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Coffee Talk (Sara/Mana edition)
Another Sarasota Sosso
The Sosso family, owners of Sarasota-based Prudential Palms Realty, is
expanding its family business. Mark Sosso, like his mother, Helen, and
younger brother, Scott, has moved from Pittsburgh to Sarasota.
Mark was a developer and high-end homebuilder in the Pittsburgh area and
plans to stay in those fields here. Currently at work on a few homes on Bird
Key, Mark plans to partner with Scott on a residential development
opportunity in Manatee. And his mother tells Coffee Talk heis already at
work on a project in Palmer Ranch.
Guess what surprised him about doing business here? Says Helen: iHe couldnit
believe what he had to do to get a permit here compared to Pittsburgh.i
Welcome to Sarasota!
For all three Sossos, spring and summer will be a busy time o but not
because of business. The Sosso brothers have weddings planned o Mark will
marry his Pittsburgh sweetheart on April 2 and Scott will marry his
Pittsburgh sweetheart on June 25.
Bank values concern analyst
Last year was the fifth straight for regional banks to outperform the
broader stock market, according to Ryan Beck & Co. analyst Anthony R. Davis.
The Nasdaqis index of regional bank stocks was up 10.4% in 2004, compared to
an S&P 500 hike of 9%.
But Davis, like other banking observers, is concerned about earnings in the
sector falling too far behind stock prices. The regional banks as a whole
are trading at almost 16 times their predicted 2005 earnings. Since 1994,
the median P/E has been 13.5.
One factor driving prices skyward is consolidation, says Davis. There were
14,800 American banks in 1984. Now there are 7,500.
iGranted, thatis still vastly more than are needed, but in some parts of the
country, scarcity value is becoming an issue,i Davis says in a recent
report. iIn many sections of Florida, for example, there are few sizeable
publicly traded banks left to buy.i
The supply does seem to be exceeding the demand of out-of-state banks that
want to try their hand in Florida and have yet to do so.
iUnquestionably, this ebuy before it disappearsi mentality has played a
meaningful role in the expansion of regional bank multiples the last few
years,i says Davis. iIronically, the higher valuations, in turn, have served
to perpetuate bank mergers.i
For all his hand wringing, however, Davis sees another good year for
regional banks. Profits at S&P 500 companies are forecast to rise 6.4%.
Profits at the Nasdaq banks are seen going up 9% in 2005.
Holy ringmaster
If it pays to have friends in high places then the Ringling Bros. and Barnum
& Bailey circus is set. At a recent audience with the Pope John Paul II, the
Rev. Jerry Hogan, circus chaplain for the Circuses of America, made the
pontiff an official ringmaster. According to resident circus expert and
restaurateur Bob Horne, the pope was presented with a ringmaster hat and
documents created by the costume department of the Ringling Bros. The
Vatican has supported circus ministries through the Circus and Traveling
Show Apostolate since 1971.
Fight over fiber
Whois going after who in the cable versus telephone battle?
Coffee Talk found it interesting to note that while Verizon made news with
its franchise application to offer television services in Sarasota, Comcast
Corp. quickly responded with telephone voice-over-IP services.
Bright House Networks media department also wanted to make it clear that the
main cable provider for Manatee County is in the game on fiber optics,
having laid about 449 miles of wire. According to Bright Houseis business
model, fiber is laid from the main line to regional hubs where coaxial cable
takes over the final delivery into individual homes. That additional fiber,
which Bright House added mainly in 2000-2001, allows the cable provider to
add more digital content. Verizon, on the other hand, has announced plans to
lay fiber directly into individual homes. Asked what advantage the extra
fiber would offer, Bright House spokesperson Amy VanDell responded, iAt this
point, it would add to nothing more than the expense.i
Johnson switches firm
Former Florida Sen. Bob Johnson has left the law firm of Wilson Johnson &
Jaffer to join Johnson Browning & Clayton.
iThe new firm does what I do as far as estates, taxes and real estate,i
Johnson says. iI wanted some people who could back me up with my practice.
The Wilson firm was more of a trial firm.i
In other news, Johnson, an active member of the long-range planning
committee of the Sarasota County Fair Association Board, says the board is
in discussions with the county and several individuals about redevelopment
of the fairgrounds.
iI should have an idea in 30 to 40 days,i he says. iWe are having
discussions on some kind of a bond issue to support a new building. We are
looking at redoing the fairgrounds along with a new arena complex. The arena
building has been reduced in size (and construction cost), but not in
seating capacity.i
SBA looks for nominees
The National Small Business Association is looking for nominations from
Florida for its 2005 Small Business Advocate of the Year Award.
Candidates should have a commitment to small business advocacy, a proven
history of voluntary efforts and endeavors to advance small business and
improve the conditions for small business owners; success and growth as a
small business owner; or any other accomplishments demonstrating merit as an
effective advocate for small business interests.i
The award will be presented during the organizationis annual Washington
Presentation on May 11-12 at the Wyndham Washington.
Nominations, due by Feb. 18, can be mailed to the NSBA at 1156 15th Street
N.W. Suite 1100, Washington, DC 20005-1711. The application form can be
found on the award section of the NSBA Web site.
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