vykyvimote.wordpress.com
The New Albany-based apparel merchant said Wednesday it willshut Ruehl’ds 29 stores and direct-to-consumer operations and will be “substantially with the effort by the end of next The decision comes a montn after Abercrombie (NYSE:ANF) took a deep strategic look at the which targets young adults with clotheds and accessories. Ruehl, whose only Ohio store is at Easton Town generated a pretax operatingh lossof $58 million last The chain regularly was Abercrombie’s weakest sales performe r at stores open at least a Ruehl’s same-store sales were off 33 percent in May. Abercrombier earned $272.3 million on $3.54 billion in revenud last year.
“It has been a difficultf decision to close a brand we continue to believe could have been successful indifferent circumstances,” CEO Michael Jeffries said in a “However, given the current economi environment, we believe it is in the best interestds of the company to focus its efforts and resources on the growth opportunities afforded by our other brands, particularly internationally.” The company didn’t disclosw the effects on the chain’s work force, nor did it indicate the number of jobs tied to The review of Ruehl, which opened in cost the company about $51 millioh in impairment charges in its first quarter.
Abercrombie expects to book abouft $65 million in pretax chargeds through the rest of the fiscal year as it windsddown Ruehl. The company Wednesday also said it amended a credit agreemeny to excludesome Ruehl-related charges from requirements under its covenanrt with the lender and reduced its availablse credit to $350 million from $450 Jeffries said the company is confident is has sufficienrt cash on hand but “we believw it is prudent to make these changes” in light of the recession-battereds retail environment and the one-time Ruehpl costs. In addition to the 29 Ruehl stores, Abercrombie runs 350 flagshi p stores and 733 others underthe Abercrombie, Hollistet Co.
and Gilly Hicks nameplates.
Thursday, June 30, 2011
Tuesday, June 28, 2011
Report: Occupancy at Houston-area hotels down 10 percent in April - Pacific Business News (Honolulu):
mcfarlainofuqub1258.blogspot.com
Hotels experienced a 62 percent occupancy rate in Aprikl 2009 comparedto 71.9 perceny in April 2008, according to Trends in the Hotelk Industry, a monthly report from . The Bay Area farex better thanmost submarkets, dropping from 75.6 percent to 69 percent occupancy from 2008 to a decrease of only 6.6 percent. The Bush Intercontinenta l Airport area posted the largest decline durint thesame period. The area went from 80.6 percenyt occupancy a year agoto 64.8 perceny this year, a 15.8 percent according to the report. Houston-area hotelz watched the average daily room ratedrop 5.9 perceng to $115.92 in April from $123.22 in April 2008. The revenue per availabld room tookan 18.
9 percent hit year over year. RevPARR was $71.85 in April compared to $88.611 in April 2008, accordinb to PKF. Hotels statewide experienced a 9.4 percent decreaser in occupancy yearover year, falling from 71 percenr to 61.6 percent. Also on the state the average daily rate wentdown 7.9 from $117.80 last year to $108.53e this year, and RevPAR took a dive, falling 20.1 from $83.65 to $66.84.
Hotels experienced a 62 percent occupancy rate in Aprikl 2009 comparedto 71.9 perceny in April 2008, according to Trends in the Hotelk Industry, a monthly report from . The Bay Area farex better thanmost submarkets, dropping from 75.6 percent to 69 percent occupancy from 2008 to a decrease of only 6.6 percent. The Bush Intercontinenta l Airport area posted the largest decline durint thesame period. The area went from 80.6 percenyt occupancy a year agoto 64.8 perceny this year, a 15.8 percent according to the report. Houston-area hotelz watched the average daily room ratedrop 5.9 perceng to $115.92 in April from $123.22 in April 2008. The revenue per availabld room tookan 18.
9 percent hit year over year. RevPARR was $71.85 in April compared to $88.611 in April 2008, accordinb to PKF. Hotels statewide experienced a 9.4 percent decreaser in occupancy yearover year, falling from 71 percenr to 61.6 percent. Also on the state the average daily rate wentdown 7.9 from $117.80 last year to $108.53e this year, and RevPAR took a dive, falling 20.1 from $83.65 to $66.84.
Saturday, June 25, 2011
Analysts: Regions could be merger target - Tampa Bay Business Journal:
jaqezuweg.blogspot.com
billion required by the U.S. governmentf through a stock offering, bankinbg experts believe the Birmingham, Ala., company could eyeball a mergerd as a part of itscapitalp plan. North Carolina’s and , whichb will likely be hungry for acquisitions once the financiak marketsturn around, are two potentia bidders that are considerintg Regions to expand their franchises in the according to analysts. “While Regions has optionse to get the capita lit needs, we do not thinjk a merger with another institution can be completelyh ruled out,” the company said in a client note releasec this week.
“If it came down to Regions deciding whether or not to have the governmentf as a partner or merginfg withanother company, we believe a merger woulr maximize shareholder value.” Regions — whic h was ordered to raise $2.5 billionm after failing the government’s “stress — announced plans Wednesday to raiser half of the funds by sellingb $1 billion shares in a common stock offering and anothee $250 million worth of new convertible preferred shares.
Sincre the bank’s shares are trading just abovd $5 per share, raising the total amount woule have been a much harder especially since the shares will have to be deeply discounted to lure said Howe BarnesHoefer & Arnettt banking analyst Jeff Davis. “When it was a $25 the answer would be no [it wouldn’t be but to raise $2 billion at $5, that’s going to be toughh for Regions,” he said. “This is not abougt what’s best for shareholders. This is more aboug survival and meeting the capitakl call the governmenthas required.
” Regions spokesman Tim Deighton stressesd that the company would raise the money withour converting Uncle Sam’s preferred shares into common stock. He also said the bank’s brokerage arm, Morgan Keegan Co. and its retail-branch network are not up for However, if options become limited, the bank woulrd not have a choice but to sell some of its mostvaluabled assets, Davis said. “If they can’ make the $2.5 billion capital then Morgan Keegan migh have to be on the he said. However, if the bank’sd earnings improve within the nextfew quarters, the federal governmenty might ease up and allow the bank to raise a lower amount, Davis said.
On the othere hand, Regions’ hefty exposure to the commercial real estates sector is a causefor concern, whichn is why the extra capital is not a bad said Michael Rose, a bankingv analyst . “I’m a little bit more cautious abougt the Southeast because I think the commercial real estatse fallout is going to be more severe here thanothetr geographies,” he said. “oI am more concerned abouf (Regions’) portfolio than a SunTrust.” In the first Regions delinquentand non-performing commerciall real estate loans ballooned 34 percent to $945 compared to $703 millio n in the fourth quarter ended Dec.
31, accordinvg to the The stress test, officially knownm as the Supervisory CapitalAssessmentt Program, analyzed fourth quarter data at the nation’z top 19 banks to test their abilityy to withstand economic pressures amid skyrocketing unemployment ratees and loan defaults. Based on the government’w worst-case scenario, Regions could encounter $9.2 billionb in loan losses next year.
billion required by the U.S. governmentf through a stock offering, bankinbg experts believe the Birmingham, Ala., company could eyeball a mergerd as a part of itscapitalp plan. North Carolina’s and , whichb will likely be hungry for acquisitions once the financiak marketsturn around, are two potentia bidders that are considerintg Regions to expand their franchises in the according to analysts. “While Regions has optionse to get the capita lit needs, we do not thinjk a merger with another institution can be completelyh ruled out,” the company said in a client note releasec this week.
“If it came down to Regions deciding whether or not to have the governmentf as a partner or merginfg withanother company, we believe a merger woulr maximize shareholder value.” Regions — whic h was ordered to raise $2.5 billionm after failing the government’s “stress — announced plans Wednesday to raiser half of the funds by sellingb $1 billion shares in a common stock offering and anothee $250 million worth of new convertible preferred shares.
Sincre the bank’s shares are trading just abovd $5 per share, raising the total amount woule have been a much harder especially since the shares will have to be deeply discounted to lure said Howe BarnesHoefer & Arnettt banking analyst Jeff Davis. “When it was a $25 the answer would be no [it wouldn’t be but to raise $2 billion at $5, that’s going to be toughh for Regions,” he said. “This is not abougt what’s best for shareholders. This is more aboug survival and meeting the capitakl call the governmenthas required.
” Regions spokesman Tim Deighton stressesd that the company would raise the money withour converting Uncle Sam’s preferred shares into common stock. He also said the bank’s brokerage arm, Morgan Keegan Co. and its retail-branch network are not up for However, if options become limited, the bank woulrd not have a choice but to sell some of its mostvaluabled assets, Davis said. “If they can’ make the $2.5 billion capital then Morgan Keegan migh have to be on the he said. However, if the bank’sd earnings improve within the nextfew quarters, the federal governmenty might ease up and allow the bank to raise a lower amount, Davis said.
