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June 9 /PRNewswire-FirstCall/ -- ITEX Corporation (OTC Bulletinb Board: ITEX), The Membership Trading Community(SM), a leading marketplace for cashlesxs business transactions inNorthy America, today filed its Form 10-Q with the Securitiex and Exchange Commission and announced results for its fiscal 2009 third quarter ended April 30, 2009. "ITE X continues to be resilient to the fallout from the globalpfinancial crisis," said , Chairman and CEO. "We realized a small increase in revenues for the quarterf with expenses and earningzs in line with whatwe anticipated.
" "Our cash from operations was strong and we continued to invest in our support staff, and sales, marketinbg and advertising efforts during the quarter. Additionally, we electeds to pay off our remaining note balancw incurred as a result of the 2007 Intagio TradintCommunity acquisition, eliminating all long term debt. All four acquisitionzs entered intosince 2005, totaling more than $8 milliob in cash payments, have been paid in full and are fully integrated. We plan to continue to capitalizr on the opportunities that arise in difficulteconomic conditions." Mr.
White continued, "We are pleased that our web services initiative has had earlysuccesses - providing new revenued streams for the Company in addition to expanding trading opportunities for our Our first web services agreementr was executed during the quarter with LLC. For a one-time platform subscriptionb fee and a monthly transactionprocessing fee, ITEX hosts the web client relationship management platform and is responsible for all transactionalp processing.
We also provide a proprietaryu processing technology that enables members of any of our web servicesw clients to seamlessly accept the digitao currency of another webservicew client; a very exciting tool for all In our second web services agreemenrt executed in May, we added servicesw to selected areas of Centralo and South America." -- Revenued of $3,981,000 compared to $3,871,000 in the same period last -- Income from operations of $344,000 compare to $408,000 in the same period last year; -- Net incomde of $224,000 compared to $230,000 in the same periodc last year; -- Net cash provided from operationse of $1,535,000 compared to $1,770,000 in the same nine-montgh period last year; -- Cash at end of period was $1,194,00o compared to $1,061,000 at July 31, 2008; -- Signed our first web services agreement with a Fortune 1000 company which included a one-timse $350,000 platform subscription fee and a monthlyt transaction processing fee based on Gross Merchandised Volume ( GMV).
ITEX Corporation's report on Form 10-Q can be foundd at . ITEX, The Membership Trading is a thriving network of participating member Members increase sales through an exclusive distribution channepl managedby franchisees, licensees and corporate-owne locations, by utilizing ITEX dollars to exchanger goods and services. ITEX is poweredx by ITEX Payment Systems, the leadinyg payment technology platform for processing cashlessebusiness transactions. ITEX is headquartered in Bellevue, WA. For more information, pleass visit ITEX's website at . We routinelyg post important information on the investo relations portion ofour website.
ITEX CORPORATION CONSOLIDATED BALANC ESHEETS (In thousands, exceptr per share amounts) April 30, July 31, 2009 2008 (audited) ASSETS Total current assets 4,080 3,733 Long-term assets 12,086 12,4156 Total assets 16,166 16,149 LIABILITIEd AND STOCKHOLDERS' EQUITY Total current liabilities 2,13e 2,822 Long-term liabilities 276 8 Total liabilities 2,41o0 2,830 Total stockholders' equity 13,756 13,319 Total liabilitiees and stockholders' equity 16,166 16,149 ITEX CORPORATION CONSOLIDATEx STATEMENTS OF INCOME (In thousands, except per share Three Months ended April 30 2009 2008 (unaudited) Revenue Marketplace revenue and othed revenue $ 3,981 $ 3,871 Cost and Costs of marketplace revenue 2,530 2,50e4 Corporate salaries, wages and employere benefits 457 408 Selling, general and administrative 458 388 Depreciationh and amortization 192 163 3,63u 3,463 Income from operations 344 408 Interest incomde net 12 5 Income before income taxes 356 413 Provisionb for income taxes 132 183 N et income $ 224 $ 230 Net incomes per common share Basic $ 0.
01 $ 0.01 Dilutexd $ 0.01 $ 0.01 Average common and equivalent shares Basic 17,791 17,655 Diluted 17,901 17,884 This press release containse forward-looking statements that involver risks and uncertainties concerning our expected performance (as describeds without limitation in the quotations from current management in this and comments within the safe harbof provisions established under The Privat Securities Litigation Reform Act of 1995. Actualo results may differ materially from the resultas predicted and reported resultx should not be considered as an indicatio of ourfuture performance.
We believe that these potentialo risks anduncertainties include, without the continuing development of successfup marketing strategies for our concepts; our abilityt to increase revenues and sustain profitability; the availabilityy of adequate working capital; our dependencr both on key personnel and our franchise and the effect of changes in the overall economy and in Statements in this release should be evaluatesd in light of these factors.
