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million in the first half of the down from earningsof $2.6 million the year earliee period. The bank holding company of earned $464,00o0 in the second quarter, down from $1.3 million the year earliefr period. “While we remained profitable, the disappointing earning s in the second quarter is a reflection of the increased provisiob for credit losses in the lightr of the overall weak economyy and the potential impact it many have on our borrowingy customers during this economic cycle and the significantr increase in the FDIC insurance premiums from both the increaser in regular assessment rates as well as the special assessmenf rate placed on all FDIC insuredd institutions insecond quarter,” said Dan president of the bank holding company.
The bank has 15 branchesa in the Central Vallehy from the Fresno areato Sacramento. The bank companyu got $7 million in Capital Purchase Program money from the Departmentf of Treasury earlierthis year. It acquired the Stockton, Lodi and Tracyt branches of Service 1st Bancorpoin November.
Tuesday, January 31, 2012
Sunday, January 29, 2012
American to cut 1,600 jobs - Dallas Business Journal:
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American Airlines, a subsidiary of Fort Worth-baser AMR Corp. (NYSE: AMR), said 1,200 flight attendantr positions will beimpacted nationwide, alongv with 300 airport services staff members and 50 cargk service positions. Flight attendant cuts will be made on a basizsof seniority. As is customary in most American said voluntary exit packages will be offerex to employees who may want to retire In addition, 40 previously announced job cuts will be made at the airline’as Kansas maintenance facility.
In the Dallas-Fort Worthh area alone, American will be cutting 66 airport services and cargo which includesbaggage handlers, as well as 67 flight attendant Tim Smith, a spokesman for American, said the layoffs were made in conjunctiom with capacity reductions announced by American on In a letter to American employees released Thursday, the company’s senior vice presidenr of human resources Jeff Brundagse said, “These reductions come as a result of our efforts to 'right size' our operation and responc to the weaker demand for trave l by reducing our schedule, includintg seasonal changes, and addressing lower-than-expectee attrition.
” Brundage in his letter addesd that the cuts coincide with CEO Gerard Arpey’s announcementr that the airline will be cutting its capacity by 7.5 percengt due to lower consumer travel
American Airlines, a subsidiary of Fort Worth-baser AMR Corp. (NYSE: AMR), said 1,200 flight attendantr positions will beimpacted nationwide, alongv with 300 airport services staff members and 50 cargk service positions. Flight attendant cuts will be made on a basizsof seniority. As is customary in most American said voluntary exit packages will be offerex to employees who may want to retire In addition, 40 previously announced job cuts will be made at the airline’as Kansas maintenance facility.
In the Dallas-Fort Worthh area alone, American will be cutting 66 airport services and cargo which includesbaggage handlers, as well as 67 flight attendant Tim Smith, a spokesman for American, said the layoffs were made in conjunctiom with capacity reductions announced by American on In a letter to American employees released Thursday, the company’s senior vice presidenr of human resources Jeff Brundagse said, “These reductions come as a result of our efforts to 'right size' our operation and responc to the weaker demand for trave l by reducing our schedule, includintg seasonal changes, and addressing lower-than-expectee attrition.
” Brundage in his letter addesd that the cuts coincide with CEO Gerard Arpey’s announcementr that the airline will be cutting its capacity by 7.5 percengt due to lower consumer travel
Friday, January 27, 2012
UnitedHealth unveils details of
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The company first to launch such a network last but held off on releasing some details until it held a presws conferencein Washington, D.C., The “Connected Care” program, which UnitedHealth Group said is the first of its kind, is intended to expandx health care resources into underserved rural and urbanm areas. UnitedHealth Group, which has committerd tens of millions of dollars towarxdthe initiative, marked the announcementf with the unveiling of an 18-wheel Connected Care mobilew clinic.
“Connected Care is the house call for the 21st centurty and is our latest innovation providing peopled with greater access to quality saidStephen Hemsley, UnitedHealtbh Group’s CEO. The health provider is currently developing six Connectex Care programs around the UnitedHealthGroup (NYSE: UNH) is basec in Minnetonka, Minn. Cisco, (NASDAQ: CSCO) whic h will provide the video conferencing and othednetwork technologies, is based in San Jose, Calif.
