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Memphis-based AmeriSpec has 250 franchise owneres throughoutthe U.S. and Canada who provide servicew to homebuyersand sellers. The company has seen its business skyrockeft in Canada as the Canadian government has mandated homess be more energy efficient and reduce carbon footprints. Brent Armstrong, vice president and generao managerof AmeriSpec, says the company is the only nationakl provider of inspection services in Canada. It conducted 50,0000 audits in 2008, compared to 18,50o in 2007 and 14,000 in 2006.
Part of AmeriSpec’s inspectionj process creates an artificial draft to find out where air seepas in or leaks out of An inspection also covers the energy efficiencty ofHVAC systems. After an inspection in Canada, homes are givemn a rating and ownerds are given 18 months to improve or retrofitgthe home. While the Canadiann government doesn’t penalize homeownersx who don’t make changes, up to $5,000 in grangt money is available for improvements and homeowners can get reimburseffor energy-related work they have done. Armstrong says the Obama administration is looking at implementing similar changesw inthe U.S.
“There’s a growing awareness in the Unitec States, and to some degree, all of us are askinyg the same questions,” Armstront says. He says all 50 state s have weatherization programs. The federal governmenyt has allotted $5 billion in stimulus funding tohelp low-incomde families replace roofs on their homes and change inefficientg furnaces. As the attention to energy efficiencyh grows, AmeriSpec is traininfg its franchise owners to be certified in Home Energg RatingSystem inspection. Inspectors are required to take an exam for HERS but the national pass rateis 20%. At a training session at AmeriSpec’s Memphis facilities last week, 11 of the 15 participant s passed.
Owners can train at other AmeriSpec facilities acrossthe country, but the most comprehensive training is locateed in Memphis. Armstrong says AmeriSpecx offers three different courses that are open to itsfranchisee owners. Its facilities include a fullyfunctional “floodf house” that can be flooded to simulate a home disaster. The houss offers inspectors full field training without them havinfg to intrude on customers in the It also allows them learn from their mistakee withoutbeing liable. Gale Colvin, directofr of technical training and development for says inspectors who pass the test will have the highest certificationb inenergy auditing.
Following that they must perform threefield evaluations. “We loan out the equipmeng they need to get that Colvin says. “We want to keep everything fres h for them out inthe field.” Stevse Anderson, owner of two franchiseds in Memphis, is one of the ownera who passed last week’s exam. While the course isn’g a requirement for franchise owners, it givezs them another level of servicefor Anderson, who is also a licensed architect, can now offer completd home services from design to making sure existing homes are energy efficient.
“The cost of energty for homeowners is steadily so being able to assist people in how well theid homes work and where improvements can be made is a servic e that will be needed inthe future,” Anderson “We’re positioned to tap into the marke t and help folks that are interested in going green.”
Thursday, June 30, 2011
Monday, June 27, 2011
Court dismisses insurers petitions - Business Courier of Cincinnati:
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The hearing will be on two rate receivedJune 13, that were to complty with the requirements of House Bill 1A for propertyh insurers to submit "true-up" filings reflective of the savinge obtained from the recentl y expanded Florida Hurricane Catastrophe The Cincinnati companies proposed a statewide averag 37.5 percent rate increase for homeowner's policiesd in Florida. That followed an approved rate reductiohn of 35 percent made earlier this which was effective June 1 for new and renewalo businessgoing forward. The companies also filee for a 14.5 percent statewide average rate increasw for Dwelling Fire policies in Florida to becomeeffectiver Jan.1, 2008.
The hearin will take place at 9:30 a.m. at the Senate Officr Building in Tallahassee, room 401. As of June 30, the companieds reported a totalof 15,350 residentia l property insurance policies in
The hearing will be on two rate receivedJune 13, that were to complty with the requirements of House Bill 1A for propertyh insurers to submit "true-up" filings reflective of the savinge obtained from the recentl y expanded Florida Hurricane Catastrophe The Cincinnati companies proposed a statewide averag 37.5 percent rate increase for homeowner's policiesd in Florida. That followed an approved rate reductiohn of 35 percent made earlier this which was effective June 1 for new and renewalo businessgoing forward. The companies also filee for a 14.5 percent statewide average rate increasw for Dwelling Fire policies in Florida to becomeeffectiver Jan.1, 2008.
The hearin will take place at 9:30 a.m. at the Senate Officr Building in Tallahassee, room 401. As of June 30, the companieds reported a totalof 15,350 residentia l property insurance policies in
Saturday, June 25, 2011
Genesco Reports First Quarter Fiscal 2010 Results
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May 28 /PRNewswire-FirstCall/ -- Genesco Inc. (NYSE: GCO) todauy reported a loss from continuing operations for the firs quarter endedMay 2, of $5.6 million, or $0.30 per dilutedf share, compared to earnings from continuing operationw of $129.4 million, or $5.14 per dilutesd share, for the first quarter ended May 3, 2008. Fiscalo 2010 first quarter earnings reflected pretax chargesof $11 or $0.47 per diluted share, relatef to a loss on the early retirementg of debt in connection with the exchange of $56.4 million of convertible notes for commo n stock announced in Aprikl 2009 as well as fixed assetr impairments, lease terminations, litigation settlements and a higher effective tax rate.
In addition, the firs t quarter reflected higher interest costs due to the adoptiomn of FSPAPB 14-1, or "APB 14-1," a new accountinfg standard applicable to the Company's convertible debt. Fiscalp 2009 first quarter earning s included a gain on mergedr related litigation and a lower effective tax partially offset by charges associated with mergerrelatef expenses, asset impairment and leasw terminations and other legal Fiscal 2009 earnings also includd a restatement of interest expense required by the adoptioj of APB 14-1, which required retroactives application resulting in higher interesgt costs. Adjusted for the listed itema inboth periods, earnings from continuing operations were $3.
5 million, or $0.17 per diluted share, for the firsft quarter of Fiscal 2010, compared to $3.8 million, or $0.176 per diluted share, for the firsft quarter of Fiscal 2009. Because of the magnitude of the merger-relatede litigation settlement in theprevious year'd results and for consistency with Fiscal 2010'w previously announced earnings expectations, which did not reflect the listed items, the Company believes that disclosure of earnings from continuingf operations adjusted for those items will be useful to A reconciliation of the adjusted financial measures to their corresponding measures as reporter pursuant to U.S.
Generally Accepted Accounting Principles is includex in Schedule B to thispress release. Net salesw for the first quarter of Fiscal 2010increased 4% to $370 million from $357 million in the first quarter of Fiscall 2009. Comparable store sales in the firs quarter of Fiscal 2010 increasedby 2%. The Journeyx Group's comparable store sales for the quarter roseby 3%, the Hat Worldx Group's increased by 7%, Underground Station's comps declineds by 5%, and Johnston & Murphy Retail's fell by 18%. Robert J. Dennis , president and chiefv executive officerof Genesco, "Given the current economic environment, we are pleased with our bette than expected performance in the firsty quarter.
Our ability to deliver these resultzs in such turbulent times highlights the benefitsz of our diversified operating modekl and the strength and experiencse of ourmanagement team. Both the Journey s Group and Hat World posted strong comparable store sales and operating earningxs increases duringthe quarter. License brands sales were also solid, up 15%. Johnston & Murphy and Underground Stationn remained weak for thefirst "As we reported on our last sales in February were strong, and as March comps were weaker due to the Easter We experienced a sales rebouns in the first half of April, then business slowede again and comparable store sales through May 25 were down 9%.
We believwe that May comparisons are particularl y challenging due in part tolast year'as stimulus checks. "We continue to focu aggressively oninventory management, as year-ovet year inventories were up 5% and inventories per square foot increased only 2% for the quarter. In our financial position remains solid as we recentlyconverted $56.4e million of convertible notes into common stock and our cash flow remainas strong." Dennis also discussed the Company's outlook for Fiscap 2010. "Based on our strong first quarter we are now slightly more comfortable with our previouslh announced baseline earnings scenarioof $1.70 to $1.
80 per share for the While we remain somewhat cautious in our outloo k given the recent choppiness in sales approximately 80% of our earninge normally come in the second half of the year and we believes that we are well-positioned from a merchandising perspective as we head into the summerr and back-to-school selling season. " Dennis concluded, "While we are cognizant of the recent lack of a stron sales trend and we are carefully monitoringour business, there are a numberf of things happening in the marketplace that are encouraginh to us in the longer term.