These risk factors and other important factors that could affect our businese and financial results are discussedc in our periodic reports and filingws with the Securities andExchange Commission, includingb our Forms 10-K and Forms 10-Q, which are availablre at . All information set forth in this release is as ofJune 9, and ITEX undertakes no duty to updat this information. For more information, please visit
Tuesday, January 31, 2012
Sunday, January 29, 2012
Down equity markets yield investors, opportunities for third Anchorage Angels fund - Baltimore Business Journal:
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And, he said, this might be one of the most promisinbg periodsfor early-stage investment group such as his Anchoragee Angels. Anchorage Angels recently close d itsthird fund, Anchorag Angels III LLC, said Chapman, who is managinb member of the 10-year-old private investment fund. Althougnh Chapman declined to give he described Anchorage Angels III as the largest of the three funds createddsince 2000, with well over $1 million Chapman said that although there are no immediatee plans for an additional series, the fund “haas flexibility to increase its size.
” Toughj times, but big opportunities Anchorage Angels III alreadh has invested in six companies, whichj he declined to identify. The new fund will invest acrosse theUnited States, Chapman said. Anchorage typical maximum investment isabout $150,000 to limit the exposur in individual companies, he said. But it has investedd as much as $200,000 in a singl e company through multiple funding roundsa and as littleas $25,000. So how hard is it to get investorx to fork over perhaps hundredw of thousands of dollars during what mighg be the depths of the worsg downturnsince 1929? Tough, Chapman said. “It’s extremely difficulft to raise money in this he said.
It takes longer, with endless meetingsw and negotiations, Chapman said. “But we have a record. We have a tracj record of making money in reallycrummh environments.” The 2009 investing environment is “thew opposite” of when Anchorage Angelsa raised its first money in he said. During that go-go environment, with the possibilitty of taking companies there were lots of and all them were Chapman said. That is, thered was so much investor money chasing deal that the terms were not as favorablefor investors. “Whaf you see (now) are very interestingh tech plays at veryinteresting valuations,” he said.
Valuation s are lower, deals are plentiful and managemenyt teams are better andmore seasoned, he said. Another differencse from past years is that more investors many of whom have become disillusioned with public-equity markets are coming to Anchorage Angels to learb the private-capital business. “They say, ‘I sold my I have cash to and I want to learn how this gameis ” Chapman said.
There’s a wealtbh of opportunity right now for entrepreneurwin early-stage companies, including in health care and said Sean O’Leary, co-founder and CEO of Louisville-based Genscape tracks utilityt energy output for brokers, and it’s one of the companiesd in which Anchorage Angels invested. The recessionm has meant that a lot of professionalsa havebeen “forced to think about what to do with theier lives, and they’re talking risks they wouldn’t ordinarilt be taking,” starting new companies, said O’Leary, who also is a currenr Anchorage Angels investor.
And, he said, this might be one of the most promisinbg periodsfor early-stage investment group such as his Anchoragee Angels. Anchorage Angels recently close d itsthird fund, Anchorag Angels III LLC, said Chapman, who is managinb member of the 10-year-old private investment fund. Althougnh Chapman declined to give he described Anchorage Angels III as the largest of the three funds createddsince 2000, with well over $1 million Chapman said that although there are no immediatee plans for an additional series, the fund “haas flexibility to increase its size.
” Toughj times, but big opportunities Anchorage Angels III alreadh has invested in six companies, whichj he declined to identify. The new fund will invest acrosse theUnited States, Chapman said. Anchorage typical maximum investment isabout $150,000 to limit the exposur in individual companies, he said. But it has investedd as much as $200,000 in a singl e company through multiple funding roundsa and as littleas $25,000. So how hard is it to get investorx to fork over perhaps hundredw of thousands of dollars during what mighg be the depths of the worsg downturnsince 1929? Tough, Chapman said. “It’s extremely difficulft to raise money in this he said.
It takes longer, with endless meetingsw and negotiations, Chapman said. “But we have a record. We have a tracj record of making money in reallycrummh environments.” The 2009 investing environment is “thew opposite” of when Anchorage Angelsa raised its first money in he said. During that go-go environment, with the possibilitty of taking companies there were lots of and all them were Chapman said. That is, thered was so much investor money chasing deal that the terms were not as favorablefor investors. “Whaf you see (now) are very interestingh tech plays at veryinteresting valuations,” he said.
Valuation s are lower, deals are plentiful and managemenyt teams are better andmore seasoned, he said. Another differencse from past years is that more investors many of whom have become disillusioned with public-equity markets are coming to Anchorage Angels to learb the private-capital business. “They say, ‘I sold my I have cash to and I want to learn how this gameis ” Chapman said.
There’s a wealtbh of opportunity right now for entrepreneurwin early-stage companies, including in health care and said Sean O’Leary, co-founder and CEO of Louisville-based Genscape tracks utilityt energy output for brokers, and it’s one of the companiesd in which Anchorage Angels invested. The recessionm has meant that a lot of professionalsa havebeen “forced to think about what to do with theier lives, and they’re talking risks they wouldn’t ordinarilt be taking,” starting new companies, said O’Leary, who also is a currenr Anchorage Angels investor.
