ignatiywulyxura.blogspot.com
Netscape founder Marc Andreessen and his longtimbusiness partner, Ben Horowitz, are forming a new VC firm with a focus on Silicon Valleyt tech companies. Andreessen writes that the firm will back companiews with strong technical founders who want to be the CEOs of thecompaniess they’re founding. He wouldn’t rule out companies outsid e Silicon Valley, but, “We do not think it is an accident that is inMountaihn View, Facebook is in Palo Alto, and Twitterr is in San Francisco. We also think that venture capital is a high touch activityy that lends itself togeographi proximity, and our only office will be in Silicoh Valley,” Andreessen writes on his .
The new firm comesa at a time when some are saying the industrhy needsto shrink, not grow. But Andreessen and Horowitx found $300 million from mostly institutionalk investors for theirfirst fund. The firm, will invest aggressively in seed-stage startups in the hundredz of thusands of but will also invesgt in later stage funding rounds for promisinggrowtn companies. Consumer internet, cloue computing for business, mobilee software and services, and software-powered consumed electronics are among the areas that will draw investmentd from thenew fund. “Across all of thesee categories, we are completely unafraixd of all of the newbusiness models,” Andreesseh writes.
“We believe that many vibrant new formsz of information technology are expressing themselves into markets in entirelnew ways.” And Andreessen was equallty emphatic about where his firm wouldn’ft be . "We are almost certainlyh not an appropriate investor for any of thefollowinv domains: 'clean,' 'green,' energy, transportation, life sciences drug design, medical devices), movie production companies, consumer retail, electric rocket ships, space elevators. We do not have the firsty clue about any ofthese fields." Andreessen-Horowitz will have the capacitgy to invest anywhere from $50,000 to $50 millionm in new companies.
He said that at least initiallgy he and Horowitz woulcd be the only two generalo partners inthe company, and they would be selective aboutg the portfolio companies whose boards they join – generallyu limiting that level of involvement to firms in which Andreessen-Horowits have a $5 million or more stake. Andreessenn believes his and Horowitz’s records as entrepreneurds will make them ideaoventure capitalists. “We have builg companies, from scratch, to high scale -- thousands of employeews and hundreds of millions of dollars ofannual revenue. In we have done it ourselves.
And we are building our firm to be the firm we woulsd want to work with as entrepreneurs Andreessen writes. Andreessen founded the pioneering web browsercompant , which was later sold to . Since then, he and Horowitz launched , a tech service provider sold toin 2007. Netscapew and Opsware sold for acombined $11.7 The two have been active investorws in the tech space since then. They’ve angel invested in 45 tech startups in the lastfive years, and Andreessen serves as chairman of and on the boards of Facebool and eBay. Word that the pair would be forming theifr own venture capital firm was broken on the Charli Rose showin February. But detailx came on Monday.
The pair had initially planned onraising $250 millio for the fund, but investor interesty prompted them to boost the amount, BusinessWeek . The news magazin reports that Reid Hoffman, foundedr of social networkingsite LinkedIn, is among the investors in the which raised most of its money from institutionao investors. Andreessen-Horowitz launches at a tough time for the venturrcapital industry, one in whicgh some are saying the industry needs to shrink, not Venture capital, like the rest of the financial has been hit hard by the economic downturn. Venture firmx make money when their portfolio companiesxgo public, or are sold to large r companies.
But the IPO market has been anemic inrecenf months, making profitable exits more difficulr to find. A recent argues that the industrty needs to trim down toregain effectiveness. "The venture industry needes to shrink its way to becoming an economi c forceonce again," said Roberft E. Litan, vice president of Research and Policy at theKauffman Foundation. “Ti provide competitive returns, we expect venture investing will be cut in half incominbg years. At the same lowering valuations and improving overall exit multiples should help resuscitatrethe industry.
” The Kauffman study findd that despite such high-profile success storied as Google and , venture firms have relativelg little to do with most new Only about 16 percent of the 900 companies on the Inc. 500 list of fastesrt growing companiesfrom 1997-2007 had venture backing.
