Corporate Report

CORPORATE REPORT

by Sean Roth | Associate Editor

Sembler's Tangerine Plaza takes top redevelopment award

Tallahassee-based Florida Redevelopment Association awarded Tangerine Plaza in Midtown St. Petersburg the association's top 2006 redevelopment project in Florida. Tangerine Plaza, developed by The Sembler Co., also won the Roy F. Kenzie Award.

Tangerine Plaza is anchored by a Sweetbay Supermarket and is the first neighborhood center of its kind in that area of St. Petersburg, located at the Northeast corner of 22nd Street South and 18th Avenue South (Tangerine).

The city of St. Petersburg has been taking steps to revitalize Midtown and the Tangerine Avenue corridor since the early 1980s. The Sembler Co., the city of St. Petersburg and the non-profit group Urban Development Solutions (UDS) entered into a community partnership in 2003 to develop Tangerine Plaza.

"It's an honor to be recognized by the state and hopefully this recognition will help raise awareness to the importance of these types of projects," says Craig Sher, president and CEO of The Sembler Co.

The Jack Parker Corp. announces Pacifico in Costa Rica

The Jack Parker Corp., a privately owned real estate development company with Florida headquarters in Fort Myers, plans to develop Pacifico, a master-planned, mixed-use community in Playas del Coco, Costa Rica.

Covering 175 acres near Costa Rica's Northwest Pacific Coast, the gated residential community and adjoining commercial center will feature Mediterranean architecture and coastal design elements, resort-style amenities and modern conveniences with Costa Rica's primeval environment.

"We fully understand the importance of protection and preservation of our surroundings and Pacifico was master-planned with this in mind," Kerry Trowbridge, senior vice president for The Jack Parker Corp. says in a press release announcing the project. "Much of the 175 acres at Pacifico is ecological green space and will never be developed, ensuring the area remains a sanctuary for the native wildlife, vegetation and of course, for our residents."

Company officials say the 350 condominiums, town homes, and villas; 20 rental apartments, and 150 single-family home sites will all be built to U.S. standards. Prices will start from the $150,000s. Home sites are available from the $100,000s.

Home owners will also belong to the Pacifico Beach Club and health club and spa with tennis facilities. A 15,600-square-foot Village Center located at Pacifico's entrance will house Costa Rica's only Robb & Stucky Design Studio, and other retail conveniences including a post office, coffee shop, art gallery, tour operator, and business services center. Also located in the Village Center will be a 20,000-square-foot Auto Mercado, Costa Rica's premier grocery store. Additional retailers inside of Auto Mercado will include a dry cleaner, pharmacy and eateries.

Playas del Coco is 22 miles from Liberia, the capital of the Guanacaste province. The developer and exclusive sales agent is Pacifico Development Coco PDC, Limitada, an affiliate of The Jack Parker Corp. The Pacifico Sales Gallery will open January 2007 in the Beach Club.

WBRC Architect to help La. find post-storm shelters

Architect Douglas Whitney of WBRC Architects Engineer's Lakewood Ranch office was one of four architects invited by the state of Louisiana to help it sift through proposals for alternative housing through a pilot program that is underway by the Federal Emergency Management Agency.

The $400-million pilot program for Louisiana, Mississippi, Florida, Alabama and Texas is designed around finding alternative housing to replace the trailers that FEMA has traditionally brought in to serve as temporary housing after natural disasters. The program is looking for housing that can be produced, transported, and installed quickly with an adaptive design that can meet a variety of site conditions with very little site preparation.

Ultimately, the program is hoping to divine a solution that will make its easier for residents to find permanent, sustainable and affordable housing. The finalists from Louisiana's program have not yet been announced.

General Dynamics Tank contract grows to about $45 million

The U.S. Army Tank-Automotive and Armaments Command, Picatinny Arsenal, N.J., awarded St. Petersburg-based General Dynamics Ordnance and Tactical Systems, a business unit of General Dynamic, an $18.6 million contract modification for the manufacture, assembly, delivery, staging and fielding of M313 120mm Mortar Sub-Caliber Training Devices. The option award brings the total contract for weapon systems, originally agreed to in December, to $44.5 million.