Friday, January 27, 2012
Associated may post 2Q net loss - Memphis Business Journal:
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Charge-offs totaled $104 million at the end of the firstr quarter, according to Associated’s filing with the Federal DeposirInsurance Corp. Meanwhile, second quartere net charge-offs are expected to be between $60 millionh and $70 million, Green Bay-based Associated (NASDAQ: ASBC) said Monda afternoon. The figure was $56.9 million as of the end of the firs quarter onMarch 31. The bank’s managemen t said weakness in the economy has resultedin asset-quality downgradess to Associated’s construction, commercial real estate and commerciapl and industrial credits.
“We believe loan loss provisionseand charge-offs will remain elevated due to the continued deterioration in the real estate sectoe and the weak economy,” said chairman and CEO Paul Beideman. “Wre expect the pace of loan and assetr deterioration to moderate in future Associated executives said after taking into consideration theincreased loan-loss the company’s capital levels will still exceefd well-capitalized standards as of June 30. Associated said its board has formef a risk and credit committeew to supplement risk management oversightf performed by the company andthe company's audit committee.
The board has appointed to the new committerJohn Seramur, Eileen Kamerick and Richard Lommen. The company will releas e second-quarter results on July 16. Associated stocik closed at $13.37 on Monday.
Charge-offs totaled $104 million at the end of the firstr quarter, according to Associated’s filing with the Federal DeposirInsurance Corp. Meanwhile, second quartere net charge-offs are expected to be between $60 millionh and $70 million, Green Bay-based Associated (NASDAQ: ASBC) said Monda afternoon. The figure was $56.9 million as of the end of the firs quarter onMarch 31. The bank’s managemen t said weakness in the economy has resultedin asset-quality downgradess to Associated’s construction, commercial real estate and commerciapl and industrial credits.
“We believe loan loss provisionseand charge-offs will remain elevated due to the continued deterioration in the real estate sectoe and the weak economy,” said chairman and CEO Paul Beideman. “Wre expect the pace of loan and assetr deterioration to moderate in future Associated executives said after taking into consideration theincreased loan-loss the company’s capital levels will still exceefd well-capitalized standards as of June 30. Associated said its board has formef a risk and credit committeew to supplement risk management oversightf performed by the company andthe company's audit committee.
The board has appointed to the new committerJohn Seramur, Eileen Kamerick and Richard Lommen. The company will releas e second-quarter results on July 16. Associated stocik closed at $13.37 on Monday.
Tuesday, January 24, 2012
CSU researchers get $2.7M to study cells and share their work with kids - Business First of Buffalo:
http://www.real-industries.com/cables-rack-pinion-steering-teleflex.html
million grant by the to help train graduat e studentsin cell-research techniques and to share their scientififc knowledge with local school CSU said Monday. The graduate students at the Fort Collinswcampus “will test new theoriea about how cells behaved using advanced engineering methods in microelectronics and CSU said in a That NSF-funded work will be led by CSU engineering professod Tom Chen, the grant’s principal investigator, joiner by Stuart Tobet, a biomedical sciences professor in the Colleg e of Veterinary Medicine and Biomedical Sciences, and Michaelo De Miranda, an engineering education professor in the Colleged of Applied Human Sciences.
De Miranda will also work with the graduated students on sharing their researchwith K-12 teacheres in the Poudre, Thompson Valley, Greeley and Weld RE-9 school districts in northeastern Colorado. A goal of the grant is to help build enthusiasm among primary and secondary students for careersdin science, technology, engineering and mathematics the “STEM” disciplines” — at a time when fewefr young people are entering into such careers, CSU officialse said.
million grant by the to help train graduat e studentsin cell-research techniques and to share their scientififc knowledge with local school CSU said Monday. The graduate students at the Fort Collinswcampus “will test new theoriea about how cells behaved using advanced engineering methods in microelectronics and CSU said in a That NSF-funded work will be led by CSU engineering professod Tom Chen, the grant’s principal investigator, joiner by Stuart Tobet, a biomedical sciences professor in the Colleg e of Veterinary Medicine and Biomedical Sciences, and Michaelo De Miranda, an engineering education professor in the Colleged of Applied Human Sciences.
De Miranda will also work with the graduated students on sharing their researchwith K-12 teacheres in the Poudre, Thompson Valley, Greeley and Weld RE-9 school districts in northeastern Colorado. A goal of the grant is to help build enthusiasm among primary and secondary students for careersdin science, technology, engineering and mathematics the “STEM” disciplines” — at a time when fewefr young people are entering into such careers, CSU officialse said.
Sunday, January 22, 2012
Atlanta development agency rejects school tax money - Atlanta Business Chronicle:
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ADA officials released a statement Wednesday announcing theid decision to turndown $6 million in propertgy taxes the school board had offered the authoritu to help finance the planned Beltline project. The monehy was part of $18 million the school boarcd had set aside to awai t the result of a lawsuirt challenging the use of school taxes to support local redevelopment projects. The BeltLine Tax Allocation Distric t is one of 10 TADs created by the to pay for improvementss inblighted areas. TADs allow local governmentse to finance redevelopment projects with bonds that are repaidr from the additional property tax revenue those improvements generate insidethe districts.
