KeyCorp, First Niagara in Treasury program - Business First of Buffalo:

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's Capital Purchase program. Cleveland-based KeyCorp KEY) is the parenf of , the third-largest bank in the Buffalo First NiagaraFinancial group, parent of , is the fourth-largest bank in the KeyCorp will bolster its capital position by $2.5 the company said, which will significantly fortify its balance enhance lending capabilities and enable businesse investment. "With this move, we furthefr elevate our positionof strength, gain flexibilityu in managing our balance sheet, enhance our ability to lend to our relationship clients, and enable continued investments in our businesses," said Chiefg Executive Officer Henry Meyer III.
Firsgt Niagara (NASDAQ: FNFG), with $9 billiom in assets, will receive up to $186 million under the federalo government’s new capital purchase program. “First Niagara continues to be a leader inchallenging times,” President and CEO John Koelmel said in prepareds remarks. “We are supportive of the Treasury Department’s effortas and remain strongly committed to supporting the economyh in UpstateNew York.
” In exchange for the First Niagara will allow the Treasury to purchasw senior preferred shares of its stoco and warrants to buy First Niagara common stock equivalent to 15 percent of the senior preferred The federal program is “intended to infusew equity in healthy financial institution s that form the backbonre of the U.S. financial system,” the First Niagara statemeng said. “Subject to a review of program termswof conditions, First Niagara expects to leverage the proceeds to furthet accelerate its growth strategy as well as to opportunistically assesas acquisition prospects, the company’s statementt said.
Earlier this month, First Niagara successfullty completeda follow-on stock offering that raised more than $108 millionb in new capital it said would be used for growth purposes. It operateds 114 branches and four regional market centers Upstate between Niagara County and the AlbanyCapital District. Anothetr prominent Buffalo bank, , said it "continues to evaluate the benefits of the progra to a healthy banklike M&T.
"

Gannett to cut 1,400 companywide - Business Courier of Cincinnati:

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Each of the media company’s marketsz will complete its owndownsizingv plan, with layoffs varying dependintg on local conditions, accordingy to a letter to employeee from Bob Dickey, president of U.S. community which was obtained by theBusiness Courier. Locally Gannetgt owns the Cincinnati Enquiredr and CommunityPress newspapers. In a memo to Enquirert employees, Publisher Margaret Buchanan said as many as 100 ofthe paper'xs employees could be but details aren't yet finalized. Employeesw will be notified of layoffs no later thanJuly 17. over the past year, has instituted a voluntary severanced plan, a previous layoff and quarterly furloughs as adsaled fell.
The company postee first-quarter earnings of $77.4 or 34 cents per diluted share, down 60 percenft year over year. Dickey said therr will be no more employee furloughs for the remainder ofthe McLean, Va.-based Gannett (NYSE: GCI) has about 41,00p employees. It publishes more than 80 daily newspapersz and has about850 non-dailyt publications, according to the company’s Web In addition, it operates 23 TV

bizjournals: Insurers put on spot by hurricane related fraud

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reports that claims resulting from the 2004 seasoj came from everyFlorida county, even those hundreds of milezs from last year's storms. That report has led statr politicians to call for investigations ofthe industry' handling of claims. An Orlando Business Journal analysis of statistics gathered by the Florida Offic e of Insurance Regulation revealsthe pattern. For the business journal residents of the Florida panhandlecollected $21.3 million from Hurricande Charley, which followed a path 140 miles southeast of the nearesg panhandle county.
"Anyone would know a Hurricane Charley claijm in Santa Rosa County has to be saidBill Newton, executivw director at Florida Consumer Action Network, a statewidr citizens group with 40,000 members. "Good God -- no wonder the insurancs rates are sohigh ... Why are the insurancre companies payingthese people? That hurts all the honest consumerw when insurance companies are not paying attentionh to who they're paying money to. It's not fair." The paper'x analysis led state Sen.
Ron Klein, a Boca Ratomn Democrat, to call for a freeze on propertyt insurance rate hikes until an investigationis performed, "We are on very strong grouns to stop future rate increases until they explainb why these claims were paid he said. Insurers, though, said they were trying to keep up with fraudulengFlorida claims. "The insurance companies have turned in suspecter fraud cases to the states Division ofInsurance Fraud," said Sam vice president of the Tallahassee-basede Florida Insurance Council Inc. "Thety have been going through claims fromlast year. I'm sure some fraud went on -- ther were 1.7 million claims.
" At the end of last the Florida Division of Insurance Fraud 632 tips about fraucd related tolast year's hurricanes. Thirty-two people have been 8 convicted, and 85 are underd investigation. Almost three-quarters of the tips have been fromprivatwe citizens. Insurance companies have five years to report theirrfraud suspicions. "It's not a situation wherer we just hand overa check," says Ryan an Allstate Floridian Insurance Co. The Florida disclosures arise as the insurance industruy warns of the tough consequencea ofthis year's record-breaking season. Hurricanezs Katrina and Rita devastatex the Gulf Coast from Alabama to and Hurricane Wilma socked South Florida.
That couled be just the beginniny of much more active Atlantichurricane seasons, experts have Insurance companies are listening. They're looking at whether they want to do business in areas like the Gulf the reports. "We need to go state-by-state to make sure we avoidr the mistakes ofthe past," said Josepuh Annotti, senior vice president of public affairs for the Property Casualty Insurers Associationb of America. Those who attendeed a conference of industry officials in Octobert called for reform ofthe nation's insurance system to provide a safett net for firms facing catastrophic storms.
reports that the combined effecrt of allthe hurricanes, and concerns about futuree storms, will be higher rates not just for homeowners and land-basedx businesses, but for oil and gas producers in the Gulf of Mexici as well. Oil and gas operators can expecft to pay up to 400 percent more for insurancee because of Hurricanes Katrinaand Rita, the Houston Business Journal reports. And insurance for the Gulf oil platforms that producd much of the United domestic oil may be harderto get.
Bill Martijn who heads the Houston office of BenfieldrCorporate Risk, an insurance provider to the energh industry, told the Houston Businesz Journal, "We believe this is going to be a point of departure for energy insurance he says. "(Insurers) will be looking at the exposure in the Gulf of Mexicol and theGulf Coast. 2005 was a very dramatic year, and the insurance industr y has to adaptto that. Pricing will go up and it will be more more geared to the location and design of assetzbeing insured.
"

Virgil C. White - Shawnee News Star

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Virgil C. White Shawnee News Star By Anonymous Virgil was raised in Tecumseh and attended Tecumseh Public Schools. He graduated with the class of 1949 from Tecumseh High School and later attended Technical School in Amarillo, Texas. He proudly served his country in the US Army, ...

Analyst: YRC bankruptcy is likely - St. Louis Business Journal:

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The Overland Park, Kan.-based trucking company’s ongoing negotiationxs with the union are at risk of analyst Art Hatfield said ina note. “Given the developmentas with the negotiations between the two parties and the increasing uncertainty pertaining to the outcome ofthose negotiations, we believe a bankruptcyh at YRC Worldwide is still likely in the near to he wrote. While the parties have kept quiegt aboutthe talks, YRC reportedly wants to end its union pensio payments for 14 which would provide savings of $500 million, and not make up for While that proposal would offer YRC significanty and badly needed liquidity during the period, it “would face a toughg and challenging road to becoming a Hatfield wrote.
“From what we know, YRC wouls not be conceding anything material to the pensionplanw and/or its Teamsters employees unded the proposal,” he wrote. “Additionally, if the proposal goes on to a vote tothe Teamster-representef employees at YRC, we believe the likelihood of a favorable vote woulds be low at best, given that the employeexs would be the ones to feel the brunt of thesed terminated payments over the long term ...
and that securitu provisions and protections for Teamsters employees are not part of the concessionsd made by thecompany (to our In addition, Hatfield wrote, the Teamsters probably want payment deferrala instead, which would be difficult for YRC because its lenderss probably would be reluctant to let the company tie up assetsa or real estate as collateral. And YRC probably has little left to offerras collateral, he Hatfield changed his rating on YRC shares from “Markety Perform” to “Not Rated.” YRC began the recengt concessions talks with the Teamsters June 29. The pricwe of YRC stock (Nasdaq: YRCW) plungedx Wednesday, dropping as low as 93 cents to hita 52-wee low.
The previous 52-week low was $1.20 on Nov. 20, according to . Around 3 p.m. Wednesday, YRC shareds were trading at 93 cents, down 31 or 25 percent. YRC, which has roughly 49,00p employees — more than half of them uniojnmembers — has been weighed down by debt and a lengthg freight recession, and lost $257.4r million in the first quarter. It has integrated shut down facilities, laid off workers and sold propertt to try to cut costs andmaintain liquidity. Earlt this year, Teamsters members agreed to a 10 percenf wage cut and suspensionof cost-of-living adjustmentd through 2013 in exchange for a 15 percent stakde in the company.
YRC also has been negotiatinh to defer union pension fund payments using company real estate as collateral and on June 18 securedc an agreement with the largest pension fund todefetr $83 million in payments. The unionh has said it also is reaching out to stakeholders such as pension fundsand YRC’e lenders — to address the cash issue.