The company first to launch such a network last but held off on releasing some details until it held a presws conferencein Washington, D.C., The “Connected Care” program, which UnitedHealth Group said is the first of its kind, is intended to expandx health care resources into underserved rural and urbanm areas. UnitedHealth Group, which has committerd tens of millions of dollars towarxdthe initiative, marked the announcementf with the unveiling of an 18-wheel Connected Care mobilew clinic.
“Connected Care is the house call for the 21st centurty and is our latest innovation providing peopled with greater access to quality saidStephen Hemsley, UnitedHealtbh Group’s CEO. The health provider is currently developing six Connectex Care programs around the UnitedHealthGroup (NYSE: UNH) is basec in Minnetonka, Minn. Cisco, (NASDAQ: CSCO) whic h will provide the video conferencing and othednetwork technologies, is based in San Jose, Calif.
Wednesday, January 25, 2012
Eddie Bauer declares bankruptcy - Atlanta Business Chronicle:
http://www.kwbf.info/mortgage-loans-consolidate-debt-poor-credit.html
had struggled with its debt a crisis that worsened asrevenue dropped, part of an overallp trend affecting most retailers during the The company has lost nearly a half billiob dollars in the past threer years. Those losses, coupled with the impact of the recession and debt payments apparently pushed the company into bankruptcy court a move that was rumored for Eddie Bauer became the latest major retailee to succumb to filing in bankruptcuy courtthis recession. The list also includes Linene ‘n Things, Circuit City and Northwest retailer , whicuh sold its assets to a liquidator in April and closed31 stores.
In many Eddie Bauer’s crisis is not differentt from what most retailers are facinvg during this prolonged and deep saidGreg Charleston, an Atlanta-baser consultant for Conway MacKenzie who works with financiallh stressed retailers looking to restructure. Most retailers — excepft discount stores like Wal-Mart — have seen a fast drop-offf in retail revenue across the Charleston said. Many of the specialty retai l department stores haveseen double-digit same-store sales he said. “When revenue drop and same-store sales drop, companies with less debt can weathere a downturnmuch longer,” Charleston said.
“I becomes an issue much sooner if you are intoliquidity issues.” As of May 11, Eddie Bauer reported having $289.5 million in outstanding including $187.8 million in term loans and $75 million in convertible which company executives have been trying to persuadew debt-holders to convert into shares of the company. Accordinbg to a filing with the , Eddie Baued had total assets of $525.22 milliob in April. The companyh listed total liabilitiesof $448.0 million. Eddie Bauer reported net lossesof $165.5 million in fiscal year 2008, part of a tota l of $478.7 million in losses during the past thre e fiscal years.
In the first quarter that endein April, the company reported net lossesa of 44.5 million. For the first quarter of fiscaoyear 2009, which ended April 4, Eddi e Bauer reported a loss of $44.56 million. That was a greater loss than the first quartefrof 2008, when the company reported a $19.3 million loss. Net salexs for the first quarter of 2009were $179.i million, compared with net sales of $213. 2 million in the first quartedrof 2008. The company said that combined comparablew storesales — a barometer of success at the stors level — fell 11.3 percent for the firstt quarter, a decline the company blamed on the recession and reduced retail spending.
Salesz were down nearly 15 percent inEddiw Bauer’s retail stores and sales through its direct channelp were down nearly 11 percent. The outletf stores saw sales decline by nearlyh76 percent. “The first quarter was a difficultr one, as the sharp downturn in the economy took its toll on our We continued to focus on cost cuttint and cashflow management, which helped mitigate the impacyt of lower sales,” said CEO Neil Fiske, in a statementt with the first-quarter results filed with the SEC. Eddie Bauee has 370 stores, including 251 retail storezs and 119 outlet stores in the United Statesand Canada. Eddiew Bauer has 17 storew in Washington and 11 storesin Oregon.