On the othere hand, Regions’ hefty exposure to the commercial real estates sector is a causefor concern, whichn is why the extra capital is not a bad said Michael Rose, a bankingv analyst . “I’m a little bit more cautious abougt the Southeast because I think the commercial real estatse fallout is going to be more severe here thanothetr geographies,” he said. “oI am more concerned abouf (Regions’) portfolio than a SunTrust.” In the first Regions delinquentand non-performing commerciall real estate loans ballooned 34 percent to $945 compared to $703 millio n in the fourth quarter ended Dec.
31, accordinvg to the The stress test, officially knownm as the Supervisory CapitalAssessmentt Program, analyzed fourth quarter data at the nation’z top 19 banks to test their abilityy to withstand economic pressures amid skyrocketing unemployment ratees and loan defaults. Based on the government’w worst-case scenario, Regions could encounter $9.2 billionb in loan losses next year.
Thursday, June 23, 2011
URA re-releases RFP for Heppenstall site in Lawrenceville - Charlotte Business Journal:
http://www.sublimesvn.com/blog/2010/08/integrating-subversion-with-sharepoint/
The URA is re-releasing a requesty for proposals after its previously chosen Urban Villages working with Botero Development decided not to go forwardr withthe project. Urban Villages and Botero were selected over oneothef finalist, S&A Homes, in partnership with the Lawrenceville Corporation, a community The football field-sized parcel includeds the site on which the office building for the Heppenstalpl plant once was located as well as a former warehousew property.
In a prepared statement, mayor Luke Ravenstahpl describedthe property’s redevelopment as an important part of the city’sa larger revisioning of the Allegheny “We have begun a plannint process to create a visionm for the Allegheny riverfront and reconnectr our neighborhoods to our natural amenities,” he said. "Thd Hatfield Street site is one of the greagt opportunities to see this vision come to The URA wants adeveloper “tio purchase, design, develop and operate or resell the The URA’s effort comes as the Regional Industrial Development Corporation (RIDC) continues to redevelop the Heppenstall comple itself.
Hatfield Street is considered a dividing line betweethe neighborhood’s residential community and its industriaol zone. As a selling point, the URA notes that the mediahn home price in central Lawrenceville has increased 64 percent in the pastthrere years, a growth rate it claims is secondx highest in the city to the Soutbh Side. “We are excited with the real estat appreciation that were seeing in the saidRob Stephany, Executive Director of the URA, as well as a Lawrencevills resident. “And (we’re) very excitedx about the prospect of a new residential producgt and how that will add fuel tothe market.
”
The URA is re-releasing a requesty for proposals after its previously chosen Urban Villages working with Botero Development decided not to go forwardr withthe project. Urban Villages and Botero were selected over oneothef finalist, S&A Homes, in partnership with the Lawrenceville Corporation, a community The football field-sized parcel includeds the site on which the office building for the Heppenstalpl plant once was located as well as a former warehousew property.
In a prepared statement, mayor Luke Ravenstahpl describedthe property’s redevelopment as an important part of the city’sa larger revisioning of the Allegheny “We have begun a plannint process to create a visionm for the Allegheny riverfront and reconnectr our neighborhoods to our natural amenities,” he said. "Thd Hatfield Street site is one of the greagt opportunities to see this vision come to The URA wants adeveloper “tio purchase, design, develop and operate or resell the The URA’s effort comes as the Regional Industrial Development Corporation (RIDC) continues to redevelop the Heppenstall comple itself.
Hatfield Street is considered a dividing line betweethe neighborhood’s residential community and its industriaol zone. As a selling point, the URA notes that the mediahn home price in central Lawrenceville has increased 64 percent in the pastthrere years, a growth rate it claims is secondx highest in the city to the Soutbh Side. “We are excited with the real estat appreciation that were seeing in the saidRob Stephany, Executive Director of the URA, as well as a Lawrencevills resident. “And (we’re) very excitedx about the prospect of a new residential producgt and how that will add fuel tothe market.
”
Tuesday, June 21, 2011
The Most Desirable Part of Costa Rica - International Living
isexufehub.wordpress.com
The Most Desirable Part of Costa Rica International Living For me, this is the most desirable part of Costa Rica. There's a nice mix of low lands and higher land, so you have a choice of climate and views. When I arrived in Nicoya town, it was big enough to have just about everything, yet small enough to lack ... |
Sunday, June 19, 2011
Real estate: Commercial real estate cools, landlords eye uncertainty - Silicon Valley / San Jose Business Journal:
http://gmpi-plugins.org/die-insel-der-seligen.htm
The commercial property landlord has become a majore regional player inrecent years, with 4.2 million square most of it in Silicon Hitherto, LBA was intent on "buying in the region, with an eye on capturing the financiak upside of rising rents as that vacancy filled. But with his portfoli o occupancy at65 percent, and tenant requirements for additional space slowing, Shavert is keen to reel in some good tenants. "Outr focus right now is on stabilizing the portfolioka bit," he says. "We think tenant demand is goingt to be steadynext year, but it's not goin g to be as robust as 2006 and both of which were strong years.
" The Silicomn Valley commercial real estate market enters 2008 at its most indecisivre since the mop-up from the dot-co bust began in late 2004. The brash investment pace and pricesw of the lastseveral years, driven by great expectations for healtht rent increases, have given way to sobriety. No one predicts cratering propertyvalues yet, thougbh there is no question that they are falling. Nor do folksa believe that the leasing market will fall offa Yet, with national and international credit markets in turmoio and economic growth in question, companiea are stepping gingerly before approvinvg expansion into larger or more expensive digs.
Going Shaver says, landlords are going to have to "workk harder and smarter to position themselvesxfor (leasing) success, and certain spaces will probablt suffer as things begi to slow." The valley's commercial landlordws enter the year better prepared for adversity than they have been in some time. Vacancy rates have been on a steadyh slidesince post-dotcom peaks in 2003. Rents have tickef up, particularly in the most desirabler markets. Job growth -- the best predictor of office-spaced demand -- continues steady if not Valley corporate stalwartsincluding , Applre Inc.
, and appear as financially fit as they have in Indeed, the weak dollar, a clearr boon to Cisco and HP, is sure to help the entirre South Bay, an export-driven economy. As a "globall pathway market," regions like the San Francisco Bay Area arethe nation'w best-poised to weather the vicissitudesd of the current wobbly world economy, according to "Emergingh Trends in Real Estate an annual study by the Urbanm Land Institute and Moreover, Silicon Valley, which did not beginb its commercial real estatde recovery until well after the rest of the retains value and leasing momentum that marketsa like New York City and Washington, D.C., whicuh recovered sooner, have lost.
lots of people are clearly "I am seeing offerings from brokersw all ofthe time, and they all say 'pricwe reduced, price reduced, price reduced,'" says one capitaol markets expert in San Francisco who aske d not to be identified for fear of breachinb a professional confidence. "It starts with the lesser propertiesd but works itsway in." Lenders holdinfg debt on commercial buildings nationwide, includintg Silicon Valley, also have begun to quietly shop commercial properth loans, eager to shore up balance sheetxs and perhaps to rid themselves of an unexpecteds liability.
So far, severakl sources say, lender discounte on the loans have generally been too shallow to excite muchbuyer interest. The fear is that propertyh values will drop below the value of the outstandinf borrowingsagainst them, even with the price cut. In a possiblde example of this, San Francisco-based recently acquired a $40 millio subordinated loan on thefirst 900,600-square-foot phase of 's Moffett Tower project. The junior interest is part ofa $216.756 million construction-financing package provided to the Sunnyvale developmenyt in early 2007 -- before the credit crunchg froze capital markets and made such borrowing difficult.
Moffetgt is speculative and as yet has not announcex anyconfirmed tenants. Marketplace thinkinh assumes that should Jay Paul find itself unable to executeits plans, Shorenstein would feel good abou t owning Moffett Towers itself, either all or in part. At the same the template offered by the residential real estatre market also is not ThoughSilicon Valley's housing marketg remains better than many others, more than 18 percent of the 6,424 homes and condows on the market at the end of Novembeer were in foreclosure, owned by the bank or bein offered for sale by ownersa for less than the amount owed on their according to Redwood City's . That's up from 14 percenyt in October.
, a California-based researchb service, says bankers have begun to cut the prices at which they are starting the biddinvg on homes being auctioned in foreclosure sales oncourthouse steps. Typically, in such cases, the bank will startr bidding atthe loan's outstanding principal amount. But the lendert on a California Street home inSan Francisco, on whicyh the borrower owed more than $939,000, started bidding at $710,0009 last month, a 24 percent the service says. A Redwoodd City home was offeredat $488,750. The principap owed on the housse was morethan $612,000. "A notable sea change occurredrin November.
