Corporate Report

Fox Electronics grows Asia-Pacific presence

Fort Myers-based Fox Electronics has opened a new Asia Pacific sales office in Taiwan. Company officials explain the new office as a means to support the rapid growth of Fox sales in the region, including Taiwan and China. "We are committed to fully supporting and even accelerating the considerable amount of business we do in this booming area," E.L. Fox, president of Fox Electronics, said in a press release announcing the deal.

Company officials say the company's products, including the recently introduced XpressO line of configurable oscillators, are increasingly applicable to the Asia Pacific market because of its steadily growing electronic-product manufacturing base .

Founded in 1979, Fox Electronics is a supplier of standard and custom frequency control products, including crystals, oscillators and crystal fillers.

Two stun-gun companies settle false-advertising lawsuit

Taser International Inc. and Tampa-based Stinger Systems Inc. have reached an agreement ending a lawsuit Taser had filed against the local stun-gun company alleging several instances of false advertising. The two companies aren't talking about the specifics of the deal, citing a confidentiality agreement.

In the lawsuit, Taser had argued that Stinger advertisements had several misstatements including claims that the Stinger stun gun was the first to be "ATF Certified," that the company was publicly listed on the NASDAQ and an exaggeration of the age of the company.

Stinger Systems develops and sells a broad array of products utilizing electro sparc-pulsed technology, including a specialized projectile stun gun line called the Stinger.

Mercantile Bancorp purchases Naples' Royal Palm Bancorp

Quincy, Ill.-based Mercantile Bancorp, Inc. completed the acquisition of Royal Palm Bancorp, Inc. of Naples for $42.7 million. The acquisition, first announced in late May, gives Mercantile Bancorp three additional locations: Naples, Marco Island and South Fort Myers.

"We expect the Royal Palm acquisition to be immediately accretive to Mercantile's earnings," says Dan S. Dugan chairman, president and chief executive officer in a press release announcing the completion of the deal. "Royal Palm is well established and has a corporate culture that will meld well into our organization. Royal Palm gives Mercantile Bancorp a presence in Naples ... one of the nation's fastest-growing and most affluent metropolitan areas. Royal Palm also provides Mercantile with avenues for expansion in Florida over the longer-term..."

Mercantile Bancorp officials expect Royal Palm to initially add assets of $157.5 million. Royal Palm's loan portfolio as of Oct. 31, 2006 amounted to $124.7 million. Royal Palm also brings with it deposits of $135.8 million.

Mercantile Bancorp is the majority parent of three banks in Illinois, two banks in Missouri and one bank in Kansas

Tampa's SunView Software releases add-on communicator

Tampa-based SunView Software, a provider of IT-management-and-control software, debuted ChangeGear Communicator, a new ChangeGear add-on tool. ChangeGear Communicator allows IT organizations to create and publish communications that automatically notify user communities and partners, via both email and Web-based calendar, whenever critical technology changes are scheduled to occur.

ChangeGear Communicator is designed to integrate with ChangeGear, Sun View's change-management software product.

Thinking Systems releases new imaging system for PET/CT

Thinking Systems Corp., a St. Petersburg-based medical-imaging software developer, has released a new version of its flagship ThinkingPACS, a picture archiving and communications system, with enhanced support for PET/CT fusion.

ThinkingPACS is known for its support for newer 3D-based radiology imaging technologies, such as PET/CT and SPECT-CT fusion, nuclear cardiology processing and analysis, general nuclear medicine processing and review, cardiac PET analysis, and more.

The product offers several new PET/CT features, including synchronized side-by-side current and prior views, Hounsfield Unit and size measurements; real-time scrolling, alpha-blending (fusing a number of data points together graphically), windowing and leveling; and image zoom and pan.

The new features are being released as specialized imaging workstation along with a ThinkingWeb web-based server to provide real-time PET/CT images and support over the Internet.

Cobalt Laboratories reaches deal with GlaxoSmithKline

Bonita Springs-based Cobalt Laboratories Inc., on behalf of its affiliate Cobalt Pharmaceuticals Inc., settled a patent lawsuit with GlaxoSmithKline relating to sumatriptan succinate tablets, a generic version of GlaxoSmithKline's Imitrex tablets.

Neither company would discuss the reasoning behind the settlement, but the outcome will allow Cobalt to distribute a generic version of the drug (in the 25 mg, 50 mg and 100 mg strengths) in the United States starting in early in 2009.

The terms of the settlement still needs governmental review. GlaxoSmithKline's Imitrex tablets, which are used to treat acute migraine attacks in adults, generated $890 million in United States for the 12-month period ending June 2006.