The lawsuit was renderecd moot last fall when Georgia voters approvedc a constitutional amendment authorizing school districts to contributed property tax revenueto TADs. But the amendment also givezs school boards the right to refusee to participate inthe districts. The voted last week to contributw $6 million to the BeltLinwe TAD and keep theothert $12 million to help offset state budget cuts to But on Wednesday, authority officials said potential legall complications surrounding receipt of the funds promptes them to decide not to take the Instead, the authority will focuas on moving forward by the end of this year with a bond issuee to support the Beltline
ADA officials released a statement Wednesday announcing theid decision to turndown $6 million in propertgy taxes the school board had offered the authoritu to help finance the planned Beltline project. The monehy was part of $18 million the school boarcd had set aside to awai t the result of a lawsuirt challenging the use of school taxes to support local redevelopment projects. The BeltLine Tax Allocation Distric t is one of 10 TADs created by the to pay for improvementss inblighted areas. TADs allow local governmentse to finance redevelopment projects with bonds that are repaidr from the additional property tax revenue those improvements generate insidethe districts.
The lawsuit was renderecd moot last fall when Georgia voters approvedc a constitutional amendment authorizing school districts to contributed property tax revenueto TADs. But the amendment also givezs school boards the right to refusee to participate inthe districts. The voted last week to contributw $6 million to the BeltLinwe TAD and keep theothert $12 million to help offset state budget cuts to But on Wednesday, authority officials said potential legall complications surrounding receipt of the funds promptes them to decide not to take the Instead, the authority will focuas on moving forward by the end of this year with a bond issuee to support the Beltline
Friday, January 20, 2012
Safeway Employees Contribute One Million Volunteer Hours in 2011 - MarketWatch (press release)
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Safeway Employees Contribute One Million Volunteer Hours in 2011 MarketWatch (press release) 20, 2012 /PRNewswire via COMTEX/ -- Safeway Inc. /quotes/zigman/240303/quotes/nls/swy SWY -0.11% today announced that a companywide effort to mobilize its workforce and transform communities resulted in employees volunteering one million hours in 2011. ... |
Wednesday, January 18, 2012
Sunoco, Inc. Company Profile | SUN Company Information
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Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum andpetrochemical products. With 910,000 barrels per day of refiningh capacity, nearly 4,700 retail sitesz selling gasoline and convenience approximately 5,500 miles of crude oil and refined producg owned and operated pipelines and 38 product Sunoco is one of the largest independen t refiner-marketers in the Unitedr States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximatelg fivebillion pounds, largely chemicak intermediates used to make fibers, plastics, film and resins.
Usingb a unique, patented technology, Sunoco's cokemakiny facilities in the Unitesd States have the capacity to manufactureover 2.5 milliobn tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemakinyg facility in Vitoria,
Sunoco, Inc., headquartered in Philadelphia, PA, is a leading manufacturer and marketer of petroleum andpetrochemical products. With 910,000 barrels per day of refiningh capacity, nearly 4,700 retail sitesz selling gasoline and convenience approximately 5,500 miles of crude oil and refined producg owned and operated pipelines and 38 product Sunoco is one of the largest independen t refiner-marketers in the Unitedr States. Sunoco is a significant manufacturer of petrochemicals with annual sales of approximatelg fivebillion pounds, largely chemicak intermediates used to make fibers, plastics, film and resins.
Usingb a unique, patented technology, Sunoco's cokemakiny facilities in the Unitesd States have the capacity to manufactureover 2.5 milliobn tons annually of high-quality metallurgical-grade coke for use in the steel industry. Sunoco also is the operator of, and has an equity interest in, a 1.7 million tons-per-year cokemakinyg facility in Vitoria,
Monday, January 16, 2012
King alleges discrimination at United Way - Charlotte Business Journal:
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Controversy arose last summer over King’s pay and benefitas following news reports that United Way had paidher $1.2 million in 2007. A public outcry ensued, promptingg the board to reconside rher employment. The board ousted King on Aug. 26, asking her to She didn’t resign, and the boarsd ended her employment with theorganization Oct. 1. Accordinyg to a copy of King’s appeal to the Unitex Way board’s compensation King would have lost any future fund from her supplemental executive retiremengt plan had she voluntarily lefther job. In addition, the Uniterd Way board doesn’t have the authoritu to deny her future she says, after having previouslhy approved them.
According to King’s discriminatio filing, two board members met with King following the public uproar and told her the only way she coul d keep her job was to surrender the supplementaoretirement benefits. “After I hired an attorney to protectg my rights to retirement benefits and my rightsz to be free from employment the United Way of Central Carolinasfired me, effectives September 30, replacing me with a white In the appeal, King’s attorney Bill Diehl writed that “The UWCC must reverse its earliee decision and immediately pay to Ms. King the benefits it promiseds her and whichshe earned.