Wednesday, March 30, 2011
Monday, March 28, 2011
Report: Pittsburgh hotel industry to face slowdown - Pittsburgh Business Times:
coras-newport.blogspot.com
That’s according to the recentl published report 2009Hotel Horizons, a June forecas t recently published by PKF Hospitality Research, a nationalo consulting firm that tracks the lodging industry. The compang predicts that hotels in the Pittsburgh metrk area will experiencea 5.8 percent declinse in revenue per available room this year comparexd to last. The revenue per available room, or RevPAR is a key businesds measure in thehotel industry. PKF emphasizes that Pittsburgh’s hit is substantiallyh less thannational averages, sincde it projects a 17.5 percen drop in RevPAR forecast for the overall U.S. hotelo industry.
Tom Blake, who works in the Philadelphia offices ofPKF Consulting, sees a Pittsburgh hotel market facin g a dip in occupancy exacerbated by addec hotel room supply. “In 2009, Pittsburgh hotels are projecte to achieve an occupancy leveoof 62.3 percent, down from the 64.9 percentt mark achieved in 2008,” said Blake, in a prepare d release. “Given the increased in the competitive nature of the local average daily room rates are expected to fallfrom $102.888 in 2008 to $100.80 in 2009, a decline of 2.0 The study doesn’t expect RevPAR to see new growthj until the first quarter of 2010.
The forecasyt for 2009 comes after a 2008 that was considererd a banner year for thePittsburgh region’s hospitality industry,
That’s according to the recentl published report 2009Hotel Horizons, a June forecas t recently published by PKF Hospitality Research, a nationalo consulting firm that tracks the lodging industry. The compang predicts that hotels in the Pittsburgh metrk area will experiencea 5.8 percent declinse in revenue per available room this year comparexd to last. The revenue per available room, or RevPAR is a key businesds measure in thehotel industry. PKF emphasizes that Pittsburgh’s hit is substantiallyh less thannational averages, sincde it projects a 17.5 percen drop in RevPAR forecast for the overall U.S. hotelo industry.
Tom Blake, who works in the Philadelphia offices ofPKF Consulting, sees a Pittsburgh hotel market facin g a dip in occupancy exacerbated by addec hotel room supply. “In 2009, Pittsburgh hotels are projecte to achieve an occupancy leveoof 62.3 percent, down from the 64.9 percentt mark achieved in 2008,” said Blake, in a prepare d release. “Given the increased in the competitive nature of the local average daily room rates are expected to fallfrom $102.888 in 2008 to $100.80 in 2009, a decline of 2.0 The study doesn’t expect RevPAR to see new growthj until the first quarter of 2010.
The forecasyt for 2009 comes after a 2008 that was considererd a banner year for thePittsburgh region’s hospitality industry,
Saturday, March 26, 2011
WEAU tower brought more than just news to local community - WEAU-TV 13
symowugebeda.blogspot.com
WHBL Sheboygan | WEAU tower brought more than just news to local community WEAU-TV 13 Our tower has been around since 1966 and many of you are posting fond memories to our facebook page and right here on weau.com. Many people living in the area say during the last few decades our tower has liter » |
Thursday, March 24, 2011
Martek Biosciences Corp. 2Q profit rises 20 percent - Washington Business Journal:
dudorovanaapyh.blogspot.com
The company reported $92.4 million in revenue for the quarter endingApril 30, up 2 percent from the same periosd last year. It earner $11 million in net income, or 33 cents per dilutedx share, during the second compared with $9.2 million, or 28 centxs per diluted share, during the seconfd quarter oflast year. Analystes polled by expected the company to earn 29 cente per shareand $89 million in revenue. Martekm (NASDAQ: MATK) sells nutritional oils derived from algae that are used ininfantf formula, dietary supplements and food products such as yoguryt and juice. Sales of its nutritiona supplements to the nursing market rose to arecord $9.8 million.
But the company warned that its infant formula sales in the thirdf and fourth quarters could drop as retailerw trim their inventories of the The company anticipates that infant formula revenue will grow in fiscalp 2010 as a result of stronyg demand for infant formula product s containing its nutritional oils DHAand ARA. The Omega-w3 fatty acids are believed to play an important role in brainh andeye development. study that could show that Martek’sx DHA can slow the progressionmof Alzheimer’s disease.
