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Corporate Report
by Sean Roth | Real Estate Editor
MoneyShow, S&P partner
to improve Web offering
Sarasota-based MoneyShow.com, the largest multimedia investment education destination for investors, traders, and financial advisors, has started offering Standard & Poor's database of details on public companies to its members through MoneyShow.com's MarketResource search engine.
MoneyShow.com's MarketResource, billed as the first comprehensive search engine in the financial services industry, allows users to search more than 1,000 financial services companies, 1,400 Money Show speakers, and now more than 10,000 public companies.
The public company information includes company summaries, quote profiles, company news, charts, earnings reports, valuation, and financial statements. In addition, members can find advice, education, recommendations, and tools from Wall Street experts and financial services companies on the site.
"Now, our members have even greater access to invaluable information as they continue to seek new and better ways to become smarter investors,' said Charles Githler, chairman and co-founder of InterShow. "This partnership is another demonstration of our commitment to provide our members with actionable research and investment ideas that will help them achieve their goals."
As part of the agreement, additional Standard & Poor content from The Money Shows as well as special offers of S&P's Outlook Online Edition will be rolled out within six months and made available to MoneyShow.com members.
Associated Asphalt
buys local Mariani Asphalt
Tampa's E.A. Mariani Asphalt Co. has been sold to Associated Asphalt, an affiliate of ArcLight Capital Partners LLC. Hyde Park Capital Advisors LLC, the investment banking subsidiary of Tampa-based Hyde Park Capital Partners LLC, served as the investment bank for Mariani Asphalt in the transaction.
Mariani Asphalt is a supplier of paving grade asphalts and emulsions statewide. The company also distributes liquid asphalt through a deep-water terminal at the port of Tampa.
"As a family-owned company with 60 years of superior service to the industry, the decision to sell was a very difficult, emotional hurdle for third generation Mariani stockholders," George Mariani, Jr., president of Mariani Asphalt, said in a press release. "The decision to sell to Associated Asphalt, with a similar entrepreneurial culture and similar dedication to quality, was logically the right decision at this time."
Associated Asphalt is one of the leading asphalt resellers in the Mid Atlantic, with terminals in Virginia, West Virginia, North Carolina, and South Carolina. The company distributes asphalts, PMA, asphalt emulsion, and cutback asphalt.
Orthopedic Development sues former employees over e-mails
Orthopedic Development Corp., along with its subsidiary, Clearwater-based minSURG Corp., filed a suit against its former vice president of sales Danny Wayne Grayson, an investor in its recent $8 million private placement Terje Gronlie and three others for what the companies say was a defamatory e-mail campaign.
"These events resulted directly and indirectly in the dismissal or resignation of four employees including two officers of the company and the ensuing litigation," James Doulgeris, MinSURG CEO and president, said in a press release.
The companies are charging all the defendants with defamation, false light and tortuous interference of business relationships. Grayson is also being sued for reach of contract, breach of loyalty and breach of fiduciary duty. The company has filed a separate lawsuit against Grayson and two other employees to recover company computers, paper records and wireless devices containing records and documents believed to contain evidence in the company's suit.
A company release says Grayson and his assistant were fired at the beginning of May and two other employees, including the vice president of operations, resigned roughly two weeks later.
The suit alleges that on May 8, Grayson initiated an email campaign targeting the company's distributors, vendors, business partners and certain shareholders announcing that he was suing Orthopedic Development Corp., minSURG and Doulgeris.
Company officials argue that Grayson and Gronlie tried to extort the company prior to the email mailing with the threat of taking their allegations to the press.
The board of directors created a special committee comprised of independent directors earlier this year to assess the allegations. The board committee reportedly determined that the company, its remaining officers, employees, directors and partners acted responsibly
Orthopedic Development's operating subsidiary, minSURG, markets a spine fusion implant called TruFUSE, which uses machined human bone to stabilize vertebrae.
Sun Hydraulics board approves 50% dividend, chairman
Sun Hydraulics Corp.'s board of directors appointed a new chairman, announced a 50% stock dividend and increased the company's cash dividend.
Ferdinand E. Megerlin was appointed chairman of the board. Megerlin succeeds Clyde G. Nixon, who had served as chairman from 2000 until his death earlier this year. Megerlin has served on the board since 1998 and was most recently vice chairman. Megerlin has 35 years of experience in the fluid-power industry.
The 50% stock dividend results in shareholders receiving an additional share for every two shares of SNHY stock owned. The stock dividend will increase the total shares outstanding to about 16.5 million shares from 11 million. Sun's board also approved a cash dividend of nine cents per share on the new total shares outstanding after the stock dividend.
"The board of directors believes the stock dividend will help improve shareholder value by increasing the marketability and liquidity of Sun's stock." Megerlin said in a press release. "Sun Hydraulics has paid a dividend every quarter since going public in 1997. The new cash dividend of $0.09 per share, coupled with the stock dividend, effectively increases the dividend by 35%."
The stock and cash dividends are payable on July 15 to shareholders of record as of June 30.
Sun Hydraulics Corp. is a Sarasota designer and manufacturer of high performance screw-in hydraulic cartridge valves and manifolds.