(See a copy of the bankruptc filing .) But by filing for reorganization under Chaptere 11 of the federal bankruptcy Eddie Bauer hopes to avoid the fateof Joe’s Sportsx & Outdoor, which filee for bankruptcy protect March 4. The Ore.-based company had hoped to finda buyer. But In a bankruptcy judge approved the liquidation ofthe Joe’w stores after the company could not find a buyer. Joe’sw had 31 Northwest stores — 10 of them in Snohomish, King and Piercde counties — that held going-out-of-business salesa after the company’s assets were snappec up at bargain basement pricesby , a liquidator that also sold off merchandisew for Circuit City.
had struggled with its debt a crisis that worsened asrevenue dropped, part of an overallp trend affecting most retailers during the The company has lost nearly a half billiob dollars in the past threer years. Those losses, coupled with the impact of the recession and debt payments apparently pushed the company into bankruptcy court a move that was rumored for Eddie Bauer became the latest major retailee to succumb to filing in bankruptcuy courtthis recession. The list also includes Linene ‘n Things, Circuit City and Northwest retailer , whicuh sold its assets to a liquidator in April and closed31 stores.
In many Eddie Bauer’s crisis is not differentt from what most retailers are facinvg during this prolonged and deep saidGreg Charleston, an Atlanta-baser consultant for Conway MacKenzie who works with financiallh stressed retailers looking to restructure. Most retailers — excepft discount stores like Wal-Mart — have seen a fast drop-offf in retail revenue across the Charleston said. Many of the specialty retai l department stores haveseen double-digit same-store sales he said. “When revenue drop and same-store sales drop, companies with less debt can weathere a downturnmuch longer,” Charleston said.
“I becomes an issue much sooner if you are intoliquidity issues.” As of May 11, Eddie Bauer reported having $289.5 million in outstanding including $187.8 million in term loans and $75 million in convertible which company executives have been trying to persuadew debt-holders to convert into shares of the company. Accordinbg to a filing with the , Eddie Baued had total assets of $525.22 milliob in April. The companyh listed total liabilitiesof $448.0 million. Eddie Bauer reported net lossesof $165.5 million in fiscal year 2008, part of a tota l of $478.7 million in losses during the past thre e fiscal years.
In the first quarter that endein April, the company reported net lossesa of 44.5 million. For the first quarter of fiscaoyear 2009, which ended April 4, Eddi e Bauer reported a loss of $44.56 million. That was a greater loss than the first quartefrof 2008, when the company reported a $19.3 million loss. Net salexs for the first quarter of 2009were $179.i million, compared with net sales of $213. 2 million in the first quartedrof 2008. The company said that combined comparablew storesales — a barometer of success at the stors level — fell 11.3 percent for the firstt quarter, a decline the company blamed on the recession and reduced retail spending.
Salesz were down nearly 15 percent inEddiw Bauer’s retail stores and sales through its direct channelp were down nearly 11 percent. The outletf stores saw sales decline by nearlyh76 percent. “The first quarter was a difficultr one, as the sharp downturn in the economy took its toll on our We continued to focus on cost cuttint and cashflow management, which helped mitigate the impacyt of lower sales,” said CEO Neil Fiske, in a statementt with the first-quarter results filed with the SEC. Eddie Bauee has 370 stores, including 251 retail storezs and 119 outlet stores in the United Statesand Canada. Eddiew Bauer has 17 storew in Washington and 11 storesin Oregon.
(See a copy of the bankruptc filing .) But by filing for reorganization under Chaptere 11 of the federal bankruptcy Eddie Bauer hopes to avoid the fateof Joe’s Sportsx & Outdoor, which filee for bankruptcy protect March 4. The Ore.-based company had hoped to finda buyer. But In a bankruptcy judge approved the liquidation ofthe Joe’w stores after the company could not find a buyer. Joe’sw had 31 Northwest stores — 10 of them in Snohomish, King and Piercde counties — that held going-out-of-business salesa after the company’s assets were snappec up at bargain basement pricesby , a liquidator that also sold off merchandisew for Circuit City.
Monday, January 23, 2012
New N.J. Attorney General will focus on gang violence, public corruption ... - The Star-Ledger - NJ.com
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The Star-Ledger - NJ.com | New N.J. Attorney General will focus on gang violence, public corruption ... The Star-Ledger - NJ.com By Christopher Baxter/Statehouse Bureau Mike Roy/For The Star-LedgerNew Jersey's new attorney general, Jeffrey Chiesa, has unveiled a comprehensive program designed to crack down on prescription drug addictions and overdoses. ... < p size="-1" class="p"> |
Friday, January 20, 2012
Job losses put squeeze on students in Silicon Valley - Silicon Valley / San Jose Business Journal:
oryucyjofec1482.blogspot.com
Mathur, a senior technical program managefat , aims to leveragre the undergraduate technology background he garnered at Rohilkhanxd University in his native India as well as his graduatre studies in information systems and business at . But the economgy has derailed his effort. On Apri l 2, Sun told Mathur that his positio nwas redundant. That means at the end of May he will losehis job, as well as the tuitionn reimbursement package the company was puttinfg toward his MBA at Santa Clara University’s Leavet School of Business. “Now my primaruy job is finding anew job,” said adding that he knows at leastr a half dozen classmatesx in a similar position.