Cobalt Laboratories is the U.S. subsidiary of Australia-based Arrow Pharmaceuticals Inc., which develops, manufactures and markets pharmaceutical products.

Radiation Therapy buys seven-center Michigan chain

Radiation Therapy Services Inc., a Fort Myers-based operator of radiation therapy centers, acquired a network of radiation therapy treatment centers in Southeastern Michigan, collectively known as MIRO Cancer Centers and Michigan Comprehensive Cancer Institute, marking the company's second new market entry in 2006. The acquisition follows the Radiation Therapy Services' entry into the Los Angeles market in April.

The seven-facility network consists of two full-service facilities, five satellite facilities and Certificates of Need to operate a total of eight linear accelerators. One of the company's main plans to improve the centers is through the expansion of advanced technologies, including IMRT and X-ray-based IGRT, at a number of the centers. Currently, the newly acquired centers consist of two underutilized IMRT-capable facilities and an IGRT capability that is currently limited to ultrasound technology.

The network currently treats about 100 patients per day and generates annual revenues of about $14 million.

The acquisition was financed by the Radiation Therapy Services' existing revolving credit facility. The remaining availability on the credit facility is about $76 million.

As part of the acquisition, the chief executive of the seven acquired facilities, Dr. Farideh Bagne, will remain in a transitional executive management role to assist in integrating the acquired facilities.

Radiation Therapy Services, Inc., which operates primarily under the name 21st Century Oncology, currently operates 76 treatment centers clustered in 15 states, including Alabama, Arizona, California, Delaware, Florida, Kentucky, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Rhode Island and West Virginia.

Etc...

• Former Sears, Roebuck and Co. executive Jeffrey Jones has been named head of St. Petersburg-based Platinum Advanced Technologies Inc., a manufacturer of wall, ceiling and roof products. Jones was most recently executive vice president of Merchandise Operations at Sears, Roebuck and Co.

He was responsible for merchandise sourcing and global supply chain management. Also, he directed the repositioning and earnings improvement for the retailer's home decorating and remodeling segment - The Great Indoors. Prior to that, Jones was chief operating officer of Lands' End Inc. Previously, Jones was president and CEO for ProVantage Health Services, a managed care company he took through IPO.

• The University of South Florida's Sarasota-Manatee campus has introduced a new daytime program designed for non-traditional students who would like to take college classes during the middle hours of the day. The new program, called the Mid-Day Learning Community, was developed specifically for non-traditional students who have night jobs or family commitments that prevent them from attending evening or weekend classes. MDLC courses start no earlier than 9 a.m. and end by 2:50 p.m.,

• Sarasota-based Hispanic-focused marketing firm Nuevo Advertising Group has been retained by Pain Relief Centers to handle all of the Centers' Hispanic marketing efforts, including radio, television and print advertising. Aside from marketing designed to bring in new clients, Nuevo Advertising will create Spanish-language collateral materials for use in doctors' offices and the waiting areas. Pain Relief Centers' offices are located in Clearwater, St. Petersburg and Pinellas Park.

• The remote computer-repair and network-management company Private Client Technologies, Inc. has relocated from Boston to Sarasota. Eric Livingston, president of Private Client Technologies, has more than 20 years experience designing, implementing and deploying enterprise-class client/server and web-based business solutions.

• Green Brim LLC (greenbrim.com) has opened in Tampa. The company's main product is a Web site where small business owners can post their accounting, bookkeeping, or tax needs online.

• Bonita Springs-based jewelry retailer Henricks Jewelers, has opened its fourth location and first store in Sarasota. The new store in the University Walk Plaza is at the corner of University Parkway and Tuttle Road between Publix and Panera Bread.

In 1981, Henry Grimes and his son Rick Grimes opened the original Henricks Jewelers in Bonita Springs, thus forming the name Henricks. Over the years, the small store on Bonita Beach Road evolved into a nearly 12,000-square-foot flagship store. In April 2003, Rick joined forces with Luxury Ventures, LLC and investment partners Kevin Waters, CEO, and Patrick Hopper, CFO. They were brought on to take over the store's day-to-day operations and also to execute the growth of the "Henricks" brand.

Henricks three other locations are Naples, Fort Myers and Bonita Springs.

• Edward Koren, a partner in Holland & Knight LLP's Tampa office, has been named to Worth's Top 100 Attorneys list, published in its December 2006 issue.

• Daisy Vulovich, executive director of the Manatee Community College Center for Corporate and Community Development, has been named interim campus executive officer at MCC Venice. A search committee has been formed to find a permanent replacement for former CEO Joan McGill, who has taken a position as vice president of business development at the Economic Development Corp. of Sarasota County.

