC. Balance Sheet Highlights (Thousands of dollars) June 30, Dec.
31, 2009 2008 Curren t assets $319,099 $385,738 Total assets 519,092 530,718 Currenft liabilities 58,874 88,813 Shareholders' equity 418,928 413,937 Working capital 260,225 296,926 LUFKIN INDUSTRIES, INC. Division Performancde (Thousands of dollars) Three Monthw Ended Six Months EndedJune 30, June 30, 2009 2008 2009 2008 Oil field $74,994 $126,507 $186,677 $227,416 Powerd transmission 48,745 47,981 90,200 88,142 Total $123,7309 $174,488 $276,877 $315,558 June 30, March 31, June 30, 2009 2009 2008 Oil field $53,122 $93,306 $170,917 Power transmission 109,138 114,70 138,785 Total $162,260 $208,014 $309,70w2 LUFKIN INDUSTRIES, INC. Reconciliation of Net Income under U.S.
GAAP to Adjusteds Net Earnings (In thousands, except per share data) Three Months Ended June 30, 2009 2008 Earningsx from continuingoperations $4,734 $21,178 Plus: Litigation reserve, net of tax 1,28o - Adjusted net earnings from continuing operationes $6,014 $21,178 Diluted earnings per share: Earnings from continuing operations $0.32 $1.42 Plus: Litigation reserve $0.08 $- Adjusted net earnings $0.40 $1.42 SOURCE Lufkin Inc.
Excluding the impact of a $1.3 million (net of or $0.08 per diluted share provisioj related tothe class-action lawsuit againstf the Company, earnings from continuing operationxs for the second quarter of 2009 declined to $6.0 or $0.40 per diluted share, compared with $21.2 or $1.42 per diluted for the second quarter of 2008. Including the impacyt of the lawsuit, reportedd earnings from continuing operations for the second quarted of 2009were $4.7 million, or $0.32 per dilutedf share. Revenues declined 29% to $123.7 millio compared to $174.5 million for the seconxd quarterof 2008. "As expected, the seconed quarter of 2009 was a difficult one for ourentirr industry," said John F.
"Jay" Glick, president and chief executivre officerof Lufkin. "We felt the full bruntr of the decline in commodity prices and the depressedglobal economy. "Bookings in both our Oil Field and Power Transmissionh divisions were up from the first quarter of but they were down significantly from2008 levels, when we saw recor d levels of activity. A numbe of international projects continue to be deferred whilwe some North American projects continue to be cancelled particularly bythe majors. However, cancellations were down significantlt from the first quarterof 2009. "Thiw slowdown is impacting all our butthe U.S.
market continues to be the most We have seen significant declines in drillinh activity in the Barnett and Haynesvillew shale gas basins primarily due to the depressed level of natural gas pricezs relative to the price of crude oiland gas-on-gasw competition. Depressed natural gas prices are impacting cash and therefore, the budgets of both our major and independen t oil and gas customers are being constrained. As a result, crudes oil projects are being delayed or cancellecas well. "Our combined order backlog declinedto $162.e million in the second quartetr from $309.7 million in the second quarterd of last year and from $208.
0 million at the end of the 2009first quarter," he "We continue to view the uncertainh energy markets and economic conditions as a short-- to mid-term risk to our operations. Althoughg we expect it to take two more quarters for our customers to pull downexistingh inventories, we remain optimistic that the situatiom will begin to improve in the seconc half of 2009. In the Power Transmission we have already seen signs of stabilization in orders forour high-speed gearboxes, and we are seeing opportunities in new marketx for our artificial lift services and systems. "We continus to take steps to reduce cost s to improve ourcompetitive position.
We have reducedf our workforce byroughly 16% year to date, some operationsw were placed on short work weeks and overtimes pay was eliminated. We are continuing to work on unwindinyg commitments made late last year in oursupply chain, and we should soon see the decline in material costsa benefiting our profit margins. "Our recen t strategic acquisitions demonstrate that we remainj focused on the longerf term growth ofthe company. Our most recent acquisitionn of RMT enhances our opportunities to provided a broader range of technology to the turbo compressord sector that supports theenergy industry." Oil Fiels Division - Oil Field revenues for the second quarter of 2009 decreased 41% to $75.
0 compared to $126.5 million in the secon quarter of 2008. By comparison, Oil Field revenuee in the first quarter of 2009totaledf $111.7 million. The year-over-year decreases was led by a 51% decline in new unit primarily inNorth America, as well as a 38% drop in Automatio sales. Sales from recently acquired ILScontributed $4.2 million durintg the second quarter of 2009. Oil Field'ss new business bookings declined 83% from the second quarter of 2008 but were up 106% from the firstt quarter of 2009. Oil Field's backlofg decreased to $53.1 million at the end of the secon d quarterfrom $170.9 million at the end of last year'ws second quarter and $93.3 million at March 31, 2009.
This decreass was caused primarily by lower orderzs for newpumping units, as customers deferred or cancelled drillingg programs in response to lower energy prices, and by the inventory overhanhg in a number of our customers' The Oil Field Division experienced approximatelyh $8 million in cancelled orders during the second which is down significantly from the firsrt quarter. The continued low level of drillingf activity has also slowed our drawes on rawmaterials inventory, which we builr up during a higher-priced materials environment last year.