The specialized training device uses an M253 81mm cannon inserted into a mock Mortar System barrel, allowing 120mm mortar training to be performed with a lower cost for service and training ammunition. Work will be performed at Watervliet Arsenal, N.Y.; St. Petersburg; Huntsville, Ala.; and Bethesda, Md. The company expects to have the devices ready and in-place in December of 2008.

General Dynamics Ordnance and Tactical Systems is a manufacturer of munitions, mortar weapons and systems, artillery projectiles, bomb bodies and Ball Powder Propellant. The company also manufactures precision metal components; provides explosive load, assemble and pack services for a variety of munitions, tactical missile and rocket programs; and designs and produces shaped charge warheads and control actuator systems.

Most-capitalized de novo bank opens Tampa branch

Tampa-based American Momentum Bank opened for business and set a record as the largest de novo bank in Florida's history, with $100 million in initial capitalization.

The bank's first office in Tampa is in a renovated 21,000-square-foot office at One Urban Centre, Suite 200 on Kennedy Boulevard. The bank is scheduled to relocate to the ground floor lobby in the near future.  Other banking center openings in South Tampa, New Tampa and downtown St. Petersburg are also planned for early 2007. Along with the Tampa Bay openings, the Bank will also expand into Naples and later to Orlando.

Etc...

• Oldsmar-based Flagship Community Bank opened its new Dunedin office at 29750 U.S. Highway 19 N. The bank will occupy about 9,000 square feet in 44,000-square-foot, three-story, Class-A office building dubbed the "The Flagship Building." Loans, accounting and operations offices will be housed on the second floor. The office is the second Flagship Community Bank branch to open this year. The bank has offices in both Oldsmar and Dunedin.

Gulf Coast companies report third-quarter results

Gevity net income declines, predicts revenue growth

Bradenton-based PEO Gevity reported that its third quarter revenue increased 5% to $160.6 million from $152.9 million in the same period last year. Volume - the number of average client employees paid - increased 2.1% to 128,000. Pricing - average annualized professional service fees per paid client employee - rose 14.9% to $1,316. Total client employee count at the end of the third quarter increased by 2.6% to 138,300 from the end of the third quarter of 2005.

For the first nine months of 2006, revenues increased 8.1% to $491.5 million from $454.6 million last year. Compared to the first nine months last year, the number of average client employees paid increased 5.9% to 128,000 and the average annualized professional service fees per paid client employee rose 11.2% to $1,282.

Gross profit generated during the quarter was $50.6 million, slightly up from last year's $50.5 million. The company attributed this year's results to a 17.3% increase in the recurring professional service fee base to $42.1 million up from $35.9 million last year. As a percentage of gross profit, professional service fees now represent 83.3% compared to 71.1% in the third quarter of 2005.

During the first nine months, gross profit increased 6.5% to $148.5 million, compared to $139.5 million in 2005. Net income in the third quarter of 2006 was $9.6 million compared to $10.7 million for the same period last year.

Full Year 2006 Earnings Guidance

3Q 2006 Growth

Revenues $167 - $177 million 8% -10%

Gross Profit $50.5 - $54.5 million 2% - 4%

Adjusted Operating Expenses $38 - $40 million 3% - 5%

Adjusted Diluted EPS at least $0.38 at least 11%

Net Client Employee Growth

(compared to prior year period) 1% - 2% 1% - 2%

Gevity HR, Inc. and subsidiaries condensed consolidated statements of operations (in thousands, except share and per share-data, unaudited)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Revenues $ 160,615 $ 152,896 $ 491,512 $454,625

Cost of services 110,012 102,388 343,009 315,152

Gross profit 50,603 50,508 148,503 139,473

Salaries, wages

and commissions 20,956 18,346 61,331 52,765

Total operating

expenses 35,488 33,998 113,021 98,282

Operating income 15,115 16,510 35,482 41,191

Net income $9,557 $10,699 $24,655 $27,484

Net income

per common

share - diluted $0.35 $0.37 $0.91 $0.96

Health Management Associates income declines in quarter

Naples-based Health Management Associates Inc. reported its net income for the third quarter ended Sept. 30 was $74.4 million ($0.31 per diluted share) , compared to $87.8 million ($0.35) in the same quarter a year ago.

