Corporate Report

Corporate Report

RJ Bank reports 1% drop in first-quarter income

Raymond James Bank, a federally charted savings bank wholly owned by St. Petersburg-based Raymond James Financial Inc., reported a 1% decline in fiscal first quarter net income.

The thrift reported un-audited net income of $1.97 million for the quarter that ended Dec. 31, excluding a non-cash credit related to derivatives and hedging activities. That profit figure was down from earnings of $1.99 million reported for the same quarter in the previous year.

Steven Raney, Raymond James Bank's new president and chief executive, blamed the profit decline on an increase in the thrift's loan reserve expense. "This was due to the growth in the portfolio, as RJBank's credit quality remains very high," Raney says in a news release.

Total loans increased 78% to $712 million from a year earlier. The loan reserve expense offset a 51% increase in the thrift's net interest income, which is generally considered to be the banking equivalent of gross profit.

Raney, 40, worked for Bank of America for 17 years and finished up as the head of the bank's Tampa Bay division. At Raymond James Bank, Raney replaces Theresa Schefstad, who helped Raymond James start the thrift in the 1990s. Schefstad, 47, retired Dec. 31 and may continue her career in another business after taking some time off.

TD Waterhouse Securities Inc.

to pay $79,000 to retirees

A retired Port Charlotte couple will receive $79,000 from securities brokerage firm TD Waterhouse Securities Inc. because the firm violated NYSE and NASD rules when it threatened to put their son in jail unless the disabled retirees would agree to pay their son's alleged debt to the online brokerage firm.

A three-member NASD arbitration panel made the unanimous award after a hearing in December. During the hearing, The Monteros testified that TD Waterhouse representatives had threatened to put their son in jail unless they would agree to transfer securities from their own TD Waterhouse Securities account into their son's account in order to cover losses the company claimed their son had incurred.

The couple said that TD Waterhouse refused to give them any concrete information about their son's account but insisted he "would go to jail" if they didn't make a drive to Sarasota to bring their notarized authorization into the TD Waterhouse Sarasota branch before the end of the business day. The Monteros' attorney said his clients are scheduled to receive the $79,000 award payment from TD Waterhouse on or before Jan. 24, 2006.

Certegy shareholders

approve merger

St. Petersburg-based Certegy Inc.'s shareholders approved all proposals relating to the proposed merger of Certegy with Fidelity National Information Services Inc., a majority-owned subsidiary of Fidelity National Financial Inc., pursuant to a stock-for-stock merger.

Certegy also announced a special cash dividend of $3.75 per share that the company previously said would be part of the combination plan. The dividend will be paid to record holders of Certegy's common stock as of the close of business on the last business day preceding the day on which the proposed combination with FIS is to become effective.

Chico's FAS Inc.

acquires Fitigues

Fort Myers-based Chico's FAS Inc. acquired most of the assets of the Fitigues brand stores headquartered in Scottsdale, Ariz. Fitigues sells luxurious comfortable clothing through 14 free-standing retail store locations throughout the country, as well as through its customer catalog. Chico's will only be acquiring 12 of the 14 locations. Fitigues will operate as a new branded division of Chico's.

Stevens Construction wins

contract to build addition

B&I Contractors Inc. has awarded Ft. Myers-based Stevens Construction a contract to build a 5,250 square foot addition to the B&I Contractors manufacturing facility and to remodel 20,000 square feet of existing office space. The B&I facility is located on Prince Street in Ft. Myers. Groundbreaking is scheduled for February 2006, and the project is scheduled for completion in August 2006.

Outback sells interest

in Chinese Kitchen

Tampa-based Outback Steakhouse Inc. has an agreement in principle to sell its 50% interest in the Paul Lee's Chinese Kitchen joint venture to founder and veteran restaurateur Paul Fleming. Founded in September 2004, Paul Lee's Chinese Kitchen currently has four locations. OSI has also announced that the Citrus Park location, which opened in October 2004, will close Feb. 1 and will be converted to a Carrabba's Italian Grill.

Lee County governments

reauthorize enterprise zone

The Fort Myers/Lee County Enterprise Zone was reauthorized effective Jan. 1, 2006, and will be in effect for the next 10 years. The zone has nearly doubled in size, offering opportunities for more local businesses. The zone encompasses nearly 10 square miles in the city of Fort Myers and unincorporated Lee County concentrated in areas along Palm Beach Boulevard, Martin Luther King Jr. Blvd. and U.S. 41. Since 1996, businesses in the enterprise zone received approximately $960,000 in sales tax refunds, leveraging a capital investment of approximately $16.5 million.