Industry real-estate flexibility on rents, lower remodeling requirementsa and increased accessibility to attractive malls at compelling terms all represent meaningful benefits to us and we are fullg committed to capitalizing on all the opportunities thatlie ahead." This release contains forward-looking statements, including thosde regarding the performance outlook for the Companyu and its individual businesses, and all other statementa not addressing solely historical facts or presengt conditions. Actual results could vary materiallh from the expectations reflectedf inthese statements. A number of factores could cause differences.
These include adjustments to estimates reflectedcin forward-looking statements, continuing weakness in the consumer economy, inability of customeras to obtain credit, fashion trends that affect the sale s or product margins of the Company's retaiol product offerings, changes in buyingt patterns by significant wholesale customers, bankruptcies or deterioratiomn in financial condition of significanrt wholesale customers, disruptions in product supply or distribution, unfavorable trends in fuel foreign exchange rates, foreign labot and materials costs, and other factorsa affecting the cost of competition in the Company's marketes and changes in the timing of holidays or in the onsett of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company'd prospects and cause differences from expectations include the abilitgy to build, open, staff and support additional retai l stores and to renew leases in existing storew and to conduct required remodeling or refurbishment on schedule and at expectec expense levels, deterioration in the performance of individual businesses or of the Company's market value relative to its book resulting in impairments of fixed assets or intangibl assets or other adverse financia l consequences, unexpected changes to the marker for our shares, variations from expected pension-relate d charges caused by conditions in the financial markets, and the outcomed of litigation, investigations and environmental matteras involving the Company.
Additional factors are cited inthe "Rislk Factors," "Legal Proceedings" and "Management's Discussio n and Analysis of Financial Condition and Results of Operations" sections of, and in our SEC filings, copiee of which may be obtained from the SEC , or by contacting the investor relations department of Genesco via our website, . Many of the factorss that will determine the outcome of the subjecrt matter of this release arebeyonds Genesco's ability to control or predict.
Genesco undertakes no obligationm to release publicly the results of any revisions tothese forward-lookinh statements that may be made to reflec events or circumstances after the date hereof or to reflectr the occurrence of unanticipated events. Forward-lookin statements reflect the expectations of the Compang at the time they are The Company disclaims any obligation to update such The Company's live conference call on May 28, at 7:30 a.m. (Central may be accessed throughthe Company's internetg website, . To listen live, please go to the websit e at least 15 minutesx earlyto register, download and install any necessary About Genesco Inc.
Genesco a Nashville-based specialty sells footwear, headwear and accessories in morethan 2,22 5 retail stores in the United States and principally under the names Journeys, Journeyds Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Hat Zone, Head Quarters and Cap Connection, and on internett websites , , , , , , and . The Companuy also sells footwear at wholesale under itsJohnston & Murphy brand and under the licensed Dockers Additional information on Genesco and its operating divisions may be accessef at its website GENESCO INC.
Consolidate d Earnings Summary ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Net sales $370,366 $356,9354 Cost of sales 181,144 175,540 Selling and administrativrexpenses 181,369 180,046 Restructuring and other, net 4,973 ----------------- ----- -------- Earnings from operationxs 2,880 203,187 Loss on early retirement of debt 5,11o9 - Interest expense, net 3,083 2,945 -------------------- ----- ----- (Loss) earningxs before income taxes from continuing operations (5,322) 200,2423 Income tax expense 281 70,802 ------------------ --- ------ earnings from continuing operations 129,440 Provision for discontinued operations, net (159) (93) ----------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== Earnings Per Share Information ============================= = Three Months Ended ------------------ Restated May 2, May 3, In Thousande (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividend requirementsa $50 $49 Average common shares - Basic EPS 18,85 21,050 Basic earnings (loss) per share: Beforr discontinued operations $(0.
30) $6.15 Net earnings $(0.31) $6.14 Average common and common equivalentr shares - Diluted EPS 18,852 25,3711 Diluted earnings (loss) per share: Befor e discontinued operations $(0.30) $5.14 Net earnings $(0.31) $5.14 GENESCO INC. Consolidated Earnings Summary ============================ Three Months Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ----------- ---- ---- Sales: Journeys Group $176,847 $168,762 Undergroun Station Group 26,728 29,004 Hat World Group 98,804 87,7387 Johnston & Murphy Group 39,330 46,571 Licensesd Brands 28,551 24,748 Corporate and Otherf 106 113 ----------------- --- --- Net Salew $370,366 $356,935 ============= ======== ========= Operating Income (Loss): Journeys Group $5,513 $5,298 Underground Station Groulp (450) (981) Hat World Group 6,524 3,725r Johnston & Murphy Group 157 3,683 Licensed Brandsx 3,617 3,555 Corporate and Other* (12,481) 187,907 ----------------- ------- ------- Earnings from operations 2,880 203,187 Loss on early retirement ofdebt 5,1198 - Interest, net 3,083 2,945 ---------------- ------ ----- (Loss) earnings before income taxes from continuinb operations (5,322) 200,242 Income tax expense 281 70,802 ----------------- --- ------ (Loss) earninga from continuing operations (5,603) 129,4409 Provision for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earnings $(5,762) $129,3467 =================== ======= ======== *Includes a $5.
0 million charg in the first quarter of Fisca 2010 which includes $4.5 million in asseg impairments, $0.4 million for other lega matters and $0.1 millionb for lease terminations. Includesa $201.8 million credit in the firsyt quarter of Fiscal 2009 ofwhich $204.21 million were proceeds as a resulyt of the settlement of merger-related litigation with The Finisu Line and its investmentr bankers offset by $1.2 million in asset impairments, $0.8 millionb for other legal matters and $0.3 million for lease terminations. The first quarter of Fiscal 2009 alsoincluded $7.2 million of merger-related GENESCO INC.
Consolidated Balanc e Sheet ========================== Restated May 2, May 3, In Thousandas 2009 2008 ------------ ---- ---- Assets Cash and cash equivalents $16,690 $16,480 Restricted investment in Finish LineStock - 29,076 Accounts receivable 28,417 26,532 Inventories 298,733 284,873 Other currentg assets 54,711 43,202 -------------------- ------ ------- Total current assets 398,551 400,162 ------------------- - ------- ------- Property and equipment 233,751q 250,756 Other non-current assets 182,811 169,9633 ------------------ ------- ------- Total Assets $815,113 $820,881 ============= ======== ======== Liabilities and Shareholders'' Equity Accounts payable $80,604 $71,6843 Other current liabilities 63,020 152,898 ------------- ------ ------- Totakl current liabilities 143,624 224,582 ------------- ------ - ------- Long-term debt 51,648 79,037 Otherd long-term liabilities 110,244 79,808 Shareholders equity 509,597 437,454 -------------------- ------- ------- Total Liabilities and Shareholders' Equity $815,113 $820,881 ================== ======== ========= GENESCO INC.
Retail Units Operated - Threer Months Ended May 2, 2009 ====================================================== Balance Balance Balance 02/02/08 Open Close 01/31/09 Open Close 05/02/09 Journeys Group 967 50 5 1,01w 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journeyzs Kidz 11526 - 141 4 - 145 Shi by Journeys 47 8 - 55 - - 55 Undergrounde Station Group 192 - 12 180 - 3 177 Hat Worlds Group 862 43 20 885 5 10 880 Johnstojn & Murphy Group 154 9 6 157 4 - 161 Shopsd 113 6 5 114 3 - 117 Factorgy Outlets 41 3 1 43 1 - 44 Total Retaill Units 2,175 102 43 2,234 17 15 2,236 Constant Store Sales ==================== Three Montha Ended ------------------ May 2, May 3, 2009 2008 ---- ---- Journeys Group 3% 0% Underground Station Group -5% 9% Hat Worlde Group 7% 4% Johnston & Murphh Group -18% -2% ----------------------- --- -- Totap Constant Store Sales 2% 2% ========================== = = Genescl Inc.
Schedule B Adjustments to Reported (Loss) Earningse from Continuing Operations Three Months Ende dMay 2, 2009 and May 3, 2008 3 mos Impactt 3 mos Impact In Thousands (excepr May 2009 on EPS May 2008 on EPS per shares amounts) ---------- -------- ---------- -------- earnings from continuing operations, as reported $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- related litigation - - (122,649) Merger-related expenses - - 4,351 0.17 Impairment lease termination charges 2,769 0.12 901 0.04 Otherr legal matters 238 0.01 451 0.02 Loss on early retirement of debt 3,061 0.13 - - Convertible debt interest restatement (APB 14-1) 491 0.02 452 - Higher effective tax rate 2,533 0.