HMA's results for the third quarter include about $0.01 diluted earnings per share of additional expense related to an increase in stock-based compensation, and about $0.03 per diluted share of additional interest and other debt related expenses.

Total revenue for the third quarter was $994.1 million, an increase of 10.1% compared to $902.7 million for the same quarter a year ago.

HMA's 2006 quarterly results include about $3.1 million of net income from business interruption insurance related to Hurricane Katrina's impact on HMA's Biloxi Regional Medical Center. HMA's quarterly results also include about $11 million of net income on the sale of two psychiatric facilities during the third quarter, partially offset by after-tax losses of $1.7 million related to five hospitals classified as assets held for sale. Adjusting the results of continuing operations for several one time events, the third quarter of 2006 was $0.30 compared to $0.31 in the prior year's quarter.

HMA's total revenue increased 10.1%, total admissions grew 5.4%, and total surgeries increased 4.0% in the third quarter, all compared to the same quarter a year ago, reflecting contributions from hospitals acquired by HMA during the previous twelve months.

For the third quarter, cash flow from continuing operations was $94.9 million, which includes cash interest and cash tax payments aggregating $59.8 million.

Total Hospitals with continuing operations

Three Months Ended Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Occupancy 42.2% 43.1% 45.4% 46.5%

Patient Days 322,423 305,534 1,014,514 974,753

Total surgeries 69,203 66,546 211,277 199,347

Outpatient Revenue percentage 49.0% 50.4% 50.0% 48.8%

Inpatient Revenue percentage 51.0% 49.6% 50.0% 51.2%

Source: Health Management Associates, Inc.

Health Management Associates Inc. consolidated statements of income (unaudited, in thousands except per-share amounts)

Three Months Ended Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Net patient service

revenue $994,111 $887,457 $3,005,704 $2,681,834

Total revenue 994,111 902,707 3,005,70 2,716,123

Costs and expenses:

Salaries and benefits 404,393 355,756 1,196,502 1,042,457

Total costs

and expenses 889,932 766,825 2,633,083 2,276,700

Net income $74,436 $87,790 $238,954 $274,325

Diluted net

income per share $0.31 $0.35 $0.98 $1.10

TIB Financial reports 25% growth in third quarter

Naples-based TIB Financial Corp., parent of TIB Bank, reported third quarter net income from continuing operations of $2.44 million ($0.21 per diluted share) up 25% compared to $1.95 million ($0.16) last year. Net income including discontinued operations increased to $2.45 million ($0.21 per diluted share) compared to $2.05 million ($0.17) in the prior year, reflecting an increase of 19% (24%). The share and per share amounts have been adjusted to account for a two-for-one stock split distributed on Oct.23.

For the first nine months of 2006, net income from continuing operations grew by 35% to $7.13 million ($0.60 per share) from the $5.29 million ($0.45) reported a year ago. Net income including discontinued operations increased more than 26% to $7.31 million ($0.62 per diluted share) from $5.79 million ($0.49) during the first three quarters of 2005.

TIB Financial also reported total assets of $1.26 billion as of Sept. 30 representing 2% asset-growth since June 30 and 19% asset growth from $1.05 billion as of Sept. 30, 2005. Total loans increased 3% to $1.04 billion at Sept 30, compared with $1 billion at June 30 and 26% compared to $826.28 million a year ago. Total deposits increased to $972.07 million compared to $913.35 million last year. Total deposits and non-interest bearing deposits decreased by $47.22 million and $20.37 million, or 5% and 12%, respectively, from the second quarter of 2006.

Selected Financial Data (Dollars in thousands) Selected Ratios and Statistics As of or For the Quarter Ended

Sept. 30, June 30, March 31, Dec. 31, Sept. 30,

2006 2006 2006 2005 2005

Real estate mortgage loans:

Commercial $535,077 $508,392 $467,011 $451,969 $428,314

Residential 81,262 82,591 76,809 76,003 73,474

Farmland 24,201 25,680 7,005 4,660 3,991

Home equity

loans 17,264 17,771 17,034 17,232 17,220

Total loans $1,037,732 $1,002,781 $935,441 $882,372 $826,283

Source: TIB Financial Corp.

