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Tuesday, May 31, 2011
Les musiques métisses au coeur de la nuit - maville.com
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Saturday, May 28, 2011
Real estate roundup - Puget Sound Business Journal (Seattle):
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The bank leased 4,850 squaree feet at 1001 N.W. 14th Ave. from Lovejoy Corner LLC. Jeff Olson of Commercial Realty Advisors NW representedcthe bank; Thom Brockmiller of Gray & Associates represented the KeyBank will remodel the existing buildin g and plans to open its new branchn this fall. The bank has 70 branches in Oregon andSouthwest Washington. • Venne Company LLC, a public accounting leased 3,565 square feet at 6915 S.W. Macadam Portland, from RF Macadam LLC. John Van Zonnevelxd of MacadamForbes Inc. represented the Greg Gonzalez of DougBean & Associatexs represented the property.
Maclaren & Whearty LLP, an estats planning and tax firm, renewe d its lease for 2,633 square feet at Fairway 9115 S.W. Oleson Road, Portland. Matt Adamss of Grubb & Ellis Co. represented Maclareh & Whearty; Shawn Adamws and Charlie Digregorio of CB Richard Elli s representedthe lessor, Fairway Center Office Associates LLC. • Carlson & Swanlund LLC leased 2,495 square feet at Fairwahy Center, 9115 S.W. Olseon Road, Portland. Jeff Borlau of NAI Norris Beggs & Simpsonh represented the tenant; Shawn Adams and Charlie Digregoriop of CB Richard Ellis represented Fairway Centerr OfficeAssociates LLC. • Dealed Services Corp.
, which provides services to the autodealet industry, signed an expansion lease for 1,822 squarse feet at Airport Plaza 5933 N.E. Win Sivers Drive, Portland. Dealer Services represented itself; Rich Sabelo of CB Richard Ellis representedlandlord D.W. Sivers • Dr. Greg Baker of Manuao Medicine and RehabCenter P.C. leased 1,702 square feet at Sunnysid e Marketplace, 12304 S.E. Sunnysidew Road, Clackamas. Matt Sichel of Elliott Associatese Inc. represented the property. Advantage Management Softwareleasee 1,337 square feet at 8600 S.W. Salisg Lane, Wilsonville, from Davids A. and Sue Ellen L.
Jake Lancaster of Grubb Ellis representedthe tenant; Casey Pileggi, Kevin VandenBrinj and Joe Kappler of Macadam Forbes representes the property. • Lineaz Recta International Inc., a branding firm, leased 13,00 0 square feet at 6040 N. Cutter Circle. Pete Stalick of GVA Kidder Mathewsrepresented Linea; Todd Collins of Macadakm Forbes Inc. represented the lessor, Rosan Inc. • Jim Bean Brandsw Co. renewed its lease for 3,68r square feet at Minthorn Businessx Center, 4099 S.E. International Way, Milwaukie. Preston Greene of CB Richard Ellis representesJim Bean; the landlord represented itself.
• Reliant Dry Ice Pacific LLC leased 3,639 square feet at Commerce Park Clackamas, 16065 S.E. 98th Clackamas, from CP Clackamaxs LLC. Steven Klein and Peter Stalick of GVA Kiddee Mathews brokeredthe transaction. • Columbia Scooters leased 2,450 square feet at Cornelius PassPlaza LLC, 7530 N.E. Shaleenh St., Hillsboro. Dean Wier of Norris Stevens Inc. represented Columbia • Pet Pros leased 2,125 square feet at Sunnysidd Marketplace, 12040 S.E. Sunnyside Road, Clackamas, from Sunnysidr Marketplace LLC. Doug Magnusen of HSM Pacifix Realty representedPet Pros; Matt Siche of Elliott Associates Inc. represented the property.
• Freddie’s Deli and Pub leaseds 1,500 square feet at Bakee Street Square, 1250 N.E. Baker St., from Baker Square Investors LLC. Todd Amacher of Elliotg Associates Inc. represented Freddie’s; Tien Pham of Argonaut Investmentas representedthe property. Cha! Cha! Cha! Mexican Taqueria leased 1,350 square feet at 3808 N. Williamzs Ave., Portland, from 3030 Williams LLC. Todd Amachefr of Elliott Associates Inc. representeds the restaurant; Jon Kellogy of Commercial Realty Advisors representedthe property. • Charlexs Padot purchased Typres Gardens, a 20-unit apartmeng complex at 2400Hawort Ave.
, Newberg, from the estate of Carol Hilterbrand, for $850,0009 or $42,500 per unit. Brian Tracyy of Norris & Stevens Inc. represented the buyer; Tom Demonbru represented the seller.
The bank leased 4,850 squaree feet at 1001 N.W. 14th Ave. from Lovejoy Corner LLC. Jeff Olson of Commercial Realty Advisors NW representedcthe bank; Thom Brockmiller of Gray & Associates represented the KeyBank will remodel the existing buildin g and plans to open its new branchn this fall. The bank has 70 branches in Oregon andSouthwest Washington. • Venne Company LLC, a public accounting leased 3,565 square feet at 6915 S.W. Macadam Portland, from RF Macadam LLC. John Van Zonnevelxd of MacadamForbes Inc. represented the Greg Gonzalez of DougBean & Associatexs represented the property.
Maclaren & Whearty LLP, an estats planning and tax firm, renewe d its lease for 2,633 square feet at Fairway 9115 S.W. Oleson Road, Portland. Matt Adamss of Grubb & Ellis Co. represented Maclareh & Whearty; Shawn Adamws and Charlie Digregorio of CB Richard Elli s representedthe lessor, Fairway Center Office Associates LLC. • Carlson & Swanlund LLC leased 2,495 square feet at Fairwahy Center, 9115 S.W. Olseon Road, Portland. Jeff Borlau of NAI Norris Beggs & Simpsonh represented the tenant; Shawn Adams and Charlie Digregoriop of CB Richard Ellis represented Fairway Centerr OfficeAssociates LLC. • Dealed Services Corp.
, which provides services to the autodealet industry, signed an expansion lease for 1,822 squarse feet at Airport Plaza 5933 N.E. Win Sivers Drive, Portland. Dealer Services represented itself; Rich Sabelo of CB Richard Ellis representedlandlord D.W. Sivers • Dr. Greg Baker of Manuao Medicine and RehabCenter P.C. leased 1,702 square feet at Sunnysid e Marketplace, 12304 S.E. Sunnysidew Road, Clackamas. Matt Sichel of Elliott Associatese Inc. represented the property. Advantage Management Softwareleasee 1,337 square feet at 8600 S.W. Salisg Lane, Wilsonville, from Davids A. and Sue Ellen L.
Jake Lancaster of Grubb Ellis representedthe tenant; Casey Pileggi, Kevin VandenBrinj and Joe Kappler of Macadam Forbes representes the property. • Lineaz Recta International Inc., a branding firm, leased 13,00 0 square feet at 6040 N. Cutter Circle. Pete Stalick of GVA Kidder Mathewsrepresented Linea; Todd Collins of Macadakm Forbes Inc. represented the lessor, Rosan Inc. • Jim Bean Brandsw Co. renewed its lease for 3,68r square feet at Minthorn Businessx Center, 4099 S.E. International Way, Milwaukie. Preston Greene of CB Richard Ellis representesJim Bean; the landlord represented itself.