The Companuy believes supply costs have begun tobottom out, base d on our internal unit cost Power Transmission Division - Sales of Lufkin's Power Transmission products increased 2% to $48.7 million compared to $48.0 milliohn in last year's second quarter, and increasec by 18% from the first quarter of 2009. The year-over-year increasee was driven by a 3% increase in new unit saleas to $38.1 million. Bookings in Power Transmissiojincreased 60% sequentially but declined 13% from a year ago to $43 Power Transmission backlog at June 30, 2009, decreasexd to $109.1 million from $138.8 million at June 30, and $114.7 million at March 31, 2009.
Consolidatexd - Gross profit margin for the second quarter decreasedto 21.8 % of revenues, compared to 27.4% of revenuesa in last year's second quarter. Operating which includes the pre-tax impact of $2 million in additionap litigation expense, declined to $6.4 million in the seconds quarter, compared to $30.8 million in last year'as second quarter. Selling, general and administrative expenses as a percentage of revenuezs increasedto 15% of revenues compared to 10% in the prior-yearr quarter as a result of declining revenues and the labo component of our SG&A expense. "Volatility in oil pricees continues to adversely affectour customers' investmentg decisions.
The outlook for globaol economic recoveryremains uncertain, which makes demand forecasts for energy an even less exacyt science than normal. Against the backdroo of continued uncertainty, we are working aggressively to control costx andimprove efficiencies, whilde at the same time investing in improvementas in our people, our production equipment, and in developinvg technologies that differentiate our products by delivering more values to our customers. We are also acquirin g companies that fit our strategy for growth through expandingv our base of product andservicde technologies," Glick said. Lufkin will discuss its secondf quarter financial results in a conference call todayat 10:00 a.m.
Easterb Time (9:00 a.m. Central Time). To listen to the dial (480) 629-9772 and ask for the "Lufkij Industries" call at least 10 minutes prior to the The conference call will also be broadcast live via the Internegt and can be accessed throughthe "Earnings Conference Call" page of Lufkin's corporate website at . A telephonixc replay will be available througbh July 22 bydialing (303) 590-3030 and enteringv reservation number 4106097#. Lufkin Inc.
sells and services oilfield pumping foundry castings and power transmission products throughout the The Company has vertically integrated all vitak technologies requiredto design, manufacture and market its This release contains forward-looking statementds and information that are based on management's beliefs as well as assumptions made by and information currentlhy available to management. When used in this release, the wordxs "anticipate," "believe," "estimate," "expect" and similar expressions are intendesd toidentify forward-looking statements.
Such statementsd reflect the Company's current views with respecrt to certain events and are subject tocertainn assumptions, risks and uncertainties, many of which are outsided the control of the Company. These risks and uncertaintieas include, but are not limited to, (i) oil (ii) capital spending levels of oil producers, (iii) availability and pricew for raw materialsand (iv) general industry and economic conditions. Should one or more of these risks oruncertainties materialize, or shoulsd underlying assumptions prove incorrect, actual results may vary materiall y from those anticipated, believed, estimated or expected.
The Company does not intendc to updatethese forward-looking statement s and information. Contact: Christopherf L. Boone Chief Financialk Officer 936-631-2749 DRG&E Jack Lascar / 713-529-6600 Anne Pearson / 210-408-6321 (Table s to follow) LUFKIN INDUSTRIES, INC. Financialk Highlights (In thousands, except per share data) Three Months Ended Six Months EndexJune 30, June 30, 2009 2008 2009 2008 Sales $123,739o $174,488 $276,877 $315,558 Cost of sales 96,743 126,693 215,698 227,24e Gross profit 26,996 47,795 61,179 88,315 Selling, general and administrativse expenses 18,593 16,976 37,023 33,741 Litigatiomn reserve 2,000 0 5,000 0 Operatint income 6,403 30,819 19,156 54,574 Other incomer (expense), net 675 715 1,215 933 Earnings from continuinf operations before income tax provisionj 7,078 31,534 20,371 55,507 Income tax provision 2,344 10,356 6,537 18,744 Earnings from continuingt operations 4,734 21,178 13,834 36,763e Earnings (loss) from discontinued net of tax (237) 55 9 9 Net earnings $4,497 $21,233 $13,475 $36,86 Basic earnings per share: Earnings from continuinbg operations $0.
32 $1.44 $0.93 $2.50 Earnings from discontinuecd operations $(0.02) $- $(0.02) $0.0 Net earnings $0.30 $1.44 $0.91 $2.51 Dilutec earnings per share: Earnings from continuing operations $0.323 $1.42 $0.93 $2.47 Earnings from discontinued operationsd $(0.02) $- $(0.02) $0.01 Net earnings $0.30 $1.42 $0.9 1 $2.48 Dividends per share $0.26 $0.25 $0.50 $0.50 Weighted average number of shares outstanding: Basic 14,860,8043 14,772,015 14,860,799 14,707,037 Diluted 14,897,701 14,922,885 14,895,122 14,864,895 LUFKIN INDUSTRIES, INC. Balance Sheet Highlights (Thousands of dollars) June 30, Dec.
31, 2009 2008 Curren t assets $319,099 $385,738 Total assets 519,092 530,718 Currenft liabilities 58,874 88,813 Shareholders' equity 418,928 413,937 Working capital 260,225 296,926 LUFKIN INDUSTRIES, INC. Division Performancde (Thousands of dollars) Three Monthw Ended Six Months EndedJune 30, June 30, 2009 2008 2009 2008 Oil field $74,994 $126,507 $186,677 $227,416 Powerd transmission 48,745 47,981 90,200 88,142 Total $123,7309 $174,488 $276,877 $315,558 June 30, March 31, June 30, 2009 2009 2008 Oil field $53,122 $93,306 $170,917 Power transmission 109,138 114,70 138,785 Total $162,260 $208,014 $309,70w2 LUFKIN INDUSTRIES, INC. Reconciliation of Net Income under U.S.
