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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.
Tuesday, January 31, 2012
Sunday, January 29, 2012
Fly Clear fast lane at Albany Int
elzeyfirekuut1795.blogspot.com
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.
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.
Thursday, January 26, 2012
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 ... |
Tuesday, January 24, 2012
State manufacturers offered access to two lean-transformation programs - Business First of Louisville:
http://www.lamontanita.org/goldenrice.htm
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.
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.
Sunday, January 22, 2012
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
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
Friday, January 20, 2012
Dot Cincinnati: College of Mount St. Joseph - Business Courier of Cincinnati:
bakakinkorypon.blogspot.com
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.
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.
Wednesday, January 18, 2012
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
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
Sunday, January 15, 2012
Cozen O
cahijisebi.wordpress.com
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
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
Friday, January 13, 2012
Wednesday, January 11, 2012
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.
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.
Monday, January 9, 2012
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.
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.
Saturday, January 7, 2012
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.
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.
Thursday, January 5, 2012
Monday, January 2, 2012
Greeprints: Green soldiers - Washington Business Journal:
lamoreuuceses1724.blogspot.com
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.
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.
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