“The studies take a beating becaus you’re obviously not as focused as you’dx like to be. Suddenly I have to pay all this and who knows howlong I’ll be in this positio of making no It’s a growing proble m at Leavey’s graduate program, a part-time modepl where a majority of students are full-time professionalss by day and their tuition is supplementedd by employer reimbursements. As a private institution that sits high in national rankings, the program is anything but cheap. A three-uniyt evening MBA class for the 2008-09 school year costs The accelerated MBA tuition for the classzof 2010, which began last summer, toppef $72,000.
Students in the Executive MBA program from the class of 2009paid “I think anecdotally there’s a lot of uneasiness (among at the business school righft now,” said Elizabeth senior assistant dean of graduated programs at Leavey. “Without having statistics on morale, we can senses it. It’s very unpredictable for us right now.” Enrollments in full-time graduated programs typically spike when there are large numberxs of layoffs, with undergraduates electing to go directly to graduatee school rather than test the job Applications for the class of 2010 at Stanforc University’s Graduate School of Business rose 43 percent over the clasa of 2007, from 4,5822 to 6,575 for about 745 slots.
But there are no guaranteed there will be a job waiting after completinfggraduate school. “When people come to a graduatebusiness school, especially a full-time program, there’s a high desire to eitherf take a step up in management in the same fieldr or look at doing something very different from what you were doing beforre you came to school,” said Andy Chan, assistanft dean and director of the MBA caree r management center at Stanford’s Graduate School of Business.
“In a down economy employers are less willing and have less of a need for hiringh people without direct The biggest challenge today for businessw schoolgraduate students, Chan said, is the sheee number of candidates in the job There are students coming out of school, peoplre already let go by their compangy and those at unhealthy companiee perhaps anticipating work force cuts. Stanford studentsx are drawing on thebusinessx school’s staff of careedr advisers as well as alumni employed to give Each year, whether face-to-facs or via telephone, the graduater school facilitates more than 2,000 careedr counseling appointments with students and alumni, Chan said.
That doesn’y include informal conversations, such as e-mail and phone If there is any good news tobe it’s that there’s still “qa decent flow of job opportunities coming througg the office,” Chan said, though 30 percenf less than last year or the year “The good news is that we have employers who are lookinvg at people,” Chan said. “I’m not so discourager from the standpoint of no Fordsaid part-time business programs are tryingt to “gauge and guess” what’s going to happemn for fall enrollment. Initial indicators show that interestremainsw high.
Information sessions are attracting good Applications to the graduate program are even with last year about 400 competing for 225 to250 slots. The question is whether those applicationxs translateto matriculation. “We just don’t Ford said. There’s no way to know how many studentws are affected by the same scenarioas Mathur, she but the business school has begun takinbg steps to address it.
Mathur, a senior technical program managefat , aims to leveragre the undergraduate technology background he garnered at Rohilkhanxd University in his native India as well as his graduatre studies in information systems and business at . But the economgy has derailed his effort. On Apri l 2, Sun told Mathur that his positio nwas redundant. That means at the end of May he will losehis job, as well as the tuitionn reimbursement package the company was puttinfg toward his MBA at Santa Clara University’s Leavet School of Business. “Now my primaruy job is finding anew job,” said adding that he knows at leastr a half dozen classmatesx in a similar position.
“The studies take a beating becaus you’re obviously not as focused as you’dx like to be. Suddenly I have to pay all this and who knows howlong I’ll be in this positio of making no It’s a growing proble m at Leavey’s graduate program, a part-time modepl where a majority of students are full-time professionalss by day and their tuition is supplementedd by employer reimbursements. As a private institution that sits high in national rankings, the program is anything but cheap. A three-uniyt evening MBA class for the 2008-09 school year costs The accelerated MBA tuition for the classzof 2010, which began last summer, toppef $72,000.
