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Corporate Report: Mar. 11

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  • | 3:27 a.m. March 11, 2011
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Western Coal CEO to lead Walter Energy

Tampa-based Walter Energy plans to appoint Western Coal Keith Calder, 49, as its CEO. The appointment is expected to become effective April 1. Calder is currently CEO of Western Coal.

Calder will succeed Walter Energy Interim CEO Joe Leonard, who will continue to serve as a member of the board of directors.

“Keith Calder has done an outstanding job in a very short period of time delivering tremendous value to shareholders of Western Coal,” Walter Energy Chairman Michael Tokarz says in a press release. “Keith joins us with extensive experience in global mining operations at a transformational time for Walter Energy.”

Tokarz and other Walter Energy officials have touted the company's future following the acquisition of Western Coal. They say it will create the top publicly traded, “pure play” metallurgical coal producer in the world.

Prior to joining Western Coal, Calder served as managing director of Rio Tinto's Copper Projects, where he was responsible for a global portfolio of open-pit and underground base metals and diamond projects with more than $20 billion in capital expenditures.

He joined Rio Tinto after working for the Minera Group as the operations director for its mines in Bolivia and Argentina.

Walter Energy also said that Western Coal has nominated Calder, David R. Beatty, O.B.E. and Graham Mascall to serve on the Walter Energy board of directors following the Western Coal acquisition.

Radiation Therapy sub-company buys Medical Developers LLC

Radiation Therapy Services International Inc., a subsidiary of Fort Myers-based Radiation Therapy Services Holdings Inc., acquired Medical Developers LLC.

The total purchase price was $80 million, with $47.5 million in cash, $16.25 million in senior notes and $16.25 million in equity of affiliates of Radiation Therapy.

Medical Developers LLC is a private developer and operator of cancer treatment facilities in Latin America.

Under the terms of the agreement, Radiation Therapy purchased an additional 72% of the business resulting in a 91% ownership interest in the Latin American entities. Medical Developers generated revenues of $53.1 million and pro forma adjusted earnings before interest, taxes, depreciation and amortization of $17.5 million.

“Medical Developers represents a great fit for Radiation Therapy from both a strategic and financial perspective,” Dr. Daniel Dosoretz, president and CEO, says in a press release. “With 29 centers in six Latin American countries, [Medical Developers] serves to drive continued growth while also providing geographic and payer diversification. Additionally, its significant foothold in the regions in which it operates positions Radiation Therapy to capitalize on the growing pipeline of opportunities for de novo centers and acquisitions.”

Radiation Therapy operates 95 radiation treatment centers primarily under the name of 21st Century Oncology.

Brown & Brown officer promoted to head acquisitions

Daytona Beach- and Tampa-based Brown & Brown Inc. has promoted Vaughn Stoll to director of acquisitions. Stoll was previously the company's regional financial officer.

He will be responsible for assisting the company's senior leadership and profit center leaders to identify and evaluate acquisition opportunities for the company and its subsidiaries throughout the United States.

Stoll joined Brown & Brown in April 2009. He has been responsible for the financial operations for multiple profit centers across the United States in each of the company's four business divisions: retail, wholesale brokerage, programs and services. He has also handled numerous acquisitions for the company.

Prior to joining Brown & Brown, Stoll served as chief financial officer for a publicly held construction and environmental company, and for a private building materials firm. Prior to that, he served as a tax development analyst for Arthur Andersen LLP, and later as audit supervisor for Nowlen, Holt & Miner.

Brown & Brown Inc. offers insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care and Medicare set-aside services and programs.

MarineMax buys store, brokerage in Panama City

Clearwater-based MarineMax Inc. purchased the Treasure Island Marina's retail sales and brokerage operation in Panama City. The Panama City store will become the 57th location for MarineMax and its first store in the eastern Panhandle of Florida.

The Panama City store focuses on selling premium cruising and fishing brands, such as Sea Ray, Boston Whaler, and Grady White and also offers yacht brokerage services. Treasure Island Marina, where the Panama City MarineMax store will be located, also offers a full-service marina and has the largest boat storage facility in the area with capacity for more than 400 boats.

“As the industry begins to show signs of improvement, we have been reviewing selective opportunities to expand in markets,” William McGill, Jr., chairman, president and CEO of MarineMax, says in a press release. “This acquisition provides us with an opportunity to establish a presence in the eastern Panhandle of Florida, while leveraging our Pensacola operations to the west and further strengthening MarineMax's position along the important Gulf Coast boating market,.”