Vulovich was with MCC since 2001. Last year, the division she heads served more than 30,000 students in continuing education classes and events in Manatee and Sarasota counties. She oversees operations at the Center for Innovation and Technology at MCC Lakewood Ranch and has worked extensively with chambers of commerce and Jobs Etc. in both counties.

Third Quarter

Gulf Coast companies report results

Beasley Broadcast Group revenue falls by $1 million

Beasley Broadcast Group Inc., a Naples-based large- and mid-size market radio broadcaster, reported a $1 million decline in revenue during the third quarter ended Sept. 30, 2006 compared with the third quarter of 2005, driven primarily by lower revenue from the company's Philadelphia and Miami clusters, and lower national ad sales. That dip was only partially offset by revenue growth at the company's Las Vegas and Augusta clusters.

Quarterly Station Operating Income (SOI) fell $1.7 million from the 2005 third quarter, which company officials say stems from costs related to the re-programming of KDWN-AM in Las Vegas, which was acquired in August.

For the next three months, Beasley Broadcast Group officials expect a net revenue increase of 5% compared to the same period last year. On a same-station basis (excluding revenue derived from KDWN-AM in Las Vegas, and the local marketing agreement WJBR-FM in Wilmington, Delaware) the company expects net revenue to be 2% below the same period last year.

BEASLEY BROADCAST GROUP, INC. Consolidated Statements of Operations (Unaudited)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Net revenue $31,056,757 $32,051,349 $90,341,576 $93,699,011

EXPENSES:

Cost of services 10,824,115 9,995,258 31,494,046 30,729,669

Selling, general

and administrative 10,804,085 10,900,312 32,154,350 34,369,913

Corporate general 2,297,060 2,570,497 6,604,417 6,037,530

Depreciation and amortization 708,863 705,351 2,071,815 2,171,465

Total costs and expenses 24,634,123 24,171,418 72,324,628 73,450,026

Operating income 6,422,634 7,879,931 18,016,948 20,248,985

Interest expense (2,576,050) (1,779,972) (6,344,977) (5,564,008)

Other non-operating expenses (33,236) (413) (58,704) (85,370)

Interest income 142,132 122,217 376,911 376,657

Other non-operating income - - 32,699 211,267

Income before income taxes 3,955,480 6,221,763 12,022,877 15,187,531

Income tax expense 1,590,171 2,463,818 4,857,242 6,014,262

Net income $ 2,365,309 $ 3,757,945 $ 7,165,635 $ 9,173,269

Diluted net income per share: 0.10 0.15 0.30 0.38

BEASELY BROADCAST GROUP Summary of Third Quarter and Year-to-date Results (In millions, except per share)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 Change 2006 2005 Change

Net revenue $31.1 $32.1 (3.1)% $90.3 $93.7 (3.6)%

Station operating income

(SOI - non-GAAP) 9.4 11.2 (15.5)% 26.7 28.6 (6.7)%

Operating income 6.4 7.9 (18.5)% 18.0 20.2 (11.0)

Net income 2.4 3.8 (37.1)% 7.2 9.2 (21.9)%

Net income per

diluted share $0.10 $0.15 (33.3)% $0.30 $0.38 (21.1)%

IA Global loses less revenue, grows by $3 million in quarter

Tampa-based IA Global Inc. reported its revenue increased to $4.48 million for the three months ended Sept. 30, 2006, compared to $3.24 million in the previous three-month period ended June 30. The net loss from continuing operations decreased to $1.18 million for the three months ended Sept. 30 from $1.88 million for the three months ended June 30. The net loss per share from continuing operations was $.01 and $.02 for the three months ended Sept. 30 and June 30 respectively.

Company officials attributed the increase in revenues and the lower loss from operations from five contracts closed by Global Hotline during 2006. In addition, Global Hotline shifted its telecommunications business to significantly higher margin telecommunications contracts in September. That change positively impacted the results for the three months ended Sept. 30, 2006, and is projected to significantly increase revenues and profits starting in the fourth quarter.

Global Hotline is expected to increase revenues and to begin generating profits in the fourth quarter. In addition, the company also closed a 36% equity investment in ASFL on Oct. 19, which is expected to generate additional income in the fourth quarter.

IA GLOBAL, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Revenue $4,483,291 $7,106,092 $11,397,096 $7,999,010

Cost of Sales 604,571 2,125,678 2,931,029 2,552,639

Gross Profit 3,878,720 4,980,414 8,466,067 5,446,371

Operating (Loss) Profit (1,150,530) 641,552 (5,089,971) (32,597)

OTHER INCOME (EXPENSE):

Interest income 20,196 26,836 77,285 27,543

NET (LOSS) PROFIT $(1,178,663) $733,884 $(3,985,383) $(701,259)

Total diluted net (loss)

profit per share $(0.01) $0.01 $(0.04) $(0.01)

Source: IA Global Inc.