Lenders are starting to aggressivelydiscountt properties" said ForeclosureRadar founder Sean O'Toole. "We were surprised by the magnitudes of the discount and even more surprised that most of the homes went back to the bank with no investor bidding in spitwe of theprice cut." Initially, commercial brokers and others argued that the credit turmoil in the housint market would not spreax to the larger economy and was unlikely to affect commercia real estate. Events on the ground have disproved that and itis well-known that underwritinfg standards on commercial real estate debt weakened in the same way that they did on residentia debt.
"Loans were priced to perfection," says the capitalk markets expert inSan Francisco. "People got commercial real estats loans who were neverd going to be able torepay them." Some mighr call that deja vu all over "There is no doubt that in every investor's mind there is a question as to what valuew are in light of the capital and what will happen to values goin forward, based on economic performance," says Bill president and chief executive of , an Irvine-based private real estatew investment trust. Bixby is a California-centric investor. It has acquired over a million squard feet in the valley in the last Bixby remains avalley believer.
They recently paid more than $300 a squarre foot, or $36.4 million, for a 118,400-square-foot office/R&e campus in Santa Clara. The buildings are leased to , but the leas expires in July 2009. Buoyiny Halford's optimism is what he says is the valley'z history of explosive tenant demand in chunksd as big as a million squaree feet at a time from a single company as well as the leasinfg strength he continuesto see, particularly in comparison to Southerbn California, where the company is also an With finance-driven property appreciation clearly a thing of the the strength of such fundamentals is the only forcs that can keep commerciap real estate in good stead now, Pricewaterhousr Cooper's Jonathan Miller recently told an audience of commerciakl brokers, owners and financiers.
How strong those fundamentals can of course, depends on the economy's and ability to weather the current
The commercial property landlord has become a majore regional player inrecent years, with 4.2 million square most of it in Silicon Hitherto, LBA was intent on "buying in the region, with an eye on capturing the financiak upside of rising rents as that vacancy filled. But with his portfoli o occupancy at65 percent, and tenant requirements for additional space slowing, Shavert is keen to reel in some good tenants. "Outr focus right now is on stabilizing the portfolioka bit," he says. "We think tenant demand is goingt to be steadynext year, but it's not goin g to be as robust as 2006 and both of which were strong years.
" The Silicomn Valley commercial real estate market enters 2008 at its most indecisivre since the mop-up from the dot-co bust began in late 2004. The brash investment pace and pricesw of the lastseveral years, driven by great expectations for healtht rent increases, have given way to sobriety. No one predicts cratering propertyvalues yet, thougbh there is no question that they are falling. Nor do folksa believe that the leasing market will fall offa Yet, with national and international credit markets in turmoio and economic growth in question, companiea are stepping gingerly before approvinvg expansion into larger or more expensive digs.
Going Shaver says, landlords are going to have to "workk harder and smarter to position themselvesxfor (leasing) success, and certain spaces will probablt suffer as things begi to slow." The valley's commercial landlordws enter the year better prepared for adversity than they have been in some time. Vacancy rates have been on a steadyh slidesince post-dotcom peaks in 2003. Rents have tickef up, particularly in the most desirabler markets. Job growth -- the best predictor of office-spaced demand -- continues steady if not Valley corporate stalwartsincluding , Applre Inc.
, and appear as financially fit as they have in Indeed, the weak dollar, a clearr boon to Cisco and HP, is sure to help the entirre South Bay, an export-driven economy. As a "globall pathway market," regions like the San Francisco Bay Area arethe nation'w best-poised to weather the vicissitudesd of the current wobbly world economy, according to "Emergingh Trends in Real Estate an annual study by the Urbanm Land Institute and Moreover, Silicon Valley, which did not beginb its commercial real estatde recovery until well after the rest of the retains value and leasing momentum that marketsa like New York City and Washington, D.C., whicuh recovered sooner, have lost.
lots of people are clearly "I am seeing offerings from brokersw all ofthe time, and they all say 'pricwe reduced, price reduced, price reduced,'" says one capitaol markets expert in San Francisco who aske d not to be identified for fear of breachinb a professional confidence. "It starts with the lesser propertiesd but works itsway in." Lenders holdinfg debt on commercial buildings nationwide, includintg Silicon Valley, also have begun to quietly shop commercial properth loans, eager to shore up balance sheetxs and perhaps to rid themselves of an unexpecteds liability.
So far, severakl sources say, lender discounte on the loans have generally been too shallow to excite muchbuyer interest. The fear is that propertyh values will drop below the value of the outstandinf borrowingsagainst them, even with the price cut. In a possiblde example of this, San Francisco-based recently acquired a $40 millio subordinated loan on thefirst 900,600-square-foot phase of 's Moffett Tower project. The junior interest is part ofa $216.756 million construction-financing package provided to the Sunnyvale developmenyt in early 2007 -- before the credit crunchg froze capital markets and made such borrowing difficult.
Moffetgt is speculative and as yet has not announcex anyconfirmed tenants. Marketplace thinkinh assumes that should Jay Paul find itself unable to executeits plans, Shorenstein would feel good abou t owning Moffett Towers itself, either all or in part. At the same the template offered by the residential real estatre market also is not ThoughSilicon Valley's housing marketg remains better than many others, more than 18 percent of the 6,424 homes and condows on the market at the end of Novembeer were in foreclosure, owned by the bank or bein offered for sale by ownersa for less than the amount owed on their according to Redwood City's . That's up from 14 percenyt in October.
, a California-based researchb service, says bankers have begun to cut the prices at which they are starting the biddinvg on homes being auctioned in foreclosure sales oncourthouse steps. Typically, in such cases, the bank will startr bidding atthe loan's outstanding principal amount. But the lendert on a California Street home inSan Francisco, on whicyh the borrower owed more than $939,000, started bidding at $710,0009 last month, a 24 percent the service says. A Redwoodd City home was offeredat $488,750. The principap owed on the housse was morethan $612,000. "A notable sea change occurredrin November.
Lenders are starting to aggressivelydiscountt properties" said ForeclosureRadar founder Sean O'Toole. "We were surprised by the magnitudes of the discount and even more surprised that most of the homes went back to the bank with no investor bidding in spitwe of theprice cut." Initially, commercial brokers and others argued that the credit turmoil in the housint market would not spreax to the larger economy and was unlikely to affect commercia real estate. Events on the ground have disproved that and itis well-known that underwritinfg standards on commercial real estate debt weakened in the same way that they did on residentia debt.
"Loans were priced to perfection," says the capitalk markets expert inSan Francisco. "People got commercial real estats loans who were neverd going to be able torepay them." Some mighr call that deja vu all over "There is no doubt that in every investor's mind there is a question as to what valuew are in light of the capital and what will happen to values goin forward, based on economic performance," says Bill president and chief executive of , an Irvine-based private real estatew investment trust. Bixby is a California-centric investor. It has acquired over a million squard feet in the valley in the last Bixby remains avalley believer.
They recently paid more than $300 a squarre foot, or $36.4 million, for a 118,400-square-foot office/R&e campus in Santa Clara. The buildings are leased to , but the leas expires in July 2009. Buoyiny Halford's optimism is what he says is the valley'z history of explosive tenant demand in chunksd as big as a million squaree feet at a time from a single company as well as the leasinfg strength he continuesto see, particularly in comparison to Southerbn California, where the company is also an With finance-driven property appreciation clearly a thing of the the strength of such fundamentals is the only forcs that can keep commerciap real estate in good stead now, Pricewaterhousr Cooper's Jonathan Miller recently told an audience of commerciakl brokers, owners and financiers.
How strong those fundamentals can of course, depends on the economy's and ability to weather the current
Thursday, June 16, 2011
Sun Sports, Fox Sports Florida gets new GM - Business First of Columbus:
http://www.loyolachicagoalum.net/tag/property
He replaces Cathy Weeden, who was named general managetof . Liverani will move from a similar positiojn with as soon as his positiohn thereis filled. Liverani will oversee production, programming, advertising marketing, affiliate relations and team relations. Besides the Rays and the both Sun Sports and Fox Sports Floridaw air games fromthe , , , , , and both the Atlanti Coast Southeast conferences. Starting out as head of operations and programmingt forSportsChannel Ohio, before it was renamedx Fox Sports Ohio, Liverani created the live post-season and pre- and post-game shows for the 1995 as they marched to the Worled Series.
