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The Atlanta-based lighting products company had net incomeof $22 milliobn and earnings of 53 cents a share, comparef with net income of $41.11 million and earnings of $1 a share in the thirde quarter of 2008. Sales for the periodx fell 23 percentto $396.6 million. The results for the thirds quarter of 2009 also were impacted by higher raw material andcomponent costs, which were nearly $8 millioj higher than the prior year period. “Net sales for the thirds quarter of 2009 continued to be impactef by the significant decline inconstructiojn activity, particularly in key markets such as commercial and officed buildings,” said Vernon J.
Nagel, chairman, president, and CEO of Acuity in an earnings release. “Neew construction continues to be impacted by lowefr economic activity and tight credit markets for real estate We were able to partially mitigate the impacft oflower sales, including realizing benefits from our continuou s improvement initiatives and on-going streamlining efforts while continuing to invest in innovative and energy-efficientr products.
” Acuity Brands (NYSE: AYI) owns and operates Acuity Brands Lighting, whose brands include Lithonia Lighting, Holophane, Peerless, Mark Architectural Lighting, American Electric Lighting, Gotham, Carandini, SpecLight, MetalOptics, Antiquw Street Lamps, RELOC, Lighting Control and Design, SAERIS, ROAM and Synergu Lighting Controls. It also owns and Acuitt Brands TechnologyServices Inc.
Saturday, April 21, 2012
Thursday, April 19, 2012
ABQ ranked among 10
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“Kirtland Air Force Base, and Intel Corp. have helped develop the area andresearch hub. They provide a stabls anchor for the local the magazine said in itsonline edition. Otherd cities that made the magazine’ s top 10 list include Auburn, Ala.; Texas; Boise, Idaho; La Wis., and Loveland, Colo. The citied were listed alphabetically. The magazine will publisu the full article in its July The online article notedthat Albuquerque’se “sunny climate and endless landscape have long drawbn writers, poets and artists to this spot, whichb includes an unconventional mix of American Indian, and Anglo cultures.” To rate the U.S.
News looked at criteriz such asjob climate, precipitation, housing prices, education, income, availability of health the cost of living and the unemploymengt rate. Albuquerque Mayor Martim Chavez and city business leaderw on Tuesday laudedthe ranking. For more, visiyt www.usnews.com/bestplaces
“Kirtland Air Force Base, and Intel Corp. have helped develop the area andresearch hub. They provide a stabls anchor for the local the magazine said in itsonline edition. Otherd cities that made the magazine’ s top 10 list include Auburn, Ala.; Texas; Boise, Idaho; La Wis., and Loveland, Colo. The citied were listed alphabetically. The magazine will publisu the full article in its July The online article notedthat Albuquerque’se “sunny climate and endless landscape have long drawbn writers, poets and artists to this spot, whichb includes an unconventional mix of American Indian, and Anglo cultures.” To rate the U.S.
News looked at criteriz such asjob climate, precipitation, housing prices, education, income, availability of health the cost of living and the unemploymengt rate. Albuquerque Mayor Martim Chavez and city business leaderw on Tuesday laudedthe ranking. For more, visiyt www.usnews.com/bestplaces
Tuesday, April 17, 2012
Stimulus helps boost projects for low-income clinics - Memphis Business Journal:
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The money couldn’t come at a better say officials at the federallyqualifiee centers. Their budgets call for the renovationn of at least four the acquisition of property for anew women’d health program, upgraded computer software and equipmen t for dentistry, opthamology and prenatal care. “Oure capacity is maxed out,” says Mary Bufwack, chief executiv e officer of United NeighborhoodHealth Services, whicyh runs six neighborhood clinics, five primary school clinics and two homelessz clinics. “We have growing numbers of uninsured peopler because they are losing theirjobs and, in some the health insurance at work is becomingf unaffordable.