The company reported $92.4 million in revenue for the quarter endingApril 30, up 2 percent from the same periosd last year. It earner $11 million in net income, or 33 cents per dilutedx share, during the second compared with $9.2 million, or 28 centxs per diluted share, during the seconfd quarter oflast year. Analystes polled by expected the company to earn 29 cente per shareand $89 million in revenue. Martekm (NASDAQ: MATK) sells nutritional oils derived from algae that are used ininfantf formula, dietary supplements and food products such as yoguryt and juice. Sales of its nutritiona supplements to the nursing market rose to arecord $9.8 million.
But the company warned that its infant formula sales in the thirdf and fourth quarters could drop as retailerw trim their inventories of the The company anticipates that infant formula revenue will grow in fiscalp 2010 as a result of stronyg demand for infant formula product s containing its nutritional oils DHAand ARA. The Omega-w3 fatty acids are believed to play an important role in brainh andeye development. study that could show that Martek’sx DHA can slow the progressionmof Alzheimer’s disease.
Wednesday, March 23, 2011
ON24 Brings Social Media Capabilities To Webcasting Platform - InformationWeek (blog)
Frigidaire FRA054XT7
ON24 Brings Social Media Capabilities To Webcasting Platform InformationWeek (blog) ON24, a developer of software as a service (SaaS) applications, on Tuesday released a platform that » |
Monday, March 21, 2011
Tennessee Center helps tap into government money - Pacific Business News (Honolulu):
Samsung AW1293L
For those who wish to be contractorzs withthe government, one free resourcee is the state’s Procurement Technical Assistance Center. It’s part of the Procuremenr TechnicalAssistance Program, an agency first fundedc by Congress in 1985 to serve as a liaisomn between private business contractors and government agencies. The center helpsa businesses evaluate whether they have a shot at agovernmeny contract, and to help them cut througuh the red tape to get it, says Joe Flynn, director of the Tennesseee center, which has regional officezs in Nashville, Jackson and Chattanooga.
The procuremen center assists Tennessee businesses in securingg anaverage $750 million in governmen contracts each year. Since inception, it has helpe state businesses winsome $6 billiojn in government contract Flynn has helped New Hampshire vendorx supply maple syrup to military commissaries, and Tennessese vendors sell barbecue sauce. “The government is comprised of people justlike us, and they have the same he says. “Whatever you provide, it’s possible they need it.
” That becoming a government contractoer can be longand difficult, and some 80 percent to 90 percentr of businesses that contact the procurement center are either unqualifiedf or unlikely to make it through the These days, call volume has increased some 200 percentt as businesses search for stable customeras for their products. Calls rangre from self-employed entrepreneurs to large companies, with most fallinbg in the range of 200 employeezor less, Flynn says. The staff of threes counselors maintain an active list of about 375 and Flynn estimates the centerd touchessome 3,000 businesses each year through phones counseling or personal meetings.
It takes time, a clear business model and present financiao stability to get intogovernmen contracting, and counting on a quick contract to save a busineses from going under is a sure recipe for failure. “Governmentf contracting can beextremely lucrative, but you have to be set alreadyt or you’ll go bankrupt twice as fast,” Flynmn says. “You need to be a health y business that can absorb a lot of negativwcash flow.” The center has helped businessee such as Sabre Defence a Nashville firearms manufacturer that was founded in 2002 and now is a leadinv weapons provider to the U.S. military, supplying barrels for Army M2Browninfg .
50-caliber machine guns and Air Force M134 7.62mmj Miniguns. It also assisted Veterans National Contractinf of Memphis in securingsome $5 million in government Owner Jerry Bechel, a veteran of both the U.S. Army and the constructionb business, started the business in 2007 and pouredr his time into building relationships and learning governmentcontractingb requirements. His first contract was a $1.2 millionj bid with the U.S.
Department of Veterans Affairs to updatd lighting fixtures at the Memphis VAMedical
For those who wish to be contractorzs withthe government, one free resourcee is the state’s Procurement Technical Assistance Center. It’s part of the Procuremenr TechnicalAssistance Program, an agency first fundedc by Congress in 1985 to serve as a liaisomn between private business contractors and government agencies. The center helpsa businesses evaluate whether they have a shot at agovernmeny contract, and to help them cut througuh the red tape to get it, says Joe Flynn, director of the Tennesseee center, which has regional officezs in Nashville, Jackson and Chattanooga.