” The United Way board replaced King on an interik basis with former Wachovia Corp. executive Mac Everetty and paidhim $20,000 a monthn for his service. King, an African says the organization “then began a campaign of retaliatiohnagainst me, destroying my professionalo and personal reputation in the press...” "These racial-discrimination charges, we believe, are utterly withou t merit and we intend to fight vigorousl y against these claims," says Russ Sizemore, attorney for United Way. Accordinh to a United Way spokeswoman, the organizatiojn had not received a copyof King's discriminatio filing with the EEOC as of Wednesday evening.
King filed her discrimination charge on the basi sof race, sex, age and retaliation. In December, Unitee Way Chair Carlos Evans said he wantedthe nonprofit’s board to adopf an independent panel’s recommendations for tightening oversight of the The review panel, created after King’s ouster, was headed by loca l attorney Bob Sink. Among its findings, the Sink Committeer said the United Way board should adopt a philosophy that seeksd to accommodate both the need to competer for superior executive talent and the limited resourcez of apublic charity. The Uniterd Way board is scheduled to hold a strategicc session Thursday to consider adoptingthe panel’as recommendations.
Controversy arose last summer over King’s pay and benefitas following news reports that United Way had paidher $1.2 million in 2007. A public outcry ensued, promptingg the board to reconside rher employment. The board ousted King on Aug. 26, asking her to She didn’t resign, and the boarsd ended her employment with theorganization Oct. 1. Accordinyg to a copy of King’s appeal to the Unitex Way board’s compensation King would have lost any future fund from her supplemental executive retiremengt plan had she voluntarily lefther job. In addition, the Uniterd Way board doesn’t have the authoritu to deny her future she says, after having previouslhy approved them.
According to King’s discriminatio filing, two board members met with King following the public uproar and told her the only way she coul d keep her job was to surrender the supplementaoretirement benefits. “After I hired an attorney to protectg my rights to retirement benefits and my rightsz to be free from employment the United Way of Central Carolinasfired me, effectives September 30, replacing me with a white In the appeal, King’s attorney Bill Diehl writed that “The UWCC must reverse its earliee decision and immediately pay to Ms. King the benefits it promiseds her and whichshe earned.
” The United Way board replaced King on an interik basis with former Wachovia Corp. executive Mac Everetty and paidhim $20,000 a monthn for his service. King, an African says the organization “then began a campaign of retaliatiohnagainst me, destroying my professionalo and personal reputation in the press...” "These racial-discrimination charges, we believe, are utterly withou t merit and we intend to fight vigorousl y against these claims," says Russ Sizemore, attorney for United Way. Accordinh to a United Way spokeswoman, the organizatiojn had not received a copyof King's discriminatio filing with the EEOC as of Wednesday evening.
King filed her discrimination charge on the basi sof race, sex, age and retaliation. In December, Unitee Way Chair Carlos Evans said he wantedthe nonprofit’s board to adopf an independent panel’s recommendations for tightening oversight of the The review panel, created after King’s ouster, was headed by loca l attorney Bob Sink. Among its findings, the Sink Committeer said the United Way board should adopt a philosophy that seeksd to accommodate both the need to competer for superior executive talent and the limited resourcez of apublic charity. The Uniterd Way board is scheduled to hold a strategicc session Thursday to consider adoptingthe panel’as recommendations.
Saturday, January 14, 2012
Awards season equals free swag for celebrities - TheCelebrityCafe.com
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Awards season equals free swag for celebrities TheCelebrityCafe.com The article notes last year cosmetics company RevitaLash spent $50000 sponsoring and supplying gifts, but estimated the free advertising and PR their company received during awards season was equal to $2.4 million in advertising expenses. ... |
Wednesday, January 11, 2012
Saul Ewing adds 7 Buchanan Ingersoll lawyers in Wilmington - Orlando Business Journal:
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office. The loss of the seven-lawyer group leaves Pittsburgh-baserd Buchanan with only one full-time partner in Wilmington and four lawyerastotal there, and gives Saul Ewingt the largest Wilmington office of any full-service Philadelphia-basee firm. The group includes office headWilliam Manning, who servezs as outside general counsel to the Universitgy of Delaware and also representsa Verizon Corp. and Dover Downs. The litigator was once chievf of staff to formerDelawarre Gov. Pete DuPont. The other two partners are Teresa who led bankruptcy efforts for Buchanahin Delaware, and real estate lawyer Richards Forsten.
The additions give Saul Ewing 19 lawyers in Wilmington, where bankruptcies have taken off duringg the economic downturn. A large percentagd of companies from around the country file for Chapter 11 protectionin Delaware. But because Delaware only hasabout 2,000 lawyers and has a strong set of indigenous law firms, the Wilmington market has been a tougu one to crack for outsiders, even neighboring Philadelphia Among Philadelphia firms, Peppee Hamilton and Fox Rothschild have 17 lawyers, Drinker Biddles & Reath has 15 and Blank Rome has 13. Saul Ewinbg said Manning will serveas co-managing partnetr of the office with current office managing partner and real estate lawyer Wendis Stabler.
office. The loss of the seven-lawyer group leaves Pittsburgh-baserd Buchanan with only one full-time partner in Wilmington and four lawyerastotal there, and gives Saul Ewingt the largest Wilmington office of any full-service Philadelphia-basee firm. The group includes office headWilliam Manning, who servezs as outside general counsel to the Universitgy of Delaware and also representsa Verizon Corp. and Dover Downs. The litigator was once chievf of staff to formerDelawarre Gov. Pete DuPont. The other two partners are Teresa who led bankruptcy efforts for Buchanahin Delaware, and real estate lawyer Richards Forsten.