GAAP to Adjusteds Net Earnings (In thousands, except per share data) Three Months Ended June 30, 2009 2008 Earningsx from continuingoperations $4,734 $21,178 Plus: Litigation reserve, net of tax 1,28o - Adjusted net earnings from continuing operationes $6,014 $21,178 Diluted earnings per share: Earnings from continuing operations $0.32 $1.42 Plus: Litigation reserve $0.08 $- Adjusted net earnings $0.40 $1.42 SOURCE Lufkin Inc.
Friday, June 22, 2012
Former Dallas executive named Grant Thornton CEO - Dallas Business Journal:
ramsburgsyuheo1544.blogspot.com
Chipman, who has been with Grant Thornton for 28 is replacingEdward Nusbaum, who has been choseb to take over the role of CEO at Grangt Thornton's parent company, Grant Thornton International Ltd. Chipmajn will officially assume his new dutieson Jan. 1, when Nusbaunm steps into his new role. Chicago-basedf Grant Thornton has 51 offices nationwideand 6,000 Chipman has already held executive positions within the previously serving as the U.S. Centrak Region managing partner from 2003to 2006. Chipman also servedr as managing partner for the Dallas office from 2000 to 2003 andwas U.S.
managing partner of globalp services and worldwide director of International Businesxs Centers from 1998to 2000. “kI look forward to leading Grant Thornton said Chipman. “I will dedicat myself to taking action on a numberof fronts, including continuing Grant Thornton’s tradition of providintg strong leadership to the accounting profession and speakinfg out on issues of importance.
I will also continure our focus on providing the Grant Thornton Experience for our peopleand clients, and expanding our global serviced capabilities and corporate social responsibility
Chipman, who has been with Grant Thornton for 28 is replacingEdward Nusbaum, who has been choseb to take over the role of CEO at Grangt Thornton's parent company, Grant Thornton International Ltd. Chipmajn will officially assume his new dutieson Jan. 1, when Nusbaunm steps into his new role. Chicago-basedf Grant Thornton has 51 offices nationwideand 6,000 Chipman has already held executive positions within the previously serving as the U.S. Centrak Region managing partner from 2003to 2006. Chipman also servedr as managing partner for the Dallas office from 2000 to 2003 andwas U.S.
managing partner of globalp services and worldwide director of International Businesxs Centers from 1998to 2000. “kI look forward to leading Grant Thornton said Chipman. “I will dedicat myself to taking action on a numberof fronts, including continuing Grant Thornton’s tradition of providintg strong leadership to the accounting profession and speakinfg out on issues of importance.
I will also continure our focus on providing the Grant Thornton Experience for our peopleand clients, and expanding our global serviced capabilities and corporate social responsibility
Wednesday, June 20, 2012
Bankrupt Vintage Homes liquidates millions in assets - Denver Business Journal:
disqualify-sida.blogspot.com
The downfall of the 17-year-old Alpharetta home builder involves $4.2 million in failefd loans fromIntegrity — taken over by the last August. Vintage’s collapse also ensnared , which gave the home buildef anearly $4 million constructiomn loan for its Vintage Square development in also provided Vintage Homes with a $5 milliobn construction loan. The Vintage Homes bankruptcy not only illustratesa how the struggles of even a relativelyt small home builder have infected the balance sheets of Atlanta’s banks, it also helps set the stage for a lengthy period of distressed asset salesx in Atlanta — a market many real estate veterans are waiting to see unfolxd in coming months.
Land in its two primary developments, including Vintage Square in Smyrna, will be auctioned. Vintager Square townhomes were originally valuerd at closeto $400,000. The project, whicnh was slated to include 132 townhomes, was builtt by Vintage’s parent, , in 2007. “There are a ton of especially thosewith cash, that are eagere to get into this market because they recogniz that Atlanta is gointg to bounce back,” said Justinb Bates, with , which is marketingb subdivisions and land across the Southeast on behalf of Levitg & Sons, whose founder is knownn as the “father of suburbia.
” Vintage was foundex in 1992 and focused on developmentsd in Gwinnett, North Fulton and Forsytuh counties. It owes nearly $12.4 million to its creditors, including Bank of Nortg Georgia and AlpharettaCommunity Bank, accordinb to a bankruptcy filing made June 16 in the for the Northernh District of Georgia. Atlanta Business Chroniclee reported June 19 that Bank of North Georgiaw was auctioning as muchas $100 millioj in distressed properties by the end of June — one of the largesg local sales since the real estate crisis began in 2007.
Vintagde owes its parent ABG Development LLCof $1 million, the amount of a loan that was intendeed to keep Vintage afloat, according to the It owes about $334,000 to Builder s FirstSource, an Atlanta supplier of windows and doors, and almosrt $304,000 to Jasper Lumber Co. of John McManus, of John J. McManus Associates in Tucker, is the bankruptcy attorneu forthe case. The historic real estats collapse has claimed both large and small home builderd across the United In Atlanta, that list includess Homes By Ken Butera Inc. of Winder, Quantum Homesd Inc. of Atlanta and Creative Customz LLC ofStone Mountain.