TIB Financial Corp. and Subsidiaries Unaudited Consolidated Statements of Income For the Quarter Ended (in thousands, except per-share data)

Sept. 30, June 30, March 31, Dec. 31, Sept. 30,

2006 2006 2006 2005 2005

Interest and

dividend

Income $22,293 $20,822 $18,879 $17,360 $15,503

Interest expense 10,433 8,873 7,397 6,574 5,409

Net interest

income 11,860 11,949 11,482 10,786 10,094

Total

non-interest

income 1,628 1,544 1,450 1,389 1,554

Salaries &

employee benefits 4,982 4,909 4,948 4,725 4,529

Total

non-interest

expense 8,998 8,754 8,573 8,581 8,191

Net Income $2,452 $2,496 $2,363 $6,039 $2,054

Diluted earnings

per share $0.21 $0.21 $0.20 $0.51 $0.17

Lincare Holdings quarterly revenue grows by 12%

Lincare Holdings Inc., a Clearwater-based provider of in-home respiratory therapy services, reported for the quarter ended Sept. 30 revenues were $358 million, a 12% increase over revenues of $320.1 million for the third quarter of 2005. The 12% increase in revenues is estimated by Lincare Holdings to be comprised of 13% internal growth partially, offset by a 3% reduction in Medicare pricing and a 2% contribution from acquisitions. Net income for the quarter ended Sept. 30, was $56.2 million ($0.57 earning per diluted share) compared to net income of $53.9 million ($0.52 earning per diluted share) for the third quarter of 2005.

Revenues for the nine months, were $1.042 billion, an 11% increase over revenues of $940.5 million for 2005. That 11% increase in revenues is estimated to come from about 13% internal growth, partially offset by a 5% reduction in Medicare pricing, and a 3% contribution from acquisitions. Net income for the nine months, was $156 million ($1.57 earnings per diluted share) compared to net income of $158.6 million ($1.52) for the first nine months of 2005.

During the first nine months of 2006, Lincare opened 41 de novo locations and acquired eight companies with annual revenues of about $19.7 million. The total number of Lincare locations expanded to 927 at the end of the third quarter.

Selected Balance Sheet Data (Unaudited) (In thousands)

Sept. 30, Dec. 31,

2006 2005

Cash and short-term investments $48,777 $46,969

Accounts Receivable, Net 183,669 144,130

Current Assets 242,013 198,681

Total Assets 1,744,452 1,666,873

Current Liabilities 95,163 93,811

Long Term Obligations 275,000 275,436

Stockholders' Equity 1,197,260 1,137,876

Source: Lincare Holdings Inc.

Lincare Holdings Inc. Financial Summary (Unaudited) (In thousands, except share and per-share data)

For the three months ended For the nine months ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Net revenues $358,013 $320,121 $1,041,731 $940,479

Costs of goods and services 80,648 65,388 232,941 189,493

Operating expenses 84,416 75,156 245,327 219,061

Selling, general and

administrative expenses 73,301 62,550 217,354 187,034

Bad debt expense 5,370 4,802 15,626 14,107

Depreciation expense 24,736 23,731 73,899 68,626

Net income $56,222 $53,872 $156,013 $158,601

Diluted earnings

per common share $0.57 $0.52 $1.57 $1.52

Orion Bancorp's income increases

Naples-based Orion Bancorp Inc., the holding company for Orion Bank, reported third quarter 2006 net income of $8.3 million. For the nine months ended Sept. 30, net income was $23.3 million, representing a return on average shareholders' equity of 32% and a return on average assets of 1.55%. Earnings increased 41% compared with net income of $16.5 million for the same nine month in 2005.

As of Sept. 30, total assets were $2.36 billion, up $797 million, or 51%, from $1.57 billion a year earlier. Total loans grew to $1.94 billion as of Sept. 30, 2006, up $634 million, or 48% from a year ago. Total deposits increased to $1.79 billion, up $551 million, or 44% from a year ago.

Diluted earnings per share for the three and nine months were $1.47 and $4.16, respectively, compared with $1.16 and $2.94 for the same periods last year.