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Corporate Report
by Sean Roth | Associate Editor
DTI-NanoTech debuts new robotic medical device
Sarasota-based DTI-NanoTech, a division of Discovery Technology International, LLLP (www.DTI-NanoTech.com) unveiled its latest miniature robotic system, Robomate-STX, during the annual meeting of the Society for Neuroscience held in Atlanta, Ga.
DTI President and British neuroscientist Dr. Mark Broderick explains that RoboMate-STX is the world's first fully automated computer-controlled stereotaxic microinjection system for use in biomedical research. The robotic system enables the operator to automatically program and target any region in the brain with what the company says is "unsurpassed accuracy." The system incorporates DTI's Virtual Point technology that enables the angle of the microinjector to be changed without losing its position. DTI is considering funding possibilities and collaborations to develop a similar device for clinical applications.
CPC of America changes strategy for MedClose
Sarasota-based CPC of America Inc. reports that its subsidiary, Med Enclosure LLC, has withdrawn the Investigational Device Exemption application for the MedClose VCS to the U. S. Food and Drug Administration's Center for Devices and Radiological Health. The company put off plans to seek FDA approval, after the approval of the device by independent Institutional Review Boards as a nonsignificant/low risk device.
The MedClose VCS is a specialized catheter-based system that uses existing FDA/CE Mark approved fibrin sealant with approved existing labeling to rapidly seal arterial puncture sites.
The clinical investigation of the MedClose VCS device has been approved by two Institutional Review Boards in Canada and the U.S. for the "Randomized, Prospective, Multi-Center Trial of the MedClose VCS."
The Company also has received authorization from the Health Canada, Health Products and Food Branch for patient clinical investigation of the MedClose VCS device for sealing femoral arterial puncture sites and reducing time to hemostasis and ambulation in patients who have undergone interventional and diagnostic catheterization procedures. Company officials expect to submit applications for CE Mark, and FDA Premarket Approval by the second quarter of 2007.
Diamondhead Casino Corp. says Trump moving forward with deal
Largo-based Diamondhead Casino Corp. officials say that Trump Entertainment Resorts Inc. notified the company that it had completed its due diligence regarding the Diamondhead, Miss. property. The Trump organization reportedly expects to move forward with negotiations relating to a joint venture agreement to develop, build and operate a destination casino resort on the property.
On June 8, 2006, the company and Trump signed a letter of intent to develop about 40 acres of land at the Diamondhead property.
The joint venture is proposed for a 404-acre tract of land owned by Mississippi Gaming Corp, a subsidiary of Diamondhead Casino.
Nicholas Financial opens Savannah office
Clearwater-based Nicholas Financial Inc., opened a new branch office location in Savannah, Ga. The new office is part of the company's planned expansion of its office network, which now includes 45 branch offices in Florida, Georgia, North Carolina, South Carolina, Ohio, Michigan, Virginia, Kentucky, Indiana and Maryland.
The new Savannah office is a full-service lending and collection facility. The company intends to continue opening additional branch offices throughout the year.
Founded in 1985, with assets of $156.3 million as of June 30, 2006, Nicholas Financial, Inc. is one of the largest publicly traded specialty consumer finance companies based in the Southeast.
Old Harbor Bank profit falls
Clearwater-based community bank Old Harbor Bank reported its net profit for the quarter was $28,000 ($.01 per share) compared to a profit of $51,000 ($.04 per share) for the same quarter in 2005, a decline of 45%. The year-to-date loss for 2006 was $149,000 ($.07 per share) compared to a loss of $21,000 ($.01 per share) for the same period in 2005. The year-to-date 2006 results are about 28% better than the company's expectations. Bank officials attribute the decline in the bank's 2006 results to the three new offices that were opened after June 30.
Total assets Sept. 30 were $159 million, a $44 million increase over the previous year. Total loans were $117 million, a $39 million increase and total deposits were $129 million, a $33 million increase.
Old Harbor Bank, which opened for business in July 2003, holds total assets of $159 million.
Financial Highlights
(Dollars in thousands, except per share numbers)
Nine Months Nine Months
Ended Ended
9/30/2006 9/30/2005
Interest income $6,908 4,198
Interest expense 3,484 1,674
Net interest income 3,424 2,524
Provision for loan losses 397 371
Net interest income after provision 3,027 2,153
Noninterest income 182 69
Noninterest expense 3,432 2,250
Earnings (loss) before income taxes (223) (28)
Income tax expense (benefit) (74) (7)
Net earnings (loss) $(149) (21)
Per Share $(.07) (.01)
Source: Old Harbor Bank
BB&T Bank quarterly revenue declines 5.7%
Winston-Salem, N.C.-based BB&T Corp. reported net income for the third quarter of 2006 of $417.0 million ($.77 per diluted share) compared to $442.0 million ($.80 per diluted share) earned during the third quarter of 2005. Revenue decreased by 5.7% (3.8% per diluted share) compared to the third quarter last year. Third quarter earnings were negatively affected by a one-time charge related to an unexplained legal matter totaling $9.8 million after-tax, or $.02 per diluted share.