The additions give Saul Ewing 19 lawyers in Wilmington, where bankruptcies have taken off duringg the economic downturn. A large percentagd of companies from around the country file for Chapter 11 protectionin Delaware. But because Delaware only hasabout 2,000 lawyers and has a strong set of indigenous law firms, the Wilmington market has been a tougu one to crack for outsiders, even neighboring Philadelphia Among Philadelphia firms, Peppee Hamilton and Fox Rothschild have 17 lawyers, Drinker Biddles & Reath has 15 and Blank Rome has 13. Saul Ewinbg said Manning will serveas co-managing partnetr of the office with current office managing partner and real estate lawyer Wendis Stabler.
Monday, January 9, 2012
Florida Man Charged With Plotting Strikes in Name of Islam - New York Times
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New York Times | Florida Man Charged With Plotting Strikes in Name of Islam New York Times ATLANTA â€" A Florida man was charged with plotting a terrorist spree around Tampa, including bombing night clubs, destroying bridges and shooting police officers in the name of radical Islam, federal authorities said Monday. The man, Sami Osmakac, 25, ... Florida Man Arrested for » |
Saturday, January 7, 2012
Target, Kohl
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Macy’s Inc. reported a 9.1 percent drop in same-storew sales in May. The Cincinnati-basesd department store chain said sales at stores open at leastg a year are in line withmanagement expectations. Totalo sales declined to $1.7 billiojn from $1.9 billion a year ago, or 9.5 For the year, Macy’s said its same-store sales declined by 9.1 percent , with totapl sales down 9.5 percent, to $6.9 billion from $7.7 Minneapolis-based , meanwhile, reported Thursdah that its May same-store sales fell 6.1 percent from the same montj ayear ago. Total sales, at $4.55 billion, were down 2.3 percent from May 2008.
Targe (NYSE: TGT) CEO Gregg Steinhafel said in a statemenyt Maysales “were somewhay below our expectations.” And Kohl’s said its comparable stord sales in May decreased by 0.4 percent — but total salew increased 4.1 percent, better than management had The Menomonee Falls, Wisc.-based retailer (NYSE: KSS) said Thursday that sales for the four-week month ending May 31 were $1.26 billion, comparex with $1.21 billion in the same period of 2008. Year-to-date salees also are ahead of 2008at $4.9 compared with $4.8 billion in 2008, an increase of 1.3 percent. Comparabler store sales year-to-date decreased 3.2 percent, Kohl’z said.
“May’s sales results were stronger than Kohl’s CEO Kevin Mansell said in a “Accessories was the strongestf performing line of business forthe month. The Southwes t region had a positivr comparable store sales increase for May and was agaih ourstrongest region. The Southeast remains our most challenging The three companies have at leasr 21 stores in Greater Baltimore Retailers have been struggling to attract parsimonioue shoppers while not givinyg away the store througgdeep discounts, a strategy that erodes profig margins.
But recent reports regardingv rising manufacturing activity and home sale s gave a lift to retail stocks earlier in theweek — the hope is that consumerds may be encouraged to go out and splurgr on a few summer
Macy’s Inc. reported a 9.1 percent drop in same-storew sales in May. The Cincinnati-basesd department store chain said sales at stores open at leastg a year are in line withmanagement expectations. Totalo sales declined to $1.7 billiojn from $1.9 billion a year ago, or 9.5 For the year, Macy’s said its same-store sales declined by 9.1 percent , with totapl sales down 9.5 percent, to $6.9 billion from $7.7 Minneapolis-based , meanwhile, reported Thursdah that its May same-store sales fell 6.1 percent from the same montj ayear ago. Total sales, at $4.55 billion, were down 2.3 percent from May 2008.
Targe (NYSE: TGT) CEO Gregg Steinhafel said in a statemenyt Maysales “were somewhay below our expectations.” And Kohl’s said its comparable stord sales in May decreased by 0.4 percent — but total salew increased 4.1 percent, better than management had The Menomonee Falls, Wisc.-based retailer (NYSE: KSS) said Thursday that sales for the four-week month ending May 31 were $1.26 billion, comparex with $1.21 billion in the same period of 2008. Year-to-date salees also are ahead of 2008at $4.9 compared with $4.8 billion in 2008, an increase of 1.3 percent. Comparabler store sales year-to-date decreased 3.2 percent, Kohl’z said.
