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Syniverse goes private
Syniverse Technologies Inc., based in Tampa, agreed to be purchased by San Francisco-based Carlyle Group in a deal valued at $2.6 billion. Carlyle offered $31 a share for Syniverse, a 35% premium over the company's average closing price over the previous 30 trading days.
Once the deal closes in next year's first quarter, Syniverse will become a private company. The board of directors approved the transaction and shareholders will vote at a later date.
Syniverse provides mobile technology in more than 160 countries. It reported a 43% increase in third-quarter revenue of $166.9 million, along with 31.5% higher net income of $23.3 million.
Sun Dome renovated
The University of South Florida plans to spend $35 million to renovate the Sun Dome arena on its Tampa campus. A request for proposal stated that the work would take place between March and November of next year, between USF basketball seasons.
The arena, which opened in 1980 and is also used for volleyball, concerts and other events, is expected to extend the building's life by 20 to 30 years. The 10,000-seat facility will receive new lounge boxes, a concourse and a center scoreboard, along with modified entrances and restoration to exterior concrete.
USF officials say the renovations are necessary to keep the Sun Dome on par and competitive with other Big East Conference and NCAA basketball arenas.
A monopoly helps
The mere fact that the Seminole Tribe of Florida has no casino competition in Tampa bodes well for $367.4 million worth of gaming division bonds. Fitch Ratings assigned a “BB+” rating to the bond issue, which matures in 2017 and will be used for parking additions and other upgrades at its Orient Road complex and other facilities in South Florida.
Fitch analysts stated that the Seminole Hard Rock posted a 4% increase in revenue over a nine-month span ending June 30, offsetting a 4% decline at the tribe's flagship casino in Hollywood. They noted that Tampa's casino is “in a much more protected market” than those in Broward County.
HMA earnings jump
Naples-based hospital operator Health Management Associates posted a 40% jump in earnings in the third quarter, driven by expense controls and improvements in its emergency rooms.
In addition, HMA has boosted physician recruitment and developing existing markets. The company has been acquiring struggling hospitals, including most recently the Wuesthoff Health System, two hospitals in the Melbourne and Rockledge areas. For continuing operations, revenues rose 13.3% in the third quarter and admissions grew 4.9%.
HMA operates 60 hospitals with about 9,000 beds in non-urban areas located primarily in the Southeast. The company shares are publicly traded (symbol: HMA; recent price: $8).
Housing starts mixed
New-home starts in Lee County fell 27% to 212 in the third quarter compared with the second quarter, according to Metrostudy.
However, in Collier County, new-home starts rose 33% to 199 in the third quarter compared with the second quarter. And in Lee County, total new-home inventory stands at 642, the lowest since 1993.
Foreclosure activity continues to push down prices and depress sales in the Fort Myers and Naples areas, says Brad Hunter, Metrostudy's director for the firm's South Florida division.
Builders pull more permits
Builders in Lee County pulled 33 permits for single-family homes in October, a 43% jump over the 23 they pulled in the same month a year ago, according to the Lee County Community Development Department.
Despite the increase, the numbers of residential permits pulled remain anemic compared with the hundreds that were pulled during the boom.
Builders also pulled commercial permits worth $13.6 million in October. That compares with permits worth $2.3 million in October 2009.
Company plans expansion
Manatee County-based defense manufacturer Dynamic Innovations plans to move to a larger facility over the next year to make room for 100 new employees.
A $41,000 performance-based incentive grant approved by Manatee County commissioners will help pay for the transition for the company, which currently has 15 employees. Dynamic's growth plans are also fueled by an investment made by Demmer Corp. in April, at which point the Lansing, Mich.-based company acquired a 90% stake in the Palmetto firm.
Dynamic must pay its new employees an average wage at least 115% of Manatee County's annual average to receive the grant money approved by Manatee County.
College adds offerings
State College of Florida in Bradenton recently applied for seven new four-year degree programs, with a focus on business and education.
The college, formerly Manatee Community College, changed its name last year amid a move to grant four-year degrees for the first time. If approved by state education officials, the school would have 13 four-year degrees. The programs could be ready by the 2012 academic year, school officials say.
The school seeks to add bachelor's degrees in athletic training; international business and trade; marine industry management; technology management; middle and secondary school math education; middle and secondary school science education; and elementary education with integrated math/science focus.
Homes sales rise
The Sarasota-Bradenton region recorded its highest number of housing starts in two years in the most recent quarter, with 567 new single-family housing units. It was the region's best tally of starts since the third quarter of 2008.
Single-family closings totaled 545 units during the same time period. As a result, inventory at the end of the quarter stood at 1,629 units, down 2.1% over the year. That total represents a 10.5-month supply, according to Metrostudy.
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