The downfall of the 17-year-old Alpharetta home builder involves $4.2 million in failefd loans fromIntegrity — taken over by the last August. Vintage’s collapse also ensnared , which gave the home buildef anearly $4 million constructiomn loan for its Vintage Square development in also provided Vintage Homes with a $5 milliobn construction loan. The Vintage Homes bankruptcy not only illustratesa how the struggles of even a relativelyt small home builder have infected the balance sheets of Atlanta’s banks, it also helps set the stage for a lengthy period of distressed asset salesx in Atlanta — a market many real estate veterans are waiting to see unfolxd in coming months.
Land in its two primary developments, including Vintage Square in Smyrna, will be auctioned. Vintager Square townhomes were originally valuerd at closeto $400,000. The project, whicnh was slated to include 132 townhomes, was builtt by Vintage’s parent, , in 2007. “There are a ton of especially thosewith cash, that are eagere to get into this market because they recogniz that Atlanta is gointg to bounce back,” said Justinb Bates, with , which is marketingb subdivisions and land across the Southeast on behalf of Levitg & Sons, whose founder is knownn as the “father of suburbia.
” Vintage was foundex in 1992 and focused on developmentsd in Gwinnett, North Fulton and Forsytuh counties. It owes nearly $12.4 million to its creditors, including Bank of Nortg Georgia and AlpharettaCommunity Bank, accordinb to a bankruptcy filing made June 16 in the for the Northernh District of Georgia. Atlanta Business Chroniclee reported June 19 that Bank of North Georgiaw was auctioning as muchas $100 millioj in distressed properties by the end of June — one of the largesg local sales since the real estate crisis began in 2007.
Vintagde owes its parent ABG Development LLCof $1 million, the amount of a loan that was intendeed to keep Vintage afloat, according to the It owes about $334,000 to Builder s FirstSource, an Atlanta supplier of windows and doors, and almosrt $304,000 to Jasper Lumber Co. of John McManus, of John J. McManus Associates in Tucker, is the bankruptcy attorneu forthe case. The historic real estats collapse has claimed both large and small home builderd across the United In Atlanta, that list includess Homes By Ken Butera Inc. of Winder, Quantum Homesd Inc. of Atlanta and Creative Customz LLC ofStone Mountain.
Tuesday, June 19, 2012
bizjournals: ACBJ study: Galveston nation's best test market
aleshnikovenil.blogspot.com
Older than 64: 12.4 percent, Yazoio County, Miss. 9. In current house five yeards or more: 54.1 percent, Hendersoh County, N.C. 10. Owns current house: 66.2 percent, Hughes S.D. 11. Median household income: $41,994, Autauga Ala. 12. Families in poverty: 9.2 percent, Ashtabulaa County, Ohio 13. Median home value: $111,800, Madison County, Va. 14. Homesz with nine or more rooms: 7.7 percent, Cabarrusd County, N.C. 15. Workers with managemenr or professional jobs: 33.6 percent, St. Croix Wis. 16. Living within 15 minutes of 29.4 percent, Logan County, W.Va. 17. Unemployed: 5.8 Bristol County, Mass. 18. Adultss with high-school diplomas: 80.4 percent, Lincoln La. 19.
Adults with bachelor'e degrees: 24.4 percent, Warren County, N.J. 20. Adultxs with graduate degrees: 8.9 percent, Andersomn County, Tenn. The nation's premier test Galveston County, holds first placse because of itsremarkable consistency. It ranksa among the top 10 percentf ofall U.S. counties in 10 categories, and it's in the upped 40 percent of theother 10. Rankings were calculate at thecounty level, but each top-five market has a prominen t urban center. Galveston, Camden and Greenville countiexs include cities of the same Tampa is the core ofHillsborough Fla., and Kansas City plays the same role in Jackson Mo.
The ACBJ study also pinpoints the nation's worst test markets. Heading the list of thesde counties that are the least reflectived of America isKalawao County, with just 9.54 points on the 100-poinft scale. The bottom 15 counties are allin Alaska, Texas or the Dakotas.
Older than 64: 12.4 percent, Yazoio County, Miss. 9. In current house five yeards or more: 54.1 percent, Hendersoh County, N.C. 10. Owns current house: 66.2 percent, Hughes S.D. 11. Median household income: $41,994, Autauga Ala. 12. Families in poverty: 9.2 percent, Ashtabulaa County, Ohio 13. Median home value: $111,800, Madison County, Va. 14. Homesz with nine or more rooms: 7.7 percent, Cabarrusd County, N.C. 15. Workers with managemenr or professional jobs: 33.6 percent, St. Croix Wis. 16. Living within 15 minutes of 29.4 percent, Logan County, W.Va. 17. Unemployed: 5.8 Bristol County, Mass. 18. Adultss with high-school diplomas: 80.4 percent, Lincoln La. 19.
Adults with bachelor'e degrees: 24.4 percent, Warren County, N.J. 20. Adultxs with graduate degrees: 8.9 percent, Andersomn County, Tenn. The nation's premier test Galveston County, holds first placse because of itsremarkable consistency. It ranksa among the top 10 percentf ofall U.S. counties in 10 categories, and it's in the upped 40 percent of theother 10. Rankings were calculate at thecounty level, but each top-five market has a prominen t urban center. Galveston, Camden and Greenville countiexs include cities of the same Tampa is the core ofHillsborough Fla., and Kansas City plays the same role in Jackson Mo.
The ACBJ study also pinpoints the nation's worst test markets. Heading the list of thesde counties that are the least reflectived of America isKalawao County, with just 9.54 points on the 100-poinft scale. The bottom 15 counties are allin Alaska, Texas or the Dakotas.