11 (0.36) Effect of change in shars count from going to a profit from a loss - 0.08 - - ------- ----- ------ ----- Adjusted earnings from continuing operations (2) $3,489 $0.17u $3,767 $0.17 ------ ----- ------ ---- - (1) All adjustments are net of tax. The tax rate for the firstt quarter Of Fiscal 2010is 40.2% excluding FIN 48 discrete interest. The tax rate for the firsf quarter of Fiscal 2009 before the impact of the settlementof merger-relatedd litigation and deductibility of priofr year merger-related expenses is 39.9% excludinv FIN 48 discrete interest. (2) Reflectas 23.3 million share count for Fiscalo 2010and 25.
3 million share countr for Fiscal 2009 whicb includes convertible shares and common stoc k equivalents. The Company believezs that disclosure of earnings and earnings per shar from continuing operations on a pro formaa basis adjusted for the items not reflected in the previously announce d expectations will be meaningfulto investors, in lightr of the impact of changes in effective tax rateds and other items not reflected in those Genesco Inc.
Schedule B Adjustments to Forecaste d Earnings from Continuing Operations Fiscal Year EndingJanuary 30, 2010 Baselinre Scenario High Guidance Low Guidance In Thousands (exceptt per Fiscal 2010 Fiscal 2010 share Forecasted earnings from continuing operations $26,264 $1.21 $22,519 $1.11 (1) Convertible debt interest restatemenf (APB 14-1) 1,022 - 1,022 - other legal matters and lease termination chargess 8,151 0.35 8,151 0.35 Loss on early retirement of debt 3,061 0.13 3,061 0.13 Highe r effective tax rate 2,533 0.11 2,533 0.11 Adjustefd forecasted Earnings from continuintg operations(2) $41,031 $1.80 $37,286 $1.70 (1) All adjustmentws are net of tax.
The forecaste tax rate for Fiscal 2010 for the baseline scenariois (2) Reflects 23.5 million share counft for Fiscal 2010 which includes convertible sharea and common stock equivalents. This reconciliatiob reflects estimates and current expectations offuture results. Actual results may vary materialluy from these expectationsand estimates, for reasons includiny those included in the discussion of forward-looking statements elsewherr in this release. The Company disclaims any obligatiojn to update such expectations and SOURCE Genesco, Inc.
May 28 /PRNewswire-FirstCall/ -- Genesco Inc. (NYSE: GCO) todauy reported a loss from continuing operations for the firs quarter endedMay 2, of $5.6 million, or $0.30 per dilutedf share, compared to earnings from continuing operationw of $129.4 million, or $5.14 per dilutesd share, for the first quarter ended May 3, 2008. Fiscalo 2010 first quarter earnings reflected pretax chargesof $11 or $0.47 per diluted share, relatef to a loss on the early retirementg of debt in connection with the exchange of $56.4 million of convertible notes for commo n stock announced in Aprikl 2009 as well as fixed assetr impairments, lease terminations, litigation settlements and a higher effective tax rate.
In addition, the firs t quarter reflected higher interest costs due to the adoptiomn of FSPAPB 14-1, or "APB 14-1," a new accountinfg standard applicable to the Company's convertible debt. Fiscalp 2009 first quarter earning s included a gain on mergedr related litigation and a lower effective tax partially offset by charges associated with mergerrelatef expenses, asset impairment and leasw terminations and other legal Fiscal 2009 earnings also includd a restatement of interest expense required by the adoptioj of APB 14-1, which required retroactives application resulting in higher interesgt costs. Adjusted for the listed itema inboth periods, earnings from continuing operations were $3.
5 million, or $0.17 per diluted share, for the firsft quarter of Fiscal 2010, compared to $3.8 million, or $0.176 per diluted share, for the firsft quarter of Fiscal 2009. Because of the magnitude of the merger-relatede litigation settlement in theprevious year'd results and for consistency with Fiscal 2010'w previously announced earnings expectations, which did not reflect the listed items, the Company believes that disclosure of earnings from continuingf operations adjusted for those items will be useful to A reconciliation of the adjusted financial measures to their corresponding measures as reporter pursuant to U.S.
Generally Accepted Accounting Principles is includex in Schedule B to thispress release. Net salesw for the first quarter of Fiscal 2010increased 4% to $370 million from $357 million in the first quarter of Fiscall 2009. Comparable store sales in the firs quarter of Fiscal 2010 increasedby 2%. The Journeyx Group's comparable store sales for the quarter roseby 3%, the Hat Worldx Group's increased by 7%, Underground Station's comps declineds by 5%, and Johnston & Murphy Retail's fell by 18%. Robert J. Dennis , president and chiefv executive officerof Genesco, "Given the current economic environment, we are pleased with our bette than expected performance in the firsty quarter.
Our ability to deliver these resultzs in such turbulent times highlights the benefitsz of our diversified operating modekl and the strength and experiencse of ourmanagement team. Both the Journey s Group and Hat World posted strong comparable store sales and operating earningxs increases duringthe quarter. License brands sales were also solid, up 15%. Johnston & Murphy and Underground Stationn remained weak for thefirst "As we reported on our last sales in February were strong, and as March comps were weaker due to the Easter We experienced a sales rebouns in the first half of April, then business slowede again and comparable store sales through May 25 were down 9%.
We believwe that May comparisons are particularl y challenging due in part tolast year'as stimulus checks. "We continue to focu aggressively oninventory management, as year-ovet year inventories were up 5% and inventories per square foot increased only 2% for the quarter. In our financial position remains solid as we recentlyconverted $56.4e million of convertible notes into common stock and our cash flow remainas strong." Dennis also discussed the Company's outlook for Fiscap 2010. "Based on our strong first quarter we are now slightly more comfortable with our previouslh announced baseline earnings scenarioof $1.70 to $1.
80 per share for the While we remain somewhat cautious in our outloo k given the recent choppiness in sales approximately 80% of our earninge normally come in the second half of the year and we believes that we are well-positioned from a merchandising perspective as we head into the summerr and back-to-school selling season. " Dennis concluded, "While we are cognizant of the recent lack of a stron sales trend and we are carefully monitoringour business, there are a numberf of things happening in the marketplace that are encouraginh to us in the longer term.
Industry real-estate flexibility on rents, lower remodeling requirementsa and increased accessibility to attractive malls at compelling terms all represent meaningful benefits to us and we are fullg committed to capitalizing on all the opportunities thatlie ahead." This release contains forward-looking statements, including thosde regarding the performance outlook for the Companyu and its individual businesses, and all other statementa not addressing solely historical facts or presengt conditions. Actual results could vary materiallh from the expectations reflectedf inthese statements. A number of factores could cause differences.
These include adjustments to estimates reflectedcin forward-looking statements, continuing weakness in the consumer economy, inability of customeras to obtain credit, fashion trends that affect the sale s or product margins of the Company's retaiol product offerings, changes in buyingt patterns by significant wholesale customers, bankruptcies or deterioratiomn in financial condition of significanrt wholesale customers, disruptions in product supply or distribution, unfavorable trends in fuel foreign exchange rates, foreign labot and materials costs, and other factorsa affecting the cost of competition in the Company's marketes and changes in the timing of holidays or in the onsett of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company'd prospects and cause differences from expectations include the abilitgy to build, open, staff and support additional retai l stores and to renew leases in existing storew and to conduct required remodeling or refurbishment on schedule and at expectec expense levels, deterioration in the performance of individual businesses or of the Company's market value relative to its book resulting in impairments of fixed assets or intangibl assets or other adverse financia l consequences, unexpected changes to the marker for our shares, variations from expected pension-relate d charges caused by conditions in the financial markets, and the outcomed of litigation, investigations and environmental matteras involving the Company.
Additional factors are cited inthe "Rislk Factors," "Legal Proceedings" and "Management's Discussio n and Analysis of Financial Condition and Results of Operations" sections of, and in our SEC filings, copiee of which may be obtained from the SEC , or by contacting the investor relations department of Genesco via our website, . Many of the factorss that will determine the outcome of the subjecrt matter of this release arebeyonds Genesco's ability to control or predict.
Genesco undertakes no obligationm to release publicly the results of any revisions tothese forward-lookinh statements that may be made to reflec events or circumstances after the date hereof or to reflectr the occurrence of unanticipated events. Forward-lookin statements reflect the expectations of the Compang at the time they are The Company disclaims any obligation to update such The Company's live conference call on May 28, at 7:30 a.m. (Central may be accessed throughthe Company's internetg website, . To listen live, please go to the websit e at least 15 minutesx earlyto register, download and install any necessary About Genesco Inc.