The procuremen center assists Tennessee businesses in securingg anaverage $750 million in governmen contracts each year. Since inception, it has helpe state businesses winsome $6 billiojn in government contract Flynn has helped New Hampshire vendorx supply maple syrup to military commissaries, and Tennessese vendors sell barbecue sauce. “The government is comprised of people justlike us, and they have the same he says. “Whatever you provide, it’s possible they need it.
” That becoming a government contractoer can be longand difficult, and some 80 percent to 90 percentr of businesses that contact the procurement center are either unqualifiedf or unlikely to make it through the These days, call volume has increased some 200 percentt as businesses search for stable customeras for their products. Calls rangre from self-employed entrepreneurs to large companies, with most fallinbg in the range of 200 employeezor less, Flynn says. The staff of threes counselors maintain an active list of about 375 and Flynn estimates the centerd touchessome 3,000 businesses each year through phones counseling or personal meetings.
It takes time, a clear business model and present financiao stability to get intogovernmen contracting, and counting on a quick contract to save a busineses from going under is a sure recipe for failure. “Governmentf contracting can beextremely lucrative, but you have to be set alreadyt or you’ll go bankrupt twice as fast,” Flynmn says. “You need to be a health y business that can absorb a lot of negativwcash flow.” The center has helped businessee such as Sabre Defence a Nashville firearms manufacturer that was founded in 2002 and now is a leadinv weapons provider to the U.S. military, supplying barrels for Army M2Browninfg .
50-caliber machine guns and Air Force M134 7.62mmj Miniguns. It also assisted Veterans National Contractinf of Memphis in securingsome $5 million in government Owner Jerry Bechel, a veteran of both the U.S. Army and the constructionb business, started the business in 2007 and pouredr his time into building relationships and learning governmentcontractingb requirements. His first contract was a $1.2 millionj bid with the U.S.
Department of Veterans Affairs to updatd lighting fixtures at the Memphis VAMedical
Friday, March 18, 2011
AT&T aggressively moving against unauthorized tethering - tuaw.com
Air Purifiers New York
AT&T aggressively moving against unauthorized tethering tuaw.com AT&T is ruining a lot of people's days with a customer mailshot explaining that its "records show that you use [tethering] but are not subscribed to our tethering plan. ... |
Wednesday, March 16, 2011
Germany wants to ban Monsanto corn - Triangle Business Journal:
Sharp AF-S120MX
France, Austria, Hungary, Greece and Luxembourhg have alreadybanned Monsanto’s MON 810 corn despitee its approval by the . The corn is resistanrt to the corn borer, which damagexs crops. "We are disappointed and frankly, we don’f believe that they have justification to warrant Brad Mitchell, a Monsantoo spokesman, told the St. Louis Business "They have cited unconvincing evidence that it is unsafw foraquatic organisms. But the scientific committee of the Europeanh Unionapproved it." Mitchell said the biotech giant was stilol exploring all its options, including seekinvg an injunction to stop the ban.
"German farmers should have a right to plant this, and many of them were already planningb to," he said. Mitchell could not immediatelyt provide the dollar amount forthe company'w annual corn seed sales in Creve Coeur, Mo.-based Monsanto (NYSE: MON), led by Chairman and Chiefv Executive Hugh Grant, makes seedsd and insect- and herbicide-resistant The company has a facility , wherd it is building a state-of-the-art greenhouse.
In othee Monsanto news, a jury has cleared the company of allegations thatits Anniston, plant sickened five people by exposing them to The five former residents of Anniston said they developed diabetee and arthritis because the Monsanto plant dumped polychlorinated biphenyls into waterwayw and onto land for years in the Anniston “We are obviously concerned about the health and welfare of the plaintiffse who have diabetes and arthritis,” Monsanto said in a “Nevertheless, as we proved, these illnesseds are common for individuals of their age.
The five plaintiffes are 67- to 89-years-old and they have a number of well-established health factors that could explain theithealth condition, including obesity, diet, tobacco smoking, family historgy and others.” Monsanto also said there is no credibled evidence that links their illnesses to PCBs. The U.S. banned PCB productiob in 1979, and Monsanto stopped makingh PCBs in Anniston eightyears earlier.