PGT Industries wins

three communicator awards

Venice-based PGT Industries, a manufacturer of custom windows and doors, recently won three awards in the Communicator Awards 2005 broadcast commercial competition. The company won two Crystal Awards of Excellence in the creative concept and products categories, and one Honorable Mention in the humor category.

NeoGenomics gains $600,000 of new equity financing

Fort Myers-based NeoGenomics Inc. announced that it had reached agreement for up to $600,000 of new equity financing for the company. As part of these agreements, a new investor to the company has purchased 2 million restricted shares of the company's common stock at a purchase price $0.20 a share, which has resulted in $400,000 of new equity capital coming into the company. This investor was also granted a warrant to purchase 900,000 shares of common stock at an exercise price of $0.26 per share.

Alico reports higher

earnings in first quarter

La Belle-based Alico Inc., an agribusiness company operating in Central and Southwest Florida, announced net earnings for the first quarter of fiscal year 2006 of $1.2 million, or $0.16 per share, compared with net earnings of $1 million, or $0.13 per share, during the first quarter of fiscal year 2005.

Operating revenues during the first quarter of fiscal year 2006 totaled $6.7 million, compared with $7.6 million for the first quarter of fiscal year 2005. The decrease in operating revenues was primarily due to decreased revenues from the sale of rock and sand products.

Health Management reports

14.9% revenue growth

Naples-based Health Management Associates Inc. announced that its net patient service revenue for its first quarter, ended Dec. 31, 2005, grew 14.9% to $936.5 million, up $121.6 million from $814.9 million for the same quarter a year ago. Earnings per share and income from continuing operations for the first quarter were $0.31 and $75.9 million, respectively.

Old Harbor Bank reverses

losses, reports $21,000 net

Clearwater-based Old Harbor Bank announced fourth-quarter 2005 operating results. Net income for the quarter was $21,000 compared to a loss of $34,000 for the same quarter in 2004. For the 12 months ended Dec. 31, 2005, the Bank broke even compared to a loss of $236,000 for 2004.

Total assets at Dec. 31, 2005, were $117 million, a $32 million increase over the previous year end. Total loans were $86 million, a $36 million increase, and total deposits were $98 million, a $32 million increase. The Bank did not have any non-performing assets at year end.

In Touch Media Group

sets international sales area

In Touch Media Group, a Clearwater-based online marketing and Internet public relations firm, is launching its international sales territory distribution program. In Touch Media Group will be entering into agreements with individuals or companies that wish to distribute In Touch Media Group services to businesses in their respective metropolitan service areas. A distributor will be solely responsible for sales functions in their territories while In Touch Media Group will handle delivery of service.

Franchise owners

plan new R.J. Gator's

Terry Jones and Jerry Milne have announced plans to open a new of R.J. Gator's franchise restaurant, at the northeast corner of Cattlemen and Fruitville roads in Sarasota. The two partners also own the Bradenton R.J. Gator's that opened in 2002.

The new restaurant will be housed in the former Johnny Leverock's Seafood House, and is slated to open in late February or early March. Situated on a small lake, the restaurant will feature an outdoor deck lit by tiki torches and an indoor-outdoor bar.

First Community reports 66% hike in earnings

First Community Bank Corp. of America reported fourth quarter after-tax income of $853,000 or $0.25 per share, compared to $517,000 or $0.15 per share for the same period in 2004. First Community reported after-tax income for the year 2005 of $2,863,000 or $0.86 basic per share, compared to $2,023,000 or $0.62 basic per share for the same period in 2004.

The Bank's total deposits increased by $24 million from Sept. 30, 2005, representing a 10% increase. Total deposits increased $72 million over the prior year, a 36% increase.

Horizon Bank earnings jump 51% from 2004-05

Bradenton-based Horizon Bancorporation Inc., the holding company of Horizon Bank, reported record earnings of $1.43 million for 2005. On a fully diluted basis, the earnings were $0.80 per share. Comparable earnings for 2004 were $851,000, or $0.53 per share. The company finished the year with $152 million in assets. The company has grown by $29 million in assets, or 24% in 2005. The Bank has $123 million in loans and $133 million in deposits. Horizon Bank operates two full service branches in Bradenton and recently opened a new full service branch in Palmetto.

Portal Crossing developer

opening realty office

Developer Anthony Mazzucca is branching out. Mazzucca is opening a local office of one of the nation's largest commercial real estate investment brokerage firms, Sperry Van Ness.

"It's kind of a franchise arrangement, where we own our office,' Mazzucca says. "This gives us a very, very strong national marketing network."