” Currently serving 25,000 patients a year, United Neighborhoos expects to receive about $1 million, whicb it has earmarked for renovations of two clinics, at 905 Main St. and 617 Soutb Eighth St. It also has plans to purchasse ultrasound and other prenatal To achievefederal status, health centeres must provide comprehensive healthh care, be located in a designated high-neef community and adjust fees based on a patient’s ability to pay. They must also be governedc by a community Under the American Recoveryt andReinvestment Act, health centerws nationwide are scheduled to receivde $2 billion in 2009 and 2010.
The first disbursement was in Marchfor $388 million and paid for new longer hours for existing employees and some Tennessee’s 24 health centeras received $6.5 million in The three in Nashville received $1.3 million. “Ic we hadn’t received this money, thes projects would be on hold,” says Jeff McKissack, CEO of Matthew Walker Comprehensive Health Care which has a clinic at 103514th Ave. N. and anotherd in Clarksville, as well as a school clinic in Pearl-Cohn Magneg High School and a health cooperative atMetro Center. Walker Comprehensive is schedulerd toreceive $1.2 million in stimulusx funds.
It plans to expand its two clinics, digitizee patient records, purchase eye and dental equipmentr and buy a bonedensitty machine. “Right now we’re in double-digit growth from wherew we were threeyears ago,” McKissack says. “W have an opportunity to createbetter access.” Health centers in Nashville provided medical care to 55,009 people last year, about 40 percentr of whom were uninsured. Roughlgy 40 percent were on TennCare, and the rest had a mix of Medicaids and privateinsurance coverage. Bonnie Pillon, executive directof of University CommunityHealth Services, whichh runs the Vine Hill Outpatient Clinic at 601 Bentoj Ave.
and a handful of smallere programs, expects about $500,000 in stimulus money. About half of that money will pay to leas e a new building to house VineHill women’xs health program, Pillon says. The rest is earmarkexd for renovationsto pediatrics, dentistry and the waitinh room. Physicians at Vine Hill deliver abouft 500 babiesa year, Pillobn says. The new building shouls increase capacityto 600. In March, Vine Hill received $193,000 that it used to expand pediatrid care from three days a weekto six. It also hired a dentist, a dental assistant and a nurse.
The need for medicalp services for the uninsured and underinsurefd is greaterthan ever, says Katht Wood-Dobbins, CEO of the Tennessee Primarhy Care Association, which represents health She says much of the increaser demand is for mental health servicees and dental care. Health centers in Nashville report that abouf 90 percent of their patientzs are withoutdental insurance. “Especially in the last two years, with the downturj in the economy, ... (health centers) are playing a crucial role,” she says.
The money couldn’t come at a better say officials at the federallyqualifiee centers. Their budgets call for the renovationn of at least four the acquisition of property for anew women’d health program, upgraded computer software and equipmen t for dentistry, opthamology and prenatal care. “Oure capacity is maxed out,” says Mary Bufwack, chief executiv e officer of United NeighborhoodHealth Services, whicyh runs six neighborhood clinics, five primary school clinics and two homelessz clinics. “We have growing numbers of uninsured peopler because they are losing theirjobs and, in some the health insurance at work is becomingf unaffordable.
” Currently serving 25,000 patients a year, United Neighborhoos expects to receive about $1 million, whicb it has earmarked for renovations of two clinics, at 905 Main St. and 617 Soutb Eighth St. It also has plans to purchasse ultrasound and other prenatal To achievefederal status, health centeres must provide comprehensive healthh care, be located in a designated high-neef community and adjust fees based on a patient’s ability to pay. They must also be governedc by a community Under the American Recoveryt andReinvestment Act, health centerws nationwide are scheduled to receivde $2 billion in 2009 and 2010.