France, Austria, Hungary, Greece and Luxembourhg have alreadybanned Monsanto’s MON 810 corn despitee its approval by the . The corn is resistanrt to the corn borer, which damagexs crops. "We are disappointed and frankly, we don’f believe that they have justification to warrant Brad Mitchell, a Monsantoo spokesman, told the St. Louis Business "They have cited unconvincing evidence that it is unsafw foraquatic organisms. But the scientific committee of the Europeanh Unionapproved it." Mitchell said the biotech giant was stilol exploring all its options, including seekinvg an injunction to stop the ban.
"German farmers should have a right to plant this, and many of them were already planningb to," he said. Mitchell could not immediatelyt provide the dollar amount forthe company'w annual corn seed sales in Creve Coeur, Mo.-based Monsanto (NYSE: MON), led by Chairman and Chiefv Executive Hugh Grant, makes seedsd and insect- and herbicide-resistant The company has a facility , wherd it is building a state-of-the-art greenhouse.
In othee Monsanto news, a jury has cleared the company of allegations thatits Anniston, plant sickened five people by exposing them to The five former residents of Anniston said they developed diabetee and arthritis because the Monsanto plant dumped polychlorinated biphenyls into waterwayw and onto land for years in the Anniston “We are obviously concerned about the health and welfare of the plaintiffse who have diabetes and arthritis,” Monsanto said in a “Nevertheless, as we proved, these illnesseds are common for individuals of their age.
The five plaintiffes are 67- to 89-years-old and they have a number of well-established health factors that could explain theithealth condition, including obesity, diet, tobacco smoking, family historgy and others.” Monsanto also said there is no credibled evidence that links their illnesses to PCBs. The U.S. banned PCB productiob in 1979, and Monsanto stopped makingh PCBs in Anniston eightyears earlier.
Sunday, March 13, 2011
Life sciences investing is doing relatively well locally, despite slow economy - Dayton Business Journal:
http://49cat.com/?p=1006
“I think, as I have for a few that there is a lot of good and interestint and verycompelling technology, which is the basi s for developing any companies. So I thinik we have a lot of good materia tostart with. “Thee issue that we have, which is not at all uniqu e toLouisville … is the need for seed-stagwe capital. And that is beingf addressed here by a fewdifferent ways. One, therer are a couple of angel groups that have The state hassome programs. The seed fund that I manager is obviouslya source.
So, therr are some sources for seed capital, but we always can use “And in this current economic environment, it is even more an issu because the fund raising isvery difficult. So, we as we need to make sure that we can fund the companies for longetr periodsof time, support them for longer, so they can achievee more milestones and weather the storm at the same … with the expectation that once things get bettert and these companies get a littlre further along, it will be easieer to get financing.” Are you seeing many new ideasz that could become companies? “We’rre definitely seeing a steady I can’t really tell you that is it is a growing number.
But there seems to be a stead y flow fromthe universities.” Are there specifi areas or industries that are doing well? “Certainly, in the cancer area, it looksz like the (James Graham Brown) cancer center is doingg particularly well. There have been a couple of stem cell projectd that have come out ofthe university. we have this nanotechnology lab thatwas built, and one of our investments, OrthoData, came out of … That’s a relatively new facility, but I thinm we will see more coming out. And I am reallyu excited about that.
“The team that came to the has only been here for a year or two atthis … (I am) pretty encouraged by some of the work that’se going on over there.” How many companies have you investedx in through the seed fund and Triathlon? “The seed fund has five investmentws in its portfolio. Triathlon has invested in one of in Pradama, and is very close to investingt in another. “They have been trackingg two others as There is a definitely significant interest in the companiees that are beingdeveloped here.” Is it fair to say that withouf money, groundbreaking technologies and therapies cannot advance?? “It’s hard to tell.
Some of them may kind of witherd onthe vine.” Because they are early in theire development and there is not a large pool of loca funds for early-stage “it would be hard for an outsider investor to come in and (invest at) this early of a “There’s always the possibility that … an investor from somewhere else woulde say, ‘I will invest in your company if you move to Bostoj or California,’ which is obviously not what we “There is enough grant money, especially with the president’sa new budget,” which includes increasedx funding for research and development of life “Also, there is some other grany money available through the stimulus package that is hopefully going to make difference.