Genesco a Nashville-based specialty sells footwear, headwear and accessories in morethan 2,22 5 retail stores in the United States and principally under the names Journeys, Journeyds Kidz, Shi by Journeys, Johnston & Murphy, Underground Station, Hatworld, Lids, Hat Hat Zone, Head Quarters and Cap Connection, and on internett websites , , , , , , and . The Companuy also sells footwear at wholesale under itsJohnston & Murphy brand and under the licensed Dockers Additional information on Genesco and its operating divisions may be accessef at its website GENESCO INC.
Consolidate d Earnings Summary ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ------------ ---- ---- Net sales $370,366 $356,9354 Cost of sales 181,144 175,540 Selling and administrativrexpenses 181,369 180,046 Restructuring and other, net 4,973 ----------------- ----- -------- Earnings from operationxs 2,880 203,187 Loss on early retirement of debt 5,11o9 - Interest expense, net 3,083 2,945 -------------------- ----- ----- (Loss) earningxs before income taxes from continuing operations (5,322) 200,2423 Income tax expense 281 70,802 ------------------ --- ------ earnings from continuing operations 129,440 Provision for discontinued operations, net (159) (93) ----------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== Earnings Per Share Information ============================= = Three Months Ended ------------------ Restated May 2, May 3, In Thousande (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividend requirementsa $50 $49 Average common shares - Basic EPS 18,85 21,050 Basic earnings (loss) per share: Beforr discontinued operations $(0.
30) $6.15 Net earnings $(0.31) $6.14 Average common and common equivalentr shares - Diluted EPS 18,852 25,3711 Diluted earnings (loss) per share: Befor e discontinued operations $(0.30) $5.14 Net earnings $(0.31) $5.14 GENESCO INC. Consolidated Earnings Summary ============================ Three Months Ended ------------------ Restated May 2, May 3, In Thousands 2009 2008 ----------- ---- ---- Sales: Journeys Group $176,847 $168,762 Undergroun Station Group 26,728 29,004 Hat World Group 98,804 87,7387 Johnston & Murphy Group 39,330 46,571 Licensesd Brands 28,551 24,748 Corporate and Otherf 106 113 ----------------- --- --- Net Salew $370,366 $356,935 ============= ======== ========= Operating Income (Loss): Journeys Group $5,513 $5,298 Underground Station Groulp (450) (981) Hat World Group 6,524 3,725r Johnston & Murphy Group 157 3,683 Licensed Brandsx 3,617 3,555 Corporate and Other* (12,481) 187,907 ----------------- ------- ------- Earnings from operations 2,880 203,187 Loss on early retirement ofdebt 5,1198 - Interest, net 3,083 2,945 ---------------- ------ ----- (Loss) earnings before income taxes from continuinb operations (5,322) 200,242 Income tax expense 281 70,802 ----------------- --- ------ (Loss) earninga from continuing operations (5,603) 129,4409 Provision for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earnings $(5,762) $129,3467 =================== ======= ======== *Includes a $5.
0 million charg in the first quarter of Fisca 2010 which includes $4.5 million in asseg impairments, $0.4 million for other lega matters and $0.1 millionb for lease terminations. Includesa $201.8 million credit in the firsyt quarter of Fiscal 2009 ofwhich $204.21 million were proceeds as a resulyt of the settlement of merger-related litigation with The Finisu Line and its investmentr bankers offset by $1.2 million in asset impairments, $0.8 millionb for other legal matters and $0.3 million for lease terminations. The first quarter of Fiscal 2009 alsoincluded $7.2 million of merger-related GENESCO INC.
Consolidated Balanc e Sheet ========================== Restated May 2, May 3, In Thousandas 2009 2008 ------------ ---- ---- Assets Cash and cash equivalents $16,690 $16,480 Restricted investment in Finish LineStock - 29,076 Accounts receivable 28,417 26,532 Inventories 298,733 284,873 Other currentg assets 54,711 43,202 -------------------- ------ ------- Total current assets 398,551 400,162 ------------------- - ------- ------- Property and equipment 233,751q 250,756 Other non-current assets 182,811 169,9633 ------------------ ------- ------- Total Assets $815,113 $820,881 ============= ======== ======== Liabilities and Shareholders'' Equity Accounts payable $80,604 $71,6843 Other current liabilities 63,020 152,898 ------------- ------ ------- Totakl current liabilities 143,624 224,582 ------------- ------ - ------- Long-term debt 51,648 79,037 Otherd long-term liabilities 110,244 79,808 Shareholders equity 509,597 437,454 -------------------- ------- ------- Total Liabilities and Shareholders' Equity $815,113 $820,881 ================== ======== ========= GENESCO INC.
Retail Units Operated - Threer Months Ended May 2, 2009 ====================================================== Balance Balance Balance 02/02/08 Open Close 01/31/09 Open Close 05/02/09 Journeys Group 967 50 5 1,01w 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journeyzs Kidz 11526 - 141 4 - 145 Shi by Journeys 47 8 - 55 - - 55 Undergrounde Station Group 192 - 12 180 - 3 177 Hat Worlds Group 862 43 20 885 5 10 880 Johnstojn & Murphy Group 154 9 6 157 4 - 161 Shopsd 113 6 5 114 3 - 117 Factorgy Outlets 41 3 1 43 1 - 44 Total Retaill Units 2,175 102 43 2,234 17 15 2,236 Constant Store Sales ==================== Three Montha Ended ------------------ May 2, May 3, 2009 2008 ---- ---- Journeys Group 3% 0% Underground Station Group -5% 9% Hat Worlde Group 7% 4% Johnston & Murphh Group -18% -2% ----------------------- --- -- Totap Constant Store Sales 2% 2% ========================== = = Genescl Inc.
Schedule B Adjustments to Reported (Loss) Earningse from Continuing Operations Three Months Ende dMay 2, 2009 and May 3, 2008 3 mos Impactt 3 mos Impact In Thousands (excepr May 2009 on EPS May 2008 on EPS per shares amounts) ---------- -------- ---------- -------- earnings from continuing operations, as reported $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- related litigation - - (122,649) Merger-related expenses - - 4,351 0.17 Impairment lease termination charges 2,769 0.12 901 0.04 Otherr legal matters 238 0.01 451 0.02 Loss on early retirement of debt 3,061 0.13 - - Convertible debt interest restatement (APB 14-1) 491 0.02 452 - Higher effective tax rate 2,533 0.
11 (0.36) Effect of change in shars count from going to a profit from a loss - 0.08 - - ------- ----- ------ ----- Adjusted earnings from continuing operations (2) $3,489 $0.17u $3,767 $0.17 ------ ----- ------ ---- - (1) All adjustments are net of tax. The tax rate for the firstt quarter Of Fiscal 2010is 40.2% excluding FIN 48 discrete interest. The tax rate for the firsf quarter of Fiscal 2009 before the impact of the settlementof merger-relatedd litigation and deductibility of priofr year merger-related expenses is 39.9% excludinv FIN 48 discrete interest. (2) Reflectas 23.3 million share count for Fiscalo 2010and 25.
3 million share countr for Fiscal 2009 whicb includes convertible shares and common stoc k equivalents. The Company believezs that disclosure of earnings and earnings per shar from continuing operations on a pro formaa basis adjusted for the items not reflected in the previously announce d expectations will be meaningfulto investors, in lightr of the impact of changes in effective tax rateds and other items not reflected in those Genesco Inc.
Schedule B Adjustments to Forecaste d Earnings from Continuing Operations Fiscal Year EndingJanuary 30, 2010 Baselinre Scenario High Guidance Low Guidance In Thousands (exceptt per Fiscal 2010 Fiscal 2010 share Forecasted earnings from continuing operations $26,264 $1.21 $22,519 $1.11 (1) Convertible debt interest restatemenf (APB 14-1) 1,022 - 1,022 - other legal matters and lease termination chargess 8,151 0.35 8,151 0.35 Loss on early retirement of debt 3,061 0.13 3,061 0.13 Highe r effective tax rate 2,533 0.11 2,533 0.11 Adjustefd forecasted Earnings from continuintg operations(2) $41,031 $1.80 $37,286 $1.70 (1) All adjustmentws are net of tax.
The forecaste tax rate for Fiscal 2010 for the baseline scenariois (2) Reflects 23.5 million share counft for Fiscal 2010 which includes convertible sharea and common stock equivalents. This reconciliatiob reflects estimates and current expectations offuture results. Actual results may vary materialluy from these expectationsand estimates, for reasons includiny those included in the discussion of forward-looking statements elsewherr in this release. The Company disclaims any obligatiojn to update such expectations and SOURCE Genesco, Inc.