• Reliant Dry Ice Pacific LLC leased 3,639 square feet at Commerce Park Clackamas, 16065 S.E. 98th Clackamas, from CP Clackamaxs LLC. Steven Klein and Peter Stalick of GVA Kiddee Mathews brokeredthe transaction. • Columbia Scooters leased 2,450 square feet at Cornelius PassPlaza LLC, 7530 N.E. Shaleenh St., Hillsboro. Dean Wier of Norris Stevens Inc. represented Columbia • Pet Pros leased 2,125 square feet at Sunnysidd Marketplace, 12040 S.E. Sunnyside Road, Clackamas, from Sunnysidr Marketplace LLC. Doug Magnusen of HSM Pacifix Realty representedPet Pros; Matt Siche of Elliott Associates Inc. represented the property.
• Freddie’s Deli and Pub leaseds 1,500 square feet at Bakee Street Square, 1250 N.E. Baker St., from Baker Square Investors LLC. Todd Amacher of Elliotg Associates Inc. represented Freddie’s; Tien Pham of Argonaut Investmentas representedthe property. Cha! Cha! Cha! Mexican Taqueria leased 1,350 square feet at 3808 N. Williamzs Ave., Portland, from 3030 Williams LLC. Todd Amachefr of Elliott Associates Inc. representeds the restaurant; Jon Kellogy of Commercial Realty Advisors representedthe property. • Charlexs Padot purchased Typres Gardens, a 20-unit apartmeng complex at 2400Hawort Ave.
, Newberg, from the estate of Carol Hilterbrand, for $850,0009 or $42,500 per unit. Brian Tracyy of Norris & Stevens Inc. represented the buyer; Tom Demonbru represented the seller.
Thursday, May 26, 2011
Olean, Bradford hospital partner - Business First of Buffalo:
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The hospital planned to file a certificate-of-need application with the stat e Health Department this week on the creation of a paren t company for thetwo hospitals, to be called Upperr Allegheny Health System. Plans call for the parentr company to keep both hospitals independeng but take advantage of operating efficiencies that can be realizes through jointbuying opportunities, joint ventures and physiciamn and professional recruitment. The move follows a nationwid e trend, says Timothy Finan, president and CEO at Oleanh General, who has been named CEO for thehealth system.
“If you look to the every single hospital in Erie County is part of a so health-care systems are a reality,” Finan “We’re not under any kind of delusionj that we’re going to be able to stay viablde long term as freestanding especially in rural areas.” The move is also expectefd to save the two hospitals millions of dollara in operating efficiencies, plus there are opportunitiews for revenue enhancement with the creation of deepe clinical capabilities, Finan “This is a common reality here: Both hospitals like hospitals everywhere – struggle to generatwe sufficient capital for technology and facility infrastructures,” he “I think we recognize that federal and stat e budgets, deficits and economic realities of rural areae make this a priority.
” The integration under a commonb parent may sound familiar: and Erie Countyg Medical Center are undergoing a similarr process under the new while in Chautauqua County, is aligningy with the under the newly createdx . The name Upper Allegheny Health Systejm was selected based on the proximity of both organizationes to theAllegheny River, Alleghent National Forest and Alleghen y foothills, and was the most commonly used spellingf throughout the region. Together, the new healt system represents a populationof 150,000, includinfg 100,000 in the Oleanb area.
The two hospitals are about 25milesz apart, but there is very littlre overlap between patients since Olean’s residents are coveref by different insurance companies than those in Bradford, Pa. Each of the threew entities – both hospitals and the healthsystem – will be governef by separate 17-member boards including eighg individuals from each hospital and Finan. The 17 peoplee will serve on allthree boards, thoughu meetings will remain separate. The regulatory reviesw in New York is expectedf to take until later this yearto “The goal will be to make the two hospitalsw work as close as one hospital as Finan says.
“Both hospitals are ceding significant responsibilities tothe parent.” Thos powers and responsibilities include appointment of the CEO and boarf members, approval of operating and capital budgets, strategic plana and hospital service approval of any consolidations or joint ventures; and approva of new debt. Each hospital will remain responsible for its own quality assurancee and oversight and medicalstaff credentialing. The possibilityy of a full-asset merger remainsa down the road, as does the possibilitgy of adding other hospitals to the system inthe future.
Finann added, however, that ther are no active conversations to that end atthe “I know there’s a great deal of interest in termse of what we’re doing,” he says. “We’rer the only hospital down here (in Cattaraugus County) and we’re very stronhg programmaticallyand financially, but we want to be sure we remain a viablw hospital system.”
The hospital planned to file a certificate-of-need application with the stat e Health Department this week on the creation of a paren t company for thetwo hospitals, to be called Upperr Allegheny Health System. Plans call for the parentr company to keep both hospitals independeng but take advantage of operating efficiencies that can be realizes through jointbuying opportunities, joint ventures and physiciamn and professional recruitment. The move follows a nationwid e trend, says Timothy Finan, president and CEO at Oleanh General, who has been named CEO for thehealth system.
“If you look to the every single hospital in Erie County is part of a so health-care systems are a reality,” Finan “We’re not under any kind of delusionj that we’re going to be able to stay viablde long term as freestanding especially in rural areas.” The move is also expectefd to save the two hospitals millions of dollara in operating efficiencies, plus there are opportunitiews for revenue enhancement with the creation of deepe clinical capabilities, Finan “This is a common reality here: Both hospitals like hospitals everywhere – struggle to generatwe sufficient capital for technology and facility infrastructures,” he “I think we recognize that federal and stat e budgets, deficits and economic realities of rural areae make this a priority.
” The integration under a commonb parent may sound familiar: and Erie Countyg Medical Center are undergoing a similarr process under the new while in Chautauqua County, is aligningy with the under the newly createdx . The name Upper Allegheny Health Systejm was selected based on the proximity of both organizationes to theAllegheny River, Alleghent National Forest and Alleghen y foothills, and was the most commonly used spellingf throughout the region. Together, the new healt system represents a populationof 150,000, includinfg 100,000 in the Oleanb area.
The two hospitals are about 25milesz apart, but there is very littlre overlap between patients since Olean’s residents are coveref by different insurance companies than those in Bradford, Pa. Each of the threew entities – both hospitals and the healthsystem – will be governef by separate 17-member boards including eighg individuals from each hospital and Finan. The 17 peoplee will serve on allthree boards, thoughu meetings will remain separate. The regulatory reviesw in New York is expectedf to take until later this yearto “The goal will be to make the two hospitalsw work as close as one hospital as Finan says.
“Both hospitals are ceding significant responsibilities tothe parent.” Thos powers and responsibilities include appointment of the CEO and boarf members, approval of operating and capital budgets, strategic plana and hospital service approval of any consolidations or joint ventures; and approva of new debt. Each hospital will remain responsible for its own quality assurancee and oversight and medicalstaff credentialing. The possibilityy of a full-asset merger remainsa down the road, as does the possibilitgy of adding other hospitals to the system inthe future.
Finann added, however, that ther are no active conversations to that end atthe “I know there’s a great deal of interest in termse of what we’re doing,” he says. “We’rer the only hospital down here (in Cattaraugus County) and we’re very stronhg programmaticallyand financially, but we want to be sure we remain a viablw hospital system.”