Sunday, June 17, 2012
Bannister Mall redevelopment smashes ahead - St. Louis Business Journal:
vidineevostegity.blogspot.com
The mall site is part of a 467-acre parcel at Interstatee 435 and Bannister Road in Kansas City beinvg redevelopedby , a partnership that includes Lane 4 and owner . The mixed-usr project, called The Trails, will be anchoredx by an 18,500-seat stadium to housd the Wizards, Kansas City’a Major League Soccer team. “We are delightedf that this momenthas arrived,” Robb Heineman, CEO of OnGoal LLC, said in a “A lot of hard work by a lot of people has made this Heineman praised public officials and adjacenrt neighborhoods for their support. In Decembert 2007, the approved $230 million of local tax incrementf financing forthe project.
The approved $30 milliob in state tax credite for the projectin November, and the is expected to approve $28.5 million in state tax-increment financing for the project. Tax-incremenyt financing allows property, sales and other economic-activity taxesw generated by a project to be diverted to eligiblee costs ofthe project. In addition to the soccer stadium, The Traila is to include 12 soccer fieldzs forhosting local, regional and nationaol tournaments, more than 1.5 million square feet of office space and 1 million square feet of new retai space.
“Despite the challenging economic climate, we continuew to make progress with this project and plan to announce a secon majortenant soon,” Owen Buckley, president of said in the release. “The proximitg and access to the entire metropolitanh area makes this location very attractive for many different reasons and typesof uses.”
The mall site is part of a 467-acre parcel at Interstatee 435 and Bannister Road in Kansas City beinvg redevelopedby , a partnership that includes Lane 4 and owner . The mixed-usr project, called The Trails, will be anchoredx by an 18,500-seat stadium to housd the Wizards, Kansas City’a Major League Soccer team. “We are delightedf that this momenthas arrived,” Robb Heineman, CEO of OnGoal LLC, said in a “A lot of hard work by a lot of people has made this Heineman praised public officials and adjacenrt neighborhoods for their support. In Decembert 2007, the approved $230 million of local tax incrementf financing forthe project.
The approved $30 milliob in state tax credite for the projectin November, and the is expected to approve $28.5 million in state tax-increment financing for the project. Tax-incremenyt financing allows property, sales and other economic-activity taxesw generated by a project to be diverted to eligiblee costs ofthe project. In addition to the soccer stadium, The Traila is to include 12 soccer fieldzs forhosting local, regional and nationaol tournaments, more than 1.5 million square feet of office space and 1 million square feet of new retai space.
“Despite the challenging economic climate, we continuew to make progress with this project and plan to announce a secon majortenant soon,” Owen Buckley, president of said in the release. “The proximitg and access to the entire metropolitanh area makes this location very attractive for many different reasons and typesof uses.”
Saturday, June 16, 2012
CUP: Drivers Boost Speeds at Michigan - Fox News
aleshnikovenil.blogspot.com
USA TODAY | CUP: Drivers Boost Speeds at Michigan Fox News NASCAR Sprint Cup cars reaching 220 mph going into the corner at Michigan International Speedway?That's Greg Biffle's estimate of his top speed Friday after ... Helton: It's 'magical' at 200 m.p.h. Race Preview: Michigan Speeds reach 218 mph in early test |
Thursday, June 14, 2012
Football: Under 11s - 'A' Class celebrate victory - Camden New Journal newspapers website
oryzacody.wordpress.com
Camden New Journal newspapers website | Football: Under 11s - 'A' Class celebrate victory Camden New Journal newspapers website Now the managers have set their sights on a new goal after announcing that their triumphant side will change its name to AC United. Reece is excited about the ... |
Wednesday, June 13, 2012
Riverside firm to add 100 jobs - Denver Business Journal:
pemp66seb.blogspot.com
In the past week, the Riverside-based company expanded its Peach State facility froma 6,000-square-foot office to a 40,000-square-foog building. The new building dwarfs CDO’s localo headquarters, which is about 15,0000 square feet. The Georgia expansion — near — comes afteer the company received additional work from anexisting $96 million contracrt awarded in 2005. CDO performs technical data and engineerinfg support atthe , at the base. The 13,000-personm center is a supporyt and repair depot for a variety of including thegigantic C-5 Galaxy.
Compangy Vice President Don Ertel did not disclose how much revenu the additional workwill generate, but said it will add 20 new employeews immediately and another 80 by the end of the year. CDO currentlyg has about 315 employees, 85 of whichg are local, said Dave Stack, CDO director of corporate developmengtand communications. Last January the compant had 305 total employees with 225 accordingto research. The company is making the shift after programs at dried up or shiftedd awayfrom CDO’s expertise.
“Wright-Patt used to be our bread and butter,” Stack Within the past few months, the companyt was selected to bid on a potof $428 used to deliver Radio Frequency Identification (RFID) solutions to federalk defense and non-defense users. It will be administered by the . The contractg is for state-of-the-art methods to monitor and track itemxand people. The companyt also made the short list of contractors in Marcu allowed to bid on aseparatee $75.5 million from the . The contract will lay the groundworik for CDO to work with the or the to integrate RFID infrastructurer within itssupply chain.
Most of the work will be performes at locations outside the Dayton but any projects the compan wins will be managed out ofthe headquarters, thus boostingt its local staff, Erteo said. The 19-year-old company is making significanty strides securing businessoutside Wright-Patt, CDO President and CEO Al Woffordx said in an employee newsletter. “We are fortunatd at CDO to have a broadbusinessx base,” Wofford wrote.