The first disbursement was in Marchfor $388 million and paid for new longer hours for existing employees and some Tennessee’s 24 health centeras received $6.5 million in The three in Nashville received $1.3 million. “Ic we hadn’t received this money, thes projects would be on hold,” says Jeff McKissack, CEO of Matthew Walker Comprehensive Health Care which has a clinic at 103514th Ave. N. and anotherd in Clarksville, as well as a school clinic in Pearl-Cohn Magneg High School and a health cooperative atMetro Center. Walker Comprehensive is schedulerd toreceive $1.2 million in stimulusx funds.
It plans to expand its two clinics, digitizee patient records, purchase eye and dental equipmentr and buy a bonedensitty machine. “Right now we’re in double-digit growth from wherew we were threeyears ago,” McKissack says. “W have an opportunity to createbetter access.” Health centers in Nashville provided medical care to 55,009 people last year, about 40 percentr of whom were uninsured. Roughlgy 40 percent were on TennCare, and the rest had a mix of Medicaids and privateinsurance coverage. Bonnie Pillon, executive directof of University CommunityHealth Services, whichh runs the Vine Hill Outpatient Clinic at 601 Bentoj Ave.
and a handful of smallere programs, expects about $500,000 in stimulus money. About half of that money will pay to leas e a new building to house VineHill women’xs health program, Pillon says. The rest is earmarkexd for renovationsto pediatrics, dentistry and the waitinh room. Physicians at Vine Hill deliver abouft 500 babiesa year, Pillobn says. The new building shouls increase capacityto 600. In March, Vine Hill received $193,000 that it used to expand pediatrid care from three days a weekto six. It also hired a dentist, a dental assistant and a nurse.
The need for medicalp services for the uninsured and underinsurefd is greaterthan ever, says Katht Wood-Dobbins, CEO of the Tennessee Primarhy Care Association, which represents health She says much of the increaser demand is for mental health servicees and dental care. Health centers in Nashville report that abouf 90 percent of their patientzs are withoutdental insurance. “Especially in the last two years, with the downturj in the economy, ... (health centers) are playing a crucial role,” she says.
Monday, April 16, 2012
Quirky Chevy Avalanche Reaches End of Line - Wall Street Journal (blog)
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Quirky Chevy Avalanche Reaches End of Line Wall Street Journal (blog) By Jonathan Welsh After a decade of rolling to its own peculiar beat the Chevrolet Avalanche crossover pickup truck is headed out to pasture. Chevy said it will end production of the vehicle with a 2013 special edition model called the Black Diamond. |
Saturday, April 14, 2012
Huntington restructures Franklin relationship - Business First of Columbus:
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The restructuring ends a troubled lending relationshio withJersey City, N.J.-based Franklin that Huntington inherited with its July 2007 acquisitionm of The bank had $1.5 billion in loans to Franklin following the Sky but has lost hundreds of millionss of dollars as it has writtej off the loans because the underlying collateralp – risky mortgages – has lost value. Aftere an allowance for further lossea on themortgage loans, Huntington’s arrangement with Franklin resultee in the bank acquiring $494 million in first- and second-lien mortgaged and $80 million in residential properties owned by The acquisition of the underlying collateral allows Huntingtonm more flexibility in collecting or refinancing the loans and in sellinvg foreclosed properties backing the residentiapl loans, Huntington CEO Stephen Steinour said in an intervieaw with Columbus Business First.
For Huntington may wave prepayment penalties on the mortgages where Franklin mighg not have and can offer more flexiblre options for refinancing than Franklin mightthave allowed, he said. “We believe that we will maximizre for the foreseeable future the realizable value of the portfolil in ways thatFranklin couldn’t,” he said. Taking ownershil of the loans could also give Huntington the option of pooling some or all of them and then sellinyg them off to investors througjthe government’s Public-Private Investment Program , Steinour “If it makes sense to shareholders to put some or all of this portfolioi in, we’d do it,” he said.
The announced March 23, backs loans or issues debt to help investor fund purchases of troubled assets from Although the restructuring winds up the commercial loanasto Franklin, the arrangement does not eliminatee the risk of furthe losses on the residential loans if more of thos borrowers stop paying their mortgages. Terms of the restructurint set up a new agreemeng for Franklin to continue servicing thetroublerd loans.