BB&T's third quarter net income produced annualized returns on average assets and average shareholders' equity of 1.42% and 14.39%, respectively, compared to prior year returns of 1.65% and 15.69%, respectively.
For the first nine months of 2006, BB&T's net income was $1.28 billion, an increase of 4.4%, compared to $1.22 billion earned in the first nine months of 2005. Diluted earnings per share for the first nine months of 2006 totaled $2.35, an increase of 5.9% compared to the same period in 2005. Excluding merger-related charges or credits, equity-based compensation and nonrecurring items, operating earnings for the first nine months of 2006 totaled $1.29 billion, or $2.38 per diluted share, increases of 3.7% and 5.3%, respectively, compared to the first nine months of 2005.
BB&T's deposits totaled $79.1 billion, an increase of 9.8% compared to $72.1 billion for the third quarter last year.
First State Financial Corporation
Unaudited Summary, Consolidated Statements of Income
(in thousands, except for per share numbers)
For the For the
quarter ended period ended
September 30, September 30,
2006 2005 2006 2005
Interest income $ 8,218 $ 5,409 $22,806 $14,513
Interest expense 3,635 1,854 9,468 4,972
Net interest income 4,583 3,555 13,338 9,541
Provision for loan loss 305 255 985 480
Non-interest income 784 541 2,181 1,539
Non-interest expense 2,931 2,298 8,348 6,410
Income before income
tax expense 2,131 1,543 6,186 4,190
Income tax expense 752 579 2,310 1,575
Net income $ 1,379 $964 $ 3,876 $ 2,615
Basic earnings
per share $0.24 $0.16 $0.66 $0.44
Diluted earnings
per share $0.23 $0.16 $0.66 $0.44
Source: First State Financial Corp.
Orion Bank enters Cape Coral market
Naples-based Orion Bank opened a full-service branch office in the Orion Center, 1715 Cape Coral Parkway W., Cape Coral. Greg Barr, Area President of Orion Bank Lee County Operations, says that although the branch is new, Orion has been doing business in Lee County for several years. Last year the firm originated more than $376 million in commercial and residential loans in the county.
The office will be managed by ToniRae Hurley. Prior to joining Orion, Hurley served as assistant vice president/private banking for Fifth Third Bank in Fort Myers.
Founded in 1977, Orion Bank is a subsidiary of Naples-based Orion Bancorp, Inc., the second largest privately owned, independent bank holding company headquartered in Florida. The company currently has about $2.4 billion in total assets and operates 18 full-service banking centers throughout Collier, Lee, Sarasota and Palm Beach counties as well as the Florida Keys.
Vonage expands presence in Cape Coral, Bonita Springs
Vonage America Inc., the Holmdel, N.J. based Voice-Over-IP telephony company, has started offering local area codes in Bonita Springs, Cape Coral, Clermont, Gainesville, Inverness, Leesburg and Milton. The company has also added new rate centers within Florida, allowing its customers to further localize their telephone number. The company is now offering the (352), (239) and (850) area codes.
A rate center is the geographic area used for issuing phone numbers. This expansion offers subscribers the opportunity to further localize their telephone number by selecting numbers from towns more representative of their geographic location or maintaining their own phone number within their own area code.
The new rate centers include locations in Boynton Beach, Cape Canaveral, Clearwater, Fort Lauderdale, Fort Myers, Jacksonville, Key Largo, Key West, Kissimmee, Lakehurst, Miami, Orlando, Pensacola, Port St. Lucie, St. Petersburg and Tampa.
Vonage's main broadband phone service product offers unlimited local and long distance calling throughout the U.S., Canada, Puerto Rico, France, Ireland, Italy, Spain and the U.K. and ancillary features like call waiting, call forwarding and voicemail for a flat monthly rate.
Etc...
• Radiation Therapy Services Inc., the Fort Myers-based operator of radiation therapy centers, was ranked 13th on the Forbes list of 200 best Small American Companies in the Oct. 30, 2006 issue.
To qualify for the list, a company must have sales between $5 million and $750 million, a share price above $5 as of Sept. 29 on three-month average volume of 10,000 or more shares. Candidates must also carry profit margins of greater than 5%, with positive sales and profit growth, on average, over both the last five years and last 12 months. Radiation Therapy Services, Inc., which operates treatment centers primarily under the name 21st Century Oncology, operates 69 radiation therapy services for cancer patients.