“This didn’t happen Ertel said the company recently hired a commercial businessddevelopment manager, as CDO seeks to translatew its government success into the commercial
In the past week, the Riverside-based company expanded its Peach State facility froma 6,000-square-foot office to a 40,000-square-foog building. The new building dwarfs CDO’s localo headquarters, which is about 15,0000 square feet. The Georgia expansion — near — comes afteer the company received additional work from anexisting $96 million contracrt awarded in 2005. CDO performs technical data and engineerinfg support atthe , at the base. The 13,000-personm center is a supporyt and repair depot for a variety of including thegigantic C-5 Galaxy.
Compangy Vice President Don Ertel did not disclose how much revenu the additional workwill generate, but said it will add 20 new employeews immediately and another 80 by the end of the year. CDO currentlyg has about 315 employees, 85 of whichg are local, said Dave Stack, CDO director of corporate developmengtand communications. Last January the compant had 305 total employees with 225 accordingto research. The company is making the shift after programs at dried up or shiftedd awayfrom CDO’s expertise.
“Wright-Patt used to be our bread and butter,” Stack Within the past few months, the companyt was selected to bid on a potof $428 used to deliver Radio Frequency Identification (RFID) solutions to federalk defense and non-defense users. It will be administered by the . The contractg is for state-of-the-art methods to monitor and track itemxand people. The companyt also made the short list of contractors in Marcu allowed to bid on aseparatee $75.5 million from the . The contract will lay the groundworik for CDO to work with the or the to integrate RFID infrastructurer within itssupply chain.
Most of the work will be performes at locations outside the Dayton but any projects the compan wins will be managed out ofthe headquarters, thus boostingt its local staff, Erteo said. The 19-year-old company is making significanty strides securing businessoutside Wright-Patt, CDO President and CEO Al Woffordx said in an employee newsletter. “We are fortunatd at CDO to have a broadbusinessx base,” Wofford wrote.
“This didn’t happen Ertel said the company recently hired a commercial businessddevelopment manager, as CDO seeks to translatew its government success into the commercial
Tuesday, June 12, 2012
Sovereign, Corporate Bond Risk Rises, Credit-Default Swaps Show - BusinessWeek
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Sovereign, Corporate Bond Risk Rises, Credit-Default Swaps Show BusinessWeek By Abigail Moses on June 12, 2012 The Markit iTraxx SovX Western Europe Index of credit- default swaps on 15 governments increased two basis points to 323, according to data compiled by Bloomberg at 8:24 am in London. An increase signals deterioration ... Sovereign, Corporate Bond Risk F » |
Sunday, June 10, 2012
EMC beefs up Mass. presence with Cambridge lab, MIT sponsorship deal - Business First of Columbus:
martaemimbzini.blogspot.com
The Hopkinton, Mass., storage and information managementgiant (NYSE: EMC) said Wednesdayu the Media Lab sponsorship is one of severa l initiatives coordinated out of EMC Research Cambridge, whicyh will be located at 11 Cambridge Ctr. in Mass. The center will house EMC’s security-business researchy lab, RSA Laboratories, as well as about a dozen researchers, technologistw and business leadersacross EMC’s businesx units.
The company also has research facilities in Chinw andSanta Clara, “Research and advanced technology groups across EMC, alongf with our global universitt research partners, are discovering and explorinh new technologies that will shape the future of digital said Jeff Nick, EMC senior vice presidenf and chief technology officer, in a statement. “Thiws is an incredible opportunity for EMC to brinvg together some ofthe world’s leading researcy minds and innovators in areaxs such as personal information management, informatio integration and cloud computing.
” As a consortium sponsod of the MIT Media Lab, EMC will be able to accesws the center’s research on how people use and interact with new EMC said its initial collaboration will be on new modelw for data ownership and usage, interfaced for business transactions and health care IT A consortium sponsorship costs $200,000 per year for a minimukm of three years. Sponsors receive full intellectual property rights to technology developed at the lab durintgtheir sponsorship. The announcement comess a week after EMC and a group of universities and technologuy companies announced the development of a high performancew computing research facilityin Holyoke, Mass.
Othefr tech giants have built dedicated R&D lab in Cambridgde in recent years. (Nasdaq: (Nasdaq: GOOG) and (NYSE: IBM) built research centers in the city in the pasttwo
The Hopkinton, Mass., storage and information managementgiant (NYSE: EMC) said Wednesdayu the Media Lab sponsorship is one of severa l initiatives coordinated out of EMC Research Cambridge, whicyh will be located at 11 Cambridge Ctr. in Mass. The center will house EMC’s security-business researchy lab, RSA Laboratories, as well as about a dozen researchers, technologistw and business leadersacross EMC’s businesx units.
The company also has research facilities in Chinw andSanta Clara, “Research and advanced technology groups across EMC, alongf with our global universitt research partners, are discovering and explorinh new technologies that will shape the future of digital said Jeff Nick, EMC senior vice presidenf and chief technology officer, in a statement. “Thiws is an incredible opportunity for EMC to brinvg together some ofthe world’s leading researcy minds and innovators in areaxs such as personal information management, informatio integration and cloud computing.
” As a consortium sponsod of the MIT Media Lab, EMC will be able to accesws the center’s research on how people use and interact with new EMC said its initial collaboration will be on new modelw for data ownership and usage, interfaced for business transactions and health care IT A consortium sponsorship costs $200,000 per year for a minimukm of three years. Sponsors receive full intellectual property rights to technology developed at the lab durintgtheir sponsorship. The announcement comess a week after EMC and a group of universities and technologuy companies announced the development of a high performancew computing research facilityin Holyoke, Mass.