Tuesday, May 24, 2011
St. John Properties takes over Opus East business park at Aberdeen Proving Ground - Los Angeles Business from bizjournals:
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U.S. Army officials worked feverishly over the past week topull St. John Propertie into the fold, fearful the projec t would come to a halt if Opus East filedc for bankruptcy protection before an arrangementg couldbe struck, company spokesman Gerard J. Wit said in a telephone interview Tuesday. “It was a real week-long effort to get this Wit said. “We’re goinf to get in and try to kick-start this right away.” Aberdeejn is gearing up for a significant influx of militaru jobs underthe Pentagon’s Base Realignment and Closure expected to be completed by September 2011.
About 8,20p0 military jobs will be transferredc tothe base, in addition to as many as 18,00o private contracting jobs from companies that do business with the incoming military agencies. The approved Opus East's selection of St. John Propertiea to take over the Government and Technologt Enterprise business park because of theBaltimores developer’s ability to move forwardr with new construction, Bob program director with the Army Corps, said in a statement. As in takingy over the project, including (NYSE: OFC) and Manekibn LLC.
Opus East was awarderd rights to developthe government-owned land under a lease with the Army in November 2007 and broker ground on its first building in Decembetr of that year. Since then, the company became straddlefd with millions of dollars in construction loan s it has been unableto refinance, and the companty has not started any new construction at the project for more than a The deal was inked June 19 between Opus East, St. John with the backing of the St. John and the Army Corpes of Engineers issued statements Tuesday announcinbgthe deal. Wit said St. John will pay Opus East an undiscloseds amount of money for its development rights at In connection withthe deal, St.
John has hirecd Opus East project manager Matthew Holbrook to oversee the GATE projectt as its director of defense andgovernment “Aberdeen Proving Ground is excited abougt moving the project forward with St. John Tim McNamara, APG deputy garrison said in a “We consider it a positives step to have their experienced management team spearheadingthe build-ouft of this project.” As the to help it consider optionsw including bankruptcy. Its parent company, , has also soughtg bankruptcy protectionfor it’s Opus South subsidiary and for two more subsidiariesa of its Opus West regional Opus Corp.
spokeswoman Winston Hewett said Opus East is still evaluating its optionsx but has not made any decisionasabout bankruptcy. The company was forced to relinquish its rights to the Aberdeen project because it has been unable to finance morethan $50 millionm in construction loans it took out to finance its projects. Most pressingg among those debtsis $35 millionn the developer spent to build a new headquarters for the National Oceanic and Atmospheric Administration in Collegwe Park, for which it has sued the federal governmenty to collect its wagez on that project, Hewett said. St.
John planxs to break ground in the next two monthx on at least three new buildings at the Harforc Countymilitary base, with commitments from defense contractore for up to 300,000 squarw feet of office, research and developmenf space, Wit said. Wit did not disclose the namese of any ofthose tenants. Those buildings would be in additiobn toa 60,000-square-foot building Opus East completeds in December 2008 for defense contractor “We view this development as the most significant commercial real estatwe opportunity in the history of our company,” St. John Presiden t Edward A. St. John said in a statement.
“Thisd is based on the amount of square footage that can eventuallyt be developed as well as the importang work that will be completed by end-users that occupy this space.” St. John Propertie s is the third-largest propert y management firm inGreate Baltimore, with nearly 11 million square feet of commercial space in the region. But takinb over the Aberdeen project represents a shift for the which has sought to tap into the demand for governmengt contracting space upuntil now. Wit said the compang has also sought in the past to buy land for its own rather than to lease property from the governmenf such asat Aberdeen.
Opus East preliminarily receives commitments from firms seeking space atits 413-acre Government and Technology Enterprise business park but did not starg any additional construction. The developer was unwillingv to divide any of its buildingsinto multi-tenanter space, Wit said, preferring instead to construct buildings for a single tenant. That’s createc a pent-up demand for companies seekingfrom 5,000 squares feet to upward of 20,000 square feet, Wit “For all the hoopla that BRAC has brought, there’s reallg only one building that Opus was able to Wit said.
“If you don’t have the placd to park those people, if you don’t have the buildings to put them in, therde was going to be a reallogistical
U.S. Army officials worked feverishly over the past week topull St. John Propertie into the fold, fearful the projec t would come to a halt if Opus East filedc for bankruptcy protection before an arrangementg couldbe struck, company spokesman Gerard J. Wit said in a telephone interview Tuesday. “It was a real week-long effort to get this Wit said. “We’re goinf to get in and try to kick-start this right away.” Aberdeejn is gearing up for a significant influx of militaru jobs underthe Pentagon’s Base Realignment and Closure expected to be completed by September 2011.
About 8,20p0 military jobs will be transferredc tothe base, in addition to as many as 18,00o private contracting jobs from companies that do business with the incoming military agencies. The approved Opus East's selection of St. John Propertiea to take over the Government and Technologt Enterprise business park because of theBaltimores developer’s ability to move forwardr with new construction, Bob program director with the Army Corps, said in a statement. As in takingy over the project, including (NYSE: OFC) and Manekibn LLC.
Opus East was awarderd rights to developthe government-owned land under a lease with the Army in November 2007 and broker ground on its first building in Decembetr of that year. Since then, the company became straddlefd with millions of dollars in construction loan s it has been unableto refinance, and the companty has not started any new construction at the project for more than a The deal was inked June 19 between Opus East, St. John with the backing of the St. John and the Army Corpes of Engineers issued statements Tuesday announcinbgthe deal. Wit said St. John will pay Opus East an undiscloseds amount of money for its development rights at In connection withthe deal, St.
John has hirecd Opus East project manager Matthew Holbrook to oversee the GATE projectt as its director of defense andgovernment “Aberdeen Proving Ground is excited abougt moving the project forward with St. John Tim McNamara, APG deputy garrison said in a “We consider it a positives step to have their experienced management team spearheadingthe build-ouft of this project.” As the to help it consider optionsw including bankruptcy. Its parent company, , has also soughtg bankruptcy protectionfor it’s Opus South subsidiary and for two more subsidiariesa of its Opus West regional Opus Corp.
spokeswoman Winston Hewett said Opus East is still evaluating its optionsx but has not made any decisionasabout bankruptcy. The company was forced to relinquish its rights to the Aberdeen project because it has been unable to finance morethan $50 millionm in construction loans it took out to finance its projects. Most pressingg among those debtsis $35 millionn the developer spent to build a new headquarters for the National Oceanic and Atmospheric Administration in Collegwe Park, for which it has sued the federal governmenty to collect its wagez on that project, Hewett said. St.
John planxs to break ground in the next two monthx on at least three new buildings at the Harforc Countymilitary base, with commitments from defense contractore for up to 300,000 squarw feet of office, research and developmenf space, Wit said. Wit did not disclose the namese of any ofthose tenants. Those buildings would be in additiobn toa 60,000-square-foot building Opus East completeds in December 2008 for defense contractor “We view this development as the most significant commercial real estatwe opportunity in the history of our company,” St. John Presiden t Edward A. St. John said in a statement.
“Thisd is based on the amount of square footage that can eventuallyt be developed as well as the importang work that will be completed by end-users that occupy this space.” St. John Propertie s is the third-largest propert y management firm inGreate Baltimore, with nearly 11 million square feet of commercial space in the region. But takinb over the Aberdeen project represents a shift for the which has sought to tap into the demand for governmengt contracting space upuntil now. Wit said the compang has also sought in the past to buy land for its own rather than to lease property from the governmenf such asat Aberdeen.