Mazzucca, called a senior advisor for Sperry Van Ness, is joined in the venture by Cynthia Hoffman, an associate advisor. Mazzucca, who will specialize in land and investment properties in Manatee and Sarasota counties, will operate from an office at 10540 Portal Crossing in Bradenton.

Irvine, Calif.-based Sperry Van Ness say the addition of Mazzucca and Hoffman is part of the company's national expansion program, which has allowed the company to go from covering nine markets to more than 100 markets in about four years.

Prior to joining Sperry Van Ness, Mazzucca was president of The Blackpoint Group, which developed the Portal Crossing West in Lakewood Ranch's Commerce Park.

PEOPLE

REIS announces officers

The Real Estate Investment Society announced the election of officers and the Board of Governors. The 2006 officers are: President Stan Stouder CCIM of C.B. Richard Ellis; vice president Gerald Hendry MAI of Maxwell & Hendry Valuation Services Inc.; treasurer Steven Hartsell of Pavese Law Firm; and secretary Robert Fowler Jr. of Fowler Construction and Development, Inc.

The Board of Governors includes Mary Gibbs of Lee County Department of Community Development; Sharon Jenkins-Owen AICP of WilsonMiller Inc.; Jim Kinsey of Kinsey Associates Inc.; Walter Serbon of Florida Community Bank; Kevin Winter of Johnson Engineering; Hal Tate of Reliance Bank; and Cody Vaughn-Birch of Henderson, Franklin, Starnes & Holt. The immediate past president, Frank Mullins of Owen-Ames-Kimball Co., also joins the Board.

Kraft names Sarasota chief

W. James Clemens joined Kraft Construction Co. as vice president and area manager assigned to oversee the companies' operations for the Sarasota office. He'll oversee current projects such as 1350 Main Street, the Alinari at the Renaissance, an elementary school, the Plaza at Five Points, Rivo at Ringling and 100 Central Avenue, Whole Foods Market Centre. Prior to joining Kraft, Clemens served as senior vice president with Skanska USA Building Inc.

Regions promotes senior VP

Bradenton-based Regions Financial Corp. promoted Rita Lowman to executive vice president of Central Florida's retail division. Lowman was most recently Southwest Florida's retail executive and senior vice president. In her new position, she will be responsible for a geographic territory encompassing Orlando, Tampa and Southwest Florida.

Ballast Point hires VP

St. Petersburg-based Ballast Point Group hired Dennis Gullo as vice president of construction. Gullo's responsibilities include reviewing and implementing architectural and civil engineering plans, selecting contractors, permitting, and coordinating utilities and contracts for all Ballast Point Group projects.

Lee Port elects chairman

The Lee County Board of Port Commissioners elected Tammy Hall chairman and Bob Janes vice chairman during its first meeting of 2006. The board, composed of the five Lee County commissioners, meets bimonthly as the Board of Port Commissioners to set policy and direct the operation of Southwest Florida International Airport and Page Field General Aviation Airport in Fort Myers.

Hennessy names manager

Hennessy Construction Services of Sarasota named Raymond Miller project manager. Miller was project manager at Christiano Construction of Clearwater before joining Hennessy.

CyperWize adds executives

CyberWize, a Sarasota-based home business solutions company, appointed Gerry David as Chief Operating Officer and Mark Baker as vice president of International Operations. David will focus on leadership, team building and hiring.

He previously worked for V.L. Inc., a manufacturer of dietary supplements. Baker previously worked as vice president of Nikken in England.

Etc...

• Capital Properties & Services Inc. announced the formation of a new office located at 1379 McCall Road in Port Charlotte. Overseeing the regional operations will be Rosemary Mahoney, Broker.

• Jim Schuetz, vice president of sales and marketing for Vineyards, reports that Naples-based Vineyards recorded 328 homes sales totaling $253 million during 2005.

• Stock Realty opened new office at 2240 West First St., Ste. 103 in downtown Ft. Myers.

• Sarasota-based Design Marketing Group developed the website and all marketing materials for Motion LLC, the company behind the new Baldwin-Motion Camaro.

• Wild Oats Markets Inc. announced plans to hire up to 120 full and part-time positions for its new Walters Crossing store located at 1548 N. Dale Mabry Highway in Tampa.

• Colonial Bank opened a new office at 1621 Cape Coral Parkway, said Harlan C. Parrish, president and CEO of the bank's Florida West Coast region. This is Colonial Bank's third location here.

• Sarasota Memorial Hospital is opened a new walk-in urgent care center at the intersection of University Parkway and U.S. 301. The center's phone number is 941-917-1234.

• Fifth Third Bank (South Florida) opened its new Five Points Financial Center, located at 50 Central Ave.