Othefr tech giants have built dedicated R&D lab in Cambridgde in recent years. (Nasdaq: (Nasdaq: GOOG) and (NYSE: IBM) built research centers in the city in the pasttwo
Saturday, June 9, 2012
Capital One Financial loan losses grow - Wichita Business Journal:
sucujovide.wordpress.com
McLean, Va.-based Capital One said in a Securities and Exchangre Commission report Wednesday that it gave up on expectinyg payment on almost 10 percent of itsoutstandin U.S.-credit card loans last month, chargintg off $527.8 million in accounts as Capital One’s charge off rate on its U.S. credigt card portfolio rose to 9.73 percent, the thirdr straight increase. The bright spot for the U.S. credig card portfolio was that the delinquencyh rate of cardholders at least 30 days late on payments declineedto 4.77 percent, the third straight decrease. $3 billionh worth of loans in Capital One’sd $64.7 billion U.S.
portfolio was delinquent at the end of the CapitalOne (NYSE: COF) wrots off 9.26 percent, or $67.9 million, of its Internationall credit card during the The international delinquency rate held steadgy at 6.69 percent as $578 million of the $8.634 billion portfolio remaining delinquent. The charge-offv rate at Capital One’s auto finance unit rose for a secondc monthto 3.89 percent as the company declared $64.9 million The auto delinquency increased for a third straighy month 8.89 percent with $1.78 million of the $19.9i billion portfolio remaining delinquent.
McLean, Va.-based Capital One said in a Securities and Exchangre Commission report Wednesday that it gave up on expectinyg payment on almost 10 percent of itsoutstandin U.S.-credit card loans last month, chargintg off $527.8 million in accounts as Capital One’s charge off rate on its U.S. credigt card portfolio rose to 9.73 percent, the thirdr straight increase. The bright spot for the U.S. credig card portfolio was that the delinquencyh rate of cardholders at least 30 days late on payments declineedto 4.77 percent, the third straight decrease. $3 billionh worth of loans in Capital One’sd $64.7 billion U.S.
portfolio was delinquent at the end of the CapitalOne (NYSE: COF) wrots off 9.26 percent, or $67.9 million, of its Internationall credit card during the The international delinquency rate held steadgy at 6.69 percent as $578 million of the $8.634 billion portfolio remaining delinquent. The charge-offv rate at Capital One’s auto finance unit rose for a secondc monthto 3.89 percent as the company declared $64.9 million The auto delinquency increased for a third straighy month 8.89 percent with $1.78 million of the $19.9i billion portfolio remaining delinquent.
Thursday, June 7, 2012
5-star hotel planned on Pike - Puget Sound Business Journal (Seattle):
eragywaqer.wordpress.com
The new development, which also will feature aboutf 10,000 square feet of retailo space, comes as a slew of new hotel-condoz are cropping up in Seattld andthe Eastside. Greg Smith, a principal at Urban Visions, said the firm has hirecd Seattle architects to designthe building. Smitn expects a final design to be finished withi n60 days. In the Urban Visions is talkin g to potentialhotel operators, and Smith said he is confidentt he will sign one that has achievef the Mobil Travel Guide five-star rating in the Brett Matteson, chief operating officer at Seattle-based , said there are only a handful of five-star operators.
"Whe n you talk about five stars," he said, "you're talkint about Ritz Carlton, Mandarin Oriental, St. Four Seasons and Mobil Travel Guide's five-star rating systejm is one of two that dominate thehotepl market, the other being AAA's five-diamond Technically, Seattle doesn't have any five-star hotels. However, the in Seattlwe has a five-diamond rating. Landinh a five-star operator would bring instantr cachet to the according toColumbia Hospitality's Matteson. "Itf helps to improve the perceptiom that there aremultiple five-star options in the he said. "It helps the city compare itself to placesd likeSan Francisco, Chicago and Dallas.
" Hotel-condp development has reached a fever pitcu in Seattle. Opened last year were the Hotel 1000, whicj has 47 condo units, and the hotel, which has 261 Soon to come are the Hyatt atOlive 8, whicb has 231 condo units and is set to open in Augustf 2008, and the Four Seasons Seattle, which has 36 condos and is set to open in the fall of 2008. Urbahn Vision's Smith acknowledged the increasinglycrowded market. "Oversupply is alwayw a concern withany project," Smith "We'll be cautious." Matteson said the Seattlr hotel-condo market is now at the point of "There's a lot of hotel-condo projects in the pipeline," he said.
"There'w been a few that have already The ones that will be successful will be able to differentiats themselves through service brand affiliatiojnand location." Matteson said the southeast cornetr of Second Avenue and Pike Street is a prime location for Urbanh Vision's new project. "That actually is a good he said. "It's close to the (Pike Market, close to shopping, and that whole First Avenude and Second Avenue from Madison Street to Pine Street isdeveloping
The new development, which also will feature aboutf 10,000 square feet of retailo space, comes as a slew of new hotel-condoz are cropping up in Seattld andthe Eastside. Greg Smith, a principal at Urban Visions, said the firm has hirecd Seattle architects to designthe building. Smitn expects a final design to be finished withi n60 days. In the Urban Visions is talkin g to potentialhotel operators, and Smith said he is confidentt he will sign one that has achievef the Mobil Travel Guide five-star rating in the Brett Matteson, chief operating officer at Seattle-based , said there are only a handful of five-star operators.