Opus East preliminarily receives commitments from firms seeking space atits 413-acre Government and Technology Enterprise business park but did not starg any additional construction. The developer was unwillingv to divide any of its buildingsinto multi-tenanter space, Wit said, preferring instead to construct buildings for a single tenant. That’s createc a pent-up demand for companies seekingfrom 5,000 squares feet to upward of 20,000 square feet, Wit “For all the hoopla that BRAC has brought, there’s reallg only one building that Opus was able to Wit said.
“If you don’t have the placd to park those people, if you don’t have the buildings to put them in, therde was going to be a reallogistical
Sunday, May 22, 2011
34-year-old Stillwater woman arrested after ATV accident - The Saratogian
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34-year-old Stillwater woman arrested after ATV accident The Saratogian Jennifer Fisher, 34, was operating an ATV in an intoxicated state and crashed the vehicle, seriously injuring a passenger on the ATV, police reported. Fisher then obstructed EMT personnel and police who attempted to help the passenger by blocking their ... Woman faces charges after ATV crash Woman charged in ATV crash |
Thursday, May 19, 2011
Wheat, Corn, Soy May Open Higher on US, EU Weather Woes - BusinessWeek
ishinlyuboqemija.blogspot.com
BBC News | Wheat, Corn, Soy May Open Higher on US, EU Weather Woes BusinessWeek -- Wheat futures are c » |
Tuesday, May 17, 2011
'Recipe for disaster': Biker killed after 140-m.p.h. joyride, collision with ... - Detroit Free Press
geqopimozaqyxyh.blogspot.com
'Recipe for disaster': Biker killed after 140-m.p.h. joyride, collision with ... Detroit Free Press “That's just tragic and sad, 20 years old,†said Johnson, who grew up riding motorcycles in her native Waterford, after the presentation at Oakland Community College's Farmington Hills campus today. “You can do all kinds of safety classes. ... |
Sunday, May 15, 2011
Village at North Elm tenants sue Koury Corp. - The Business Journal of the Greater Triad Area:
lamoreuuceses1724.blogspot.com
claiming the developer mishandled that project by failinyg to secure enough strong tenants and has misled them aboutthe center’s viability. Greensboro-based Koury Corp., through its attorney, denie d the allegations. According to a complaint fileed in Guilford County Superior four of the tenant stores and their owners are seekingb to be excused from their leasess and formonetary damages. The shopss that are suing are DolceVita Robust-ah!, Dolce Dimora and Silvet Gallery.
Koury opened Village at North Elm in during a nationwide waveof “lifestyle” developmentd that incorporated upscale shopping and dinin alongside offices and residences in a pedestrian-friendly The center’s plan callzs for 175,000 square feet of retail 48,000 square feet of offices and 190 In their suit, the plaintiffs said they signefd leases there based on representations from Kourt that they were close to signing majo r anchor tenants for the Village and wouled have all the apartments built by the end of 2006.
But the center still lacks a core anchor, aboutg half of the retaipl space remains unoccupied and fewer than half the promisex apartmentsare finished, the suit says. The suit accused Koury of using inexperienced leasing agentsa and unreasonably rejecting potential tenants and says Koury executives gave misleadingb projections to tenants who expressed concernxs as earlyas mid-2007. “Koury failed to act with ordinary skiland prudence” in the development of the shoppiny center, the suit says. The claims in the lawsuit are “completely false,” said Norman Klick of the Greensboro lawfirm , who representds Koury.
Klick said the Village and its tenants are caugh t in a much broader economic slowdown and thosed who are suing are only trying toavoidf responsibility. “When times are tough some people just look toblamed others,” Klick said. “It saddens Kouru that these plaintiffs can’f see beyond their own anxiety to realizs that Koury was ontheir side, becaus ultimately their success is Koury’e success.” Klick added that the plaintiff’s leases includeed an “estoppel” clause which, he said, acknowledges that Koury had fulfiller any promises made. He also said Koury filed suit last Decembert against one of the plaintiffs for abandoninga lease.
Derekj Allen of the Greensboro lawfirm , who is representinb the plaintiffs, said Koury is the one tryingv to shift the blame. But he said the storwe owners are payingthe price. “Part of the problej might be that Koury owns so many properties and has so much wealth and succesx that it knows it can simply ride out the currenyt economic climate for however longit takes,” Alle said. “But the tenants are not in that position.” A trial date has not yet been set.
claiming the developer mishandled that project by failinyg to secure enough strong tenants and has misled them aboutthe center’s viability. Greensboro-based Koury Corp., through its attorney, denie d the allegations. According to a complaint fileed in Guilford County Superior four of the tenant stores and their owners are seekingb to be excused from their leasess and formonetary damages. The shopss that are suing are DolceVita Robust-ah!, Dolce Dimora and Silvet Gallery.
Koury opened Village at North Elm in during a nationwide waveof “lifestyle” developmentd that incorporated upscale shopping and dinin alongside offices and residences in a pedestrian-friendly The center’s plan callzs for 175,000 square feet of retail 48,000 square feet of offices and 190 In their suit, the plaintiffs said they signefd leases there based on representations from Kourt that they were close to signing majo r anchor tenants for the Village and wouled have all the apartments built by the end of 2006.
But the center still lacks a core anchor, aboutg half of the retaipl space remains unoccupied and fewer than half the promisex apartmentsare finished, the suit says. The suit accused Koury of using inexperienced leasing agentsa and unreasonably rejecting potential tenants and says Koury executives gave misleadingb projections to tenants who expressed concernxs as earlyas mid-2007. “Koury failed to act with ordinary skiland prudence” in the development of the shoppiny center, the suit says. The claims in the lawsuit are “completely false,” said Norman Klick of the Greensboro lawfirm , who representds Koury.
Klick said the Village and its tenants are caugh t in a much broader economic slowdown and thosed who are suing are only trying toavoidf responsibility. “When times are tough some people just look toblamed others,” Klick said. “It saddens Kouru that these plaintiffs can’f see beyond their own anxiety to realizs that Koury was ontheir side, becaus ultimately their success is Koury’e success.” Klick added that the plaintiff’s leases includeed an “estoppel” clause which, he said, acknowledges that Koury had fulfiller any promises made. He also said Koury filed suit last Decembert against one of the plaintiffs for abandoninga lease.
Derekj Allen of the Greensboro lawfirm , who is representinb the plaintiffs, said Koury is the one tryingv to shift the blame. But he said the storwe owners are payingthe price. “Part of the problej might be that Koury owns so many properties and has so much wealth and succesx that it knows it can simply ride out the currenyt economic climate for however longit takes,” Alle said. “But the tenants are not in that position.” A trial date has not yet been set.
Thursday, May 12, 2011
Human Capital: People on the move, June 5 - Washington Business Journal:
opexibu.wordpress.com
, a Boston-based technology compan serving students, educators and employers, added Ted Fischer as executives vice presidentof sales, partnerships and strategifc initiatives. Fischer was previouslt a partnerat . Sun Life Financial namezs Deschenes senior VP and GM of its annuities divisionThe U.S. divisioh of , based in named Stephen Deschenes senior vice president and genera manager of itsannuitiees division. Deschenes joins Sun Life from , where he servec as senior vice president and chief marketing officer for the retiremengtincome group.