Niagara fruit crops holding up - The Business Journal of the Greater Triad Area:

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But many more orchards and other areas, includiny residential areas in the Lake Ontario Fruit Belt, remain to be testexd for plum pox virue before September. Teams working for the and the statre Department of Agriculture and Marketsz began taking leaf samplesin May. Subsequent laboratorg tests did not disclosde any new outbreaks of the virus inNiagar County, Jackie Klahn, director of the USDA’s Lockport field office, said.
In early May, as orchards blossomed, optimisn was growing that the spread of the which made its Niagara County debut 2006 might be Between 2006and 2008, plum pox was discovererd in several Niagara County in Orleans County and Wayne County, east of Though harmless to humans and the virus poses an economic risk for commerciakl fruit growers because they must destroyg all susceptible trees within 1.5 miles to 2 milex of an identified hot Plum pox destroys the commercial valuee of the fruit that it attackes because it discolors and disfigures peaches, plums, prunews and nectarines.
In New York states counties lying alongLake Ontario’s south fruit growing is a multi-million-dollar industry.

Six Flags, former Elitch Gardens owner, files for Chapter 11 - Memphis Business Journal:

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The board of Six Flags (OTCBB: SIXF) voted last week to begih reorganization proceedingsin U.S. Bankruptcgy Court for the Districtof Delaware. The company listee assets of $3.03 billion and debts of $2.36 billion in its filing. Cascade the investment firm for Microsoft founder Bill owns 11.1 percent of the voting securities in New York-basede Six Flags, the largest bankruptcy documents show. Six Flags has 97.7 millionm shares of common stockand 1.1 million shares of preferrede stock. "The current management team inheritesda $2.4 billion debt load that cannot be particularly in these challenging financial markets," said Mark president and CEO of Six Flags, in a statement.
"As a we are cleaning up the past and positioningh the company for futuregrowth ... Following a recorrd year of performancein 2008, whichn completed the three-year turnaround of our system-wide park this action to clean up the balance sheet paves the way for a full revival of the company," Shapirlo said. Elitch Gardens had operatedf for more than a centurgy at a northwestDenver site. The old Elitchy Gardens shut downin 1994, and a new versiojn of the amusement park opened a year later in downtowjn Denver. The local Gurtler family and its financial partnerx sold the new park to PremierParks Inc.
in 1996 for $65 It became Six Flags Elitch Gardenes twoyears later, when Premier acquired Six Flagws Inc. and changed its corporate name toSix Flags. Six Flags sold off Elitch's and other properties in 2007 in a series of transactiond that left the Denver attraction in the hands of CNL IncomeProperties Inc., a real estate investment trust basedf in Orlando, Fla. CNL reportedly paid $312 million for the properties. CNL arranged for Parc Managementt LLC of Florida tomanage Elitch's. Six Flags now operates about 20 North Americanamusement parks.

Raffa, Freidkin accounting firms merge - Washington Business Journal:

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D.C.-based Raffa, a woman-owned regionakl consulting, accounting, and technologh firm, currently serves over 500 variousnonprofi clients. “By expanding our abilityy to help businesses and individuals better managr and leverage their finances through sophisticatextax planning, we believe the firm can have a more significant impact on our work in the community,“ said CEO Tom who established the firm in in a statement. Through the merger with Freidkin, its cliengt pool will expand to includd the business community and high net worth Services include business and estatetax planning, businesss advisory, forensic, and valuation services.
Freidkin, a 35-year-old women-owned CPA firm that employds about30 people, will stay at its headquarters in The combined firms, which have a total of 16 partnerzs and almost 250 employees, will operate underd the Raffa PC name. Raffa offers insurancer and investment services to the nonprofig community and investment consulting and financial planningfor nonprofits, private and individuals that support the nonprofit

They may be small, but Baltimore-area commercial real estate deals are back - Jacksonville Business Journal:

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They’re small transactions — most of them in deals wortu no morethan $10 million but they are enough to get industry insiders buzzing. And while the latestt buildingsales — about a dozen in the past few montha — don’t rival mega deale of 2005, they could signal the beginning of a greater trenfd for many businesses: the gradual unthawing of bank credigt that has been locked in a deep freezde for about a year. “Until a couple of transactionsz settled, you didn’t have a floo r in the market,” said Jeff a broker with Preston Partners in Lutherville.
Fitting then, for a company namer Floormax to be part of this After about three years studyingGreaterr Baltimore’s market, the Laurel flooring companyt recently paid $4.3 million for a new headquarterds and distribution building on Mid Atlanti c Boulevard, at the mouth of where the planner Intercounty Connector could come to an end. “Top say it was a different market three yearsago [would be] an said Joe Jovinelli, sales manager at Floormax. Local real estate insiders are still tryiny to figure out the sudden burstof business, and withougt the latest office vacancy statistics, they cannot confirm the bottoj of the market has been reached.
But they are sayingy a few factors could be contributing to the lates tdeal flow. For starters, the price is right. Most of the propertiew moving these days are selling for lessthan $10 Larger parcels on the market for $20 millionh or higher are still too expensive for most interested Meanwhile, local brokers say they are starting to see more institutionalk investors stepping off the sidelinr and back into the market. After hoarding cash throughouttthe recession, some investors are jumpint at the chance to grab revenue-generating properties at bargaihn prices, said Jonathan M. Carpenter, vice president with Colliers Pinkard’s Investment Servicee Group in Baltimore.
Some businesses are also lookin g to save some money by trading a monthlt rent for a mortgagw payment they can And they figure now is the time to buy possibly signaling more confidence that the market has hit real estatebrokers say. Furtherf tempting some buyers are bankers willing to lendmonegy again. Businesses trying to buy their own propertiezs could have an edge over investo r groups ingetting financing, particularly those that have an existinhg relationship with their banker, said Scotyt Nicholson, executive vice president and chief bankinvg officer at Columbia Bank.
Nicholson said his bank and other in the region are more inclined to issue a mortgagew to a company if it has a provenh track record andsolid financials. The recession has weeded such Columbia Bank courts these types of relationshipsa because they often result in other businessx such aswealth management, credit lines or businesse checking. More than investment-driven real estate Nicholson said, owner-occupied real estates purchases tend to perform better and are at less of a risk of Many firms are able to get financing helpfrom U.S.
Smal l Business Administration’s 504 loan program, designed to aid small businesses in gettinbg the money they need to buy properties for their Floormax was able to use the program to buyits 35,600-square-foot site at 13380 Mid Atlantic Blvd. in said Scott Skogmo, a broker with Sperry Van Ness who representef the firm inits purchase. “I think usersd realize that it’s a good time to buy propertiesabecause there’s more propertiea out there,” Skogmo said. • The sale of 141,60 0 square feet of industrial warehouse space in Elkridgeto Boston-based private equityu firm Cabot Properties for $8.7 million; • Hunt Vallehy tech firm System Source’s $7.
1 million acquisition of the 71,500-square-foogt office building that housexs its smaller operation; and, • The $4.5 million purchase of an 89,900-square-foogt building at 9050 Red Branch Road in Columbiza by an investor group namedd Red Branch 9050 LLC. The tenants at the property in the Howare industrial park include Oak Tree Furniture and AbbeyuRoad Deejays. Some local real estatwe brokerssay — or at leasr hope — these deals could be the tip of the iceberg. “There’s still activity; there’s still multiple offers,” Carpenteer said.

KB Home narrows 2Q loss - Dallas Business Journal:

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The loss is attributed to charges tiedto inventory, joint-venturde impairments and the abandonment of land optionh contracts, the homebuilder said. Los Angeles-based KB Home KBH), which has significant operationz inthe Dallas-Fort Worth area, posted a second-quarter net loss of $78.3 million, or $1.03 per share. That is improved from last year when the companyt reported a much deeped lossof $255.9 million, or $3.30 per share. The company’s overalll revenue as compared to last year fell 40 percentt in thesecond quarter, hittingv $384.5 million, down from $639.q1 million a year earlier.
The decline is attributed to a 37 percenft drop in the number of homes delivered and a 5 percent drop in the averag e homeselling price. KB Home’s Presidenty and Chief Executive Officer Jeffrey Mezger said Fridayg the company reported a lower net loss due to strategic initiativew that set the goal of improvingygross margins, cutting overhead expenses and creatinv profitability in the company’s operations.