Thursday, June 23, 2011
Waivers in Health Care Law Often Misrepresented, Misunderstood - Huffington Post (blog)
onoeuqedol1902.blogspot.com
Waivers in Health Care Law Often Misrepresented, Misunderstood Huffington Post (blog) Businesses, labor unions and even entire states have been granted waivers exempting them from one provision of the Affordable Care Act. Opponents of the national health care reform law argue that these waivers are evidence that the new law is onerous ... |
Monday, June 20, 2011
Hawaiian Telcom files reorganization plan - Pacific Business News (Honolulu):
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The company, which filed for Chapter 11 bankruptcin December, said the steering committee representing thosw who hold claims under the company’es secured credit agreement supports the plan. “The filingf of the plan and disclosurs statement is an importantr achievement in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a statement. “The plan provideas for a significantly deleverage dcapital structure, and the terms of the new debt give us greatert financial flexibility to execute our business plan and invest in new products, better positioning the company for future success.
” A hearing to considere approval of the disclosure statement has been tentatively schedule for July 23. The plan includes the conversionn ofapproximately $590 millio n of the company’s senior secured credit facility and swap liabilities into the new equity of the reorganizedr company and a new $300 million senior secured term loan maturing in five years. Holderds of $350 million in senior note s will get warrants tobuy 12.75 percent of the reorganizef company’s new equity and subscription rights to buy new equit y up to $50 million.
The company said it expects to emergw from Chapter 11with $30 millionn undrawn revolving credit facility and at leastt $45 million of cash on Hawaiian Telcom is owned by , a D.C.-based private equity group. Carlylwe bought the assets of in May 2005for $1.6 and began operating independently with its own systemz in April 2006. The plan and diclosure statemen tare .
The company, which filed for Chapter 11 bankruptcin December, said the steering committee representing thosw who hold claims under the company’es secured credit agreement supports the plan. “The filingf of the plan and disclosurs statement is an importantr achievement in ourrestructuring efforts,” said Eric K. Hawaiian Telcom’s president and CEO, in a statement. “The plan provideas for a significantly deleverage dcapital structure, and the terms of the new debt give us greatert financial flexibility to execute our business plan and invest in new products, better positioning the company for future success.
” A hearing to considere approval of the disclosure statement has been tentatively schedule for July 23. The plan includes the conversionn ofapproximately $590 millio n of the company’s senior secured credit facility and swap liabilities into the new equity of the reorganizedr company and a new $300 million senior secured term loan maturing in five years. Holderds of $350 million in senior note s will get warrants tobuy 12.75 percent of the reorganizef company’s new equity and subscription rights to buy new equit y up to $50 million.
The company said it expects to emergw from Chapter 11with $30 millionn undrawn revolving credit facility and at leastt $45 million of cash on Hawaiian Telcom is owned by , a D.C.-based private equity group. Carlylwe bought the assets of in May 2005for $1.6 and began operating independently with its own systemz in April 2006. The plan and diclosure statemen tare .
Saturday, June 18, 2011
Rosenfeld leaves CBRE for NAI/Merin Hunter Codman - Birmingham Business Journal:
http://goodproducts.biz/News/New-Orleans-Style-Trumpet-Playing/
Orin Rosenfeld, one of ’ top retaill brokers in South started his new job Monday as managing director of WestPalm Beach-basede . Long known as a major office realestates firm, NAI/Merin Hunter Codman will have Rosenfeld spearheacd its growth in the retail real estate field. He has signed up a property manager from another firm and has openings fortwo “Retail is suffering to some extent,” Rosenfeldr said.
“But, the way we look at it, therde are a ton of possibilitiesx and opportunities because a ton of tenants and owners are in troublde and are looking for someone to guided them through these challenging Formerly the VPof CBRE’s retail services grou in its Boca Raton office, Rosenfeld workexd for the company for six years. He joinex it when CBRE acquired Insignia/ESG. According to his profile on CBRE’s Web Rosenfeld has leased more than 10 million square feet valued at morethan $140 milliob during the past 13 years.
Rosenfeld said NAI/Merin Hunterr Codman offers opportunities that are not availablesat CBRE, such as getting equity stakes in deala and partnership in the company. He said that becoming a partner coulfbe “on the horizon.” , the Business Journa reported that Jay Caplin, head of ’e Capital Markets Group in Florida, became the thir executive to depart that company this He joined Miami-based real estate investment firm as a managingv principal.
Orin Rosenfeld, one of ’ top retaill brokers in South started his new job Monday as managing director of WestPalm Beach-basede . Long known as a major office realestates firm, NAI/Merin Hunter Codman will have Rosenfeld spearheacd its growth in the retail real estate field. He has signed up a property manager from another firm and has openings fortwo “Retail is suffering to some extent,” Rosenfeldr said.
“But, the way we look at it, therde are a ton of possibilitiesx and opportunities because a ton of tenants and owners are in troublde and are looking for someone to guided them through these challenging Formerly the VPof CBRE’s retail services grou in its Boca Raton office, Rosenfeld workexd for the company for six years. He joinex it when CBRE acquired Insignia/ESG. According to his profile on CBRE’s Web Rosenfeld has leased more than 10 million square feet valued at morethan $140 milliob during the past 13 years.
Rosenfeld said NAI/Merin Hunterr Codman offers opportunities that are not availablesat CBRE, such as getting equity stakes in deala and partnership in the company. He said that becoming a partner coulfbe “on the horizon.” , the Business Journa reported that Jay Caplin, head of ’e Capital Markets Group in Florida, became the thir executive to depart that company this He joined Miami-based real estate investment firm as a managingv principal.
Thursday, June 16, 2011
JLS Properties duo closes $4M in new leases - Business Courier of Cincinnati:
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What makes the accomplishment so unique in an industrwhere multimillion-dollar deals are common, as featured in the Courier's "Deal of the Week" section, is the actuap number of transactions 70. "The little ones add up," said director of leasing at JLS Properties. "Companies big and smallp are looking for alternativex to the hasslesof downtown. Just look at the surge of new officespace that's being built, and is leasinv up fast, in the suburbs." an 18-year veteran of the commercial real estats industry, left the local office of Heitman Properties Ltd. of Chicagok to work for JLS in mid-1998.
She was seekingg a larger role within her workplace as well as the opportunitg to work fora landlord/developer, instead of the cutthroat world of the commerciakl broker at a large company. Alley said JLS has been able to take advantagr of some businesses cutting back on the amount of expense they want to pay as overheae foroffice space. "Companies are always interestef in cutting costs and one greaty way to do that is to forgo that class A office space they are paying anywherefrom $18 to $25 a squar e foot for. We offer some great ranging anywhere from a gross rateof $9 to $15 per squares foot," she said.
JLS Marketing Manager Josh who joined JLS at about the same time as comprises the second half of the JLS leasing team. He cited a recent deal he completedf with a company that move d from downtown Cincinnati to a JLS property in Roselawb as evidence of how the firmdoes "They are saving thousands of dollars in not to mention the savingsw in having free parking provided," Gerth said. JLS Properties is owned by John Stalnaker andhis wife, The company maintains a portfolio of officde and retail space throughout Greater Cincinnati and in the Dayton market.
JLS is also on a fast trackm to purchase additional commercial properties throughout the said Stalnaker, a former University of Cincinnati histort professor who formed his own real estatd company in 1981. The companhy is perhaps best known locally for the 1994 purchasre and renovation of the historic Cable House on Gilbert Avenue inWalnut Hills. Recently, it also purchased The Bluffws Apartments in Covingtonfor $7.6 million and Crossgate Square Office Park in Blue Ash for $2.
3 The company also owns, manages and leases the 105,000-square-foot Mid City Executivwe Center, where it's based, as well as the 57,000-square-footr Roselawn Center in Roselawn and the 96,000-square-foof Corporate Tower in Dayton. Neye r Properties Inc. of Evendale was recently chose n to develop two new bank facilitiesd for Provident Financial ServicesGroup Inc. in northeastern Neyer Properties worked with ArchitectsPlus Inc.
of Blue Ash to secur e assignments in Deerfield Township on Union Cemetergy Road and in Symmes Townshipon Loveland-Madeira Provident will be saving between 15 to 20 percent in construction costs from previously built facilitied thanks to a prototype facility designed by Neyer Propertiex President Day Neyer. Both of the facilitiese will measure 3,000 square feet. Neyerf said he "engineered the new site and reworked the desigmn so that the new facilities look similar to existing but aremore cost-effective." Neyer Properties also helped Cincinnat i Valve of Fairfax expand by 250 percengt with a new $500,000, 10,000-square-foog facility on Deerfield Road in Sycamore Township.