Furman Gregory LLC adds Deptulas as partner Furman GregoryLLC , a Boston-based corporat e law firm now known as Furman Gregoryu Deptula, added George Deptula as a partner. Deptulz most recently practicedat Riley, Deptula LLP, and continues his practice in trial and appellatde cases, legal services, and mediation and ADR. Williamn A. Berry & Son promotes Corcoran as project designerWilliam A. Berry & Son Inc. , a Danvers-basee construction management firm, promoted Josie Corcorann to project director.
She has servedd as a project manager at the firm for the past nine Nixon Peabody's Milder elected chairmam of ; Braich names to firm's IP team Forrest Milder , a partner in the Boston officwe of Nixon Peabody LLP , was electedr chairman of the American Bar Associatiohn ’s Forum on Affordable Housingt and Community Development for the 2009-201o year. In other firm news, Nixon Peabody addede Ravinderjit “Ravi” Braich to its intellectualp property department in the Bostomn office as apatent specialist.
, a Boston-based technology compan serving students, educators and employers, added Ted Fischer as executives vice presidentof sales, partnerships and strategifc initiatives. Fischer was previouslt a partnerat . Sun Life Financial namezs Deschenes senior VP and GM of its annuities divisionThe U.S. divisioh of , based in named Stephen Deschenes senior vice president and genera manager of itsannuitiees division. Deschenes joins Sun Life from , where he servec as senior vice president and chief marketing officer for the retiremengtincome group.
Furman Gregory LLC adds Deptulas as partner Furman GregoryLLC , a Boston-based corporat e law firm now known as Furman Gregoryu Deptula, added George Deptula as a partner. Deptulz most recently practicedat Riley, Deptula LLP, and continues his practice in trial and appellatde cases, legal services, and mediation and ADR. Williamn A. Berry & Son promotes Corcoran as project designerWilliam A. Berry & Son Inc. , a Danvers-basee construction management firm, promoted Josie Corcorann to project director.
She has servedd as a project manager at the firm for the past nine Nixon Peabody's Milder elected chairmam of ; Braich names to firm's IP team Forrest Milder , a partner in the Boston officwe of Nixon Peabody LLP , was electedr chairman of the American Bar Associatiohn ’s Forum on Affordable Housingt and Community Development for the 2009-201o year. In other firm news, Nixon Peabody addede Ravinderjit “Ravi” Braich to its intellectualp property department in the Bostomn office as apatent specialist.
Tuesday, May 10, 2011
Council OKs tax-hike proposal - Business First of Columbus:
http://cnati.com/cgi-bin/mt/mt-cp.cgi?__mode=view&blog_id=1&id=1148
percent is on its way to the ballort in August after signed off on the request at a Mondayynight meeting. Council approved a resolution to submit the increase for voter approval at a specialelection Aug. 4. City officials have said the 0.5 percentage point boostf in the income tax would bring inabou $97 million a year, withouy which Columbus would be faced with layinvg off police officers, firefighters and other workers who provide vital services to residentsw as officials try to plug a budgey gap of more than $100 millionj next year. The tax increase is part of officials’ three-prong approachy to ensure the cityremains viable.
The other two are economic development efforts to bring and keep jobs in Columbus anda 10-year cost-cutting plan Mayor Michael Coleman outlinefd April 23. An economic advisory committee this year warneds that Columbus will face gaps between revenuee and spending over the next decadeof $80 milliomn to $120 million annually.
percent is on its way to the ballort in August after signed off on the request at a Mondayynight meeting. Council approved a resolution to submit the increase for voter approval at a specialelection Aug. 4. City officials have said the 0.5 percentage point boostf in the income tax would bring inabou $97 million a year, withouy which Columbus would be faced with layinvg off police officers, firefighters and other workers who provide vital services to residentsw as officials try to plug a budgey gap of more than $100 millionj next year. The tax increase is part of officials’ three-prong approachy to ensure the cityremains viable.
The other two are economic development efforts to bring and keep jobs in Columbus anda 10-year cost-cutting plan Mayor Michael Coleman outlinefd April 23. An economic advisory committee this year warneds that Columbus will face gaps between revenuee and spending over the next decadeof $80 milliomn to $120 million annually.
Sunday, May 8, 2011
Huntsman Addresses Questions About Serving Under Democrat Obama - BusinessWeek
ufazywyve.wordpress.com
Huntsman Addresses Questions About Serving Under Democrat Obama BusinessWeek May 8 (Bloomberg) -- Jon Huntsman, the former US ambassador to China who is considering a run for the Republican presidential nomination, addressed questions about his service to Democratic President Barack Obama. ... |
Friday, May 6, 2011
ECGC 2011: NC Is A Developer Hog Pen - Tom's Hardware Guide
viningocouqyl1601.blogspot.com
ECGC 2011: NC Is A Developer Hog Pen Tom's Hardware Guide Later on during the first keynote, Austin brought me up to speed while introducing Nvidia's senior vice president of content and technology Tony Tamasi. "Our conference this year is bigger and better, and I know that's cliché, but our number one ... |
Tuesday, May 3, 2011
Montgomery County growth policy to boost infill development - Washington Business Journal:
http://www.freshherbs.com/about-herbs/garlic-chives/
A draft of the county’ 2009-2011 Growth Policy recommends that all new residential projects be a minimumk of 75 percent of the allowed densityu under thezoning rules, providre a minimum of half of the floor area for residentiakl use, include affordable and work force housing, and meet energy efficiency standards of 17.5 percenf for new construction or 10.5 percent for renovations. The countyt Planning Board will begin consideringg the draftreport Thursday. It will go to the Countyh Council laterthis year. A publidc hearing is planned forJune 22.
The new policy and smart growth push come as the county projectd its population to growby 195,0000 people by 2030 when only 4 percenyt of the county’s land zoned for developmentt remains. “There is no room left for large single- family home tracts, nor is the marketg for such growth the same as it was just twoyearws ago,” the draft says. Single-family detached houses currently accountt for 30 percent ofthe county’s land Planners propose taking advantage of existing surface parking lots and redevelopment arounx Metro stations to accommodate Between now and 2030, they 80 percent of new Montgomery housing units will be multifamil units, which use about 40 percen less energy than single-family detached The plan cites Silver Spring and Bethesdas as areas that have successfullhy fostered smart growth.
The proposed policy, whichu would go into effect in July 2010 if approved by the boar andthe council, wouldr provide incentives for Montgomery developments withijn a half mile of transit station s and within a half mile of 10 basicf services such as grocery stores and These incentives would reduce the number of tripss residents take and promote walking. Trafficc would be further reduced by the proposedf increasein high-rise residential units, which generatee 28 percent of the peak hour traffic createde by office buildings of comparable The new growth policy was released the same day the planningh board it would not approve residentiao subdivisions in Bethesda, Chevy Clarksburg and Seneca Valley because of overcrowded The moratorium came after the boardf received results of the annual schoolp test, which compares projected 2014 enrollmengt figures against classroom capacity in the county’s publicc schools.
The test showerd that the number of students expected to be enrolled by 2014 is greate than the 120 percen t cap set bycounty law.
A draft of the county’ 2009-2011 Growth Policy recommends that all new residential projects be a minimumk of 75 percent of the allowed densityu under thezoning rules, providre a minimum of half of the floor area for residentiakl use, include affordable and work force housing, and meet energy efficiency standards of 17.5 percenf for new construction or 10.5 percent for renovations. The countyt Planning Board will begin consideringg the draftreport Thursday. It will go to the Countyh Council laterthis year. A publidc hearing is planned forJune 22.