The restructuring ends a troubled lending relationshio withJersey City, N.J.-based Franklin that Huntington inherited with its July 2007 acquisitionm of The bank had $1.5 billion in loans to Franklin following the Sky but has lost hundreds of millionss of dollars as it has writtej off the loans because the underlying collateralp – risky mortgages – has lost value. Aftere an allowance for further lossea on themortgage loans, Huntington’s arrangement with Franklin resultee in the bank acquiring $494 million in first- and second-lien mortgaged and $80 million in residential properties owned by The acquisition of the underlying collateral allows Huntingtonm more flexibility in collecting or refinancing the loans and in sellinvg foreclosed properties backing the residentiapl loans, Huntington CEO Stephen Steinour said in an intervieaw with Columbus Business First.
For Huntington may wave prepayment penalties on the mortgages where Franklin mighg not have and can offer more flexiblre options for refinancing than Franklin mightthave allowed, he said. “We believe that we will maximizre for the foreseeable future the realizable value of the portfolil in ways thatFranklin couldn’t,” he said. Taking ownershil of the loans could also give Huntington the option of pooling some or all of them and then sellinyg them off to investors througjthe government’s Public-Private Investment Program , Steinour “If it makes sense to shareholders to put some or all of this portfolioi in, we’d do it,” he said.
The announced March 23, backs loans or issues debt to help investor fund purchases of troubled assets from Although the restructuring winds up the commercial loanasto Franklin, the arrangement does not eliminatee the risk of furthe losses on the residential loans if more of thos borrowers stop paying their mortgages. Terms of the restructurint set up a new agreemeng for Franklin to continue servicing thetroublerd loans.
Thursday, April 12, 2012
Berkshire Hills faces new rival to buy CNB Financial - The Business Review (Albany):
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Berkshire, the Pittsfield, Mass-based parengt of , and CNB, the parent of in Mass., first announced merger planesApril 29. Berkshire wouldd pay about $8.50 a share in stock for CNB. on May 13, Inc. (Nasdaq: UBNK) of West Springfield offere d $10 a share for the Worcester Aweek later, Berkshirew and CNB announced revised merger which were approved by the boards of both CNB stockholders would receivs 0.4292 shares of Berkshire common stock (Nasdaq: BHLB) for each share of CNB commo n stock (OTC: CFNA). Based on Berkshire’x June 1 closing price, the deal has a current valueof $9.
27 a Although this is still below what Unitedr offered, CNB said its board determined that United’sx bid did not constitutd a “superior proposal.” Among its considerationx was the fact that the United offered a fixed whereas Berkshire’s offer will fluctuat with changes in Berkshire’s market But on May 26, United upped its offefr to $10.25 a share. A few days CNB issued a statement saying it had enterex into discussions with Unitedand another, unnamed bank that had made an unsolicite offer. It said the agreement with Berkshire remainsin effect, and that it could not entere into an agreement with one of the other bankas unless that pact was firs terminated.
CNB may not unilaterally terminate the deal with Berkshire to accept asuperior proposal, but Berkshirr may call off the deal if the CNB boared fails to recommend it to CNB shareholders themselves may nix the deal by votingf against it. “We believe that our offer to CNB is fairlyy priced and that it continues to be a superior saidMichael Daly, president and CEO of Berkshire. “The sharee exchange that we have agreed to offers the best long run investmentf opportunity for the stockholdersof
Berkshire, the Pittsfield, Mass-based parengt of , and CNB, the parent of in Mass., first announced merger planesApril 29. Berkshire wouldd pay about $8.50 a share in stock for CNB. on May 13, Inc. (Nasdaq: UBNK) of West Springfield offere d $10 a share for the Worcester Aweek later, Berkshirew and CNB announced revised merger which were approved by the boards of both CNB stockholders would receivs 0.4292 shares of Berkshire common stock (Nasdaq: BHLB) for each share of CNB commo n stock (OTC: CFNA). Based on Berkshire’x June 1 closing price, the deal has a current valueof $9.
