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Radiation Therapy growth
Radiation Therapy Services, the largest operator of radiation treatment centers in the U.S., says it has secured $50 million from SunTrust Bank to fund its expansion.
The Fort Myers-based company says it plans to use the money for technology and other improvements to its existing treatment centers. It also plans to form joint ventures or acquire treatment centers in the U.S. and Latin America.
In addition, Wells Fargo Securities assisted Radiation Therapy by extending existing credit terms to 2014, giving the company added financial flexibility.
New York City private-equity firm Vestar Capital Partners took Radiation Therapy private in February 2008 in a $1.1 billion debt-financed deal. The company posted $162 million in revenues in the most recent quarter from the 121 treatment centers it operates under the name 21st Century Oncology.
Sox boost permits
Lee County's construction of the spring training facility for the Boston Red Sox baseball team boosted the value of commercial permits pulled in the fiscal year ended in September.
For the year ended in September, the value of commercial permits totaled $126.5 million, nearly four times the $31.4 million worth pulled in the previous year in Lee County, according to the Lee County Community Development Department.
In addition to the spring training facility near Interstate 75 and Daniels Parkway, county building officials also credited the boost in commercial permits to construction of the Park Royal psychiatric hospital.
Jerry Schmoyer dies
Longtime development executive Jerry Schmoyer died Sept. 28 from a heart attack. He was 64.
Schmoyer, who had battled cancer, was most recently executive vice president with Miromar Development in Estero but had been involved in real estate development throughout the region for three decades.
Schmoyer joined Westinghouse Communities in the early 1980s, which later became part of WCI Communities. As a top executive with WCI, Schmoyer oversaw the development of seven communities that included more than 25,000 homes.
Jabil revenues up 23%
St. Petersburg-based electronics manufacturer Jabil Circuit Inc. announced a 23% increase in revenues for its 2011 fiscal year.
Jabil recorded $16.5 billion in revenues in 2011, up from $13.4 million in 2010, according to a company statement. The company also posted more than double its operating income over the previous fiscal year, growing from $168.8 million to $381.1 million
“Demand for our expertise in managing global supply chain networks remains robust, especially now as customers increasingly focus on growth in developing economies,” says Jabil CEO Timothy Main, in his firm's earnings announcement.
The firm's stock is currently trading at $17.04 per share.
Raymond James fined
Raymond James Financial Services Inc., a Tampa-based financial services firm, was cited by the FINRA for $2.1 million following claims that it had overcharged customers.
The Financial Industry Regulation Authority claims that roughly 27,000 transactions made by customers between 2006 and 2010 resulted in $1.7 million in overcharges.
Raymond James has been ordered to pay $1.7 million in restitution to the customers affected as well as an additional $425,000 in fines to the FINRA.
The settlement precludes Raymond James from admission of wrongdoing in the matter, according to the document.
Company expands locally
The Ipe Clip Fastener Company, a South Carolina firm that designs and manufactures a patented line of deck-related tools and products, relocated its headquarters and a production facility to Manatee County.
Ipe Clip says it will hire 80 local employees over the next five years, according to a Manatee Economic Development Council statement. Manatee County will provide $80,000 in incentives if those 80 hires earn a wage 15% greater than the local average salary. Ipe Clip plans to fill 50 of those 80 spots by 2013.
A federal jury convicted Sarasota resident Marian Morgan of 22 charges connected to a four-year Ponzi scheme authorities say she ran with her husband, John Morgan.
The Morgans were principals of Morgan European Holdings, which promised investors returns between 200% and 300% after three months. Participants' principal investment was ostensibly held in an escrow account in Denmark, but evidence shows the Morgans withdrew $11 million to spend on luxury items, according to the U.S. Department of Justice.
The Morgans were arrested in Sri Lanka in August. Marian Morgan will be sentenced in December. John Morgan previously pleaded guilty to two charges in the fraud, and will be sentenced in November.
Bankruptcy asset sale looms
North Manatee County-based electronics manufacturer Teltronics says it will exit from bankruptcy protection through a sale of its assets.
Teltronics filed for Chapter 11 bankruptcy reorganization in June. The Palmetto-based firm estimated it owned $9.1 million worth of assets through Dec. 31. Its outstanding liabilities exceed $19.8 million.
The company says it will sell its assets before Dec. 6, the maturity date for a $3 million loan it borrowed from Wells Fargo. Teltronics' filing with the U.S. Bankruptcy Court in Tampa didn't list any potential buyers.
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