Corporate Report

Corporate Report

Florida ranks in top 10

for businesses

An economic survey ranks Florida 9th nationwide as far as being a business-friendly place to work and run a company. The survey ranks each state on friendliness, crediting progressive pro-business policies, a quality work force and the state's overall economic climate. The national study, released each year by Chicago-based Pollina Corporate Real Estate, evaluates each state's business climate based on 26 factors.

Among the factors the brokerage and consulting firm cited in Florida's ranking among the top 10: an environment that encourages innovative partnerships and capital investment, tax cuts for small businesses and investments in infrastructure and workforce.

The top 10 states, in order, were: South Carolina, Virginia, South Dakota, North Carolina, Alabama, Wyoming, Georgia, Washington, Florida and Oklahoma.

Sun Hydraulics reports

64% hike in earnings

Sarasota-based Sun Hydraulics Corp. reported a 64% increase in net income and a 24% increase in sales for the year ending Dec. 31, 2005, compared to the same period a year ago.

Sun President and Chief Executive Officer Allen Carlson said in a release: "2005 was another great year for Sun. We grew in all geographic segments and believe we gained market share. Sales in 2005 were up 24%, following 33% growth in 2004.

"Order rates accelerated going into the new year and have continued throughout the first quarter with run rates up over 28%," Carlson said. "Capacity in our U.S. manufacturing facilities continues to increase as we refine production processes and add new machinery. Shipping on time to our customers is still our main focus and remains one of the keys to our success."

Sun completed documentation and testing for 2005 related to compliance with Sarbanes-Oxley, Section 404.

"We are pleased that the first year of SOX is behind us," commented Tricia Fulton, Sun's incoming chief financial officer. "Our goal throughout the project was to comply fully with the law, contain project costs and keep the disruption of the exercise on work flow to a minimum. We were able to accomplish this in year one and expect that we will do the same in year two."

The company said 2006 first-quarter sales are estimated to be in the range of $34 million, a 21% increase over last year on a calendarized basis. First-quarter earnings per share are estimated to be between 35 cents and 37 cents per share, compared to 32 cents per share last year.

NeoMedia buys Canadian company

Fort Myers-based NeoMedia Technologies Inc., purchased BSD Software Inc. and its operating entity, Canadian-based Triton Global Services. The acquisition, the fifth by NeoMedia since February and its first in the telecom industry, was an all-stock transaction, with BSD shareholders receiving approximately $2.5 million in NeoMedia shares. Triton provides live and automated operator calling services and e-business support, including billing, clearinghouse and information management, to telecom industry companies. BSD reported revenues of $7.4 million in 2005.

NewMedia will now launch its new NeoMedia Telecom Services business unit. Guy Fietz, CEO of BSD Software and president of Triton, will serve as vice president and general manager of NeoMedia Telecom Services, based at the previous BSD offices in Calgary.

Beasley Broadcast buys

fourth station in Vegas

Naples-based Beasley Broadcast Group Inc. will purchase Las Vegas-based KDWN-AM for about $17 million from Radio Nevada Corp. The brokerage firm for the transaction is Kalil & Co. After the transaction is completed, Beasley Broadcast Group will own a total of four radio stations in Las Vegas, the nation's 32nd largest radio market, ranked by revenue. The transaction is scheduled to close early in the third quarter of this year.

Verizon adds service

to Hillsborough County

Verizon expanded its FiOS TV service in Hillsborough County, saying it will provide more than 22,000 households in the Keystone and Alafia areas with a broader range of programming choices. The two communities join nine others in the county, as well as the city of Temple Terrace and southern Manatee County, as the first markets in Florida for the company's new fiber-optic television service. In total, over 55,000 households in Hillsborough County now have access to FiOS TV. Verizon also added two new high-definition channels in its Florida, bringing the total HD channels to 24.

Software company

breaks ground

Quadrant Software, a software development company, broke ground for its new headquarters in Temple Terrace's Telecom Park in Tampa. The company relocated last summer from Taunton, Mass. The 10,000-square-foot, $2 million facility will be located at 13405 Telecom Parkway N., which is part of the Verizon SmartPark.

Orion Bank opens

third location in Lee

Naples-based Orion Bank will open a full-service branch in the new Orion Center at 1715 Cape Coral Parkway West in Cape Coral.

The office represents Orion's first in the Cape Coral area and its third in Lee County.

The Cape Coral office is about 4,200 square feet and is anticipated to open in the third quarter of this year. In addition to the full-service banking center, the location will house the bank's commercial and residential lending teams for that market.

USF Sarasota-Manatee

receives $100,000 gift

Florida Power & Light Co. donated $10,0000 toward the new campus being built at USF Sarasota-Manatee; the grant is being matched by Florida, through a program run by the state's division of colleges and universities.

The campus is expected to be an about 100,000 square-foot facility, including 24 classrooms, a lecture hall, seminar and video-conferencing rooms, and computer labs. A previous $100,000 donation was given to the school by Sarasota-based real estate firm Michael Saunders & Co.

Morgan Beaumont becomes sole provider

Bradenton-based technology firm Morgan Beaumont Inc. signed a deal with the Great American Discount Buyers Association for Morgan Beaumont to be the exclusive provider of a debit card the association's membership. The association markets its products and services nationwide to 25,000 clients.

Arcadia Medical

to use record system

AutoMedicWorks LLC of Sarasota partnered with Arcadia Medical Associates P.A. to use the AMW Automated Medical Record system. The group will use the web based AMW system to automate its Arcadia based internal medicine practice. It will also use the system to streamline and manage the entire patient encounter process, from the time the patient enters the office, to the time they leave.

Ruth's Chris to open

in Naples, Bonita

Ruth's Chris Steak House Inc. announced plans to add two new company-owned locations to its growing Florida market - one in Bonita Springs and one in Naples.

"Florida is one of the fastest growing states in our group," said Dave Cattell, Ruth's Chris senior vice president of real estate and construction.

The Bonita Springs Ruth's Chris will be located on U.S. 41 in the Coconut Point Towne Center. The property is currently in development for Indianapolis-based Simon Property Group. The launch of the restaurant is scheduled to accompany the grand opening event for the 500-acre shopping center development, slated for Fall 2006.

The Naples Ruth's Chris will be located in the Coastland Center Mall, located at 1900 Tamiami Trail.

gnificant renovations. Owned by Chicago-based General Growth Properties, Inc., the mall is being upgraded to include two new restaurants - including Ruth‚s Chris, a hotel-style center court, and lush tropical landscaping.

OFFICE OPENINGS

• WCI Communities' West Central Florida Tower Division moved its office from Main Street in Sarasota to 8043 Cooper Creek Blvd. in Bradenton.

• BankUnited opened its second location in Charlotte County at 3941 Tamiami Trail in the Colonial Promenade shopping plaza.