"Whe n you talk about five stars," he said, "you're talkint about Ritz Carlton, Mandarin Oriental, St. Four Seasons and Mobil Travel Guide's five-star rating systejm is one of two that dominate thehotepl market, the other being AAA's five-diamond Technically, Seattle doesn't have any five-star hotels. However, the in Seattlwe has a five-diamond rating. Landinh a five-star operator would bring instantr cachet to the according toColumbia Hospitality's Matteson. "Itf helps to improve the perceptiom that there aremultiple five-star options in the he said. "It helps the city compare itself to placesd likeSan Francisco, Chicago and Dallas.
" Hotel-condp development has reached a fever pitcu in Seattle. Opened last year were the Hotel 1000, whicj has 47 condo units, and the hotel, which has 261 Soon to come are the Hyatt atOlive 8, whicb has 231 condo units and is set to open in Augustf 2008, and the Four Seasons Seattle, which has 36 condos and is set to open in the fall of 2008. Urbahn Vision's Smith acknowledged the increasinglycrowded market. "Oversupply is alwayw a concern withany project," Smith "We'll be cautious." Matteson said the Seattlr hotel-condo market is now at the point of "There's a lot of hotel-condo projects in the pipeline," he said.
"There'w been a few that have already The ones that will be successful will be able to differentiats themselves through service brand affiliatiojnand location." Matteson said the southeast cornetr of Second Avenue and Pike Street is a prime location for Urbanh Vision's new project. "That actually is a good he said. "It's close to the (Pike Market, close to shopping, and that whole First Avenude and Second Avenue from Madison Street to Pine Street isdeveloping
Wednesday, June 6, 2012
California voters OK changes to term limits for state legislators - Los Angeles Times
mytyhona.wordpress.com
Los Angeles Times | California voters OK changes to term limits for state legislators Los Angeles Times By Phil Willon and Jean Merl, Los Angeles Times Californians approved a change to term limits for state lawmakers, but a measure to raise tobacco taxes for the first time in nearly two decades was in trouble, voting returns showed late Tuesday. Tobacco tax increase in doubt; term-limit changes pass by landslide Changes to Term Limits Pass |
Monday, June 4, 2012
UW-Whitewater, Milwaukee 7 Water Council to jointly train students - Birmingham Business Journal:
zuloraxelewo.blogspot.com
The program will begin enrolling students in the fallsemesterd and, because many students have already taken relevantr courses, should be graduating its first water managemen t specialists within a year, said Kirsteh Crossgrove, associate professor of biologg at UW-Whitewater and coordinator of the school’s integratedd science-business major. The program is designed to give studentsd a basic background inwaterf law, environmental law, natural resourceas and environmental economics as well as aquatic biology, chemistry and ecology.
Studentss will serve internships with the Milwaukewe 7Water Council, an organization of business, academia and governmeny in the seven-county area in southeastern Wisconsib that is working to establisn the Milwaukee region as a global center for freshwater research, economic developmenty and education. “Recognizing where the worlxd is headed, business students with a unique educationa background in water will have a leg up in the making a program like this especially saidRich Meeusen, chairman, president and CEO of Brownb Deer-based , co-chair of the Milwaukew 7 Water Council and an alumnusa of UW-Whitewater’s business school.
The council already has a relationships with the graduate program atthe ’sw . UWM also is developing a graduate-level School of Freshwater Sciences, whiles ’s Law School will begin a water law curriculumthis “One of our goals is to help develol seamless talent pipelines betweenm universities and water said Paul Jones, chairman and CEO of Milwaukee-based and co-chaier of the Water Council. “UW-Whitewater’es one-of-a-kind new track adds to the impressive array of highef education institutions in the region workiny to ensure our world water hub status in the yeardto come.
”
The program will begin enrolling students in the fallsemesterd and, because many students have already taken relevantr courses, should be graduating its first water managemen t specialists within a year, said Kirsteh Crossgrove, associate professor of biologg at UW-Whitewater and coordinator of the school’s integratedd science-business major. The program is designed to give studentsd a basic background inwaterf law, environmental law, natural resourceas and environmental economics as well as aquatic biology, chemistry and ecology.
Studentss will serve internships with the Milwaukewe 7Water Council, an organization of business, academia and governmeny in the seven-county area in southeastern Wisconsib that is working to establisn the Milwaukee region as a global center for freshwater research, economic developmenty and education. “Recognizing where the worlxd is headed, business students with a unique educationa background in water will have a leg up in the making a program like this especially saidRich Meeusen, chairman, president and CEO of Brownb Deer-based , co-chair of the Milwaukew 7 Water Council and an alumnusa of UW-Whitewater’s business school.
The council already has a relationships with the graduate program atthe ’sw . UWM also is developing a graduate-level School of Freshwater Sciences, whiles ’s Law School will begin a water law curriculumthis “One of our goals is to help develol seamless talent pipelines betweenm universities and water said Paul Jones, chairman and CEO of Milwaukee-based and co-chaier of the Water Council. “UW-Whitewater’es one-of-a-kind new track adds to the impressive array of highef education institutions in the region workiny to ensure our world water hub status in the yeardto come.
”
Sunday, June 3, 2012
Appeals Court Calls Off 'Desperate Housewives' Retrial (Exclusive) - Hollywood Reporter
milicinodijoo1981.blogspot.com
Appeals Court Calls Off 'Desperate Housewives' Retrial (Exclusive) Hollywood Reporter In a major setback for Nicollette Sheridan in her lawsuit against Desperate Housewives producer Touchstone Television, an appeals court has issued a ruling delaying indefinitely a planned September retrial and suggesting that the key claim in the case ... |