MarineMax is the nation's largest recreational boat and yacht retailer.

Achieva opens sixth Sarasota branch

Achieva Credit Union has opened a new location in Sarasota at 1852 Hillview St. in a building recently vacated by Tropical Financial Credit Union.

“It became evident that another credit union needed to step in to assist these consumers with their financial needs,” Gary Regoli, president and CEO of Achieva Credit Union, said in a press release. “We already have five branches in Sarasota, and it made good sense for us to be the one to do this.”

Achieva also has a branch in Pasco County, and eight in Pinellas County.

Brown & Brown Inc. declares dividend

The board of directors for Daytona Beach- and Tampa-based Brown & Brown Inc. declared a regular quarterly cash dividend of eight cents per share payable on Feb. 16 to shareholders of record on Feb. 2.

Net income for the fourth quarter grew 35.9% to $32.15 million (22 cents per diluted share) from $23.65 million (17 cents per diluted share) for the same quarter of 2009.

Brown & Brown Inc. offers insurance and reinsurance products and services, plus risk management, third-party administration, managed health care and Medicare set-aside services and programs.

Manatee Schools retains Contingency Telecom

Lakewood Ranch-based Contingency Telecom Auditing LLC has been retained by the Manatee County School System to research and review the use of all fax machines.

“Our overall goal is to reduce the school system's yearly expenditure of faxing and the related material costs,” Tami Wankoff-Bigness, CTA's director of Telecommunications Auditing, said in a press release. “The school system, specifically in the procurement and IT departments, has been working diligently for over two years and has already implemented savings in excess of $485,000, a result of installing Xerox DocuCenters to reduce printing costs.”

Walter Energy declares dividend

Tampa-based Walter Energy has declared a regular quarterly dividend of 12.5 cents per common share, payable on March 11 to shareholders of record on Feb. 18.

The company reported a 214.9% jump in net income for the fourth quarter. Its profit grew to $91.87 million ($1.72 per diluted share) from $29.18 million (54 cents per diluted share) last year.

The company is a U.S. producer and exporter of premium hard coking coal for the global steel industry and also produces steam coal and industrial coal, metallurgical coke and coal bed methane gas.

TECO announces quarterly dividend

The board of directors of Tampa-based TECO Energy Inc. declared a dividend of 20.5 cents per share on the company's common stock to be payable on Feb. 28 to shareholders of record as of Feb. 14.

Earlier this year, TECO Energy officials announced plans to set the dividend rate for 2011 at 85 cents per share, up 3.7% from the former 82 cents per share level. The company expects to pay a quarterly dividend of 21.5 cents per share for the remaining three quarters of 2011.

The company reported fourth quarter net income of $56.7 million (27 cents per diluted share) up from $53.5 million (25 cents per diluted share) last year.

TECO Energy is an energy-related holding company. Its principal subsidiary, Tampa Electric Co., is a regulated utility in Florida with electric and gas divisions. Other subsidiaries are TECO Coal, with coal production facilities in Kentucky and Virginia, and TECO Guatemala.

OnCall Staffing to open in Wesley Chapel

Jacksonville-based OnCall Staffing is expanding to the Tampa area through a new Wesley Chapel office with four employees by the end of the year.

OnCall Staffing Regional Director Victoria Henrich will oversee the Tampa office and its sales and recruiting team.

In 2012, the firm plans to open an office in Tampa with up to six consultants.

Founded in 1995, OnCall Staffing provides staffing and related services to companies in the medical, administrative, legal, accounting and information-technology industries.

Transfer Tech's X-Terminate hits cash-flow positive

Tampa-based Transfer Technology International Corp. reports that its subsidiary X-Terminate Inc. became cash flow positive during its first ever dry-wood termite season in 2010.

The 10-month-old X-Terminate Inc. is a full-service pest control company based in St. Petersburg that uses low-impact, eco-friendly pest control methods.

“After the first season, the business did quite well and should be hitting sustained profitability this termite season starting in May,” Chris Trina, CEO of Transfer Technology and president of X-Terminate Inc., says in a press release. “We have generated exciting revenue over just a few short months last season and believe we've barely touched the surface in this multi-billion dollar industry that's clearly heading in the green and eco-friendly direction.”

X-Terminate specializes in using XT-2000 orange oil to eradicate dry wood termite infestation without requiring fumigation or the use of petro-chemicals.

Transfer Technology International Corp. acquires, procures and or funds research, intellectual property and technologies for commercial transfer to businesses.


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