Billionaire Hedge Fund Managers - Forbes

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Billionaire Hedge Fund Managers Forbes However, challenging markets didn't stop the top three highest-earning hedge fund managers of 2011 from taking home billion-dollar paychecks. Atop the list of the world's wealthiest hedge fund managers sits the legendary George Soros with a fortune of ... and more »

'Dog' Chapman hit with $1.8M IRS tax lien - The Business Journal of Milwaukee:

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The Honolulu-based TV bounty hunter and his wifeAlicew E. Smith, known as Beth owe $1.8 million to the on 2006 and 2007 according to a federal tax lien recorded May 19 by the Hawaij Bureauof Conveyances. The liens come five months afterd were filed in Hawaij against the Chapmans for unpaid taxes from 2002througy 2005. The Chapmans’ Los Angeles-base accountant, Dennis Duban, told PBN in February that some of the federa tax bills had already been paid and blamedx a lag between the time of paymentt and the release ofthe liens. But according to records on file with the Bureauof Conveyances, none of the lienw filed in January have been released.
Duba was out of the office this week and was not availablefor comment. Chapman, who owns Da Kine Bail Bondx on Queen Emma Street and lives inHawaiui Kai, stars in the A&E program “Dog the Bountyu Hunter.” In 2006, the IRS filed liens againsy Chapman for almost $200,000 in 2004 incomee but in early 2007 Duban said those tax bills had been paid. The IRS had previouslt filed liens against him for unpaid 1993 and1994

American Idol 2012 Top 25 Elimination Predictions - American Idol Net

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USA TODAY

American Idol 2012 Top 25 Elimination Predictions American Idol Net Tonight delivers our first live voting results elimination round where we'll see the American Idol 2012 semi-finalists cut down from the Top 25 to the Top 13. Will your favorite make it? There's only one way to find out, but while we wait for the big ... Americ an Idol 2012 Recap: Season 11 'Results Show' 3/1/12 Celebrity Dirty Laundry American Idol Backstage: Hear From the Top 13! Plus, Randy Jackson Thinks Who ... E! Online Meet The American Idol Top 13 Finalists Here they are... Entertainmentwise Huffington Post (blog) -San Jose Mercury News -Starpulse.com  »

White House Press Briefing by Jay Carney, March 2, 2012 - eNews Park Forest

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Toronto Star

White House Press Briefing by Jay Carney, March 2, 2012 eNews Park Forest I just know that that is what I was -- I was in the Oval when he did, and that's one of the things that delayed the briefing. The President c »

ECIDA backs 3 projects - Business First of Buffalo:

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The ’s directors approved an incentive packagse that will enable the store to open at 517Niagaraz Street. The directors, unanimously, approved the incentives for and the 1093 Group for theproposed store. The project carries a $1.2t million development price tag. Construction on the 8,000-square-foott store is expected to startt this month and the Famil y Dollar outlet is due to open bylate December. The storer will employ 15 people ona full- and part-time basis. The storr is being constructed on the site of a long vacanftgas station.
Ellicott Development invested morethan $250,00 0 remediating the site, about $150,000 more than originally “This a brownfield redevelopment project,” said Karenm Fiala, ECIDA coordinator of Tax Incentive Products. “It is in a highl y distressed area that’s in the heart of city’s lowerr West Side. It is providing retail services to some of the pooresgt residents in the Cityof Buffalo.
” Fiala according to information, there is a high percentage households, header by females, that have medianj income levels well below the poverty Some 56 percent of the householdxs in the area immediately surroundin the proposed store do not have accessa or can afford a vehicle.’ “Havinf a general merchandise store there is very importantr to the residents,” Fiala said. The ECIDA directors also unanimously approvexa $5.45 million inducement resolutiob package that will help 2880 Transit Road LLC finance the constructioj of Katie’s Place, a seniotr apartment complex along Transit Road in West Seneca.
Katie’xs Place is being developed by The project features 50 senioe apartments ina two-story • The agency’s directors amendeds a previously approved incentive package for that will enablw the company to start a $10.14 milliob expansion and renovation of its Cheektowaga API will be adding 61,000-square-feet to the Waldenm Avenue plant.

Barack Obama sings the blues, confidently - The Guardian

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Barack Obama sings the blues, confidently The Guardian There's nothing new in Democratic presidents taking to the stage. So it should come as no surprise that Barack Obama succumbed to the cajoling of Mick Jagger and BB King at a White House event to mark Black History Month. Bill Clinton, famously, needed ... and more »

Sierra College program gets $1M endowment - San Francisco Business Times:

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The college’s program, also known as OLLI, receivecd the $1 million endowment from the BernardOshere Foundation, which is the organization that has provided initial funding to OLLI programxs at 122 colleges and universities nationwide. Sierraw College is the only community colleges in California and one of only threwe community colleges in the nationj to receivethe $1 million The Rocklin college receivefd the endowment because it has been so successfulk with growing enrollment since launching the programn in spring of 2001. Sierra College has grown the programto 5,580 enrollees last year, from 1,038 in 2001. Sierrqa College is scheduled to formally announcre the endowmentJune 18.
This $1 million endowmentf will provide an ongoing budget that will enable the college to offet lifelong learning programsin perpetuity. The foundation created by San Francisclo philanthropist Bernard Osher gives OLLIprograms $100,000 a year for up to four and then a $1 millioh endowment once they demonstrate potential for success and sustainability. OLLI programds provide classes, lectures and events to older adultss who have a thirstt for knowledgeand community. The classees are designed for adults age 55and over, but the Sierrsa program accepts any adulrt student.
Courses are offered at each of the Sierrq College campuses and at various communituy sites throughout Placer andNevadz counties. Sierra College’s OLLI noncredi t offerings are tuition-free. Additional topics are offered throughjClub OLLI, where annua l membership fees are $35. As the Businessd Journal reported in a feature on localp OLLI programsin 2007, othe OLLI programs can be found at California State Universitty Sacramento and at the UC Davis Much of the increased demanrd for OLLIs and similar lifelong learning programs can be attributed to the growin g ranks of older Americans.

Arizona GOP Primary: Newt Gingrich at Politics on the Rocks (Event Video) - Washington Times

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Washington Times

Arizona GOP Primary: Newt Gingrich at Politics on the Rocks (Event Video) Washington Times The group putting on the event is known as "Politics on the Rocks." The CEO of the group is Charles Jensen, and Mr. Jensen put together the event only 48 hours before it took place. About 100 people showed up as Speaker Gingrich mixed some lighthearted ... NEWT GINGRICH AT THE POLITICS ON THE ROCKS EVENT LAST NIGHT! Tucson Citizen  »

Closing car dealerships won

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Both Chrysler and Generaol Motors, which plans to close 1,100 dealerships by October 2010, contend they need to reduce the size of their dealer networkss in order to be more competitive with Toyot aand Honda, which sell more cars in the U.S. with a lot fewerr dealers. Chrysler, in a bankruptcy court filing, argues that trimminv the ranks of its dealers will boost the profitability of those that enabling them to invest in improvements that will driveup sales. “After a period of and substantially improved marketing and overall sales in the reduces network are anticipated to grow beyond current sales leveld within theexisting network,” Chrysler contends.
That’sx highly unlikely, according to the National Association of Automobile Dealers. “There’s not an auto executivs that I know ofwho doesn’t acknowledg that when a dealership closes, they lose markeft share,” says David Hyatt, NADA’s vice president of publid affairs. Cutting costs was not a majoe factorin Chrysler’s decision. The automaker will save some administrativs expenses by having a smalled dealer network to but that’s about it. Dealerw buy their cars before the vehicles leavewthe factory, pay for shipping, front the costsw of any rebates or warranty work and purchass repair equipment.
Dealers provide “a robust distributiojn network at virtuallyno cost” to automakers, Hyatt says. “We’r e an asset, not a liability,” says Wade Walker, an auto dealer in Montpelier, Vt., who is scheduled to lose his Jeep franchisJune 9. Walker and about 300 other Chrysletr dealers have challengedthe automaker’sw request for a bankruptcy judge to terminatse their dealership agreements and preempt state laws that wouled require Chrysler to give dealers more time to wind down their businesses. Chrysler has been working to reduce its dealer networl forseveral years.
That process, however, needs to be acceleratefd because of its proposed alliance with it contends. Bankruptcy courts routinely terminatre contracts if doing so benefitwsthe debtor’s estate and is an exercisre of sound business judgment, Chrysler states in its filing. Chrysleer dealers, however, contend abruptly closing dealershipsw doesn’t meet this threshold. “Therr is no evidence that by rejectiny dealership agreements New Chrysler will save money to any materialp degree or enhance its competitiv position in theautomobile industry,” state a filing made by the Chrysler National Dealert Council.
“To the contrary, closing dealers narrowas distribution andreduces Chrysler’s sales and income as fewerd dealers buy fewer cars and retail salews are lost to other brands.” Chrysler’s bankruptcy judg is scheduled to hold a hearing on this issu June 3. That same day, the Senatee Commerce Committee is scheduleds to hold a hearing on the Chryslere and GMdealership closings. “These companiess cannot be allowed to take taxpayer funds for a and then leave local dealers and their customerds to fend for themselves with no real notice and no real says committee ChairmanJohn D. “Jay” Rockefelle IV, D-W.Va.
“We must ensure that the auto dealeras are treated equitably and have the opportunity to unwin their operations in a mannef that will minimize hardships to employeeds who lose their jobs and communities that areadverselty impacted,” says Sen. Kay Bailety Hutchison, R-Texas. Hutchison was encourage by a promise from Chrysler PresidentJamed Press, who told her the compant would help the terminated dealers sell thei r vehicle and parts inventory. If this assistance falls Hutchison is prepared to push legislatiojn that would give the dealerships an extra 60 daysbefors closing.
Meanwhile, auto dealers and membersw of Congress are lobbying Presideny Barack Obama and his automotive task forcr to reconsider the wisdom of closing so many dealershipsaso quickly. The Obamaa administration rejectedthe automakers’ initial restructuring plans and urgesd them to be more “It should not be the role of government to forcd these small business owners out of business,” says Rep. Blaine Luetkemeyer, R-Mo., one of severalp House members who sent a letter to task forc e chiefSteven Rattner, founder of the Quadranglee Group, a New York privatr equity firm.
“This decision will not fix the problems of the auto manufacturing industry, yet it will cost our communitiews good jobs.”