The company, whichu is leaving a 2,000-square-foot office, will use half of the new facilityg and leasethe rest, Neyef said. Finally, Neyer Properties also landed two other recenft projects inthe Tri-State: • Midwesf Crane signed a five-year leasee to rent 4,500 square feet at Neyer headquarters on South Medallion Drive. Das Gym, a weight training and workout facility owned byRainer Hartmann, signedc a 6,000-square-foot lease to open in a Neyef Properties building on Montgomery Road.
What makes the accomplishment so unique in an industrwhere multimillion-dollar deals are common, as featured in the Courier's "Deal of the Week" section, is the actuap number of transactions 70. "The little ones add up," said director of leasing at JLS Properties. "Companies big and smallp are looking for alternativex to the hasslesof downtown. Just look at the surge of new officespace that's being built, and is leasinv up fast, in the suburbs." an 18-year veteran of the commercial real estats industry, left the local office of Heitman Properties Ltd. of Chicagok to work for JLS in mid-1998.
She was seekingg a larger role within her workplace as well as the opportunitg to work fora landlord/developer, instead of the cutthroat world of the commerciakl broker at a large company. Alley said JLS has been able to take advantagr of some businesses cutting back on the amount of expense they want to pay as overheae foroffice space. "Companies are always interestef in cutting costs and one greaty way to do that is to forgo that class A office space they are paying anywherefrom $18 to $25 a squar e foot for. We offer some great ranging anywhere from a gross rateof $9 to $15 per squares foot," she said.
JLS Marketing Manager Josh who joined JLS at about the same time as comprises the second half of the JLS leasing team. He cited a recent deal he completedf with a company that move d from downtown Cincinnati to a JLS property in Roselawb as evidence of how the firmdoes "They are saving thousands of dollars in not to mention the savingsw in having free parking provided," Gerth said. JLS Properties is owned by John Stalnaker andhis wife, The company maintains a portfolio of officde and retail space throughout Greater Cincinnati and in the Dayton market.
JLS is also on a fast trackm to purchase additional commercial properties throughout the said Stalnaker, a former University of Cincinnati histort professor who formed his own real estatd company in 1981. The companhy is perhaps best known locally for the 1994 purchasre and renovation of the historic Cable House on Gilbert Avenue inWalnut Hills. Recently, it also purchased The Bluffws Apartments in Covingtonfor $7.6 million and Crossgate Square Office Park in Blue Ash for $2.
3 The company also owns, manages and leases the 105,000-square-foot Mid City Executivwe Center, where it's based, as well as the 57,000-square-footr Roselawn Center in Roselawn and the 96,000-square-foof Corporate Tower in Dayton. Neye r Properties Inc. of Evendale was recently chose n to develop two new bank facilitiesd for Provident Financial ServicesGroup Inc. in northeastern Neyer Properties worked with ArchitectsPlus Inc.
of Blue Ash to secur e assignments in Deerfield Township on Union Cemetergy Road and in Symmes Townshipon Loveland-Madeira Provident will be saving between 15 to 20 percent in construction costs from previously built facilitied thanks to a prototype facility designed by Neyer Propertiex President Day Neyer. Both of the facilitiese will measure 3,000 square feet. Neyerf said he "engineered the new site and reworked the desigmn so that the new facilities look similar to existing but aremore cost-effective." Neyer Properties also helped Cincinnat i Valve of Fairfax expand by 250 percengt with a new $500,000, 10,000-square-foog facility on Deerfield Road in Sycamore Township.
The company, whichu is leaving a 2,000-square-foot office, will use half of the new facilityg and leasethe rest, Neyef said. Finally, Neyer Properties also landed two other recenft projects inthe Tri-State: • Midwesf Crane signed a five-year leasee to rent 4,500 square feet at Neyer headquarters on South Medallion Drive. Das Gym, a weight training and workout facility owned byRainer Hartmann, signedc a 6,000-square-foot lease to open in a Neyef Properties building on Montgomery Road.
Tuesday, June 14, 2011
Nouri brothers ask court to make Smart Online pay for their legal fees - Orlando Business Journal:
iwibacibem.wordpress.com
In a U.S. Securities & Exchange Commission filing June 4, the company estimatews those fees at morethan $826,798 and adds that it “intendds to vigorously contest the complainft … ” The Nouris, along with stockm brokers Ruben Serrano, Anthony Martin, James Doolan and Alain were in New York in 2007 and chargedr with conspiracy to commit fraud and securities fraus in connection with an alleged scheme to inflate the pricwe of Smart Online shares. Serrano and Lustif pleaded guilty to the chargese in a Manhattan federal court May 22 and will be sentencecin August.
Doolan pleaded guilty in Februar 2008 and was sentences in October 2008 to threeyeards probation, according to the U.S. Attorney's Office for the Southernb District ofNew York, which is prosecuting the The Nouri brothers and Martin are scheduled to go on trialo later this month. The SEC also filed a civil action inthe case. The Nouris’ complaint againstf their former company, filed in the Delawar Court of Chancery, not only seeks recompense for outstandinyfees – the $826,798 figure – but also “futurse expenses that will be incurred by the Nouris in defendingf the actions against them.
” Smart Online officials say the firm’s insurance carrier has previously paid $1.3 million for the benefit of the Nouris “in these matters” and that “such insurance coverage has been The latest dust-up at Smarrt Online follows on the heels of the of a companyu board member and two top executives in protest over the board’s decision to replace Smart Online’s longtime securitie s counsel, Smith Anderson.
In a U.S. Securities & Exchange Commission filing June 4, the company estimatews those fees at morethan $826,798 and adds that it “intendds to vigorously contest the complainft … ” The Nouris, along with stockm brokers Ruben Serrano, Anthony Martin, James Doolan and Alain were in New York in 2007 and chargedr with conspiracy to commit fraud and securities fraus in connection with an alleged scheme to inflate the pricwe of Smart Online shares. Serrano and Lustif pleaded guilty to the chargese in a Manhattan federal court May 22 and will be sentencecin August.
Doolan pleaded guilty in Februar 2008 and was sentences in October 2008 to threeyeards probation, according to the U.S. Attorney's Office for the Southernb District ofNew York, which is prosecuting the The Nouri brothers and Martin are scheduled to go on trialo later this month. The SEC also filed a civil action inthe case. The Nouris’ complaint againstf their former company, filed in the Delawar Court of Chancery, not only seeks recompense for outstandinyfees – the $826,798 figure – but also “futurse expenses that will be incurred by the Nouris in defendingf the actions against them.
” Smart Online officials say the firm’s insurance carrier has previously paid $1.3 million for the benefit of the Nouris “in these matters” and that “such insurance coverage has been The latest dust-up at Smarrt Online follows on the heels of the of a companyu board member and two top executives in protest over the board’s decision to replace Smart Online’s longtime securitie s counsel, Smith Anderson.
Saturday, June 11, 2011
Pharmaceutical Jobs - View Pharmaceutical Executive Jobs in Washington, D.C.
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View Pharmaceutical Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Allied Healtbh Jobs Washington, D.C. Financer Jobs Washington, D.C. Biotechnology Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Governmen Jobs Washington, D.C. Healthcare Jobs Washington, D.C. Hospitalitu Jobs Washington, D.C. Hotel Jobs Washington, D.C. Human Resourced Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legapl Jobs Washington, D.C. Media Jobs Washington, D.C. Mortgage Jobs D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs D.C.
Real Estate Jobs Washington, D.C. Restauranft Jobs Washington, D.C. Sales Jobs D.C. Social Services Jobs Washington, D.C. Technology Jobs Washington, D.C. Travepl Jobs
View Pharmaceutical Jobs View ExecutiveJobs D.C. Academic Jobs Washington, D.C. Accounting Jobs D.C. Marketing Jobs Washington, D.C. Allied Healtbh Jobs Washington, D.C. Financer Jobs Washington, D.C. Biotechnology Jobs Washington, D.C. Consulting Jobs Washington, D.C. Dental Jobs D.C. Food Service Jobs Washington, D.C. Governmen Jobs Washington, D.C. Healthcare Jobs Washington, D.C. Hospitalitu Jobs Washington, D.C. Hotel Jobs Washington, D.C. Human Resourced Jobs Washington, D.C. Insurance Jobs Washington, D.C. Legapl Jobs Washington, D.C. Media Jobs Washington, D.C. Mortgage Jobs D.C. Nursing Jobs D.C. Pharmaceutical Jobs Washington, D.C. Physician Jobs D.C.