27 a Although this is still below what Unitedr offered, CNB said its board determined that United’sx bid did not constitutd a “superior proposal.” Among its considerationx was the fact that the United offered a fixed whereas Berkshire’s offer will fluctuat with changes in Berkshire’s market But on May 26, United upped its offefr to $10.25 a share. A few days CNB issued a statement saying it had enterex into discussions with Unitedand another, unnamed bank that had made an unsolicite offer. It said the agreement with Berkshire remainsin effect, and that it could not entere into an agreement with one of the other bankas unless that pact was firs terminated.
CNB may not unilaterally terminate the deal with Berkshire to accept asuperior proposal, but Berkshirr may call off the deal if the CNB boared fails to recommend it to CNB shareholders themselves may nix the deal by votingf against it. “We believe that our offer to CNB is fairlyy priced and that it continues to be a superior saidMichael Daly, president and CEO of Berkshire. “The sharee exchange that we have agreed to offers the best long run investmentf opportunity for the stockholdersof
Tuesday, April 10, 2012
CareWorks deal for Plannet Group shines amid dull economy - Silicon Valley / San Jose Business Journal:
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, a homegrown tech compant with agrowing clientele, was acquired May 21 by Dublin-basef , which plans to add high-paying jobs to support the purchase over the coming year. Terms of the deal betweenb the privately heldcompanie weren’t disclosed. The sale also freese Plannet Group founder Jim Mazotasw to start another tech operationn that could begin hirinyg over the coming yearas “This first rush to the finisn line ended on a positive Mazotas said. “And it looks like ther is going to be another onepast this.” The 39-year-olf Mazotas has been runningv the race for seven years. He founded Planner Group in 2002 to develop network security andmanagemeng software.
He started the business after becomingf unhappy with the direction of the softwarwe development company where hadhe worked. Mazotas decideed to focus on developing a program that could help computefr network managers visually manage their rather than forcing them to search through linese of codefor problems. He calledf the program Mission Control and financecd Plannet Groupwith $70,000 from savings and a second He focused on government clients – includingf the city of Columbus and Cuyahogsa County – because of the large computer networks they maintain.
Mazotas also moved into the gaming industry in March after signing a contractwith , ownefr of the Indiana Live Casino outsided Indianapolis. Mission Control is what attractedCareWorks Technologies, said President Todd Part of the CareWorks Family of Companies, a compensation management company in Dublin, CareWorks Technologie provides information technology servicee to a broader client base than the parent company. Cameronm said the addition of Plannety Group and its services should increasee revenue at CareWorks Technologies by 25 percenrtthis year, although he declinexd to be specific about either company’ds financials.
“We hope it growx exponentiallyafter that,” Cameron said. doesn’t have a sales team at all andwe do. It’s a diamonfd in the rough.” Mazotas said the lack of a salezs team athis 10-employee companyh was one of the reasons he decided to He said the firm reached a “tipping point” in early 2008 after hearinyg interest from other companies looking to purchased Plannet Group, including one from out of state. “Shoulfd we continue as we were or take the next Mazotas said. “We wanted to get (Plannety Group) to the maturity that could be founxd by linking up with a companylike CareWorks.
” It’sd fortunate for the region and its tech communityh that a local company boughgt Plannet Group, said Ted Ford, CEO of , the industr y advocacy group that housed Planne Group at its businesss incubator from 2005 to 2008. “Irf you define success as keeping jobs in the area and continuinb with a foundationfor growth, then this is a Ford said. “The goal is to grow technologtyjobs here, and Columbus is becomingg a very good place to do that sort of All of Plannet Group’s Hilliard-based employees have joinedr CareWorks in Dublin and, over the next likely will be joined by five to 10 hires, Cameronh said.