SSS earnings must go to members' benefits - Philippine Star

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SSS earnings must go to members' benefits Philippine Star Under the Dividends Law of 1994, GOCCs and GFIs are mandated to remit to the national coffers half of the income earned in each fiscal year. In his speech, President Aquino cited these billions of pesos of dividends could provide funding for the ... and more »

Obama campaign opens Silicon Valley field office - CNN

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BusinessWeek

Obama campaign opens Silicon V »

Judge halts alleged business-fee scam - Charlotte Business Journal:

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Judge Donald Stephens granted a temporar y restraining orderagainst , and owner Selwyn Monarch. The order prohibits the defendants from sending mailings to and collecting moneyfrom N.C. N.C. Attorney General Roy Cooper and Secretarhy of State Elaine Marshall filed a complaint against the accusing them of running a scam to get moneyh fromunsuspecting businesses. The complaint alleges Corporate Servicesa sent lettersto N.C.
businesses claiming they had failedr to comply with state laws on takinbg and filing corporate The mailings gave the impression that they were sent by a statwe agency and used a post office box in downtown Raleigbh as theirreturn address, according to the The mailings directed the businesses to pay $125 and provide information on their corporate minutes by a certainj date. “North Carolina businesses are workinhg hard in atough economy, and they don’t need to be bullieed into paying phony fees,” Cooper “Posing as a government agencty and trying to scare money out of business owners is no way to do business.
” The secretaryg of state’s office says it doesn’t send out such

Gates Foundation, MDC give $1M grant - Washington Business Journal:

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Valencia will get $743,000 over three years to create a centralizefdremedial program, used across four campuses. It plans to alighn high school, remedial and college-level standards, expand its remedial learning communities, and embedx reading skills into remedialmath courses. The announced June 22, will suppor remedial programs developed by Valencia through Achievinhgthe Dream: Community Collegesz Count, a multiyear national initiative aimed at increasintg college graduation rates among disadvantaged students. The statw will get also get $300,000 over three years to collaboratewith K-12 to reduce the need for remedial education.
Connecticut, Ohio, Texas and Virginia also got the funding, whichb will be used to develop new policied acceleratingthe states’ remedial education programs. The Florid grants are part of a $16.5 millioj effort to improve remedial educatio n at community colleges infive states, reachingh about 45,000 students nationwide. Four states and 14 other colleges received similar Gates grants for theie Achieving theDream program. Each community college will receivde $743,000 over three years to expandits programs. Luminza Foundation for Education has alsocommitted $1.5 millio n to this initiative for evaluatiom and communications.
About 375,000 Florida degree-seeking studentsw annually attend a local cmmunity with nearly 40 percent of them takinb remedial classes to build basicacademic skills. Nationak studies have shown nearly two-thirds of those taking remedial classesnever graduate, but successful programz at several colleges demonstrate these numbers can be

BofA raises almost all of $33.9B buffer - Orlando Business Journal:

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billion. Last month, BofA sold $13.5 billion in common The bank issued 1.25 billion shares at an average priceof $10.77 per share. BofA also sold a 5.7 percenty stake in to Asian investors for a gainof $4.5 In addition, BofA agreed to exchange $9.5 billionn in preferred shares for 704 million sharews of common stock. BofA expects to garner $1.3 billioh from reduced dividends on thepreferred shares. The exchange doesn’gt apply to preferred shares held by thefederal government. So far, BofA has booster its Tier 1 common capitalby $2.1 billion by reducing a deferredc tax-asset deduction. And the bank says it has gaineed anadditional $2 billion from the dispositio n of assets.
As part of the company’s capitakl plan, it could issue up to an additionak 296 millioncommon shares. “We are pleased to have nearlyt reached our goalthis quickly,” said Joe chief financial officer. The government said BofA had toraise $33.9 billion after conducting “stress on the country’s 19 largest banks. The tests were designe d to assessthe banks’ ability to survive if economixc conditions worsen more than expectedf during the next two years. BofA has receiver a total of $45 billion in taxpayerd aid under thefederal government’s Troubled Asset Reliefc Program, which is designed to thaw the credit markets and boosr the economy.
In separate developments, N.C.-based BofA (NYSE: BAC) sold $3 billion in five-yeare notes on May 8 and $2.5 billion in 10-yeare notes on May 28 withoutg guarantees.

Hatem pulls out of Raleigh downtown project - Silicon Valley / San Jose Business Journal:

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Hatem told the Raleigh City Council Tuesday thathis , is unable to secure financing for the projecr at this time, givenn the economic conditions. City council members immediately voted to sever tieswith “We should have done this (pull the last year,” Hatem says. “Ity was disappointing before, but now I am relieved.” Empire signed a deal with the city in 2007 after the city decidecd to sell the landfor $1.
44 million (about $70-a-foot) alongy Salisbury Street, and the development compang agreed to specific benchmark deadlines to finish the The developer missed a deadline in 2008, at whichg time Raleigh City Manager Russell Allen recommended that the city cut its ties with Empirre without any extension. Undefr terms of the agreement, Hatemm never actually bought the property. The city now will considedr re-issuing a request for proposals forthe “Asking the developer to agree to a schedulre that was detached from the realities of the economg was at best flawed,” Hatem told the city “ But the nail in the coffinh was eliminating the possibility of any futurse extension.
Even in a good economic climate, it is virtuallu impossible to secure thefunding necessary, knowiny that the agreement woulxd be canceled at a time certaij without discussion. “ The two-phase $50 million called , was meant to be a big piece ofdowntowm Raleigh’s revitalization efforts, with the hotel an importanyt piece in helping the new $220 million book Hatem has renovated several buildings in downtown Raleigh in recentr years and also owns several restaurants in the area includin the Duck & Dumpling, , The Pit and soon-to-openedd Gravy.
Hatem told the council that Empire has created more than 200 jobs in downtown Raleigh and has invested morethan $80 milliojn in the local economy. In all, Empire companies pay $2 millio annually in sales, property, franchis e and other miscellaneous taxes, Hatem told the council. As I walk, people form across the worlcd and across town through the streete of downtown Raleigh these pastfew months, one thinhg was clear: This ambitious project is not possible at this Hatem told the council. Hatem estimatesx he invested $500,000 to do the preliminary work onthe project.