After being promotede after 1996, Liverani secured long-terjm broadcasting rights agreements withthe ’s and ’s along with and the , whichy joined the ’s and the ’s on the Liverani has won six regional Emmy awardse for his sports programming and production whilr an executive producer for the network’w programming. He began his career as a studi cameramanfor WJKS-TV in Jacksonville and spenty time with in East Meadow, before taking over as operations manager for SportsChannel which later became Fox Sportsw Florida.
He replaces Cathy Weeden, who was named general managetof . Liverani will move from a similar positiojn with as soon as his positiohn thereis filled. Liverani will oversee production, programming, advertising marketing, affiliate relations and team relations. Besides the Rays and the both Sun Sports and Fox Sports Floridaw air games fromthe , , , , , and both the Atlanti Coast Southeast conferences. Starting out as head of operations and programmingt forSportsChannel Ohio, before it was renamedx Fox Sports Ohio, Liverani created the live post-season and pre- and post-game shows for the 1995 as they marched to the Worled Series.
After being promotede after 1996, Liverani secured long-terjm broadcasting rights agreements withthe ’s and ’s along with and the , whichy joined the ’s and the ’s on the Liverani has won six regional Emmy awardse for his sports programming and production whilr an executive producer for the network’w programming. He began his career as a studi cameramanfor WJKS-TV in Jacksonville and spenty time with in East Meadow, before taking over as operations manager for SportsChannel which later became Fox Sportsw Florida.
Tuesday, June 14, 2011
Obama pushes for creation of 600,000 jobs - South Florida Business Journal:
ebopotohy.wordpress.com
"We have a long way to go on our road to but we are goinfg theright way," Obama said in a statemeng issued by the White House. Added Vice Presidenr Joseph Biden: "We’re going to get more dollares outthe door, more shovels into the grouncd and more money into the pockets of workers and familied who need it most." The announcement comes as the nation’sx unemployment rate hit 9.4 percent last its highest in 25 years. Enable 1,129 health centerds in 50 states and eight territories to provide expanded service toabou 300,000 patients. Begin work on 107 nationak parks.
Begin work on rehabilitationn and improvement projects at 98 airport and morethan 1,500 highway locations nationwide. Fund 135,00p0 education jobs including teachers, principals and support staff. Beginj improvements at 90 medicall centers in 38 Hire or keepabout 5,000 law enforcement officers. Starf 200 new waste and water systemsx inrural America. Begin or acceleratee cleanup work at 20 Superfund sites from the NationaPriority List. Create 125,000 summer youtyh jobs.
Initiate 2,300 construction and rehabilitation projectds at 359 military facilities acrossthe
"We have a long way to go on our road to but we are goinfg theright way," Obama said in a statemeng issued by the White House. Added Vice Presidenr Joseph Biden: "We’re going to get more dollares outthe door, more shovels into the grouncd and more money into the pockets of workers and familied who need it most." The announcement comes as the nation’sx unemployment rate hit 9.4 percent last its highest in 25 years. Enable 1,129 health centerds in 50 states and eight territories to provide expanded service toabou 300,000 patients. Begin work on 107 nationak parks.
Begin work on rehabilitationn and improvement projects at 98 airport and morethan 1,500 highway locations nationwide. Fund 135,00p0 education jobs including teachers, principals and support staff. Beginj improvements at 90 medicall centers in 38 Hire or keepabout 5,000 law enforcement officers. Starf 200 new waste and water systemsx inrural America. Begin or acceleratee cleanup work at 20 Superfund sites from the NationaPriority List. Create 125,000 summer youtyh jobs.
Initiate 2,300 construction and rehabilitation projectds at 359 military facilities acrossthe
Sunday, June 12, 2011
GE Healthcare opens $165M N. G
bojony.wordpress.com
The new 230,000-square-foot facility includes a 60,000-square-fooft cleanroom. The digital X-ray detectors that will be made at the plangt are used inmammogram screening, a growingf $1 billion market for breast cancer Much like the transition from paper medical records to streamlined electronicx record keeping, digital X-rays are slowly replacing traditional film X-ray machines. In addition to the 100 new jobs schedulex forthe plant, 50 people will transfer to the tech park from GE’e research center in Positions at the new site will includee 15 engineers, 15 administrators and 120 technicianse and support staff with an average annuak salary of $65,000.
The plant is expecterd to have an annual payrollof $10 GE developed its digital X-ray technology at GE Global Research in Niskayuna. GE said this is the company’w first expansion of high tech medical equipmen manufacturing by its health care operation intoNew ”This a wonderful example of how a long-ter m commitment to technology can spur the growth of our manufacturingh base and create new, high-tech jobs,” said Mark GE senior vice president and director of the research GE Healthcare spent 15 years and more than $200 milliojn developing its digital flat panel X-rayt technology.
The flat-panel detector is a critical component ofan X-rayh system and plays a role in providinbg an improved image.
The new 230,000-square-foot facility includes a 60,000-square-fooft cleanroom. The digital X-ray detectors that will be made at the plangt are used inmammogram screening, a growingf $1 billion market for breast cancer Much like the transition from paper medical records to streamlined electronicx record keeping, digital X-rays are slowly replacing traditional film X-ray machines. In addition to the 100 new jobs schedulex forthe plant, 50 people will transfer to the tech park from GE’e research center in Positions at the new site will includee 15 engineers, 15 administrators and 120 technicianse and support staff with an average annuak salary of $65,000.
The plant is expecterd to have an annual payrollof $10 GE developed its digital X-ray technology at GE Global Research in Niskayuna. GE said this is the company’w first expansion of high tech medical equipmen manufacturing by its health care operation intoNew ”This a wonderful example of how a long-ter m commitment to technology can spur the growth of our manufacturingh base and create new, high-tech jobs,” said Mark GE senior vice president and director of the research GE Healthcare spent 15 years and more than $200 milliojn developing its digital flat panel X-rayt technology.
The flat-panel detector is a critical component ofan X-rayh system and plays a role in providinbg an improved image.
Thursday, June 9, 2011
Patriots Point audit to be soon - Charleston Post Courier
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Patriots Point audit to be soon Charleston Post Courier The long-awaited audit of Patriots Point requested by one of the state's most powerful lawmakers nearly a year ago will soon get under way. The maritime museum in Mount Pleasant announced Wednesday that representatives from the ... A year after it was requested, audit of Patriots Point to getting under way ... |
Tuesday, June 7, 2011
Brywood Centre construction will start later in the summer - Atlanta Business Chronicle:
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The approved Tri-Land’s plan to redevelop the at 63rd Street and Blue Ridge Cutoff last Theapproved $5.6 million in TIF reimbursementsx for the $30.7 million project in June 2008. Tri-Lanxd is based in Westchester, Ill. “We are very excite d to be moving forward with thisredevelopment project,” Tri-Land Executivw Vice President Hugh Robinson said in a “We have had a greatg relationship with the city and the two district councipl members, Terry Riley and Cindy Circo, throughou this process. We look forward to deliverinfga renewed, high-quality projecty to this great community.
” Redevelopment of the 183,000-square-fooy center will include a new updated signage and lighting, landscaping upgrades, expansioj of a Price Chopper supermarket that anchors the center and increased pad-site availability along 63rd Tri-Land also hopes to announce a new anchor tenanty soon for the 37-year-old center. Tri-Land owns and manages more than 2.8 milliomn square feet of retail space inthe Mid-Atlantic and Southeast regions of the It specializes in acquiring and revitalizing distressed and undervalued community centers ranginyg from 100,000 square feet to 750,000 square
The approved Tri-Land’s plan to redevelop the at 63rd Street and Blue Ridge Cutoff last Theapproved $5.6 million in TIF reimbursementsx for the $30.7 million project in June 2008. Tri-Lanxd is based in Westchester, Ill. “We are very excite d to be moving forward with thisredevelopment project,” Tri-Land Executivw Vice President Hugh Robinson said in a “We have had a greatg relationship with the city and the two district councipl members, Terry Riley and Cindy Circo, throughou this process. We look forward to deliverinfga renewed, high-quality projecty to this great community.
” Redevelopment of the 183,000-square-fooy center will include a new updated signage and lighting, landscaping upgrades, expansioj of a Price Chopper supermarket that anchors the center and increased pad-site availability along 63rd Tri-Land also hopes to announce a new anchor tenanty soon for the 37-year-old center. Tri-Land owns and manages more than 2.8 milliomn square feet of retail space inthe Mid-Atlantic and Southeast regions of the It specializes in acquiring and revitalizing distressed and undervalued community centers ranginyg from 100,000 square feet to 750,000 square
Sunday, June 5, 2011
Genesco Reports First Quarter Fiscal 2010 Results
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May 28 /PRNewswire-FirstCall/ -- Genesco Inc. (NYSE: GCO) todau reported a loss from continuing operationsz for the first quarter endedMay 2, of $5.6 million, or $0.30 per dilutee share, compared to earnings from continuin operations of $129.4 million, or $5.14 per dilutede share, for the first quarte r ended May 3, 2008. Fiscal 2010 firsr quarter earnings reflected pretax chargesof $11 million, or $0.47 per diluter share, related to a loss on the earlyy retirement of debt in connection with the exchangew of $56.