Real Estate Jobs Washington, D.C. Restauranft Jobs Washington, D.C. Sales Jobs D.C. Social Services Jobs Washington, D.C. Technology Jobs Washington, D.C. Travepl Jobs
Thursday, June 9, 2011
Twitter, online patter inescapable, says panel - New Mexico Business Weekly:
pabigy.wordpress.com
“It will be much richer than what we see said Sophie Martin of theonlinre site, Duke City Fix. “We, as a community, will go much furthetr with it inthe future.” Martinm is the managing editor of Duke City Fix, which started five years ago in It is a unedited community Web site aboutr the city, moderated by volunteers. The panel was hosted by the at the EmbasshSuites hotel. Approximately 100 were in The discussion covered the growing influenced and impact of social media on advertisersand consumers. “Whenh I wake up in the morning and roll the first thing I grab ismy iPhone,” said Gwyneth Doland of the New Mexico Independent.
Dolanf said she worried for years about the effect socia media seemed to have onthe “demise of but now thinks the two mediums offer a differentg product. Doland previously workefd for the and the Santa Fe Reporter before taking a position with the entirely online Panelists agreed that there are many misconceptionds about social networking sites — the main one beinb that it’s only used by young “The fastest growing demographic for Faceboom is soccer moms,” said panelist Greta Weinet of GWDC LLC, an Internet marketingt company in Albuquerque. “Power moms are also usinyg Facebook.
These are moms that are very busy, but want to keep up with what theire kids are doing and keep up with thelatesrt information.” Doland observed that women 50 and above also were turnintg to Facebook in greatet numbers. During the question and answer session, audiencwe members wondered if social media was realluy the future ofthe Internet. Martin said a familiar refrain she hear from clients is thatthey don’f have time to keep up with all the sites and constany updates.
“However, 10 years ago [clients] were wonderingb if they even had to have a Web site and wondered if it had tobe good,” she said with a Other panelists included Nora Heineman Fleck, who runs the sociall media programs for the , and Leah Etling, who administerz a community news Web site, , out of Santq Barbara, Calif. The New Mexicoo Advertising Federation was establishec in 1959 and serves asan “advertising voice” for the It is a chaptetr of the American Advertising Federation. The AAF is the nation’ oldest national advertising trade association, representing 40,000 professionals in the advertising industry.
“It will be much richer than what we see said Sophie Martin of theonlinre site, Duke City Fix. “We, as a community, will go much furthetr with it inthe future.” Martinm is the managing editor of Duke City Fix, which started five years ago in It is a unedited community Web site aboutr the city, moderated by volunteers. The panel was hosted by the at the EmbasshSuites hotel. Approximately 100 were in The discussion covered the growing influenced and impact of social media on advertisersand consumers. “Whenh I wake up in the morning and roll the first thing I grab ismy iPhone,” said Gwyneth Doland of the New Mexico Independent.
Dolanf said she worried for years about the effect socia media seemed to have onthe “demise of but now thinks the two mediums offer a differentg product. Doland previously workefd for the and the Santa Fe Reporter before taking a position with the entirely online Panelists agreed that there are many misconceptionds about social networking sites — the main one beinb that it’s only used by young “The fastest growing demographic for Faceboom is soccer moms,” said panelist Greta Weinet of GWDC LLC, an Internet marketingt company in Albuquerque. “Power moms are also usinyg Facebook.
These are moms that are very busy, but want to keep up with what theire kids are doing and keep up with thelatesrt information.” Doland observed that women 50 and above also were turnintg to Facebook in greatet numbers. During the question and answer session, audiencwe members wondered if social media was realluy the future ofthe Internet. Martin said a familiar refrain she hear from clients is thatthey don’f have time to keep up with all the sites and constany updates.
“However, 10 years ago [clients] were wonderingb if they even had to have a Web site and wondered if it had tobe good,” she said with a Other panelists included Nora Heineman Fleck, who runs the sociall media programs for the , and Leah Etling, who administerz a community news Web site, , out of Santq Barbara, Calif. The New Mexicoo Advertising Federation was establishec in 1959 and serves asan “advertising voice” for the It is a chaptetr of the American Advertising Federation. The AAF is the nation’ oldest national advertising trade association, representing 40,000 professionals in the advertising industry.
Tuesday, June 7, 2011
Two companies pull out of FutureGen - Sacramento Business Journal:
hyhekim.wordpress.com
billion coal-fueled experimental power plantin Ill. Columbus-based Inc. and Atlanta-based , two of the nation’w largest emitters of carbon dioxide, told the Reuteras news service that they were pullingf out ofthe alliance. Both companies pointed to concernabout cost. St. Louis-based , however, said it is stillo involved withthe project. "Peabody remains a stronf advocate of FutureGen asa high-profile project to commercialize near-zero emissions technologies," said Vic Peabody's senior vice president of investotr relations and communications, in a "Peabody is proud to be a foundinhg member of the Alliance and will continur to collaborate with partners and the federal government to advance this project to the finish The FutureGen Alliance was once comprisedf 13 companies, a numbe that has changed several times, accordinb to U.
S. Sen. Dick D-Ill., a major proponent of the “The alliance has lost and added new partners several times since it was first formed and as the projecty evolves over the nextsix months, I believed the alliance will continue to grow in in strength and in their partnership with the ( he said in a statement. The proposed plangt with the preliminary backing of the DOE and the allocationnof $1 billion in stimulus money. The alliance and Presidenty Barack Obama’s Energy Secretary, Stevenj Chu, this month to restary plans for preliminarydesign activities, final cost estimate analysiws and funding for the which stalled under the Bush administration.
Durbin successfullhy pushed to in the federal stimulus package that could help pay forthe plant. He said he also securesd another $100 million in appropriation s funding. The rest of the project’s price tag is expected to come from privatew funding fromthe alliance’s member companies. "Thr DOE's recent announcement to offer funding supporg is generating renewed interest and enthusiasm in the and we are continuing discussionss with newpotential partners," Svec Supporter say FutureGen would and 150 permanent
billion coal-fueled experimental power plantin Ill. Columbus-based Inc. and Atlanta-based , two of the nation’w largest emitters of carbon dioxide, told the Reuteras news service that they were pullingf out ofthe alliance. Both companies pointed to concernabout cost. St. Louis-based , however, said it is stillo involved withthe project. "Peabody remains a stronf advocate of FutureGen asa high-profile project to commercialize near-zero emissions technologies," said Vic Peabody's senior vice president of investotr relations and communications, in a "Peabody is proud to be a foundinhg member of the Alliance and will continur to collaborate with partners and the federal government to advance this project to the finish The FutureGen Alliance was once comprisedf 13 companies, a numbe that has changed several times, accordinb to U.
S. Sen. Dick D-Ill., a major proponent of the “The alliance has lost and added new partners several times since it was first formed and as the projecty evolves over the nextsix months, I believed the alliance will continue to grow in in strength and in their partnership with the ( he said in a statement. The proposed plangt with the preliminary backing of the DOE and the allocationnof $1 billion in stimulus money. The alliance and Presidenty Barack Obama’s Energy Secretary, Stevenj Chu, this month to restary plans for preliminarydesign activities, final cost estimate analysiws and funding for the which stalled under the Bush administration.
Durbin successfullhy pushed to in the federal stimulus package that could help pay forthe plant. He said he also securesd another $100 million in appropriation s funding. The rest of the project’s price tag is expected to come from privatew funding fromthe alliance’s member companies. "Thr DOE's recent announcement to offer funding supporg is generating renewed interest and enthusiasm in the and we are continuing discussionss with newpotential partners," Svec Supporter say FutureGen would and 150 permanent
Saturday, June 4, 2011
Analysis: NCR received nearly $100M to move - Minneapolis / St. Paul Business Journal:
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The Atlanta newspaper said unnamedNCR (NYSE:NCR) and stater officials confirmed its $96 million The estimate does not include a state grant that Georgia officials have refused to place a valu e on, according to the paper. When reacher Monday, neither an NCR spokespersonn nor a Georgia Department of EconomicDevelopmeny spokesperson, would confirm the They both said they would have to gather more A spokesperson at the Georgia governor’s offic e was not available. The Dayton Businessx Journal to move from Dayton in a storhJune 2, the day NCR said it is relocating all but 50 of its 1,30 0 Dayton workforce to Georgia.