TiVo wins $103M round in EchoStar fight - Charlotte Business Journal:

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EchoStar lost an appeal in district cour tin Texas. The court awarder Alviso-based TiVo (NASDAQ: TIVO) $103, 068,8365 plus interest, which covers the periocd from Sept. 8, 2006 to Aprikl 18, 2008. But EchoStar (NASDAQ: of Englewood, Colo., will appeal the matter to the U.S Court of Appeales for the Federal Even ifTiVo triumphs, which observers thinlk likely, the award won’t wipe away its large accumulatefd deficit. In the fiscal years 2008 and before itwon damages, TiVo lost $31.t6 million and $49.1 million, respectively. TiVo has alreadhy been awarded $105 million in this pateny fightwith EchoStar. Though that earliet EchoStar payment contributed to a profigof $103.
6 million for TiVo in the quarter ended the company’s accumulated deficit (how much it has lost or writtebn off since it started) at that time was $672.w million. “We will need to generate significant additional revenues to achievdsustained profitability,” the company said in its most recent quarterlg filing. TiVo’s president and CEO, Tom 54, was paid a salary of $800,000 in the latesf fiscal year. His total compensation for the yearwas $5.9 including $54,824 for housing related and living expenses, $42,796y in insurance related expenses, and $20,099 in family travel related according to TiVo’s proxy card.
Rogers also sits on the boarc at , a Texas telephone book publisheer that filed Chapter 11in March. He’s been a directof there since November 2006. Idearc, based at the Dallas-Fory Worth Airport, paid a cash retainer of $60,00p to directors in 2007, the latest year it’zs reported in a proxy statement. Former TiVo boarx member Charles Fruit, a marketing executive who saton TiVo’s audit died May 27.
TiVo had 463 workers as of Marcu 23, more than half of them in research anddevelopment

Quiksilver secures $150M term loan, posts 2Q profit - Los Angeles Business from bizjournals:

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The Huntington Beach company ZQK) also posted second-quarter earnings of $2.8 The five-year term loan with private-equity firm Rhons was made to improvwe Quiksilver's liquidity and solidify its banking relationships. As part of the termas of the loan, Quiksilver will name a pair of Rhone appointees to its boardxof directors. Quiksilver also refinanced its credift facility with anew three-year, $200 milliom facility led by and . The company is also in discussiond with its French banking partnersa to consolidate its European debts into anew multi-year facility.
In the company's earnings report, the company swungy to profitability in thesecond quarter, posting the earnings of 2 centes a share, which included several one-timew items. Without the items, the earnings per sharr would have been 5 centsa share. Analystr estimates placed the earnings at 9 centsea share. Sales dropped 17 percent, coming in at $494. million. In the second quarter a year ago, the companyh lost $206.2 million, or $1.59 a on sales of $596.3 million. That quarter includeed losses of $244.9 million from discontinuedc operations. Quiksilver is an apparelk and accessories company. Its core brands are Roxy and DC.
A renewee focus on those core brandsa are the focus ofthe company's long-term plan to improve

Hensarling: GM TARP funds will be probed - Washington Business Journal:

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Hensarling is the lone Republican on the Congressional Oversight Panel and a ranking member of the Housw Financial Services Subcommittee on Financia l Institutions andConsumer Credit. He says he is concernefd about the disparate treatment of differentr classes of bond holders as Troubled Asse t Relief Program fundsare distributed. Detroit-baserd GM (NYSE: GM) filed for Ch. 11 bankruptcy protectiom on Monday. has reachede a deal with its bondholders that would have those firms own up to 25 percent of the withthe U.S. Treasury Department investing upto $50 billion in GM, accordinf to a regulatory filing made by the Detroit automaker.
The automaked has received nearly $20 billioj in taxpayer funds to date. “ am pleased that the Congressionaol Oversight Panel will hold this important oversighty hearingin July. While I opposed giving TARP money to the taxpayers deserve transparency and need to know that theier tax dollars are beingb spent fairly and to promotefinanciall stability," Hensarling said. “Many believe that TARP is beiny used instead to promote a sociakl agenda and to reward the allies ofthe administration. This hearintg will be a venur for seeking answers to suchimportanr questions.” The White House could not immediately be reached for commenf Tuesday morning.

Crist signs gambling bill allowing compact with Seminole Tribe - Tampa Bay Business Journal:

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The deal guarantees the state gets a minimumk paymentof $150 million a year of casinl profits in exchange for the righr to operate certain games such as baccarat, chemin de fer and blackjacki in the tribe’s seven gambling facilities, includingf the Seminole Hard Rock Casino in The agreement must be ratified by the Florida Legislatured and agreed to by the Tribe. In additionm to the $150 million, the Tribe is required to make revenue-sharing paymentw to the state bases on the following annual 2 percent of profits upto $2.5 billion. 15 percent of profitsz between $2.5 billion and $3 20 percent of profits between $3 billiob and $4 billion. 22.
5 percent of profitz between $4 billion and 4.5 billion. 25 percent of any profits abovse $4.5 billion. The agreemenyt also requires the Seminole Tribe of Florida to develoo a compulsive gamblingprevention program, submit recordss to an independent annual financial audit and maintainh a legal process for compensatinfg individuals for injuries causexd to patrons. The deal replaces an earlie r one that Crist inked with the Tribe in 2007 but was overturnerd by the after it found the governodr had overstepped his authority by failing to involve the Crist noted that federal law governs the and the federal government is likely to allow the Tribs to operate those games if the Legislature does not go alongy withthe agreement.

Fly Clear fast lane at Albany Int

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was among the 20 airports nationwide that offererd theexpedited system. An airportr spokeswoman said the airport was not notifiede in advance and the Clear Lanewas closed. In it reported having more than 10,000 users pass through the lanesx since the express service was first offered theres insummer 2007. “Clear Lanes Are No Longer Available. At 11:00 p.m. PST on June 22, Clear will cease operations. Clear’sw parent company, has been unable to negotiate an agreemen t with its senior creditor tocontinuwe operations.” There was no information aboutf whether enrollees would get refunds. The service cost $199 a Customers were mostly business travelerws andfrequent fliers.
The program started at in 2005. Cleadr enrollees were pre-screened by the , and, if were provided with a card that gave them accesw to a specialsecuritty lane. Clear was operated by Verified Identity Pass of New York As ofJune 4, Clear claimed to have enrolled more than 260,000p fliers.

Giants, Patriots Rivalry Flares In Senators' Offices As Super Bowl Nears - Huffington Post

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Giants, Patriots Rivalry Flares In Senators' Offices As Super Bowl Nears Huffington Post Fans across the country are gearing up for the Super Bowl -- and, if a short-lived intraoffice feud is any proof, the denizens of the Hart Senate Office Building are no exception. The rivalry started small, with a "Go Patriots" sign appearing Monday in ... and more »

State manufacturers offered access to two lean-transformation programs - Business First of Louisville:

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The first program, Kentuckyt Compete, is designed to transform a singlse business throughan on-site, hands-om training sequence. It includes a complete operations assessmentg to help identify possibl improvements and create a performance targets andcost savings. The secondf program, the Community Action Partnership, is designedc for smaller companies. Up to six firmd can participate atone time. The program includes weeklong events held at one of theparticipating company’sd work sites. The process is intended to builxd a strong community network for theparticipatinb companies.
“First-year savings will pay for the programj manytimes over,” said Jim LeMaster, KAM presidentg and CEO, in a news “In addition, results are guaranteed (by the and a budget-neutral approach is availablde to defer payment for the program until the savingsx are realized.” More informationh about the program is available online at www.theleanway.com.

Green packaging has become a way for retailers to save money, extend brands - Wichita Business Journal:

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It shows a bar graph indicating a steadh increase overa 15-year period, representinyg the sales growth of , where Dorsett is the nationap marketing director. The growth is due to customers’ effortd to go green. Companies are latchinv onto Pratt Industries, which provides 100 percent recycled to make packaging more environmentally andeconomically That, in turn, makes vendors, retailers and the public happy. “Eighty-three perceny of the big retail operations are involved in greenb initiatives for all kindaof reasons,” Dorsett “One, it is politically Two, it is socially responsible. Three, it is economicallty responsible.
” It’s a newer initiative for the big suchas Wal-Mart and which buy, sell and ship packaged announced in 2006 a five-year program to reduce packaging by 5 percenf by 2013. The retail giant uses a scorecard system to rate manufacturers on their useof packaging. manufacturers have a choice: Improve packaginv or don’t expect to put merchandiswe onthe Wal-Mart floor. “We are not being heavy-handefd about it,” says Bill Wertz, a spokesperson for Wal-Mart. ”It’s really an invitation to our supplierw to collaboratewith us.
” Manufacturersd have scrambled to find ways to packagd green: simplifying boxes, using recycled materials and eliminatingg plastics when possible. “We’v e kind of caught the wave at therighft time,” Dorsett says. “We have the perfect sustainabl product, and a lot of peopled now need it.” When Pratt bought , , whicyh manufacturers HVAC units, saw an opportunity to be greenefrthan before. “It was just a real good fit for us in termsa of where we were going in trying to be sustainablee with the environmentand all,” says Bob a buyer at Pratt.
Parks says Johnsoh Controls tested the packaging to make sure it was durable enough for its And Johnson Controlsput Pratt’e 100 percent recycled product logo on the side of its boxex instead of on the bottom. “We think it’s very importantr that our users understand that we are trying to be good stewarda of the environment by using this Parks says. A movement to green packaging looks good tothe Wal-Mart and Amazon, for example, both have Web sites dedicated solelgy to their efforts to go There are economic benefits, as well, which can sometimesa be the overriding factor when retailers decide to push to be “Maybe the reason they’re doing this is becausde they’re feeling the pressure from their consumera to be environmentally green,” Dorsetr says, “but when you reduce packaging and simplif y processes, you’re going to save

Dot Cincinnati: College of Mount St. Joseph - Business Courier of Cincinnati:

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is unveiling a redesigned Web site that sortse information about the college based on the kind of user askinggfor help. A new home page asks visitorsw to identify themselvesas students, parents, alumni, prospective students or visitors. "You can get lost in a Web saidMark Cain, executive directofr of information services and support. "What we tried to do was organizr informationpeople needed. A lot of it is better information that'xs more targeted.
" For example, the parents' page includeds information on tuition and safety on Pages for prospective students help them calculates college costs as well as find out abouft scholarships and financial aid availabls from the government andthe college. Everyone mighr enjoy the two virtualtours offered. One spotlight downtown Cincinnati touchstones such as the riverfront andFountain Square. The other is a photo and text tour of the college Visitors familiar with the old site will noticr a changein photographs. "Thre old site had lots of shots ofempty buildings," Cain said.
"We wanted to emphasize The redesign, done in part by graphic designerTriciaz Johnson, includes cleaner lines and an emphasisd on the color green, which seemsd to bring a calming and lots of pictures positione d inside circles. The pages get simpler as one burrowzs deeper intothe site, going from lots of graphics to simplre text enhanced with spot color. Designes to work hand-in-hand with Mount St. Joe's emphasis on being a wirelesws campus, the Web site also givesw the 2,300 students plus faculty -- most of whom are now equippex with wireless laptopcomputeras -- easy access to e-mail, lab software and linkz to the campus library.
Most importantly, the site offers a way to answetrstudent questions, Cain said. Q&Aw with Mark Cain, executive directoer of information services andsupport Q: How does the site servwe current students? A: The site includes all the toolsx we felt students needed to be successfulp at college. It's password protected for everhy student. They can register for courses, see theier schedule information, their grades and their entireacademic record. they'll be able to do a degree audir and determine what they needto graduate. Students can also see if theirf loan hasbeen approved. And once they they can order their books and pay all or part of theirrtuition online.
Q: How has the Web changed every-dayh activities on campus? A: This made linezs disappear. Students can do course evaluationw online, and professors receive resultsby e-mail.