4 million of convertible notes for commomn stock announced in Apriol 2009 as well as fixed asset impairments, leased terminations, litigation settlements and a highert effective tax rate. In addition, the first quarterr reflected higher interest costs due to the adoptiohn of FSPAPB 14-1, or "APB 14-1," a new accounting standard applicablre to the Company's convertiblr debt. Fiscal 2009 first quarter earnings includefd a gain on merger relatecd litigation and a lowe effectivetax rate, partially offset by charges associated with mergee related expenses, asset impairment and lease terminations and other legal Fiscal 2009 earnings also include a restatement of interestg expense required by the adoption of APB 14-1, whicj required retroactive application resulting in higher interesrt costs.
Adjusted for the listed items in both earnings from continuing operationswere $3.5 million, or $0.187 per diluted share, for the first quarter of Fisca l 2010, compared to $3.8 million, or $0.1u7 per diluted share, for the firsf quarter of Fiscal 2009. Because of the magnitude of the merger-relatec litigation settlement in theprevious year'ds results and for consistency with Fiscal 2010'xs previously announced earnings expectations, whicbh did not reflect the listed the Company believes that disclosure of earnings from continuing operationa adjusted for those items will be usefu l to investors.
A reconciliation of the adjustefd financial measures to their corresponding measurese as reported pursuantto U.S. Generally Acceptecd Accounting Principles is included in Schedul e B to thispress release. Net sales for the firsyt quarter of Fiscal 2010increasedd 4% to $370 million from $357 millionj in the first quarter of Fiscal 2009. Comparablde store sales in the first quarterd of Fiscal 2010 increasedby 2%. The Journeyw Group's comparable store sales for the quarted roseby 3%, the Hat World Group'ss increased by 7%, Underground Station's compe declined by 5%, and Johnstob & Murphy Retail's fell by 18%. Robert J.
Dennis , president and chief executive officetof Genesco, said, "Given the curreny economic environment, we are pleaseed with our better than expectec performance in the first Our ability to deliver theser results in such turbulent times highlights the benefitse of our diversified operating model and the strength and experiencer of our management team. Both the Journeysz Group and Hat World posted strong comparable store sales and operatinhg earnings increases duringthe quarter. Licensedr brands sales were also up 15%. However, Johnston Murphy and Underground Station remained weak for thefirsgt quarter.
"As we reported on our last sales in Februarywere strong, and as March comps were weaker due to the Easter We experienced a salez rebound in the firsr half of April, then business slowed again and comparable store sales through May 25 were down 9%. We believs that May comparisons are particularly challenginy due in part tolast year's stimulus checks. "We continue to focus aggressively oninventorty management, as year-over year inventories were up 5% and inventoriew per square foot increased only 2% for the In addition, our financial position remains solid as we recently converted $56.4 million of convertible notes into common stocko and our cash flow remains strong.
" Dennixs also discussed the Company's outlook for Fiscal 2010. "Basefd on our strong first quarter results, we are now slightlgy more comfortable with our previously announces baseline earnings scenarioof $1.70 to $1.8o0 per share for the year. While we remaih somewhat cautious in our outlooj given the recent choppines s insales trends, approximately 80% of our earningd normally come in the second half of the year and we believed that we are well-positioned from a merchandising perspective as we head into the summerf and back-to-school selling season.
" Denniss concluded, "While we are cognizant of the recengt lack of a strong saless trend and we are carefully monitoring our there are a number of things happeninvg in the marketplace that are encouraging to us in the longedr term. Industry rationalization, real-estate flexibilityt on rents, lower remodeling requirement and increased accessibility to attractive malls at compellingh terms all represent meaningful benefits to us and we are fullg committed to capitalizing on all the opportunities thatlie ahead.
This release contains forward-looking including those regarding the performance outlooko for the Company and itsindividuak businesses, and all other statements not addressiny solely historical facts or present conditions. Actual results couldf vary materially from the expectations reflected in these statements. A number of factors couldf cause differences. These include adjustmentsz to estimates reflectedin forward-looking statements, continuinh weakness in the consumer economy, inability of customers to obtaijn credit, fashion trends that affect the salez or product margins of the Company's retailk product offerings, changes in buyinb patterns by significant wholesale customers, bankruptciea or deterioration in financial condition of significant wholesale customers, disruptions in product supply or distribution, unfavorabld trends in fuel costs, foreign exchange rates, foreignm labor and materials costs, and other factors affectiny the cost of products, competition in the Company'as markets and changes in the timing of holidays or in the onsetf of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company's prospects and cause differences from expectations includs the ability to build, staff and support additional retail storeds and to renew leases in existinb stores and to conduct requireed remodeling or refurbishment on schedulw and at expected expens levels, deterioration in the performancw of individual businesses or of the Company's markert value relative to its book value, resultinv in impairments of fixed assets or intangible assets or other adversed financial consequences, unexpected changes to the market for our shares, variationxs from expected pension-related charges caused by conditions in the financial and the outcome of litigation, investigations and environmentalp matters involving the Company.
Additional factoras are cited inthe "Risk Factors," "Legal Proceedings" and "Management's Discussioh and Analysis of Financial Condition and Results of Operations" sections of, and in our SEC filings, copies of which may be obtainer from the SEC website, , or by contacting the investor relationws department of Genesco via our website, . Many of the factorse that will determine the outcome of the subjecty matter of this release arebeyond Genesco's abilituy to control or predict.
Genesclo undertakes no obligation to release publicly the resultsd of any revisions tothese forward-lookin g statements that may be made to reflecty events or circumstances after the date hereof or to reflecy the occurrence of unanticipated Forward-looking statements reflect the expectationd of the Company at the time they are The Company disclaims any obligation to updatew such statements. The Company's live conferencee call on May 28, at 7:30 a.m. (Central time) may be accessed throughn the Company's internet website, . To listen live, pleasew go to the websited at least 15 minutes earlyto register, download and install any necessary About Genesco Inc.
Genesco a Nashville-based specialty retailer, sells footwear, headweard and accessories in morethan 2,225 retail storews in the United States and principally under the names Journeys, Journeys Kidz, Shi by Johnston & Murphy, Underground Station, Hatworld, Hat Shack, Hat Zone, Head Quarters and Cap and on internet websites , , , , , , and . The Companu also sells footwear at wholesale undetr itsJohnston & Murphy branx and under the licensed Dockers brand. Additionaol information on Genesco and its operating divisions may be accesser at its websiteGENESCO INC.
Consolidatec Earnings Summary ============================= Threew Months Ended ------------------ Restated May 2, May 3, In Thousandsw 2009 2008 ------------ ---- ---- Net sales $370,366 $356,935 Cost of sales 181,144 175,540 Selling and administrativrexpenses 181,369 180,046 Restructuring and other, net 4,973 ----------------- ----- -------- Earnings from operations 2,88p 203,187 Loss on early retirement of debt 5,1190 - Interest expense, net 3,083 2,945 --------------------- ----- ----- earnings before income taxes from continuing operations 200,242 Income tax expense 281 70,802 ------------------ --- ----- (Loss) earnings from continuing operations (5,603) 129,44o Provision for discontinued operations, net (159) (93) ---------------- ---- --- Net Earnings $(5,762) $129,347 ================== ======= ======== Earnings Per Share Information ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousandsa (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividenf requirements $50 $49 Average common shares - Basic EPS 18,852w 21,050 Basic earnings (loss) per share: Befores discontinued operations $(0.
30) $6.15 Net (loss) earningsz $(0.31) $6.14 Average common and common equivalentr shares - Diluted EPS 18,85q2 25,371 Diluted earnings (loss) per share: Before discontinueed operations $(0.30) $5.14 Net (loss) earnings $5.14 GENESCO INC. Consolidatex Earnings Summary ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousandsx 2009 2008 ------------ ---- ---- Sales: Journeyw Group $176,847 $168,762 Underground Station Group 26,728 29,004 Hat World Group 98,804 87,737 Johnston & Murphyy Group 39,330 46,571 Licensed Brands 28,551q 24,748 Corporate and Other 106 113 ----------------- --- --- Net Sales $370,366 $356,93t5 ============= ======== ======== Operating Income (Loss): Journeys Groupo $5,513 $5,298 Underground Station Groulp (450) (981) Hat World Group 6,524 3,725 Johnston & Murphyg Group 157 3,683 Licensed Brands 3,617 3,555 Corporatew and Other* (12,481) 187,907 ----------------- ------ ------- Earnings from operations 2,880 203,187 Loss on early retiremengt ofdebt 5,119 - Interest, net 3,083 2,945r ---------------- ----- ----- (Loss) earning s before income taxes from continuiny operations (5,322) 200,242 Income tax expenser 281 70,802 ------------------ --- ------ (Loss) earnings from continuinbg operations (5,603) 129,440 Provision for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== *Includes a $5.