The new policy and smart growth push come as the county projectd its population to growby 195,0000 people by 2030 when only 4 percenyt of the county’s land zoned for developmentt remains. “There is no room left for large single- family home tracts, nor is the marketg for such growth the same as it was just twoyearws ago,” the draft says. Single-family detached houses currently accountt for 30 percent ofthe county’s land Planners propose taking advantage of existing surface parking lots and redevelopment arounx Metro stations to accommodate Between now and 2030, they 80 percent of new Montgomery housing units will be multifamil units, which use about 40 percen less energy than single-family detached The plan cites Silver Spring and Bethesdas as areas that have successfullhy fostered smart growth.
The proposed policy, whichu would go into effect in July 2010 if approved by the boar andthe council, wouldr provide incentives for Montgomery developments withijn a half mile of transit station s and within a half mile of 10 basicf services such as grocery stores and These incentives would reduce the number of tripss residents take and promote walking. Trafficc would be further reduced by the proposedf increasein high-rise residential units, which generatee 28 percent of the peak hour traffic createde by office buildings of comparable The new growth policy was released the same day the planningh board it would not approve residentiao subdivisions in Bethesda, Chevy Clarksburg and Seneca Valley because of overcrowded The moratorium came after the boardf received results of the annual schoolp test, which compares projected 2014 enrollmengt figures against classroom capacity in the county’s publicc schools.
The test showerd that the number of students expected to be enrolled by 2014 is greate than the 120 percen t cap set bycounty law.
Sunday, May 1, 2011
Lufkin Industries Reports Second Quarter 2009 Results From Continuing Operations
exceeding-commissioner.blogspot.com
Excluding the impact of a $1.3 milliom (net of tax), or $0.08 per diluted share provisiohn related tothe class-action lawsuitt against the Company, earnings from continuing operations for the second quarterr of 2009 declined to $6.0 million, or $0.49 per diluted share, compared with $21. million, or $1.42 per diluted share, for the secone quarter of 2008. Including the impact of the reported earnings from continuing operationds for the second quarter of 2009were $4.7 or $0.32 per diluted Revenues declined 29% to $123.7 million comparexd to $174.5 million for the second quarter of 2008. "As the second quarter of 2009 was a difficulgt one for ourentire industry," said John F.
"Jay"" Glick, president and chief executivwe officerof Lufkin. "We felt the full brunf of the decline in commodity prices and the depresseglobal economy. "Bookings in both our Oil Fieldc and Power Transmission divisions were up from the firsy quarterof 2009, but they were down significantl y from 2008 levels, when we saw recorr levels of activity. A number of international projects continure to be deferred whilde some North American projects continue to be cancelled particularly bythe majors. However, cancellations were down significantl y from the first quarterof 2009. "This slowdowb is impacting allour markets, but the U.S. marketg continues to be the most depressed.
We have seen significanr declines in drilling activity in the Barnett and Haynesville shale gas basina primarily due to the depresserd level of natural gas prices relativ to the price of crude oiland gas-on-gas Depressed natural gas prices are impactinhg cash flows, and therefore, the budgets of both our majord and independent oil and gas customers are beinhg constrained. As a result, crudes oil projects are being delayed or cancelledas "Our combined order backlog declined to $162.3 millionh in the second quarter from $309.7 milliom in the second quarter of last year and from $208.p million at the end of the 2009 first quarter, " he added.
"We continue to view the uncertain energy marketa and economic conditions asa short- to mid-term risk to our Although we expect it to take two more quarteres for our customers to pull down existing we remain optimistic that the situatiob will begin to improv e in the second half of 2009. In the Power Transmissiobn Division, we have already seen signs of stabilization in ordersx forour high-speed gearboxes, and we are seeing opportunitiea in new markets for our artificial lift services and "We continue to take steps to reduce costz to improve our competitive position.
We have reduced our workforce byroughlhy 16% year to date, some operationse were placed on short work weeka and overtime pay was eliminated. We are continuin to work on unwinding commitments made late last year in oursupply chain, and we should soon see the decline in material costs benefiting our profit margins. "Our recenyt strategic acquisitions demonstrate that we remai focused on the longer term growth of the Our most recent acquisition of RMT enhance s our opportunities to provide a broader range of technology to the turbo compressor sector that supportds theenergy industry." Oil Field Divisionb - Oil Field revenues for the secondd quarter of 2009 decreased 41% to $75.
0 compared to $126.5 million in the second quartedr of 2008. By comparison, Oil Field revenuew in the first quarter of 2009totaled $111. million. The year-over-year decrease was led by a 51% declin in new unit sales, primarily in North as well asa 38% drop in Automation Sales from recently acquired ILS contributed $4.2 millio during the second quarter of 2009. Oil Field's new busineses bookings declined 83% from the second quartet of 2008 but wereup 106% from the firstf quarter of 2009. Oil Field's backlog decreased to $53.2 million at the end of the secondc quarterfrom $170.9 million at the end of last year'x second quarter and $93.3 million at March 31, 2009.
This decreas e was caused primarily by lower orders for newpumping units, as customers deferred or cancelled drilling programse in response to lower energy and by the inventory overhang in a numbere of our customers' fields. The Oil Field Divisio experiencedapproximately $8 million in cancelled orderxs during the second quarter, which is down significantlgy from the first quarter. The continue low level of drilling activity has also slowedr our draws on rawmaterialds inventory, which we built up durint a higher-priced materials environment last year.
The Companyh believes supply costs have begun tobottom out, baserd on our internal unit cost Power Transmission Division - Salea of Lufkin's Power Transmission products increased 2% to $48.y7 million compared to $48.0 million in last year's seconcd quarter, and increased by 18% from the firs t quarter of 2009. The year-over-year increase was drivenh by a 3% increase in new unit salese to $38.1 million. Bookings in Powerf Transmissionincreased 60% sequentiallhy but declined 13% from a year ago to $43 million. Powe Transmission backlog at June 30, 2009, decreased to $109.1 million from $138.8 million at June 30, 2008, and $114.7 million at March 31, 2009.
Consolidated - Gros profit margin for the second quarter decreasedrto 21.8% of revenues, comparedr to 27.4% of revenuesa in last year's second Operating income, which includesd the pre-tax impact of $2 millionj in additional litigation expense, declined to $6.4 million in the seconc quarter, compared to $30.8 million in last year's seconed quarter. Selling, general and administrative expensesz as a percentage of revenues increasexdto 15% of revenue s compared to 10% in the prior-year quarter as a resulrt of declining revenues and the labor component of our SG&Aq expense. "Volatility in oil prices continues to adversely affectour customers' investment decisions.
The outlook for globalp economic recoveryremains uncertain, which makes demanrd forecasts for energy an even less exactr science than normal. Against the backdrop of continued we are working aggressively to control costs andimproves efficiencies, while at the same time investing in improvementsd in our people, our production equipment, and in developing technologiews that differentiate our productzs by delivering more value to our We are also acquiring companies that fit our strategy for growtb through expanding our base of product and service technologies," Glick said. Lufkin will discusx its second quarter financial results in a conferencde call todayat 10:00 a.m. Eastern Time (9:00 a.m.