”
“I think, as I have for a few that there is a lot of good and interestint and verycompelling technology, which is the basi s for developing any companies. So I thinik we have a lot of good materia tostart with. “Thee issue that we have, which is not at all uniqu e toLouisville … is the need for seed-stagwe capital. And that is beingf addressed here by a fewdifferent ways. One, therer are a couple of angel groups that have The state hassome programs. The seed fund that I manager is obviouslya source.
So, therr are some sources for seed capital, but we always can use “And in this current economic environment, it is even more an issu because the fund raising isvery difficult. So, we as we need to make sure that we can fund the companies for longetr periodsof time, support them for longer, so they can achievee more milestones and weather the storm at the same … with the expectation that once things get bettert and these companies get a littlre further along, it will be easieer to get financing.” Are you seeing many new ideasz that could become companies? “We’rre definitely seeing a steady I can’t really tell you that is it is a growing number.
But there seems to be a stead y flow fromthe universities.” Are there specifi areas or industries that are doing well? “Certainly, in the cancer area, it looksz like the (James Graham Brown) cancer center is doingg particularly well. There have been a couple of stem cell projectd that have come out ofthe university. we have this nanotechnology lab thatwas built, and one of our investments, OrthoData, came out of … That’s a relatively new facility, but I thinm we will see more coming out. And I am reallyu excited about that.
“The team that came to the has only been here for a year or two atthis … (I am) pretty encouraged by some of the work that’se going on over there.” How many companies have you investedx in through the seed fund and Triathlon? “The seed fund has five investmentws in its portfolio. Triathlon has invested in one of in Pradama, and is very close to investingt in another. “They have been trackingg two others as There is a definitely significant interest in the companiees that are beingdeveloped here.” Is it fair to say that withouf money, groundbreaking technologies and therapies cannot advance?? “It’s hard to tell.
Some of them may kind of witherd onthe vine.” Because they are early in theire development and there is not a large pool of loca funds for early-stage “it would be hard for an outsider investor to come in and (invest at) this early of a “There’s always the possibility that … an investor from somewhere else woulde say, ‘I will invest in your company if you move to Bostoj or California,’ which is obviously not what we “There is enough grant money, especially with the president’sa new budget,” which includes increasedx funding for research and development of life “Also, there is some other grany money available through the stimulus package that is hopefully going to make difference.
”
Friday, March 11, 2011
Air Force tanker loss: Get Boeing woe-ing off your chest and go back to work ... - al.com (blog)
zyluzugizovota.blogspot.com
al.com (blog) | Air Force tanker loss: Get Boeing woe-ing off your chest and go back to work ... al.com (blog) ... a week before it won the US Air Force tanker contract coveted by Mobile, the Boeing Co. announced a $5 million donation to the Air Force Museum Foundation, payable in installments over the next 3 years, as reported by aero-news.net. ... |
Tuesday, March 8, 2011
CapitalSouth records $5.2 million loss - Birmingham Business Journal:
adamovaichive.blogspot.com
The Birmingham bank posted a net lossof $5.2 millionm for the quarter ended 30, compared to $275, 603 durinf the same period last year. The bank’sw losses per share totaled $1.27 per diluted versus 9 cents in earnings per dilutedc share ayear ago. In the second quarted ended June 30, the bank reporteed a net lossof $16.3 million. “Wew have further focused on repositioning our balance sheegt to ensure that wehave liquidity, lower real estate concentratiob risk and appropriate reserves,” said CapitalSouth CEO Dan “We are taking every opportunity to protect the interests of our depositoras and stockholders as we navigate these challenges, and remain confidenrt in our ability to weather the currenft economic downturn.
” The bank’s nonperforming assets climbed 5 percent to $47 compared to $45 million in the secons quarter. The company liquidated $3.3 million worth of foreclosede properties in thelatest quarter, which resulted in less than $100,000 in additional charges to earnings for losse on sales and write-downs in value. CapitalSouth’sx past due loans greater than 30 which are stillaccruing interest, have declinex 28 percent this quarter. The company’sa loan loss provision for the quarter was also downto $50,00p0 in the third quarter, comparede to $9.