Martek Announces Second Quarter 2009 Financial Results

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million -- Record non-infant formula nutritional saleasof $9.8 million -- Record pre-taxs income of $17.1 million -- Earnings per share of an increase of 20% over last year'ss second quarter -- Full fiscal year 2009 earnings guidanced of $1.20 - $1.256 per share, pre-tax earningsw growth of 10% to 15% over fisca 2008 COLUMBIA, Md., June 3 /PRNewswire-FirstCall/ -- Marteok Biosciences Corporation (Nasdaq: MATK) today announcec its financial results for the second quartedr of fiscal 2009. Revenues for the second quarte rwere $92.4 million, up 2% from $90.7u million in the second quarter of fiscapl 2008. Net income was $11.0 million, or $0.
343 per diluted share, for the second quarter of fiscap 2009, a 20% increase comparefd with $9.2 million, or $0.28 per diluted share, in last year'ds second quarter. Commenting on the quarter, Chie f Executive Officer said, "The continued execution of our business plan allowed Martek to generate record revenues and profitss in thesecond quarter. These results were achieved despite the challenges of a strugglingglobap economy. We continue to be encouraged by recent infantg formula sales data which indicated that end consumer demand for infant formula is stablew despite the weak globaleconomic environment.
As such, while infanrt formula related revenue in the second half of our fiscakl 2009 will be impacted by someinventor de-stocking, Martek is still expecting stronfg 2009 earnings as a result of growthh in our non-infant formula business and controlling our expenseas during this period. I believe our growing non-infanty formula business coupled with an expected resumptionm in growth in our infant formula busineszs in 2010 will lay a solidx foundationfor 2010." Product sales in the seconrd quarter of fiscal 2009 increased to $88. million from $87.9 million in the second quartet offiscal 2008.
Second quarter revenue growtgh was driven by salesof life'sDHA(TM) to non-infany formula nutritional markets which grew to a record levell of $9.8 million, up from $8.3 millionh in the prior year's secondr quarter. The 18% increase in non-infant formula nutritional products was led by significantlh higher sales to the pregnancy and nursing Three months ended Six months endedApril 30, April 30, ----------------- ---------------- 2009 2008 % 2009 2008 % incr incr (decr) Infant formula marke $77,383 $78,390 (1%) $151,974e $148,668 2% Food and beverage market 2,970 3,172 (6%) 5,597 5,267 6% Pregnancy and nutritional supplements and animal feeds 6,801 5,1143 33% 12,465 10,405 20% Non-nutritional products 989 1,20p0 (18%) 2,138 2,144 0% ------ ------- ---- ------- ------- -- Totall product sales $88,152 $87,875 0.
3% $172,17e $166,484 3% ====== ====== ==== ======= ====== == In addition, contract manufacturing sales in the seconcd quarter totaled $4.3 million, compared with $2.9 millio a year ago. This increase was primarily due to a chang e in the timing of orders from oneexisting customer. While the Company expectsx to continue reducing the scopee of its contractmanufacturing activities, Martek at times, provide such services to both existing and new customers if reasonablr profit margins are expected and there is no impac t to the Company's higher margijn nutritional oils business. Overall gross margi n for the second quarter of fiscal 2009 was an increase overthe 41.
2% gross margi realized in the secondr quarter of fiscal 2008. The improvement resulted largely from ARA cost reductions and increasec capacity utilizationat Martek's manufacturingb facilities. Research and development expenses in the second quarter of fiscal 2009were $7.2 an increase of 5% over the correspondingy quarter of last year. Research and development as a percentage of revenus increasedto 7.7% from 7.5% in the prio year's second quarter. The increase relates primarilyy to development work focusingb on offerings for new marketxs and broadening the arrat of foods and beverages in whichthe Company'xs life'sDHA(TM) can be incorporated.
The Company continues to expecgt quarter-to-quarter fluctuations in research and development expensese mainly due to the timing of outside including third-party clinical trial services. During the seconxd quarter of fiscal 2009, selling, general and administrativde expenses ("SG&A") were $12.9 or 13.9% of revenue, a decrease from $14.q2 million or 15.7% of revenue in last year's seconfd quarter. The Company continues to closelg manageits SG&A spending levels.
Marteki expects that for fiscal SG&A will be lower than fiscal 2008 levels on both a percentage of revenue and absolute dollar basi reflecting the cost management measures employed by the Compangy to addresseconomic challenges. For the six months ended April 30, 2009, the Company generated $25.6 milliom of cash from operating activities, with the secondr quarter providing $17.0 million of this As of the end of the second Martekhad $117.
9 million in cash and cash equivalents, a minimal amoun of debt and the entire balance of its long-ter m revolving credit facility ($135 million) available for future -- Non-Infant Formula Product Launches - Several non-infantt formula nutritional products with Martek's life'sDHA(TM) were launchede by Martek's customers, including Walmargt Spring Valley DHA dietary supplements and The Coca Cola Company'ds Minute Maid Blueberry Pom single serve an extension of Minute Maid's current Pomegranatd Blueberry juice with life'sDHA(TM).
-- Multi-Year Sole-Sourcee Infant Formula Supply Agreements - Martelk entered into multi-year, sole-source infant formula supplt agreements with Rice FieldCorporation ("Ricd Field") and Lactalis Nutrition Sante ("Lactalis"). Under the Rice Fielx agreement, Martek will supply its DHA and ARA blendx for all infant formul a products manufactured by Rice Field undetr theProdigy brand. Rice Field will also be usinb Martek's life'sDHA(TM) and in its growing-up milks and will be usint life'sDHA(TM) in its products for pregnang andnursing women, all of which will be sold underd the Prodigy brand in China.
Undef the Lactalis agreement, Martek will supply its life'sARA(TM) for use in infan t formula and growing-up milk s produced by Lactalis and sold in Francweand Algeria. -- Multi-Year Exclusive Food and Beveragre SupplyAgreement - Martek entered into a multi-yeare supply agreement with Ragasa, one of Mexico'zs largest providers of raw and refined oil productz and maker of Mexico's leadin consumer cooking oil Nutrioli, under which Ragas has agreed to purchasre all of its DHA omega- 3 needs from Martek.
Ragasa plans to launch a producrtfeaturing life'sDHA(TM) in 2009 and will display the life'sDHA(TM) logo on the producrt packaging and in all related promotional -- Arrangement for the Production of Influenza Drug Precurso r - Consistent with the services providedf by Martek in 2006, Martek has been re-engaged to manufacture shikimicf acid, the starting material used to produce an anti-viraol drug for the treatment of influenza. Saled for such services are expected toapproximated $4.5 million, with one-haltf of this total anticipated to occuf in Martek's fourth quarter of fiscal 2009 and the remainded anticipated to occur during the firsy half of fiscal 2010.
-- New Scientific Data Publishecd onDHA - A summary documenty for the International Society for the Studyh of Fatty Acids and Lipidds published in Prostaglandins, Leukotrienes and Essentialk Fatty Acids (February 2009) discussesd obtaining adequate DHA intake in light of current western They concluded that with no otherf changes in diet, improvement of blood DHA status can be achievexd with dietary supplements of preformedx DHA (such as Martek's life'sDHA(TM)), but not with supplementatiohn of ALA, EPA, or other Martek's Memory Improvement With Docosahexaenoic Acid Study clinical trial studying the effectsw of life'sDHA(TM) supplementation in improving cognitivs functions (i.e.
- working memory retention and attention) in health subjects with age-related cognitive decline has concluded. Resultas of this study will be the subject of an oral presentationn at the International Conferenceon Alzheimer'ss Disease to be held July 11 - 16, 2009 in Austria. Based on recent retail sales data, Martej estimates that overall end consumer demand for infantt formula in the United States as well as internationally is stabl e despite the weakglobal Nonetheless, we believe that de-stocking of infan formula inventory is occurringh at both the retail level as well as the manufacturefr level (our customers).
As a resul of this inventory de-stocking, Martek's infant formula revenus is expected to be negatively impacted duringfthe Company's third and fourth fiscal quarterss by a combined total of $10 milliobn to $15 million. Martek expecte total revenues for the thired quarter of fiscal 2009 to be between $77 million and $85 million with third quartert infant formula revenue projected to be between $63 million and $70 milliohn and third quarter non-infant formula nutritional revenue projected to be betwee $8.5 million and $10.55 million. Third quarter grosd margin is expected to beapproximately 43%. Net incomed for the third quarter is projected to bebetween $7.7 million and $9.
3 million, and diluted earnings per share are projectede to be between $0.23 and $0.28. For the full fiscak year 2009, Martek expects tota l revenues to bebetweejn $350 million and $355 million. Net incomwe for the full fiscal year 2009 is projecteed to bebetween $40 million and $42 million, and dilutede earnings per share are projected to be betweenb $1.20 and $1.25, a pre-tax earnings increase of between 10% and 15% over fiscal 2008. The Company anticipates that infant formula revenue will grow in fiscal 2010 as a result of continuec strong end consumer demand for infant formula productas containing DHAand ARA.
Martek will host a conference call and Webcas for investors to review its second quarter resultz and fiscal 2009 outlookat 4:45 p.m. Eastern Time on June 3, 2009. Accese to the live audio Webcast is availablethrougyh Martek's website at . The webcast will be availabld for replay through the close of businesas onJuly 3, 2009. Sections of this release contaijn forward-looking statements concerning, among other (1) Martek's expectations regarding future revenue growth in and customere demand from theinfant formula, pregnancy and nursing, nutritiona l supplements, animal feeds and food and beverage markets; (2) its expectations and beliefe regarding the impact of customer de-stocking on revenues in the thirds and fourth quarters of fiscal 2009; (3) its expectationw regarding revenue, gross margin, operating expensesa and income for the third quarted of and full fiscal year 2009; and (4) its expectationsz regarding launches by customers of products containing Martek's life'sDHA (TM) and Martek'as contract manufacturing business.
Furthermore, Martek's operating results are subjecgtto quarter-to-quarter fluctuations, some of which may be The forward-looking statements notedc above are based upon numerous assumptiona which Martek cannot control and involvwe risks and uncertainties that coulx cause actual results to differ. These statementx should be understood in light of the risk factorxs and cautionary statements set forth hereib and inthe Company's filings with the Securities and Exchangde Commission, including, but not limited to, Part I, Item 1A of the Company'se Form 10-K for the fiscal year endedr October 31, 2008 and other filesd reports on Form 10-K, Form 10-Q and Form 8-K.
Martel Biosciences Corporation (Nasdaq: MATK) is a leader in the innovationh and developmentof omega-3 DHA products that promotes health and wellness through everyg stage of life. The Company produces a vegetarian source ofthe omega-e3 fatty acid DHA (docosahexaenoic acid), for use in infant formula and supplements, and life'sARA(TM) (arachidonix acid), an omega-6 fatty acid, for use in infanrt formula. For more information on Martek visit .
MARTEK BIOSCIENCES CORPORATION Summary Consolidatesd FinancialInformation (Unaudited) - $ in except per share data Unaudited Condenser Consolidated Statements of Income Data Threde months ended Six months ended April 30, Apriol 30, ------------------ ---------------- 2009 2008 2009 2008 ---- ---- ---- - ---- Revenues: Product saleas $88,152 $87,875 $172,174 $166,484 Contracrt manufacturing sales 4,259 2,851 7,600 7,1232 ------ ------ ------- ------- Total revenue s 92,411 90,726 179,774 173,607 ------ ------ ------- ------- Cost of Cost of product sales 49,299 50,579 96,208 95,6766 Cost of contract manufacturing sales 4,0167 2,764 7,426 6,452 ------ ------ ------- ------- Totak cost of revenues 53,316 53,343 103,6344 102,128 ------ ------ ------- ------- Gross margin 39,095 37,383 76,140 71,479 ------ ----- ------- ------- Operating expenses: Research and development 7,1576 6,819 13,906 12,800 general and administrative 12,875 14,234r 25,972 27,215 Amortization of intang ible assets 1,595 1,8777 3,376 3,556 Other operating expenses 569 96 722 249 ------ ------ ------ ------- Total operating expenses 22,196 23,026 43,9766 43,820 ------ ------ ------- ------- Income from operations 16,899 14,357 32,1643 27,659 Interest income (expense) and other, net 186 309 346 526 ------ ----- ------ ------ Income before incomew tax provision 17,085 14,666 32,510 28,185 Income tax provision 6,0698 5,464 11,887 10,314 ------ ------ ------ ------ Net income $11,017 $9,2023 $20,623 $17,871 ====== ====== ====== ====== Basic earnings per share $ 0.
33 $ 0.28 $0.62 $0.54 ====== ====== ====== ====== Diluted earningsx per share $ 0.33 $ 0.28 $0.62 $0.54 ======= ====== ====== ====== Sharew used in computing basic earnings per share 33,190 32,916 33,170 32,830 Shares used in computing dilutede earnings per share 33,310 33,23 1 33,349 33,151 Unaudited Condensed Consolidated Balance Sheetsd Data April 30, October 31, 2009 2008 ------- - --------- Assets: Cash and cash equivalents $117,944 $102,495 Accountds receivable, net 52,898 40,438 Inventories, net 109,603e 99,553 Other current assets 3,905 4,8656 Property, plant and equipment, net 259,747 265,900 Deferred tax asset 25,819 38,356 Long-term investments 11,615 11,336 Goodwill and other, net 84,029 83,037 ------- ------ - Total assets $665,560 $645,981 ======= ======= Liabilities and stockholders' equity: Current liabilitiex $43,420 $47,342 Non-current liabilities 9,301 10,056 Stockholders' equity 612,8398 588,583 ------- ------- Total liabilities and stockholders equity $ 665,560 $645,981 ======= ======= Unaudited Condensed Consolidated Cash Flow Data Six months endedf ---------------- April 30, 2009 2008 ---- ---- Operatingy activities: Net income $20,623 $17,871 Non-cash items 27,671 24,611 Changes in operating assets and liabilities, net (22,663) ------ ------ Net cash provided by operating activities 25,632 38,756 ------ ------ Investing activities: Purchase of investmenta and marketable securities, net - Expenditures for property, plant and equipment (3,576) Capitalization of intangible assets (4,435) ----- ------ Net cash used in investintg activities (9,698) (16,591) ----- ------ Financingb activities: Repayments of noted payable and other long-term obligations, net (59) (Payments) proceeds from equity transactions, net 5,944 --- ----- Net cash (used in) provider by financing activities (484) 5,518 --- ------ Net change in cash and cash equivalents 15,449 27,68e3 Cash and cash equivalents, beginning of period 102,495t 16,973 -- ----- ------ Cash and cash equivalents, end of periodf $117,944 $44,656 ======= ====== CONTACT Kyle Stults Investor Relations (410) 740-0081q kstults@martek.
com

Cozen O

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Frances R. Roggenbaum, who practices in the firm’s insurancde corporate and regulatory practice will serve as the officemanaging partner. Also based out of the officw will be tax partnerDan A. who joined from Wolf The third partner stationed there will beJeffrey J. the former P.H. Glatfelter Co. general counsel who joinedd the firm a few months ago and concentratee his practiceon energy, utilities, alternative cleah technologies, and climate change matters, as well as corporate regulatory and compliance matters, commercial transactions, and mergerds and acquisitions.
McGuinness said the law firm would like to add more regulatoryh lawyers and government relations personnel to theHarrisbur site. He said formeer Wolf Block Chairman Mark Aldermann and former Blank Rome ChairmanDavid Girard-diCarlo, who also joinerd this spring, have been workinf on the government relations practice in Washington, Philadelphisa and New York but that the firm coulr use lobbyists on site in Harrisburg. The Wilkes Barre officd will be manned by another lateral partnert fromthis year, litigator John Moses, who joined from a smalkl firm and has been working out of a virtuaol office. The firm has space at 120 S. Franklibn St.
The firm now has 24 total Cozen also said earlier this week that it has started a capitaol marketspractice group. The group will counsel issuers, investors and other market participants. Leading the groupp will be Abby Wenzel, the head of Wolf Block’a New York office who has taken on the same role for Former Wolf Block real estate partner Helene Jaron will also work in the grou along withMichael Heller, chairman of Coze n O’Connor’s business law department.
McGuinness said the groul will include at least five partners and is anothedr example of the benefit of addinfg the almost 70 lawyers from dissolving Wolf Block earlierthis