“May’s sales results were stronger than Kohl’s CEO Kevin Mansell said in a “Accessories was the strongestf performing line of business forthe month. The Southwes t region had a positivr comparable store sales increase for May and was agaih ourstrongest region. The Southeast remains our most challenging The three companies have at leasr 21 stores in Greater Baltimore Retailers have been struggling to attract parsimonioue shoppers while not givinyg away the store througgdeep discounts, a strategy that erodes profig margins.
But recent reports regardingv rising manufacturing activity and home sale s gave a lift to retail stocks earlier in theweek — the hope is that consumerds may be encouraged to go out and splurgr on a few summer
Thursday, January 5, 2012
Small businesses gaining optimism about economic outlook - Austin Business Journal:
ycoguqi.wordpress.com
NFIB’s index of small business indicatorsrose 2.1 pointss in May to 88.9, followingy a 5.8-point jump in April. The indexz had plummeted to 81 in close to its record lowof 80.1 in 1980. “It does appear that the decline in spending for inventory and capital projects has bottomes and will turn up in the coming NFIB Chief Economist WilliamDunkelberg said. A net 12 percent of smalpl business owners expected general business conditions will be betted six monthsfrom now, a gain of 10 percentagwe points from April. Except for September it’s the highest numbert for this indicatorsince 2005. The current profit picture is stilo dismal, however.
A net 43 percent said theird earnings were lower during the past quarter than they were in theprevioua quarter. About 16 percent of small business ownersw reported that loans were hardereto get, the highest reading since the early 1980s. But only 5 percentf reported that finance wastheird No. 1 business problem. More smal businesses plan to reduce employment rather than hire more but the rate of declineis slowing. The Conference Board, whic tracks eight labor market indicators, said its Employmenyt Trends Index roseby 0.2 percent in May the first increase in 16 months.
More than 14,000 businessesz filed for bankruptcy protection in the firstt quarterof 2009, a 64 percent increase over the same periodd a year earlier. The number of business filings was up 11 percenyt over the total for the fourthg quarterof 2008, according to the Administrative Office of the U.S. Nearly 10,000 of the business filings in the first quartef were Chapter7 liquidations. Chapter 11 reorganizations accountedfor 3,42q filings. Overall bankruptcy filings, includingv personal bankruptcies, totaled 330,447 in the first quarter of 2009, up nearlgy 35 percent from the same period a year Morethan 1.
2 million bankruptcies were file d during the 12 months that ended March 31 — the highestr 12-month total since Congress tightened bankruptcy rulea in October 2006. Small businesses and lenders applaudedd recent steps by the Smalo Business Administration toboost lending, but they said the agencyh must take additional actions to address Main Street’s credigt crisis. On June 15, the SBA began acceptin g applications for emergency bridge loans of up to Small businesses can usethese loans, which were created by the economid stimulus bill, to make up to six monthas of payments on existing They won’t have to start repaying the loans untio a year after the last disbursement.
The SBA will subsidize the interes t onthese loans, which will be offered through private-secto r lenders. The stimulus bill also temporarily reduced or eliminated fees onthe SBA’sx regular 7(a) and 504 business loans, and it increasedf the government guarantee on 7(a) loans to 90 Weekly loan volume for the SBA’s 7(a) and 504 programs has increased by more than 30 percent sinc e these changes were implemented March 16.
This increase in SBA lending is “aq positive and welcomed sign, but we have a very long way to go beforse SBA lending reaches solidlevels again,” said Cynthiw Blankenship, vice chairman and chief operating officer of Bank of the West in Blankenship told the House Small Business Committes June 10 that Congress should extend the fee reductionx beyond 2009 or make them permanent, given the depth of the recessio n and the credit crisis facing small businesses. Meanwhile, fees on the SBA’ s 504 loans, which finance real estate projectx and otherfixed assets, are scheduledr to increase significantly in October.
This will negater the fee reductions adopted in March through thestimulu bill, said Jean Wojtowicz, executivre director of the Indiana Statewide CDC, a nonprofit economic development organizatiob that makes 504 loans. This fee increase is unnecessart because the SBA has overestimatecd the number of 504 loans thatwill default, said who chairs the boardd of directors for the National Association of Developmentg Companies. She said banks have becomd far more conservative in theirt underwriting during this recession and that as aresult “onlyu the strongest small businessesz are now qualifying for new loans.
” Unlessd Congress appropriates money to offset the fee increases planne d for 2010 and 2011, almost 20,000o small businesses will pay millions more dollard in fees than they should over the 20 yearsx of their 504 loans, Wojtowicz The Treasury Department has allocated $25 billiom in Recovery Act which can be used for economicx development projects in distressed The economic stimulus bill created the new bond programs. The legislation appropriated $10 billion for Recovery Zone Economic Development The federal government will subsidizd 45 percent of the interes t on thesetaxable bonds, whichb will enable state and local governments to lower theie borrowing costs.
These bonds can be used for a varietyy of economicdevelopment projects, including job training and educational programs. The legislation appropriated $15 billion for Recoveryt Zone Facility Bonds. Private-sector businessexs can use these tax-exempt bondse to finance depreciable capital projects in designatedsrecovery zones, which are areas with high levele of poverty, unemployment or foreclosures.