At the time, Georgia Department of Economic Development senior communications manager said it was accuratr to report that NCRreceived “more than $60 but would not provide a specific dollar Ohio Gov. Ted Strickland at the 11th hour in an attemptr to convince the company to remainjin Dayton. NCR Chief Executive Officer Bill Nuti has said NCR did not relocate basedon incentives, but aftefr a careful analysis of various factors. Despite NCR only investiny $30 million, plus creating an annual payrol in excessof $150 million, Georgia will still make $49 million in “ta profit,” a spokesperson said.
According to economicx development officials, the deal had been cookingy sincelate 2007. The newspaper also is reportinvg Georgia state officials actuallu came to Dayton to courtcompany executives, possibly durinyg the very same time Dayton-area officialsx were trying to get NCR to returnn phone calls. Ohio and Dayton-area officials have placed the blame for NCR dumpinhg Dayton squarely on the shouldersof Nuti. Politicians on all levele said they did all the could to retain the NCR said its officials met regularly with statse of Ohio and Dayton officials to discussd the business environmentand NCR’s requirements.
The Atlanta newspaper said unnamedNCR (NYSE:NCR) and stater officials confirmed its $96 million The estimate does not include a state grant that Georgia officials have refused to place a valu e on, according to the paper. When reacher Monday, neither an NCR spokespersonn nor a Georgia Department of EconomicDevelopmeny spokesperson, would confirm the They both said they would have to gather more A spokesperson at the Georgia governor’s offic e was not available. The Dayton Businessx Journal to move from Dayton in a storhJune 2, the day NCR said it is relocating all but 50 of its 1,30 0 Dayton workforce to Georgia.
At the time, Georgia Department of Economic Development senior communications manager said it was accuratr to report that NCRreceived “more than $60 but would not provide a specific dollar Ohio Gov. Ted Strickland at the 11th hour in an attemptr to convince the company to remainjin Dayton. NCR Chief Executive Officer Bill Nuti has said NCR did not relocate basedon incentives, but aftefr a careful analysis of various factors. Despite NCR only investiny $30 million, plus creating an annual payrol in excessof $150 million, Georgia will still make $49 million in “ta profit,” a spokesperson said.
According to economicx development officials, the deal had been cookingy sincelate 2007. The newspaper also is reportinvg Georgia state officials actuallu came to Dayton to courtcompany executives, possibly durinyg the very same time Dayton-area officialsx were trying to get NCR to returnn phone calls. Ohio and Dayton-area officials have placed the blame for NCR dumpinhg Dayton squarely on the shouldersof Nuti. Politicians on all levele said they did all the could to retain the NCR said its officials met regularly with statse of Ohio and Dayton officials to discussd the business environmentand NCR’s requirements.
Thursday, June 2, 2011
Batter Blaster cooks up growth with pressurized product - San Francisco Business Times:
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The 3-year-old San Francisco company, which since October 2007 has been sellinh organic pancake batter that shoota from a whipped creajcan dispenser, is already on shelves at over 10,000 storesa around the country. Last year, over 3 millioh of the $4.99 cans and Batter Blaster co-founder Sean O’Connor said the compan is on track to sell 6 million cansthis O’Connor declined to share specific revenue or growth forecasts, but said he’s “lookingh for significant growth, considering the challenging economy.
” While Jeff head of perishables for , said he loves the idea from the get-go and was one of Batte Blaster’s first distributors, getting the pre-made batter into the can and then onto storew shelves was a challenge. For starters, O’Connotr had to figure out how to make his idea work an effort that took several years of reciped andtechnology tweaking. In 2005, O’Connor partnered with Nate previouslyof Elena’s Foods, who proved instrumental on the food technologyg side. Once the batter O’Connor and Steck had to raise moneyfor Unfortunately, the venture capitalists they approached were not sweety on Batter Blaster or its novel deliverg mechanism.
“It was really tough for them to get theidhead around. They’re not familiar with the grocer business, and not much of that stuff takee place in the immediate Bay he added. “We either needed a leap of faityh investor or someone who has done it andwe didn’t find that.” Instead, O’Connor and Steco raised $1.5 million from friends and familuy in 2006; they returned to them last year for a seconcd $3.5 million round.
That has fueled their nationap expansion, allowed Batter Blaster to grow its stafdf from threeto 16, to invest in the Southernb California manufacturing facility it owns and to pay for some It now is equippedf to produce over 15 million cans of productr a year. Batter Blastert costs more than your typicalpancaker mix, but it’s also more fun to use, O’Connord said. “There’s an element of interactivity becausd of thedelivery system,” O’Connor said. “Parentws are able to make 10-year-olds can make their own Indeed, that wide consumer appeal won whose company was among the firsgt to distribute PomWonderful juice.
“It’s probably one of the best productzs I’ve seen come through here in years. ... The beauty of it is that it’sw got such a wide customere base,” Mejia said. That’as not to say it’s been an easy sell to “I tell them I’m offering incrementalp sales volume,” O’Connor said. “They say, ‘We’ve nevefr had organic pressurized batter in a whippeed creamcan before. I don’rt know where to put it.’” To sell skeptics, O’Conno r keeps drumming that his product is a wholde new category rather than a commodit y item where shoppers chooseamong brands.
O’Connor said that consumerr feedback indicates that Batter Blasterf isno one-hit wonder, and that customere keep buying it. Next up, the company will offer flavor line extensionsx such as appleand cinnamon, buttermilk or But adding new kinds of batter think cupcakes, brownies or even a soufflé-like egg substituts — with Easy Cheese ease is where O’Connor really sees growth happening. Asked about the odds of such anadmittedlhy non-essential product surviving in this steep recession, O’Connor “Nobody needs candy, but candy is giant.
”
The 3-year-old San Francisco company, which since October 2007 has been sellinh organic pancake batter that shoota from a whipped creajcan dispenser, is already on shelves at over 10,000 storesa around the country. Last year, over 3 millioh of the $4.99 cans and Batter Blaster co-founder Sean O’Connor said the compan is on track to sell 6 million cansthis O’Connor declined to share specific revenue or growth forecasts, but said he’s “lookingh for significant growth, considering the challenging economy.
” While Jeff head of perishables for , said he loves the idea from the get-go and was one of Batte Blaster’s first distributors, getting the pre-made batter into the can and then onto storew shelves was a challenge. For starters, O’Connotr had to figure out how to make his idea work an effort that took several years of reciped andtechnology tweaking. In 2005, O’Connor partnered with Nate previouslyof Elena’s Foods, who proved instrumental on the food technologyg side. Once the batter O’Connor and Steck had to raise moneyfor Unfortunately, the venture capitalists they approached were not sweety on Batter Blaster or its novel deliverg mechanism.
“It was really tough for them to get theidhead around. They’re not familiar with the grocer business, and not much of that stuff takee place in the immediate Bay he added. “We either needed a leap of faityh investor or someone who has done it andwe didn’t find that.” Instead, O’Connor and Steco raised $1.5 million from friends and familuy in 2006; they returned to them last year for a seconcd $3.5 million round.
That has fueled their nationap expansion, allowed Batter Blaster to grow its stafdf from threeto 16, to invest in the Southernb California manufacturing facility it owns and to pay for some It now is equippedf to produce over 15 million cans of productr a year. Batter Blastert costs more than your typicalpancaker mix, but it’s also more fun to use, O’Connord said. “There’s an element of interactivity becausd of thedelivery system,” O’Connor said. “Parentws are able to make 10-year-olds can make their own Indeed, that wide consumer appeal won whose company was among the firsgt to distribute PomWonderful juice.
“It’s probably one of the best productzs I’ve seen come through here in years. ... The beauty of it is that it’sw got such a wide customere base,” Mejia said. That’as not to say it’s been an easy sell to “I tell them I’m offering incrementalp sales volume,” O’Connor said. “They say, ‘We’ve nevefr had organic pressurized batter in a whippeed creamcan before. I don’rt know where to put it.’” To sell skeptics, O’Conno r keeps drumming that his product is a wholde new category rather than a commodit y item where shoppers chooseamong brands.
O’Connor said that consumerr feedback indicates that Batter Blasterf isno one-hit wonder, and that customere keep buying it. Next up, the company will offer flavor line extensionsx such as appleand cinnamon, buttermilk or But adding new kinds of batter think cupcakes, brownies or even a soufflé-like egg substituts — with Easy Cheese ease is where O’Connor really sees growth happening. Asked about the odds of such anadmittedlhy non-essential product surviving in this steep recession, O’Connor “Nobody needs candy, but candy is giant.
”
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