Southwest Florida airport
receives $5 million in grants
The Federal Aviation Administration awarded two grants totaling more than $5 million to Southwest Florida International Airport: $3.5 million in discretionary funding for airfield improvements and more than $1.8 million in entitlement funding for the construction and improvements of public-use areas in the terminal.
The competition for grants is based on a project's ability to increase airport capacity on a national level. Federal grant funds were used for the construction of the $438 million terminal complex that opened in September 2005.
Airport construction is funded with grants from the Federal Aviation Administration and the Florida Department of Transportation; airline rents and fees and other airport revenue, including bonds.
Orion Bank garners top ranking
Naples-based Orion Bancorp Inc. was ranked fifth in the nation among community bank holding companies and thrifts for financial performance according to a report published in the June 2007 issue of American Bankers Association Banking Journal. Orion is the largest company in the listing based on asset size and the best performing company with assets of more than $1.5 billion.
The newest ranking is the fifth consecutive year in which the Naples-based company has been recognized on the ABA Banking Journal Top Performing Community Banks list.
The annual survey evaluated more than 3,000 bank holding companies and thrifts with between $100 million and $3 billion in total assets. Those institutions with the highest return on average equity were recognized as Top Performers in their respective categories. For 2006, Orion posted an ROAE of 31.12%. This performance is well above the average ROAE across all banks and thrifts in this asset category of 9.1%.
"This performance places Orion in the top half of one percent of all banks in the nation," David J. Sweeney, executive vice president and treasurer of Orion said in a press release.
The company currently has total assets approaching $3 billion.
Vision Homes
adds Nice as COO
Fort Myers-based Vision Homes USA has named Steve Nice as chief operating officer. As part of the senior management team, Nice will oversee sales, marketing, construction, purchasing, customer service, human resources, risk management and safety.
Nice spent 25 years with the Deluxe Corp., a national consulting firm to financial institutions and small businesses. In 1990, he moved to Illinois to help manage the acquisition of Colwell Systems Inc. In 1996, Nice joined Parkland College as manager of human resources, public safety, risk management, facilities and labor relations. In 2003, he became vice president of human resources for First Home Builders in Southwest Florida.
Etc....
Teltronics' revenue makes it
a top 500 value-added reseller
Teltronics Inc., a Sarasota-based provider of communication solutions and services, was honored as one of the top 500 revenue-generating VARs, an annual list compiled by VARBusiness magazine. VARBusiness, a CMP Media, solutions-centric magazine, provides strategic insight and technology direction to leading solution providers and technology integrators who drive demand for IT solutions across business and government specifically centered on value-added resellers.
For the first time, Teltronics was recognized by the VARBusiness 500 as a top solution provider out of 100,000 VARs in North America. The VARBusiness 500 list is based on 2006 revenue.
Sky Angel transitioning
from satellite to Internet TV
Naples-based Dominion Video Satellite Inc. is transitioning the way it distributes its subscription-based Christian and family-friendly TV programming, Sky Angel, from satellite to broadband Internet protocol.
The company's subscribers will simply need to add an IPTV setup box to their television with high-speed Internet to use the service. IPTV is expected to be much more economical than its current satellite while offering greater viewing options. The new service also avoids the cost of professional installation.
The transition to IPTV in the U.S. is scheduled to occur over the next year. Sky Angel is currently available the contiguous 48 states. Early this year, Sky Angel also began providing programming in Canada through a Toronto-based IPTV service partner.
Obee's Franchise Systems
splitting stock into 30
The board of directors for Port Charlotte-based Obee's Franchise Systems Inc. approved a forward stock split of the company's common stock. The board agreed to issue 30 shares for each outstanding share of stock. The official date of the stock split has not been announced.
"Obee's board of directors for some time has been working behind the scenes to restructure the company, ramp up support for our base business, and start aggressively soliciting new franchisees in our territories that are ready for expansion," Peter Brown, OBFC president, said in a press release. "This is a major step in the right direction."
Obee's currently has more than 50 restaurants open and in development across 21 states. The company has commitments to open more than 1,000 additional locations in the next 10 years. The chain has won numerous local and regional awards for its food menu and service.
Insignia Bank
opening two new offices
Startup community bank Insignia Bank, announced plans to open two additional locations; one in Lakewood Ranch and another in Sarasota County.
The Lakewood Ranch office will be located at 6145 Exchange Way, just off of University Park Blvd. in front of a Publix Super Market. The other office is currently under construction at the corner of Fruitville and Cattlemen Roads in what will be a new Lowe's Home Improvement Center. The branches are subject to regulatory approval. Insignia anticipates opening the Lakewood Ranch office in August, and the Fruitville/Cattlemen location next summer.
Lawson Group Architects of Sarasota designed the Fruitville/Cattlemen branch building. Insignia Bank's main office is located in downtown Sarasota at the corner of Fruitville Road and North Orange Avenue.
Economy Tackle partners
with Electrodex on dock lights
Electrodex Inc., a Bradenton manufacturer of dock and marine lights has partnered with Economy Tackle/Dolphin Dive Center. Together the companies will market a new line of decorative dock and marine lights through the retail outlet of Economy Tackle/ Dolphin Dive Center in Sarasota.
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