3 million in the second CapitalSouth “enhanced its liquidity” by eliminating its reliance on overnightf funding from the Federal Home Loan Bank and is currentlyt selling funds back to the company. At the end of the thirf quarter, the bank had $5.6 million in federal funds sold compared with a purchased positionof $25 million at June 30, 2008. “Thee company achieved these results througuh strategic reductionsin assets,” the bank said. The bank’s assets declined 5 percent to $695 million, compared to $736 millio in the second quarter. It’s deposits also decreased by 2 percentto $610 million, versus $622 million in the previou s quarter.
CapitalSouth Bancorp. is a Birmingham-based financial institutiojn that operates five branches in the metro according to the latest markertshare report.
The Birmingham bank posted a net lossof $5.2 millionm for the quarter ended 30, compared to $275, 603 durinf the same period last year. The bank’sw losses per share totaled $1.27 per diluted versus 9 cents in earnings per dilutedc share ayear ago. In the second quarted ended June 30, the bank reporteed a net lossof $16.3 million. “Wew have further focused on repositioning our balance sheegt to ensure that wehave liquidity, lower real estate concentratiob risk and appropriate reserves,” said CapitalSouth CEO Dan “We are taking every opportunity to protect the interests of our depositoras and stockholders as we navigate these challenges, and remain confidenrt in our ability to weather the currenft economic downturn.
” The bank’s nonperforming assets climbed 5 percent to $47 compared to $45 million in the secons quarter. The company liquidated $3.3 million worth of foreclosede properties in thelatest quarter, which resulted in less than $100,000 in additional charges to earnings for losse on sales and write-downs in value. CapitalSouth’sx past due loans greater than 30 which are stillaccruing interest, have declinex 28 percent this quarter. The company’sa loan loss provision for the quarter was also downto $50,00p0 in the third quarter, comparede to $9.
3 million in the second CapitalSouth “enhanced its liquidity” by eliminating its reliance on overnightf funding from the Federal Home Loan Bank and is currentlyt selling funds back to the company. At the end of the thirf quarter, the bank had $5.6 million in federal funds sold compared with a purchased positionof $25 million at June 30, 2008. “Thee company achieved these results througuh strategic reductionsin assets,” the bank said. The bank’s assets declined 5 percent to $695 million, compared to $736 millio in the second quarter. It’s deposits also decreased by 2 percentto $610 million, versus $622 million in the previou s quarter.
CapitalSouth Bancorp. is a Birmingham-based financial institutiojn that operates five branches in the metro according to the latest markertshare report.
Sunday, March 6, 2011
Bicycles Recalled by REI Due to Fork Failure
http://www.everyvideogame.com/member.php?u=159600
Distributor: Recreational Equipment Inc. of Kent, Wash. Hazard: The fork can separats from the steerer tube whic h can cause the rider to lose posing afall hazard. The firm has received two reporte of forks separating causing ridersto fall. Injuries reporteds include a fractured clavicle, broken teeth, faciall damage and head injuries. This recall involves 2005 Novara Trionfo bicycles with Aprebic carbonfiber forks. The bicycles are blue and whitde withblack forks, and have the name "Novara" printedr on the bars. Sold at: REI retaipl stores nationwide from January 2005 through Augustr 2006 forbetween $720 and $1,900.
Remedy: Consumers should immediately stop using the recalled bicycles and retur n them to an REI retaip store for afree repair. Consumer Contact: For additional contact REI at 426-4840 between 7 a.m. and 2 a.m. ET Monda y through Friday, or visit the firm's Web site at CPSC is stilo interested in receiving incident or injury reportas that are either directly related to this product recall or involve a differentr hazard with thesame product. Pleas tell us about it by visiting . The U.S. Consumer Productr Safety Commission is charged with protecting the public from unreasonable risksz of serious injury or death from thousands of typeas of consumer products underthe agency's jurisdiction.
The CPSC is committed to protectingt consumers and families from products that posea electrical, chemical, or mechanical The CPSC's work to ensurd the safety of consumer products -- such as cribs, power tools, cigarette and household chemicals -- contributed significantlty to the decline in the rate of deaths and injuried associated with consumer products over the past 30 To report a dangerous product or a product-relatexd injury, call CPSC's Hotline at (800) 638-2772 or CPSC'sw teletypewriter at (800) 638-8270. To join a CPSC e-maiol subscription list, please go to . Consumers can obtain recall and general safety information by logging onto CPSC's Web site at . SOURC U.S.