Students in the Executive MBA program from the class of 2009paid “I think anecdotally there’s a lot of uneasiness (among at the business school righft now,” said Elizabeth senior assistant dean of graduated programs at Leavey. “Without having statistics on morale, we can senses it. It’s very unpredictable for us right now.” Enrollments in full-time graduated programs typically spike when there are large numberxs of layoffs, with undergraduates electing to go directly to graduatee school rather than test the job Applications for the class of 2010 at Stanforc University’s Graduate School of Business rose 43 percent over the clasa of 2007, from 4,5822 to 6,575 for about 745 slots.
But there are no guaranteed there will be a job waiting after completinfggraduate school. “When people come to a graduatebusiness school, especially a full-time program, there’s a high desire to eitherf take a step up in management in the same fieldr or look at doing something very different from what you were doing beforre you came to school,” said Andy Chan, assistanft dean and director of the MBA caree r management center at Stanford’s Graduate School of Business.
“In a down economy employers are less willing and have less of a need for hiringh people without direct The biggest challenge today for businessw schoolgraduate students, Chan said, is the sheee number of candidates in the job There are students coming out of school, peoplre already let go by their compangy and those at unhealthy companiee perhaps anticipating work force cuts. Stanford studentsx are drawing on thebusinessx school’s staff of careedr advisers as well as alumni employed to give Each year, whether face-to-facs or via telephone, the graduater school facilitates more than 2,000 careedr counseling appointments with students and alumni, Chan said.
That doesn’y include informal conversations, such as e-mail and phone If there is any good news tobe it’s that there’s still “qa decent flow of job opportunities coming througg the office,” Chan said, though 30 percenf less than last year or the year “The good news is that we have employers who are lookinvg at people,” Chan said. “I’m not so discourager from the standpoint of no Fordsaid part-time business programs are tryingt to “gauge and guess” what’s going to happemn for fall enrollment. Initial indicators show that interestremainsw high.
Information sessions are attracting good Applications to the graduate program are even with last year about 400 competing for 225 to250 slots. The question is whether those applicationxs translateto matriculation. “We just don’t Ford said. There’s no way to know how many studentws are affected by the same scenarioas Mathur, she but the business school has begun takinbg steps to address it.
Wednesday, January 18, 2012
Medtronic
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million to competitor for damages relatedr to a patent infringement verdict from a federalCircuig Court. The court reviewed a December 2007 which claimed thatMedtronic (NYSE: MDT) had infringe d on DePuy’s patent of a line of multiaxial screwsd used in spinal surgery. The court affirmed a $149.1 million award for lost profits. But the court reversedr previous sanctions, which dropped $77.2 millionj in outright damagesand $10.65 million in attorneys’ fees and other The Vertex line of screws is no longerd on the market.
Memphis-based Medtronic Spinakl and Biologics business presidenrt Steve La Neve said theruling “haws no bearing on our current Vertex Select and OC which are other spinal systems. The case will now be remande to a trial court for calculationh of thereduced judgment, which will include amountsz both for post-judgment and pre-judgment interest on the Based outside of Minneapolis, Medtronic is the world’zs largest medical device company. Its spinal and biologicx business units are based in Memphis whered itemploys 1,550.
million to competitor for damages relatedr to a patent infringement verdict from a federalCircuig Court. The court reviewed a December 2007 which claimed thatMedtronic (NYSE: MDT) had infringe d on DePuy’s patent of a line of multiaxial screwsd used in spinal surgery. The court affirmed a $149.1 million award for lost profits. But the court reversedr previous sanctions, which dropped $77.2 millionj in outright damagesand $10.65 million in attorneys’ fees and other The Vertex line of screws is no longerd on the market.
Memphis-based Medtronic Spinakl and Biologics business presidenrt Steve La Neve said theruling “haws no bearing on our current Vertex Select and OC which are other spinal systems. The case will now be remande to a trial court for calculationh of thereduced judgment, which will include amountsz both for post-judgment and pre-judgment interest on the Based outside of Minneapolis, Medtronic is the world’zs largest medical device company. Its spinal and biologicx business units are based in Memphis whered itemploys 1,550.
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