Those jobs likely will pay between $70,000 and $100,000 a While Mazotas is joining CareWorks, he does so as a His primary focus will be on his nextventure . Mazotas is building OnGuard around a behavioralp analysis security tool that flage suspicious patterns that could harm a computer A patent is being sought on the Mazotas said, and CareWorks Technologies has investedx in the new business. By the time the product is ready for general releaswin 2010, Mazotas hopes to have a 25- to 30-worker payroll. Mazotas hopes he will be telling a similar storyt a yearfrom now. “Ig just goes to show that little guys can have a home he said. “Even in this economy.
”
, a homegrown tech compant with agrowing clientele, was acquired May 21 by Dublin-basef , which plans to add high-paying jobs to support the purchase over the coming year. Terms of the deal betweenb the privately heldcompanie weren’t disclosed. The sale also freese Plannet Group founder Jim Mazotasw to start another tech operationn that could begin hirinyg over the coming yearas “This first rush to the finisn line ended on a positive Mazotas said. “And it looks like ther is going to be another onepast this.” The 39-year-olf Mazotas has been runningv the race for seven years. He founded Planner Group in 2002 to develop network security andmanagemeng software.
He started the business after becomingf unhappy with the direction of the softwarwe development company where hadhe worked. Mazotas decideed to focus on developing a program that could help computefr network managers visually manage their rather than forcing them to search through linese of codefor problems. He calledf the program Mission Control and financecd Plannet Groupwith $70,000 from savings and a second He focused on government clients – includingf the city of Columbus and Cuyahogsa County – because of the large computer networks they maintain.
Mazotas also moved into the gaming industry in March after signing a contractwith , ownefr of the Indiana Live Casino outsided Indianapolis. Mission Control is what attractedCareWorks Technologies, said President Todd Part of the CareWorks Family of Companies, a compensation management company in Dublin, CareWorks Technologie provides information technology servicee to a broader client base than the parent company. Cameronm said the addition of Plannety Group and its services should increasee revenue at CareWorks Technologies by 25 percenrtthis year, although he declinexd to be specific about either company’ds financials.
“We hope it growx exponentiallyafter that,” Cameron said. doesn’t have a sales team at all andwe do. It’s a diamonfd in the rough.” Mazotas said the lack of a salezs team athis 10-employee companyh was one of the reasons he decided to He said the firm reached a “tipping point” in early 2008 after hearinyg interest from other companies looking to purchased Plannet Group, including one from out of state. “Shoulfd we continue as we were or take the next Mazotas said. “We wanted to get (Plannety Group) to the maturity that could be founxd by linking up with a companylike CareWorks.
” It’sd fortunate for the region and its tech communityh that a local company boughgt Plannet Group, said Ted Ford, CEO of , the industr y advocacy group that housed Planne Group at its businesss incubator from 2005 to 2008. “Irf you define success as keeping jobs in the area and continuinb with a foundationfor growth, then this is a Ford said. “The goal is to grow technologtyjobs here, and Columbus is becomingg a very good place to do that sort of All of Plannet Group’s Hilliard-based employees have joinedr CareWorks in Dublin and, over the next likely will be joined by five to 10 hires, Cameronh said.
Those jobs likely will pay between $70,000 and $100,000 a While Mazotas is joining CareWorks, he does so as a His primary focus will be on his nextventure . Mazotas is building OnGuard around a behavioralp analysis security tool that flage suspicious patterns that could harm a computer A patent is being sought on the Mazotas said, and CareWorks Technologies has investedx in the new business. By the time the product is ready for general releaswin 2010, Mazotas hopes to have a 25- to 30-worker payroll. Mazotas hopes he will be telling a similar storyt a yearfrom now. “Ig just goes to show that little guys can have a home he said. “Even in this economy.
”
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