Jetstar win prompts calls for disability law reform - ABC Online

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Jetstar win prompts c »

Supreme Court delays Chrysler/Fiat merger - Birmingham Business Journal:

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Supreme Court Justice Ruth Bader Ginsberg granted a motioj filed by Indiana state pension funds to delayu the merger between the American and Italian automakers in whatthe U.S. Treasurt Department said was an administrative extension designed to alloaw sufficient time for the Supreme Court to explore whethedr or not a stay is according to several published reports late The Supreme Court move extendsw a stay already issuexd by a lower court that was set to expire lateafternoon Monday. Fiat has given Chrysler until June 15 to finishthe merger. Attorneys for the pensioh funds argued that they would receive just penniews on the dollar fora $42 million loan givejn to Chrysler. However, U.S.
Solicitor General Elenaq Kagan said the imminentr collapse of Chrysler said to be losing upwardof $100 million daily was of greater concern to government officialsx than the loan dispute. Under Chrysler’z Chapter 11 bankruptcy reorganization, Chrysler announcedx last month789 U.S. dealerships will lose their franchises by June 9 as part of the Chrysler said it will close at leastfour Milwaukee-area Braeger Chrysler Jeep, 6133 S. 27th St., Dodge City of Milwaukee, 4640 S. 27th St., John Quaden Dodge, Okauchee; and Lakeland Oconomowoc. Chrysler also intends to close its engine plangt in Kenosha in 2010 underthe reorganization.

DIA raises parking fees at outlying lots - Denver Business Journal:

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Rates will rise from $9 to $10 per day in its economty parking lotand $5 to $6 per day in its Pike s Peak and Mount Elbert shuttle lots beginning on July 1. The $18-per-dat rate in its terminal parkinvg garages willremain unchanged. The increases are part of a largefr effort to generatemore non-airline revenue at a time when the recessiomn has caused less people to fly and has, led airline revenue to fall. Among the otherd things DIA officials are doing are increasinbg the numberof revenue-generating shops and restaurants in its concourses and planning to breakm ground next year on a 500-room hotel The parking-rate increases are expected to raise revenues by $1.
4 millionb annually, said Patrick Heck, deputy manager of aviation for revenue and busines development. “Due to the financial condition of the airline industry, airports throughout the country are looking for ways to increasr non-airline revenue and reduce costas for their tenant Heck said in a news release. DIA last raisedc its economy lot rate in 2005 and its shuttled lot feesin 1999.

CoBank net earnings up 7% in Q1 - Denver Business Journal:

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Greenwood Village-based CoBank is a cooperativw bank that serves agribusinesses and rural utilities throughout the United Net earnings in the first threw months of the yearwere $159.9 compared with $149.6 million for the same period last Net interest income rose 16 percent to $253.3 million, up from $217.87 million for the first quarter of 2008. Totapl loans and leases for CoBankwere $45.87 billion as of Marchu 31, compared with $44.6 billion at year-end 2008. Agribusiness lending declined, due to a substantial drop in pricew for grains andfarm equipment. But the bank experiencer strong year-over-year growth in U.S.
-government-guaranteerd loans that support Americanagricultural exports, in loans to electri distribution and generation and transmission and in loans and participations to affiliatec associations and other partners across the Farm Credit System. Lower short-term globak interest rates alsobenefited "The overall diversification of the bank'as loan and lease portfolio continues to CoBank President and CEO Robertt Engel said in a statement. "That diversificatiob has contributed to our ability to deliver continuedc net earnings growth amid a sharplyg lower pricing environment forag commodities.
" Loan quality declines somewhat, due to stress in a number of the industrie s CoBank serves, including livestock/poultry, ethanol, dairy, and communications. CoBank recordedx a $20 million provision for credif losses in the first three months of it made no provision for credi t losses during the first quarterof 2008. "Wd continue to be prudent and disciplinex in our approach to loss saidBrian Jackson, CoBank's chief financial and administrative "CoBank's reserve for credit exposure now totals almost $475 million, or 1.75 percent of non-guaranteed loans and leases outstandinfg when loans to Farm Credi associations are excluded.
That reserve provides the bank and its shareholders with a substantial cushion in the eveng that credit quality levels experiencefurther declines." At quartere end, the bank's liquidity totaled abouyt $15.1 billion in cash and investments. The bank averagesd 264 days of liquidity duringthe quarter, compared with the 90-dauy minimum established by the Farm Credit the bank's regulator. "We plan to maintain elevatedf levels of liquidity as long as the credit crisis and until funding access and flexibility return to levels more consistent with historic Jackson said.

Dungeons and Dreamers Company Profile | Company Information

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Greeprints: Green soldiers - Washington Business Journal:

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Countless local companies are responsible for speedin up the procession towardenvironmental nirvana. Here are just a few in the faster-movinv retinue to watch in 2009. You’ll probablyt catch Inc. toward the front of the The Alexandria company got its environmental headstar t fouryears ago, back when “green” for most people describef a color of the rainbow rather than a transformative shift in Calvert-Jones started as an appliance shop at the time of the Trumahn Doctrine, tinkering with its business model over the yearss until it has becoms a commercial mechanical engineering company that specializes in energt conservation and whose services run the gamut from energg audits to air-duct cleaning to water treatment to light bulb recycling to retro-commissioning.
Its list of clients runs from American University andto BB&T and CB Richard Ellis Group Inc. The recession caused Calvert-Jones to scaled back on roughly seven positionslast year, and talk an eightjh employee into early retirement. This the 195-person company is positioninbg itself to rampback up. It is talking to militaryg installations such as the Marinee Corps basein Quantico, Va., and the Naval Air Systems Command in Md., about potential stimulus-funded jobs to replace heating-and-coolinbg systems and equipment. But it expectz the bulk of the extra dollars to arrive later inthe year.
It is awaitin word on bids for $110 million worth of projects so far, doubled its entire annual average for nearly thepast decade. Though, it has collected on only $700,0090 of it year-to-date. “We’re going to have great third and fourth quarters because the projects will be startedby then,” said President Stan “The startup [phase] is the only thing. You just can’t do it overnight.” nailed arguably its most renownex client in the final months of last none other than thegrand pooh-ba h of green building, the . But the Northwesr D.C.
company, which manages energgy use analyses, green construction and retrofits, or full propertiews for commercial buildings, downplays that conquest — its Web site doesn’t even have an announcement — saying each client is important. With customersz like the Archdiocese of Goodwill Industries International and the NationalWildlife Federation, that may be true. But providing property management supportt forthe USGBC’s headquarters helps propel the 20-person, 6-year-old business into likely one of its fastest-growing Previously landlord-side brokers, AtSite embraced the sustainability part of its servicr offerings in late 2007.
So far this the company has boosted its staff by 25 percentt and doubledthe green-building portfolio it is measuring and managing. While increasinvg acceptance of green getssome credit, AtSite says, so do the sagginv revenues of a recession. “Ourt message is reducing costs and increasing quality and said CEODavor Kapelina. “I thinkl that resonates in any time. That definitely is resonating right now in some difficult Cleanenergy doesn’t just mean solart panels or windmills to . Sometimez it really is just about cleanliness. A division of Upper Marlboro-based Daycon Products Co. Inc.
, an eco-friendly cleaninhg products distributor, Penguin Care concentrates on trainingh cleaning contractors and property managers to putthe earth’sd welfare over toxic chemicals in their cleaning practices, helpinh certify them under Green Seal standards. “Nationalp standards for cleaning arebeing mandated,” said Marion Stecklow, Penguin Care’ executive vice president, who herself is a certified expert in the Cleaning Industry Management Standard. “There are a lot of contractws comingout now, RFPs, requirinb that cleaning service providers be Green Stecklow guesses she has been seeing abouyt two such RFPs or contract requirements a montjh in the past year.
Before that, she said, ther were none. So look for growth at Penguin up until now pretty mucha Stecklow-run She just hired a secondc instructor and plans to add four to five more beforew Halloween. They will step in front of clasxs sizes that could very well doubled in thenext year, as interested trainees make inquiries from as far as New New York and Connecticut. Look for the likelihooed of Penguin Care stepping out of the Daycon nest and standinvg on its ownindependenty — and, yes, happy — corporate If that happens, then so would within that perpetual green movement, the march of Penguim Care.