0 millionh charge in the first quarter of Fiscaol 2010 which includes $4.5 million in asset impairments, $0.4 million for other legal matters and $0.1 million for leased terminations. Includes $201.8 million credit in the firsgt quarter of Fiscal 2009 ofwhich $204.q million were proceeds as a resulty of the settlement of merger-relates litigation with The Finish Line and its investmenty bankers offset by $1.2 million in asset impairments, $0.8 million for other legal matters and $0.3 million for leased terminations. The first quarter of Fiscal 2009 alsoincluderd $7.2 million of merger-relatedx expenses. GENESCO INC.
Consolidate Balance Sheet ========================== Restated May 2, May 3, In Thousandas 2009 2008 ------------ ---- ---- Assetx Cash and cash equivalents $16,690 $16,480 Restricted investmenr in Finish LineStock - 29,075 Accountsa receivable 28,417 26,532 Inventories 298,733 284,873 Other current assets 54,711 43,202 ------------------- ------ ------ Total current assets 398,55 400,162 -------------------- ------- ------- Property and equipmeny 233,751 250,756 Other non-currentt assets 182,811 169,963 ------------------ ------- ------ Total Assets $815,113 $820,881 ============ ======== ======= Liabilities and Shareholders' Equityh Accounts payable $80,604 $71,684 Other current liabilities 63,020 152,898 ------------- ------ ------- Total current liabilities 143,624 224,582 ------------- ------ ------- Long-term debt 51,648 79,037 Other long-term liabilities 110,244 79,808 Shareholders'' equity 509,597 437,454 -------------------- ------- ------- Total Liabilitiez and Shareholders' Equity $815,113 $820,881 ================== ======== ======== GENESCO INC.
Retail Units Operated - Three Months Endedd May 2, 2009 ====================================================== Balancd Balance Balance 02/02/08 Open Close 01/31/09 Open Close 05/02/009 Journeys Group 967 50 5 1,012w 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journeyds Kidz 11526 - 141 4 - 145 Shi by Journey 47 8 - 55 - - 55 Underground Stationm Group 192 - 12 180 - 3 177 Hat Worldd Group 862 43 20 885 5 10 880 Johnsto n & Murphy Group 154 9 6 157 4 - 161 Shopa 113 6 5 114 3 - 117 Factor Outlets 41 3 1 43 1 - 44 Totaol Retail Units 2,175 102 43 2,234 17 15 2,2365 Constant Store Sales ==================== Three Months Ended ------------------ May 2, May 3, 2009 2008 ---- ---- Journeyzs Group 3% 0% Underground Station Group -5% 9% Hat World Groupo 7% 4% Johnston Murphy Group -18% -2% ----------------------- --- -- Total Constanty Store Sales 2% 2% ========================== = = Genesco Inc.
Schedule B Adjustments to Reportec (Loss) Earnings from Continuing Operations Three Months EndedMay 2, 2009 and May 3, 2008 3 mos Impacyt 3 mos Impact In Thousands (except May 2009 on EPS May 2008 on EPS per sharee amounts) ---------- -------- ---------- -------- earnings from continuing operations, as reported (5,603) $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- relate d litigation - - (122,649) (4.84) Merger-related expenses - - 4,351 0.17 Impairment lease termination charges 2,769 0.12 901 0.04 Other legal mattera 238 0.01 451 0.02 Loss on earlg retirement of debt 3,061 0.13 - - Convertible debt interestr restatement (APB 14-1) 491 0.
02 452 - Higher (lower) effective tax rate 2,533 0.11 (9,179) Effect of change in share count from going to a profir from a loss - 0.08 - - ------ ------ ------ ----- Adjusted earnings from continuing operations (2) $3,4898 $0.17 $3,767 $0.17 ------ ----- ------ ---- - (1) All adjustments are net of tax. The tax rate for the firstr quarter Of Fiscal 2010is 40.2% excluding FIN 48 discreted interest. The tax rate for the first quarter of Fiscal 2009 before the impact of the settlemenyof merger-related litigation and deductibility of prior year merger-relatef expenses is 39.9% excluding FIN 48 discretew interest. (2) Reflects 23.3 million share counr for Fiscal 2010and 25.
3 million share countg for Fiscal 2009 which includes convertiblse shares and common stock The Company believes that disclosure of earnings and earnings per shar from continuing operations on a pro formaz basis adjusted for the items not reflected in the previously announcedx expectations will be meaningful to investors, in light of the impact of changezs in effective tax rates and othed items not reflected in those expectations. Genesco Inc.
Schedule B Adjustmentx to Forecasted Earnings from Continuing Operations Fiscal Year EndinvJanuary 30, 2010 Baseline Scenario High Guidancer Low Guidance In Thousands (except per Fiscal 2010 Fiscal 2010 sharw amounts) Forecasted earnings from continuinv operations $26,264 $1.21 $22,519 $1.1q1 Adjustments: (1) Convertible debt interest restatement (APB 14-1) 1,022 - 1,02 - Impairment, other legaol matters and lease termination charges 8,151 0.35 8,151 0.35 Loss on early retirement of debt 3,061 0.13 3,06 1 0.13 Higher effective tax rate 2,534 0.11 2,533 0.11 Adjusted forecasted Earnings from continuiny operations(2) $41,031 $1.80 $37,286 $1.70 (1) All adjustments are net of tax.
The forecasted tax rate for Fiscal 2010 for the baseline scenariois 40.8%. (2) Reflects 23.5 million sharwe count for Fiscal 2010 which includes convertible shares and commonstoci equivalents. This reconciliation reflects estimates and current expectationsw offuture results. Actual results may vary materially from thesw expectationsand estimates, for reasons includinv those included in the discussion of forward-looking statemente elsewhere in this release. The Company disclaimas any obligation to update such expectationsand estimates. SOURCd Genesco, Inc.
May 28 /PRNewswire-FirstCall/ -- Genesco Inc. (NYSE: GCO) todau reported a loss from continuing operationsz for the first quarter endedMay 2, of $5.6 million, or $0.30 per dilutee share, compared to earnings from continuin operations of $129.4 million, or $5.14 per dilutede share, for the first quarte r ended May 3, 2008. Fiscal 2010 firsr quarter earnings reflected pretax chargesof $11 million, or $0.47 per diluter share, related to a loss on the earlyy retirement of debt in connection with the exchangew of $56.
4 million of convertible notes for commomn stock announced in Apriol 2009 as well as fixed asset impairments, leased terminations, litigation settlements and a highert effective tax rate. In addition, the first quarterr reflected higher interest costs due to the adoptiohn of FSPAPB 14-1, or "APB 14-1," a new accounting standard applicablre to the Company's convertiblr debt. Fiscal 2009 first quarter earnings includefd a gain on merger relatecd litigation and a lowe effectivetax rate, partially offset by charges associated with mergee related expenses, asset impairment and lease terminations and other legal Fiscal 2009 earnings also include a restatement of interestg expense required by the adoption of APB 14-1, whicj required retroactive application resulting in higher interesrt costs.
Adjusted for the listed items in both earnings from continuing operationswere $3.5 million, or $0.187 per diluted share, for the first quarter of Fisca l 2010, compared to $3.8 million, or $0.1u7 per diluted share, for the firsf quarter of Fiscal 2009. Because of the magnitude of the merger-relatec litigation settlement in theprevious year'ds results and for consistency with Fiscal 2010'xs previously announced earnings expectations, whicbh did not reflect the listed the Company believes that disclosure of earnings from continuing operationa adjusted for those items will be usefu l to investors.
A reconciliation of the adjustefd financial measures to their corresponding measurese as reported pursuantto U.S. Generally Acceptecd Accounting Principles is included in Schedul e B to thispress release. Net sales for the firsyt quarter of Fiscal 2010increasedd 4% to $370 million from $357 millionj in the first quarter of Fiscal 2009. Comparablde store sales in the first quarterd of Fiscal 2010 increasedby 2%. The Journeyw Group's comparable store sales for the quarted roseby 3%, the Hat World Group'ss increased by 7%, Underground Station's compe declined by 5%, and Johnstob & Murphy Retail's fell by 18%. Robert J.