WellCare net income grows 166% on membership growth

Tampa-based WellCare Health Plans Inc. reported that net income for the third quarter of 2006 increased 166% to $43.3 million ($1.06 per diluted share) compared with net income of $16.3 million (41 cents per diluted share) for the same period last year. Third quarter 2006 revenues increased 104% to $1 billion compared with $495.5 million for the third quarter of 2005.

Company officials attributed third quarter 2006 revenue increases mainly to the growth in membership, primarily due to the addition

of the company's prescription drug program and its new Georgia Medicaid health plan.

Medical benefits expense for the third quarter of 2006 was $802.9

million, representing 80.8% of premium revenues, compared with $396.1 million, representing 80.7% of premium revenues, for the same period last year.

Net income for the third quarter of 2006 was $43.3 million ($1.06 per diluted share) compared with net income of $16.3 million ($0.41 per diluted share).

WELLCARE HEALTH PLANS, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Revenues

Premium $994,032 $490,902 $2,558,911 $1,356,956

Investment and other income 14,529 4,553 32,845 11,056

Total revenues 1,008,561 495,455 2,591,756 1,368,012

Expenses:

Medical benefits 802,880 396,111 2,106,927 1,106,841

Selling, general and administrative 124,936 66,674 326,766 177,015

Depreciation and amortization 6,397 2,286 12,741 6,376

Interest 3,624 3,630 10,682 10,401

Total expenses 937,837 468,701 2,457,116 1,300,633

Income before income taxes 70,724 26,754 134,640 67,379

Income tax expense 27,443 10,459 52,415 26,290

Net income $43,281 $16,295 $82,225 $41,089

Net income per diluted share $1.06 $0.41 $2.03 $1.05

WELLCARE HEALTH PLANS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data)

Sept. 30, Dec. 31,

2006 2005

ASSETS

Current Assets:

Cash and cash equivalents $788,908 $421,766

Investments 131,125 94,160

Premiums, net 72,591 47,567

Other receivables from government partners 64,736 -

Total Assets $1,459,654 $887,489

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:

Medical benefits payable $484,462 $241,375

Unearned premiums 10,618 12,606

Accounts payable 70,100 4,867

Current portion of long-term debt 1,600 1,600

Funds held for the benefit of members 110,318 -

Other current liabilities 410 358

Total current liabilities 773,232 340,042

Long-term debt 154,381 155,461

Total liabilities 961,930 517,365

Total Liabilities and Stockholders' Equity $1,459,654 $887,489

Source: Wellcare Health Plans, Inc.

Global Signal revenue grows slights, losses smaller, merger pending

Sarasota-based Global Signal Inc. reported that third quarter revenue increased 4.3% from the second quarter and 10% compared to the same period last year.

Third quarter 2006 revenues increased $11.6 million to $127.8 million over the third quarter of 2005. The gross margin increased to $72.3 million compared to $63 million a year ago. Gross margin as percentage of revenue increased to 56.6% for the quarter ended Sept. 30, 2006, from 54.2% in the third quarter a year ago.

The net loss for the quarter ended Sept. 30, 2006, reduced to $11.3 million ($0.16 per weighted average diluted common share) from $15.4 million a year ago ($0.23 per weighted average diluted common share).

On Oct. 5, the company entered into an agreement to merger with Crown Castle International Corp. a wholly owned subsidiary of Crown Castle. The deal entitles the company's common stockholders to convert each share of Global Signal stock into 1.61 Crown Castle shares or elect to receive cash in the amount of $55.95 per Global Signal share. The total amount of cash consideration is subject to a cap of $550 million.

GLOBAL SIGNAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in thousands, except per share data)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Revenues $127,761 $116,131 $371,223 $247,718

Gross margin 72,300 62,965 205,535 148,366

Merger costs 2,553 - 2,553 -

Operating income 12,265 8,20929,420 28,158

Net income (loss) $(11,301) $(15,441) $(63,357) $(20,969)

Net income (loss) per

diluted common share $(0.16) $(0.23) $(0.91) $(0.35)

GLOBAL SIGNAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) Sept. 30, Dec. 31,

2006 2005

Current assets

Cash and cash equivalents $123,598 $47,793

Total current assets 171,219 109,692

Long-term assets

Total assets $2,327,006 $2,288,812

Liabilities

Current liabilities $120,191 $98,176

Total liabilities 2,030,323 1,835,623

Total liabilities and stockholders' equity $2,327,006 $2,288,812

Source: Global Signal Inc.