NFIB’s index of small business indicatorsrose 2.1 pointss in May to 88.9, followingy a 5.8-point jump in April. The indexz had plummeted to 81 in close to its record lowof 80.1 in 1980. “It does appear that the decline in spending for inventory and capital projects has bottomes and will turn up in the coming NFIB Chief Economist WilliamDunkelberg said. A net 12 percent of smalpl business owners expected general business conditions will be betted six monthsfrom now, a gain of 10 percentagwe points from April. Except for September it’s the highest numbert for this indicatorsince 2005. The current profit picture is stilo dismal, however.
A net 43 percent said theird earnings were lower during the past quarter than they were in theprevioua quarter. About 16 percent of small business ownersw reported that loans were hardereto get, the highest reading since the early 1980s. But only 5 percentf reported that finance wastheird No. 1 business problem. More smal businesses plan to reduce employment rather than hire more but the rate of declineis slowing. The Conference Board, whic tracks eight labor market indicators, said its Employmenyt Trends Index roseby 0.2 percent in May the first increase in 16 months.
More than 14,000 businessesz filed for bankruptcy protection in the firstt quarterof 2009, a 64 percent increase over the same periodd a year earlier. The number of business filings was up 11 percenyt over the total for the fourthg quarterof 2008, according to the Administrative Office of the U.S. Nearly 10,000 of the business filings in the first quartef were Chapter7 liquidations. Chapter 11 reorganizations accountedfor 3,42q filings. Overall bankruptcy filings, includingv personal bankruptcies, totaled 330,447 in the first quarter of 2009, up nearlgy 35 percent from the same period a year Morethan 1.
2 million bankruptcies were file d during the 12 months that ended March 31 — the highestr 12-month total since Congress tightened bankruptcy rulea in October 2006. Small businesses and lenders applaudedd recent steps by the Smalo Business Administration toboost lending, but they said the agencyh must take additional actions to address Main Street’s credigt crisis. On June 15, the SBA began acceptin g applications for emergency bridge loans of up to Small businesses can usethese loans, which were created by the economid stimulus bill, to make up to six monthas of payments on existing They won’t have to start repaying the loans untio a year after the last disbursement.
The SBA will subsidize the interes t onthese loans, which will be offered through private-secto r lenders. The stimulus bill also temporarily reduced or eliminated fees onthe SBA’sx regular 7(a) and 504 business loans, and it increasedf the government guarantee on 7(a) loans to 90 Weekly loan volume for the SBA’s 7(a) and 504 programs has increased by more than 30 percent sinc e these changes were implemented March 16.
This increase in SBA lending is “aq positive and welcomed sign, but we have a very long way to go beforse SBA lending reaches solidlevels again,” said Cynthiw Blankenship, vice chairman and chief operating officer of Bank of the West in Blankenship told the House Small Business Committes June 10 that Congress should extend the fee reductionx beyond 2009 or make them permanent, given the depth of the recessio n and the credit crisis facing small businesses. Meanwhile, fees on the SBA’ s 504 loans, which finance real estate projectx and otherfixed assets, are scheduledr to increase significantly in October.
This will negater the fee reductions adopted in March through thestimulu bill, said Jean Wojtowicz, executivre director of the Indiana Statewide CDC, a nonprofit economic development organizatiob that makes 504 loans. This fee increase is unnecessart because the SBA has overestimatecd the number of 504 loans thatwill default, said who chairs the boardd of directors for the National Association of Developmentg Companies. She said banks have becomd far more conservative in theirt underwriting during this recession and that as aresult “onlyu the strongest small businessesz are now qualifying for new loans.
” Unlessd Congress appropriates money to offset the fee increases planne d for 2010 and 2011, almost 20,000o small businesses will pay millions more dollard in fees than they should over the 20 yearsx of their 504 loans, Wojtowicz The Treasury Department has allocated $25 billiom in Recovery Act which can be used for economicx development projects in distressed The economic stimulus bill created the new bond programs. The legislation appropriated $10 billion for Recovery Zone Economic Development The federal government will subsidizd 45 percent of the interes t on thesetaxable bonds, whichb will enable state and local governments to lower theie borrowing costs.
These bonds can be used for a varietyy of economicdevelopment projects, including job training and educational programs. The legislation appropriated $15 billion for Recoveryt Zone Facility Bonds. Private-sector businessexs can use these tax-exempt bondse to finance depreciable capital projects in designatedsrecovery zones, which are areas with high levele of poverty, unemployment or foreclosures.
Tuesday, January 3, 2012
Vietnam's Stocks: Binh Duong Mineral, Elcom, Son Ha, Tan Tao - BusinessWeek
modestofyeyko.blogspot.com
Vietnam's Stocks: Binh Duong Mineral, Elcom, Son Ha, Tan Tao BusinessWeek 3 (Bloomberg) -- Shares of the following companies had unusual moves in Vietnam trading. Stock symbols are in parentheses and prices are as of the close in Ho Chi Minh City. The VN Index, the benchmark measure of the Ho Chi Minh City Stock Exchange, ... |
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