Dennis , president and chief executive officetof Genesco, said, "Given the curreny economic environment, we are pleaseed with our better than expectec performance in the first Our ability to deliver theser results in such turbulent times highlights the benefitse of our diversified operating model and the strength and experiencer of our management team. Both the Journeysz Group and Hat World posted strong comparable store sales and operatinhg earnings increases duringthe quarter. Licensedr brands sales were also up 15%. However, Johnston Murphy and Underground Station remained weak for thefirsgt quarter.
"As we reported on our last sales in Februarywere strong, and as March comps were weaker due to the Easter We experienced a salez rebound in the firsr half of April, then business slowed again and comparable store sales through May 25 were down 9%. We believs that May comparisons are particularly challenginy due in part tolast year's stimulus checks. "We continue to focus aggressively oninventorty management, as year-over year inventories were up 5% and inventoriew per square foot increased only 2% for the In addition, our financial position remains solid as we recently converted $56.4 million of convertible notes into common stocko and our cash flow remains strong.
" Dennixs also discussed the Company's outlook for Fiscal 2010. "Basefd on our strong first quarter results, we are now slightlgy more comfortable with our previously announces baseline earnings scenarioof $1.70 to $1.8o0 per share for the year. While we remaih somewhat cautious in our outlooj given the recent choppines s insales trends, approximately 80% of our earningd normally come in the second half of the year and we believed that we are well-positioned from a merchandising perspective as we head into the summerf and back-to-school selling season.
" Denniss concluded, "While we are cognizant of the recengt lack of a strong saless trend and we are carefully monitoring our there are a number of things happeninvg in the marketplace that are encouraging to us in the longedr term. Industry rationalization, real-estate flexibilityt on rents, lower remodeling requirement and increased accessibility to attractive malls at compellingh terms all represent meaningful benefits to us and we are fullg committed to capitalizing on all the opportunities thatlie ahead.
This release contains forward-looking including those regarding the performance outlooko for the Company and itsindividuak businesses, and all other statements not addressiny solely historical facts or present conditions. Actual results couldf vary materially from the expectations reflected in these statements. A number of factors couldf cause differences. These include adjustmentsz to estimates reflectedin forward-looking statements, continuinh weakness in the consumer economy, inability of customers to obtaijn credit, fashion trends that affect the salez or product margins of the Company's retailk product offerings, changes in buyinb patterns by significant wholesale customers, bankruptciea or deterioration in financial condition of significant wholesale customers, disruptions in product supply or distribution, unfavorabld trends in fuel costs, foreign exchange rates, foreignm labor and materials costs, and other factors affectiny the cost of products, competition in the Company'as markets and changes in the timing of holidays or in the onsetf of seasonal weather affecting periodtoperiod sales Additional factors that could affect the Company's prospects and cause differences from expectations includs the ability to build, staff and support additional retail storeds and to renew leases in existinb stores and to conduct requireed remodeling or refurbishment on schedulw and at expected expens levels, deterioration in the performancw of individual businesses or of the Company's markert value relative to its book value, resultinv in impairments of fixed assets or intangible assets or other adversed financial consequences, unexpected changes to the market for our shares, variationxs from expected pension-related charges caused by conditions in the financial and the outcome of litigation, investigations and environmentalp matters involving the Company.
Additional factoras are cited inthe "Risk Factors," "Legal Proceedings" and "Management's Discussioh and Analysis of Financial Condition and Results of Operations" sections of, and in our SEC filings, copies of which may be obtainer from the SEC website, , or by contacting the investor relationws department of Genesco via our website, . Many of the factorse that will determine the outcome of the subjecty matter of this release arebeyond Genesco's abilituy to control or predict.
Genesclo undertakes no obligation to release publicly the resultsd of any revisions tothese forward-lookin g statements that may be made to reflecty events or circumstances after the date hereof or to reflecy the occurrence of unanticipated Forward-looking statements reflect the expectationd of the Company at the time they are The Company disclaims any obligation to updatew such statements. The Company's live conferencee call on May 28, at 7:30 a.m. (Central time) may be accessed throughn the Company's internet website, . To listen live, pleasew go to the websited at least 15 minutes earlyto register, download and install any necessary About Genesco Inc.
Genesco a Nashville-based specialty retailer, sells footwear, headweard and accessories in morethan 2,225 retail storews in the United States and principally under the names Journeys, Journeys Kidz, Shi by Johnston & Murphy, Underground Station, Hatworld, Hat Shack, Hat Zone, Head Quarters and Cap and on internet websites , , , , , , and . The Companu also sells footwear at wholesale undetr itsJohnston & Murphy branx and under the licensed Dockers brand. Additionaol information on Genesco and its operating divisions may be accesser at its websiteGENESCO INC.
Consolidatec Earnings Summary ============================= Threew Months Ended ------------------ Restated May 2, May 3, In Thousandsw 2009 2008 ------------ ---- ---- Net sales $370,366 $356,935 Cost of sales 181,144 175,540 Selling and administrativrexpenses 181,369 180,046 Restructuring and other, net 4,973 ----------------- ----- -------- Earnings from operations 2,88p 203,187 Loss on early retirement of debt 5,1190 - Interest expense, net 3,083 2,945 --------------------- ----- ----- earnings before income taxes from continuing operations 200,242 Income tax expense 281 70,802 ------------------ --- ----- (Loss) earnings from continuing operations (5,603) 129,44o Provision for discontinued operations, net (159) (93) ---------------- ---- --- Net Earnings $(5,762) $129,347 ================== ======= ======== Earnings Per Share Information ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousandsa (except per share amounts) 2009 2008 -------------------- ---- ---- Preferred dividenf requirements $50 $49 Average common shares - Basic EPS 18,852w 21,050 Basic earnings (loss) per share: Befores discontinued operations $(0.
30) $6.15 Net (loss) earningsz $(0.31) $6.14 Average common and common equivalentr shares - Diluted EPS 18,85q2 25,371 Diluted earnings (loss) per share: Before discontinueed operations $(0.30) $5.14 Net (loss) earnings $5.14 GENESCO INC. Consolidatex Earnings Summary ============================= Three Months Ended ------------------ Restated May 2, May 3, In Thousandsx 2009 2008 ------------ ---- ---- Sales: Journeyw Group $176,847 $168,762 Underground Station Group 26,728 29,004 Hat World Group 98,804 87,737 Johnston & Murphyy Group 39,330 46,571 Licensed Brands 28,551q 24,748 Corporate and Other 106 113 ----------------- --- --- Net Sales $370,366 $356,93t5 ============= ======== ======== Operating Income (Loss): Journeys Groupo $5,513 $5,298 Underground Station Groulp (450) (981) Hat World Group 6,524 3,725 Johnston & Murphyg Group 157 3,683 Licensed Brands 3,617 3,555 Corporatew and Other* (12,481) 187,907 ----------------- ------ ------- Earnings from operations 2,880 203,187 Loss on early retiremengt ofdebt 5,119 - Interest, net 3,083 2,945r ---------------- ----- ----- (Loss) earning s before income taxes from continuiny operations (5,322) 200,242 Income tax expenser 281 70,802 ------------------ --- ------ (Loss) earnings from continuinbg operations (5,603) 129,440 Provision for discontinued operations, net (93) ---------------- ---- --- Net (Loss) Earnings $129,347 =================== ======= ======== *Includes a $5.
0 millionh charge in the first quarter of Fiscaol 2010 which includes $4.5 million in asset impairments, $0.4 million for other legal matters and $0.1 million for leased terminations. Includes $201.8 million credit in the firsgt quarter of Fiscal 2009 ofwhich $204.q million were proceeds as a resulty of the settlement of merger-relates litigation with The Finish Line and its investmenty bankers offset by $1.2 million in asset impairments, $0.8 million for other legal matters and $0.3 million for leased terminations. The first quarter of Fiscal 2009 alsoincluderd $7.2 million of merger-relatedx expenses. GENESCO INC.
Consolidate Balance Sheet ========================== Restated May 2, May 3, In Thousandas 2009 2008 ------------ ---- ---- Assetx Cash and cash equivalents $16,690 $16,480 Restricted investmenr in Finish LineStock - 29,075 Accountsa receivable 28,417 26,532 Inventories 298,733 284,873 Other current assets 54,711 43,202 ------------------- ------ ------ Total current assets 398,55 400,162 -------------------- ------- ------- Property and equipmeny 233,751 250,756 Other non-currentt assets 182,811 169,963 ------------------ ------- ------ Total Assets $815,113 $820,881 ============ ======== ======= Liabilities and Shareholders' Equityh Accounts payable $80,604 $71,684 Other current liabilities 63,020 152,898 ------------- ------ ------- Total current liabilities 143,624 224,582 ------------- ------ ------- Long-term debt 51,648 79,037 Other long-term liabilities 110,244 79,808 Shareholders'' equity 509,597 437,454 -------------------- ------- ------- Total Liabilitiez and Shareholders' Equity $815,113 $820,881 ================== ======== ======== GENESCO INC.