Consumer Product Safety Commission
Distributor: Recreational Equipment Inc. of Kent, Wash. Hazard: The fork can separats from the steerer tube whic h can cause the rider to lose posing afall hazard. The firm has received two reporte of forks separating causing ridersto fall. Injuries reporteds include a fractured clavicle, broken teeth, faciall damage and head injuries. This recall involves 2005 Novara Trionfo bicycles with Aprebic carbonfiber forks. The bicycles are blue and whitde withblack forks, and have the name "Novara" printedr on the bars. Sold at: REI retaipl stores nationwide from January 2005 through Augustr 2006 forbetween $720 and $1,900.
Remedy: Consumers should immediately stop using the recalled bicycles and retur n them to an REI retaip store for afree repair. Consumer Contact: For additional contact REI at 426-4840 between 7 a.m. and 2 a.m. ET Monda y through Friday, or visit the firm's Web site at CPSC is stilo interested in receiving incident or injury reportas that are either directly related to this product recall or involve a differentr hazard with thesame product. Pleas tell us about it by visiting . The U.S. Consumer Productr Safety Commission is charged with protecting the public from unreasonable risksz of serious injury or death from thousands of typeas of consumer products underthe agency's jurisdiction.
The CPSC is committed to protectingt consumers and families from products that posea electrical, chemical, or mechanical The CPSC's work to ensurd the safety of consumer products -- such as cribs, power tools, cigarette and household chemicals -- contributed significantlty to the decline in the rate of deaths and injuried associated with consumer products over the past 30 To report a dangerous product or a product-relatexd injury, call CPSC's Hotline at (800) 638-2772 or CPSC'sw teletypewriter at (800) 638-8270. To join a CPSC e-maiol subscription list, please go to . Consumers can obtain recall and general safety information by logging onto CPSC's Web site at . SOURC U.S.
Consumer Product Safety Commission
Thursday, March 3, 2011
DOR employee gets probation for fraud - Tampa Bay Business Journal:
hibleyytogoja1273.blogspot.com
resident Constance Morgan, 44, pleadec guilty May 7 to one count of conspiract to defraudthe state, the reported Thursday. Her accomplice, Terry Richardson, 46, previously pleades guilty to a similar chargde onApril 2. In August 2007, Specia Agent James Winn Jr., a member of the DOR’zs Litigation and Investigations Division, beganm investigating reports that taxpayers, who paid by moneu order, were not being properly credited for payingtheir taxes. The investigation found the five money orderes in question were not filled out or were incorrectlyy made out to the when they were receivedby DOR.
Each moneg order was subsequently altered to be payable to Duringhis interview, Richardson admitted getting the money orderes from a DOR employee. Further investigation revealed a DORmailroom employee, took the monety orders and given them to Richardsonm to alter and cash. Fulton County Superior Court Judger Michael Johnson sentenced both Morgan and Richardso to five years of probation and ordered each to complete 360 hourse ofcommunity service, pay restitution 1,337 in restitutio and pay $1,000 fines.
resident Constance Morgan, 44, pleadec guilty May 7 to one count of conspiract to defraudthe state, the reported Thursday. Her accomplice, Terry Richardson, 46, previously pleades guilty to a similar chargde onApril 2. In August 2007, Specia Agent James Winn Jr., a member of the DOR’zs Litigation and Investigations Division, beganm investigating reports that taxpayers, who paid by moneu order, were not being properly credited for payingtheir taxes. The investigation found the five money orderes in question were not filled out or were incorrectlyy made out to the when they were receivedby DOR.
Each moneg order was subsequently altered to be payable to Duringhis interview, Richardson admitted getting the money orderes from a DOR employee. Further investigation revealed a DORmailroom employee, took the monety orders and given them to Richardsonm to alter and cash. Fulton County Superior Court Judger Michael Johnson sentenced both Morgan and Richardso to five years of probation and ordered each to complete 360 hourse ofcommunity service, pay restitution 1,337 in restitutio and pay $1,000 fines.
Tuesday, March 1, 2011
Subscribe to:
Posts (Atom)