• Sarasota Coastal Credit Union has hired Sarasota-based Sisti & Others Inc. to direct its corporate branding and marketing communications campaigns to customers in Sarasota, Manatee and Charlotte counties.
• Sarasotan Deb Mazzaferro, a coach and consultant in the specialty food trade, has been chosen as an advisor for the Americas Beachhead Programme, created by New Zealand Trade and Enterprise, the country's economic development board. In that role, Mazzaferro will mentor New Zealand companies that are planning to enter or increase business in the North American gourmet and specialty foods market.
• Tampa-based Daylight Concepts LLC has been added as a dealer of Solatube specialized tubular skylights covering Pinellas, Hillsborough, Polk, Manatee, Sarasota and Hardee counties.
• Tampa-based Bayshore Solutions redesigned Exeter International's (www.exeterinternational.com) travel Website. Using Bayshore Solutions' new Content Management Software, WebModules, Exeter International Website has improved functionality. Exeter International specializes in upscale travel packages to Eastern European and Russia.
• Naples-based TIB Financial Corp.'s principal subsidiary TIB Bank has promoted Michael Carrigan and Alma Shuckhart to market Chief Executive Officers of the Florida Keys/South Miami Dade markets and the Southwest Florida market, respectively.
"TIB Bank has reached a size and level of complexity where it makes good business sense to use a new leadership structure in our two distinctly different markets - Southwest Florida, and the core markets of the Florida Keys and South Miami Dade," said Edward Lett, Chief Executive Officer and President of the parent holding company, TIB Financial Corp.
Carrigan, has served as executive vice president of TIB Bank and president, Monroe/Miami-Dade Counties since joining the company in February 2004. From 2000 until joining the Bank, he was an equity partner and consultant with Bennington Partners, Inc., a bank consulting firm specializing in commercial loan review and loan portfolio management. From 1993 to 2000, he was President, Chief Executive Officer and Director with New Milford Bank & Trust Company of Connecticut.
Shuckhart, has served as executive vice president and chief credit officer for the bank since 2002.
• Naples-based Premier e-Commerce, a division of Premier Properties of Southwest Florida, Inc. announced the launch of its re-designed BonitaSprings.com website. The re-designed site features a collection of guides for restaurants, shopping, entertainment, golf, beaches, movies, and marinas that offer highly detailed, Bonita-specific information, including one of the most comprehensive events guides in Southwest Florida. A community history section is also included, as well as up-to-the-minute weather.
• The Naples-based engineering and design firm WilsonMiller Inc. has created a tenth business unit called Rural Land Stewardship, a land-use strategy that encourages protection of natural resources and agriculture while fostering compact developments and controlling urban sprawl.
WilsonMiller officials say RLS grew out of the realization that the state lacked an effective strategy for proactively dealing with the growth pressure that a booming population places on rural areas. Additionally, the rapid increases in land values are reducing the effective purchasing power of publicly funded conservation land acquisition programs.
In other news, the company ranked ninth on Southeast Construction magazine's recently published "Top Design" ranking of architectural and engineering firms in the United States. This marks the third consecutive year WilsonMiller ranked in the top 10 on the annual assessment.
• Tampa's Dynamic Leisure Corp., a leisure travel wholesaler and technology company, has been awarded a global wholesale merchant contract with Hilton Hotels Corp. Under the terms of the contract, Dynamic Leisure gains the rights to create and market travel packages using the extensive Hilton brand portfolio, including their world-recognized brand names: Hilton, Conrad, Coral by Hilton, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn & Suites, Hilton Garden Inn, Hilton Grand Vacations; Homewood Suites by Hilton, Scandic and The Waldorf Astoria Collection.
• Pinellas Park-based Coast Financial Holdings Inc., parent company of Coast Bank of Florida, opened a new branch in Pinellas County. The Pinellas Park branch, at 7600 U.S. 19 N., Pinellas Park, is the company's eighth branch in Pinellas County; bringing Coast Bank's total branch network to 20 locations.
• Lakewood Ranch-based First Watch plans to open 3,000-square-foot restaurants at the Shoppes at New Tampa, 1684 Bruce B. Downs Blvd. and 2824 Miamisburg-Centerville Road, Dayton.
• Hillcrest Bank, a Naples-based community bank, reported total assets of $59.0 million for the period ended Sept. 30, 2006. Total loans as of Sept. 30, 2006, were $17.6 million, while total deposits grew to $42.9 million. Total equity capital at period end was $15.7 million.
"We have received a wonderful reception by the local Naples community, growing to almost $43 million in deposits since opening just six weeks ago," said Ron Rucker, President and Chief Executive Officer of Hillcrest Bank Florida.
The bank currently operates one full-service main office branch at 5325 N. Airport-Pulling Road.
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