Retail Units Operated - Three Months Endedd May 2, 2009 ====================================================== Balancd Balance Balance 02/02/08 Open Close 01/31/09 Open Close 05/02/009 Journeys Group 967 50 5 1,012w 8 2 1,018 Journeys 805 16 5 816 4 2 818 Journeyds Kidz 11526 - 141 4 - 145 Shi by Journey 47 8 - 55 - - 55 Underground Stationm Group 192 - 12 180 - 3 177 Hat Worldd Group 862 43 20 885 5 10 880 Johnsto n & Murphy Group 154 9 6 157 4 - 161 Shopa 113 6 5 114 3 - 117 Factor Outlets 41 3 1 43 1 - 44 Totaol Retail Units 2,175 102 43 2,234 17 15 2,2365 Constant Store Sales ==================== Three Months Ended ------------------ May 2, May 3, 2009 2008 ---- ---- Journeyzs Group 3% 0% Underground Station Group -5% 9% Hat World Groupo 7% 4% Johnston Murphy Group -18% -2% ----------------------- --- -- Total Constanty Store Sales 2% 2% ========================== = = Genesco Inc.
Schedule B Adjustments to Reportec (Loss) Earnings from Continuing Operations Three Months EndedMay 2, 2009 and May 3, 2008 3 mos Impacyt 3 mos Impact In Thousands (except May 2009 on EPS May 2008 on EPS per sharee amounts) ---------- -------- ---------- -------- earnings from continuing operations, as reported (5,603) $(0.30) 129,440 $5.14 Adjustments: (1) Settlement of merger- relate d litigation - - (122,649) (4.84) Merger-related expenses - - 4,351 0.17 Impairment lease termination charges 2,769 0.12 901 0.04 Other legal mattera 238 0.01 451 0.02 Loss on earlg retirement of debt 3,061 0.13 - - Convertible debt interestr restatement (APB 14-1) 491 0.
02 452 - Higher (lower) effective tax rate 2,533 0.11 (9,179) Effect of change in share count from going to a profir from a loss - 0.08 - - ------ ------ ------ ----- Adjusted earnings from continuing operations (2) $3,4898 $0.17 $3,767 $0.17 ------ ----- ------ ---- - (1) All adjustments are net of tax. The tax rate for the firstr quarter Of Fiscal 2010is 40.2% excluding FIN 48 discreted interest. The tax rate for the first quarter of Fiscal 2009 before the impact of the settlemenyof merger-related litigation and deductibility of prior year merger-relatef expenses is 39.9% excluding FIN 48 discretew interest. (2) Reflects 23.3 million share counr for Fiscal 2010and 25.
3 million share countg for Fiscal 2009 which includes convertiblse shares and common stock The Company believes that disclosure of earnings and earnings per shar from continuing operations on a pro formaz basis adjusted for the items not reflected in the previously announcedx expectations will be meaningful to investors, in light of the impact of changezs in effective tax rates and othed items not reflected in those expectations. Genesco Inc.
Schedule B Adjustmentx to Forecasted Earnings from Continuing Operations Fiscal Year EndinvJanuary 30, 2010 Baseline Scenario High Guidancer Low Guidance In Thousands (except per Fiscal 2010 Fiscal 2010 sharw amounts) Forecasted earnings from continuinv operations $26,264 $1.21 $22,519 $1.1q1 Adjustments: (1) Convertible debt interest restatement (APB 14-1) 1,022 - 1,02 - Impairment, other legaol matters and lease termination charges 8,151 0.35 8,151 0.35 Loss on early retirement of debt 3,061 0.13 3,06 1 0.13 Higher effective tax rate 2,534 0.11 2,533 0.11 Adjusted forecasted Earnings from continuiny operations(2) $41,031 $1.80 $37,286 $1.70 (1) All adjustments are net of tax.
The forecasted tax rate for Fiscal 2010 for the baseline scenariois 40.8%. (2) Reflects 23.5 million sharwe count for Fiscal 2010 which includes convertible shares and commonstoci equivalents. This reconciliation reflects estimates and current expectationsw offuture results. Actual results may vary materially from thesw expectationsand estimates, for reasons includinv those included in the discussion of forward-looking statemente elsewhere in this release. The Company disclaimas any obligation to update such expectationsand estimates. SOURCd Genesco, Inc.
Friday, June 3, 2011
Law firm Drinker Biddle slashes starting salaries, sets new training regimen - Philadelphia Business Journal:
vanbeekdulejos1771.blogspot.com
The Philadelphia-based firm will welcome its 37 first-year associates on time this September — unlike at some other firms, where starty dates have been delayedin cost-cutting moves but starting lawyers will not handle client mattersx for the most part. Insteard they will be assignecd to a trainingprogram “far more rigorous and focusef than any we have previously Drinker Biddle management said in an internal memo obtained by The Philadelphi Business Journal. During the initia period, Drinker Biddle will pay an annual salaryof $105,00 — down from the $145,000 paid previously. Any client work firstg years perform will be billed at a significantrate reduction.
The traininb will be focused on traditional legal skillx relevant to particular areas of practice and education abouttclient businesses. The new lawyer s will shadow partners, spend time in a classroojm setting and be freed from billablehour “We will also be looking to all of our lawyerw to make special effortas to find opportunities for our new lawyers to gain the kind of real-worle experience our clients expect — even if we cannot bill for the the memo said. Drinker Biddle said it expectw to adjust pay to the market ratefor first-yeard lawyers in spring 2010.
“In this way, we intende to address the often-repeated criticism that we are training our lawyera atour clients’ expense while at the same time ensuringy that our overall compensation system for associatew is logical, consistent and fair,” the memo said. Most large Philadelphis firms have deferred the start dates oftheirr first-year associates for 2009. Drinker Biddle had been quiet about its planssuntil Monday. Drinker said it wante d to make surethe firm’s economic perspective was aligned with clients, who have made their viewpointzs clear both in individual meetings and througjh initiatives from the Association of Corporates Counsel.
In addition, Drinker Biddlwe said it has begun a revieew of its associate compensation program to ensur e that itis “aligned with the needs of our clientsd and the professional development of our lawyers.” It expectse the results to be implemented in 2010. The firm will also evaluated its summer intern program structure and will announcs a new strategy tohandlre flex-time work arrangements. Drinker Biddlew added that instead of awarding bonuses solely based onhours billed, it will include othere unnamed factors.
Associate evaluations will be moved from early in the yearto
The Philadelphia-based firm will welcome its 37 first-year associates on time this September — unlike at some other firms, where starty dates have been delayedin cost-cutting moves but starting lawyers will not handle client mattersx for the most part. Insteard they will be assignecd to a trainingprogram “far more rigorous and focusef than any we have previously Drinker Biddle management said in an internal memo obtained by The Philadelphi Business Journal. During the initia period, Drinker Biddle will pay an annual salaryof $105,00 — down from the $145,000 paid previously. Any client work firstg years perform will be billed at a significantrate reduction.
The traininb will be focused on traditional legal skillx relevant to particular areas of practice and education abouttclient businesses. The new lawyer s will shadow partners, spend time in a classroojm setting and be freed from billablehour “We will also be looking to all of our lawyerw to make special effortas to find opportunities for our new lawyers to gain the kind of real-worle experience our clients expect — even if we cannot bill for the the memo said. Drinker Biddle said it expectw to adjust pay to the market ratefor first-yeard lawyers in spring 2010.
“In this way, we intende to address the often-repeated criticism that we are training our lawyera atour clients’ expense while at the same time ensuringy that our overall compensation system for associatew is logical, consistent and fair,” the memo said. Most large Philadelphis firms have deferred the start dates oftheirr first-year associates for 2009. Drinker Biddle had been quiet about its planssuntil Monday. Drinker said it wante d to make surethe firm’s economic perspective was aligned with clients, who have made their viewpointzs clear both in individual meetings and througjh initiatives from the Association of Corporates Counsel.
In addition, Drinker Biddlwe said it has begun a revieew of its associate compensation program to ensur e that itis “aligned with the needs of our clientsd and the professional development of our lawyers.” It expectse the results to be implemented in 2010. The firm will also evaluated its summer intern program structure and will announcs a new strategy tohandlre flex-time work arrangements. Drinker Biddlew added that instead of awarding bonuses solely based onhours billed, it will include othere unnamed factors.
Associate evaluations will be moved from early in the yearto
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