NeoGenomics revenue grows 186% for quarter

Fort Myers-based NeoGenomics Inc. reported that year-over-year revenue for the third quarter increased by 186%. The quarter revenue was $1.6 million, compared to $559,000 in the third quarter of 2005. Revenue for the nine months year-to-date was up 316% over the same period in 2005 a difference of $3.58 million.

Company officials attributed the year-over-year increase to a 160% increase in the number of tests performed as well as a 10% increase in the average revenue per test during this period.

"During the third quarter, we made significant strides in increasing our capacity, attracting key personnel and broadening our product lines which we believe will position NeoGenomics for a robust Fiscal Year 2007," president and chief scientific officer Robert Gasparini said in a press release explaining the results.

"I am pleased to report that we finished the expansion of our 9,600-square-foot facility here in Fort Myers and the build-out of our new 5,400 square foot facility in Nashville, Tenn.," he said. In July, we opened our third laboratory facility in Southern California, which is currently going through the California laboratory and genetics licensure process. One of the toughest challenges in growing a laboratory rapidly is the choreography and balance needed between building-out capacity and increasing the sales force."

NEOGENOMICS, INC. CONSOLIDATED BALANCE SHEET AS OF Sept. 30, 2006 (unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents $411,613

Accounts receivable 1,136,335

Inventories 59,421

Other current assets 160,130

Total current assets 1,767,499

Property and Equipment 1,170,687

Other Assets 33,169

Total $2,971,355

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable $401,860

Deferred revenue 89,970

Total current liabilities 800,526

LONG TERM LIABILITIE:

Line of credit 1,572,243

Long-term portion of equipment lease 371,634

Total long term liabilities 1,943,877

Total Liabilities 2,744,403

NEOGENOMICS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Nine Months Ended For the Three Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Revenue $4,713,172 $1,134,429 $1,601,880 $559,349

Cost of revenue 2,023,479 648,491 720,866 301,486

Gross profit 2,689,693 485,938 881,014 257,863

OPERATING EXPENSES:

Selling, general

and administrative 2,158,471 981,561 765,687 436,160

Total operating expenses 2,158,471 981,561 765,687 436,160

Operating income (loss) $531,222 $(495,623) $115,327 $(178,297)

Interest Expense 231,638 140,845 83,432 61,640

Net income (loss) $299,584 $(636,468) $31,895 $(239,937)

Net Income (Loss)

Diluted per share $0.01 $(0.03) $0.00 $(0.01)

Source: NeoGenomics, Inc.

Radiation Therapy Services net income grows by 20%

Radiation Therapy Services Inc., a Fort Myers-based provider of radiation therapy services, reported total revenue for the third quarter of $69.5 million, an increase of 24% from the same quarter of 2005, with $6.5 million of the increase provided by practices operated by Radiation Therapy for less than twelve months.

Net patient service revenue was $67.4 million. Same practice total revenue increased by 12.5% as compared to the third quarter of 2005.

Net income for the third quarter 2006 increased by 20% to $5.4 million (23 cents per diluted share) from third quarter 2005 net income of $4.5 million (19 cents per diluted share). Excluding the net effect of $300,000 in executive severance costs for July 2006, net income for the third quarter 2006 was $5.8 million (24 cents per diluted share). On an adjusted basis, third quarter net income increased by 27.1%.

Revenue per treatment on a same practice basis at the company's freestanding centers grew 14.7%, an increase that the company officials say reflects increased use of advanced technologies. For the third quarter, the company reported an average of 1,409 total treatments per day at its 59 freestanding centers, a 7.7% increase from the same period in 2005.

RADIATION THERAPY SERVICES INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share amounts) (unaudited)

For the Three Months Ended For the Nine Months Ended

Sept. 30, Sept. 30,

2006 2005 2006 2005

Net patient service revenue $67,359 $54,175 $208,242 $155,453

Total revenues 69,482 56,014 216,054 162,877

Salaries and benefits 36,125 29,248 107,505 81,815

Medical supplies 1,838 1,411 5,736 4,296

Facility rent expense 2,332 1,987 6,824 5,572

General and

administrative expenses 7,548 6,312 22,341 16,730

Total expenses 60,046 48,586 177,718 133,671

Income before

minority interests 9,436 7,428 38,336 29,206

Minority interests in net

losses (earnings) of

consolidated entities (632) (92) (744) 625

Net income 5,414 4,527 23,119 18,316

Net income per

common diluted share $0.23 $0.19 $0.97 $0.78

Net income per diluted share $1.06 $0.41 $2.03 $1.05