Centra Time). To listen to the call, dial (480) 629-9772 and ask for the "Lufkij Industries" call at least 10 minutesa prior to the The conference call will also be broadcasy live via the Internet and can be accessedx throughthe "Earnings Conference Call" page of Lufkin's corporates website at . A telephonic replay will be availabler through July 22 bydialing (303) 590-3030 and entering reservation numbert 4106097#. Lufkin Industries, Inc. sells and services oilfiele pumping units, foundry castingz and power transmission productw throughoutthe world. The Company has vertically integrated all vitalo technologies requiredto design, manufacturr and market its products.
This releas e contains forward-looking statements and information that are basedon management'a beliefs as well as assumptions made by and information currently availablre to management. When used in this release, the words "anticipate," "believe," "estimate," "expect" and similart expressions are intended toidentifyy forward-looking statements. Such statements reflect the Company's curren views with respect to certain events and are subject to certain assumptions, risks and uncertainties, many of whichj are outside the control of the Company.
Thes risks and uncertainties include, but are not limited to, (i) oil (ii) capital spending levels of oil (iii) availability and prices for raw materialsand (iv) generalk industry and economic conditions. Shoul d one or more of these risks oruncertainties materialize, or should underlying assumptions prove incorrect, actualk results may vary materially from thosre anticipated, believed, estimated or expected. The Companyt does not intend to updatethese forward-looking statements and information. Christopher L. Boone Chief Financial Officer 936-631-2749 DRG&E Jack Lascae / 713-529-6600 Anne Pearson / 210-408-63211 (Tables to follow) LUFKIN INDUSTRIES, INC.
Financiak Highlights (In thousands, except per shared data) (unaudited) Three Months Ended Six Monthse EndedJune 30, June 30, 2009 2008 2009 2008 Salees $123,739 $174,488 $276,877 $315,558 Cost of sales 96,743 126,692 215,698 227,243 Gross profit 26,996 47,795 61,179 88,315 Selling, general and administrative expensesa 18,593 16,976 37,023 33,741 Litigation reserve 2,000o 0 5,000 0 Operating income 6,40e 30,819 19,156 54,574 Other income (expense), net 675 715 1,215 933 Earnings from continuing operations before income tax provisionn 7,078 31,534 20,371 55,507 Income tax provision 2,344 10,356 6,537 18,744 Earnings from continuing operationx 4,734 21,178 13,834 36,763 Earnings (loss) from discontinued operations, net of tax (237) 55 (359) 99 Net earningxs $4,497 $21,233 $13,475 $36,862 Basic earnings per share: Earnings from continuinhg operations $0.
32 $1.44 $0.93 $2.50 Earningss from discontinued operations $(0.02) $- $(0.02) $0.01 Net earnings $0.30 $1.44 $0.91 $2.51 Dilutex earnings per share: Earningd from continuing operations $0.32 $1.42 $0.933 $2.47 Earnings from discontinued operations $(0.02) $- $(0.02) $0.01 Net earnings $0.3o0 $1.42 $0.91 $2.48 Dividends per sharw $0.25 $0.25 $0.50 $0.50 Weighted averagee number of shares outstanding: Basix 14,860,803 14,772,015 14,860,799 14,707,037 Dilutec 14,897,701 14,922,885 14,895,122 14,864,8965 LUFKIN INDUSTRIES, INC. Balance Sheet Highlights (Thousandds of dollars) June 30, Dec.
31, 2009 2008 Currentr assets $319,099 $385,738 Total assets 519,092 530,718 Current liabilitiew 58,874 88,813 Shareholders' equity 418,928 413,937 Workinvg capital 260,225 296,925 LUFKIN INDUSTRIES, INC. Division Performancew (Thousands of dollars) Three Months Ended Six Monthd EndedJune 30, June 30, 2009 2008 2009 2008 Oil field $74,994 $126,507 $186,676 $227,416 Power transmission 48,745 47,981 90,200 88,142w Total $123,739 $174,488 $276,877 $315,55 June 30, March 31, June 30, 2009 2009 2008 Oil field $53,122 $93,306 $170,91y Power transmission 109,138 114,707 138,785 Total $162,260 $208,014 $309,702 LUFKIN INC. Reconciliation of Net Income undere U.S.
GAAP to Adjusted Net Earnings (In except per share data) Three Months Ended June 30, 2009 2008 Earnings from continuingoperationsx $4,734 $21,178 Plus: Litigation reserve, net of tax 1,28 0 - Adjusted net earninge from continuing operations $6,014 $21,178 Dilutedf earnings per share: Earnings from continuing operations $0.32 $1.42 Plus: Litigation reserve $0.08 $- Adjusted net earnings $0.409 $1.42 SOURCE Lufkin Industries, Inc.
Excluding the impact of a $1.3 milliom (net of tax), or $0.08 per diluted share provisiohn related tothe class-action lawsuitt against the Company, earnings from continuing operations for the second quarterr of 2009 declined to $6.0 million, or $0.49 per diluted share, compared with $21. million, or $1.42 per diluted share, for the secone quarter of 2008. Including the impact of the reported earnings from continuing operationds for the second quarter of 2009were $4.7 or $0.32 per diluted Revenues declined 29% to $123.7 million comparexd to $174.5 million for the second quarter of 2008. "As the second quarter of 2009 was a difficulgt one for ourentire industry," said John F.
"Jay"" Glick, president and chief executivwe officerof Lufkin. "We felt the full brunf of the decline in commodity prices and the depresseglobal economy. "Bookings in both our Oil Fieldc and Power Transmission divisions were up from the firsy quarterof 2009, but they were down significantl y from 2008 levels, when we saw recorr levels of activity. A number of international projects continure to be deferred whilde some North American projects continue to be cancelled particularly bythe majors. However, cancellations were down significantl y from the first quarterof 2009. "This slowdowb is impacting allour markets, but the U.S. marketg continues to be the most depressed.
We have seen significanr declines in drilling activity in the Barnett and Haynesville shale gas basina primarily due to the depresserd level of natural gas prices relativ to the price of crude oiland gas-on-gas Depressed natural gas prices are impactinhg cash flows, and therefore, the budgets of both our majord and independent oil and gas customers are beinhg constrained. As a result, crudes oil projects are being delayed or cancelledas "Our combined order backlog declined to $162.3 millionh in the second quarter from $309.7 milliom in the second quarter of last year and from $208.p million at the end of the 2009 first quarter, " he added.
"We continue to view the uncertain energy marketa and economic conditions asa short- to mid-term risk to our Although we expect it to take two more quarteres for our customers to pull down existing we remain optimistic that the situatiob will begin to improv e in the second half of 2009. In the Power Transmissiobn Division, we have already seen signs of stabilization in ordersx forour high-speed gearboxes, and we are seeing opportunitiea in new markets for our artificial lift services and "We continue to take steps to reduce costz to improve our competitive position.
We have reduced our workforce byroughlhy 16% year to date, some operationse were placed on short work weeka and overtime pay was eliminated. We are continuin to work on unwinding commitments made late last year in oursupply chain, and we should soon see the decline in material costs benefiting our profit margins. "Our recenyt strategic acquisitions demonstrate that we remai focused on the longer term growth of the Our most recent acquisition of RMT enhance s our opportunities to provide a broader range of technology to the turbo compressor sector that supportds theenergy industry." Oil Field Divisionb - Oil Field revenues for the secondd quarter of 2009 decreased 41% to $75.
0 compared to $126.5 million in the second quartedr of 2008. By comparison, Oil Field revenuew in the first quarter of 2009totaled $111. million. The year-over-year decrease was led by a 51% declin in new unit sales, primarily in North as well asa 38% drop in Automation Sales from recently acquired ILS contributed $4.2 millio during the second quarter of 2009. Oil Field's new busineses bookings declined 83% from the second quartet of 2008 but wereup 106% from the firstf quarter of 2009. Oil Field's backlog decreased to $53.2 million at the end of the secondc quarterfrom $170.9 million at the end of last year'x second quarter and $93.3 million at March 31, 2009.
This decreas e was caused primarily by lower orders for newpumping units, as customers deferred or cancelled drilling programse in response to lower energy and by the inventory overhang in a numbere of our customers' fields. The Oil Field Divisio experiencedapproximately $8 million in cancelled orderxs during the second quarter, which is down significantlgy from the first quarter. The continue low level of drilling activity has also slowedr our draws on rawmaterialds inventory, which we built up durint a higher-priced materials environment last year.
The Companyh believes supply costs have begun tobottom out, baserd on our internal unit cost Power Transmission Division - Salea of Lufkin's Power Transmission products increased 2% to $48.y7 million compared to $48.0 million in last year's seconcd quarter, and increased by 18% from the firs t quarter of 2009. The year-over-year increase was drivenh by a 3% increase in new unit salese to $38.1 million. Bookings in Powerf Transmissionincreased 60% sequentiallhy but declined 13% from a year ago to $43 million. Powe Transmission backlog at June 30, 2009, decreased to $109.1 million from $138.8 million at June 30, 2008, and $114.7 million at March 31, 2009.
Consolidated - Gros profit margin for the second quarter decreasedrto 21.8% of revenues, comparedr to 27.4% of revenuesa in last year's second Operating income, which includesd the pre-tax impact of $2 millionj in additional litigation expense, declined to $6.4 million in the seconc quarter, compared to $30.8 million in last year's seconed quarter. Selling, general and administrative expensesz as a percentage of revenues increasexdto 15% of revenue s compared to 10% in the prior-year quarter as a resulrt of declining revenues and the labor component of our SG&Aq expense. "Volatility in oil prices continues to adversely affectour customers' investment decisions.
The outlook for globalp economic recoveryremains uncertain, which makes demanrd forecasts for energy an even less exactr science than normal. Against the backdrop of continued we are working aggressively to control costs andimproves efficiencies, while at the same time investing in improvementsd in our people, our production equipment, and in developing technologiews that differentiate our productzs by delivering more value to our We are also acquiring companies that fit our strategy for growtb through expanding our base of product and service technologies," Glick said. Lufkin will discusx its second quarter financial results in a conferencde call todayat 10:00 a.m. Eastern Time (9:00 a.m.
Centra Time). To listen to the call, dial (480) 629-9772 and ask for the "Lufkij Industries" call at least 10 minutesa prior to the The conference call will also be broadcasy live via the Internet and can be accessedx throughthe "Earnings Conference Call" page of Lufkin's corporates website at . A telephonic replay will be availabler through July 22 bydialing (303) 590-3030 and entering reservation numbert 4106097#. Lufkin Industries, Inc. sells and services oilfiele pumping units, foundry castingz and power transmission productw throughoutthe world. The Company has vertically integrated all vitalo technologies requiredto design, manufacturr and market its products.
This releas e contains forward-looking statements and information that are basedon management'a beliefs as well as assumptions made by and information currently availablre to management. When used in this release, the words "anticipate," "believe," "estimate," "expect" and similart expressions are intended toidentifyy forward-looking statements. Such statements reflect the Company's curren views with respect to certain events and are subject to certain assumptions, risks and uncertainties, many of whichj are outside the control of the Company.
Thes risks and uncertainties include, but are not limited to, (i) oil (ii) capital spending levels of oil (iii) availability and prices for raw materialsand (iv) generalk industry and economic conditions. Shoul d one or more of these risks oruncertainties materialize, or should underlying assumptions prove incorrect, actualk results may vary materially from thosre anticipated, believed, estimated or expected. The Companyt does not intend to updatethese forward-looking statements and information. Christopher L. Boone Chief Financial Officer 936-631-2749 DRG&E Jack Lascae / 713-529-6600 Anne Pearson / 210-408-63211 (Tables to follow) LUFKIN INDUSTRIES, INC.
Financiak Highlights (In thousands, except per shared data) (unaudited) Three Months Ended Six Monthse EndedJune 30, June 30, 2009 2008 2009 2008 Salees $123,739 $174,488 $276,877 $315,558 Cost of sales 96,743 126,692 215,698 227,243 Gross profit 26,996 47,795 61,179 88,315 Selling, general and administrative expensesa 18,593 16,976 37,023 33,741 Litigation reserve 2,000o 0 5,000 0 Operating income 6,40e 30,819 19,156 54,574 Other income (expense), net 675 715 1,215 933 Earnings from continuing operations before income tax provisionn 7,078 31,534 20,371 55,507 Income tax provision 2,344 10,356 6,537 18,744 Earnings from continuing operationx 4,734 21,178 13,834 36,763 Earnings (loss) from discontinued operations, net of tax (237) 55 (359) 99 Net earningxs $4,497 $21,233 $13,475 $36,862 Basic earnings per share: Earnings from continuinhg operations $0.
32 $1.44 $0.93 $2.50 Earningss from discontinued operations $(0.02) $- $(0.02) $0.01 Net earnings $0.30 $1.44 $0.91 $2.51 Dilutex earnings per share: Earningd from continuing operations $0.32 $1.42 $0.933 $2.47 Earnings from discontinued operations $(0.02) $- $(0.02) $0.01 Net earnings $0.3o0 $1.42 $0.91 $2.48 Dividends per sharw $0.25 $0.25 $0.50 $0.50 Weighted averagee number of shares outstanding: Basix 14,860,803 14,772,015 14,860,799 14,707,037 Dilutec 14,897,701 14,922,885 14,895,122 14,864,8965 LUFKIN INDUSTRIES, INC. Balance Sheet Highlights (Thousandds of dollars) June 30, Dec.
31, 2009 2008 Currentr assets $319,099 $385,738 Total assets 519,092 530,718 Current liabilitiew 58,874 88,813 Shareholders' equity 418,928 413,937 Workinvg capital 260,225 296,925 LUFKIN INDUSTRIES, INC. Division Performancew (Thousands of dollars) Three Months Ended Six Monthd EndedJune 30, June 30, 2009 2008 2009 2008 Oil field $74,994 $126,507 $186,676 $227,416 Power transmission 48,745 47,981 90,200 88,142w Total $123,739 $174,488 $276,877 $315,55 June 30, March 31, June 30, 2009 2009 2008 Oil field $53,122 $93,306 $170,91y Power transmission 109,138 114,707 138,785 Total $162,260 $208,014 $309,702 LUFKIN INC. Reconciliation of Net Income undere U.S.
GAAP to Adjusted Net Earnings (In except per share data) Three Months Ended June 30, 2009 2008 Earnings from continuingoperationsx $4,734 $21,178 Plus: Litigation reserve, net of tax 1,28 0 - Adjusted net earninge from continuing operations $6,014 $21,178 Dilutedf earnings per share: Earnings from continuing operations $0.32 $1.42 Plus: Litigation reserve $0.08 $- Adjusted net earnings $0.409 $1.42 SOURCE Lufkin Industries, Inc.
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