Corporate Report

The Florida Public Service Commission approved St. Petersburg-based Progress Energy Florida's plans to build two advanced nuclear power plants in Levy County.

Progress Energy Florida emphasized it has not yet decided to build the plants, but that the commission's approval makes construction a more viable option.

"Carbon-free nuclear power is a strategic asset in our statewide effort to become energy-independent, to reduce our reliance on more volatile-priced fossil fuels, and to provide a balanced approach to meet the challenges of growth and climate change," Jeff Lyash, president and CEO of Progress Energy Florida, said in a press release. "Our balanced approach to meeting future demand includes expanded energy-efficiency programs, investments in renewable energy technology and state-of-the-art generating plants."

Progress Energy Florida has purchased about 5,100 acres in southern Levy County for the potential nuclear reactors. If built, the new plants would provide for about 800 full-time, high-paying positions, generate another 1,000 to 2,000 indirect jobs and employ about 3,000 workers at the busiest stage of construction. Also, it would be one of the first nuclear power projects in the country in more than 30 years to be constructed.

The next steps at the state and federal levels include filing for cost recovery with the Florida PSC and a combined operating license with the U.S. Nuclear Regulatory Commission, both expected to take place later this summer.

If plans continue to move forward and are approved by state and federal regulators, the two reactors could begin operating in 2016 and 2017, respectively.

The company estimates the total cost of the project to be about $17 billion including $3 billion for the necessary additional energy transmission equipment. This includes land acquisition, plant components, financing, construction, labor, regulatory fees and reactor fuel for the two units and about 200 miles of transmission lines and associated equipment. When the plants begin commercial operation, the savings in fuel - the direct cost-savings benefit to customers - is estimated to be approximately $1 billion a year.

Progress Energy Florida provides electricity and related services to 1.7 million customers in Florida.

3M Health Care, Greystone

forge second agreement

3M Health Care and Fort Myers-based Greystone Pharmaceuticals Inc. have entered into an exclusive, worldwide licensing agreement for wound-care products using Greystone's patented PHI technology, a proprietary formulation that aids in the management of hard-to-heal wounds.

This is the second agreement between the two companies. The first one gave 3M Health Care limited distribution rights in Canada and parts of Europe. The new agreement broadens 3M Health Care's rights to the United States and many other countries, starting with the introduction of 3M Tegaderm Matrix Dressing with PHI technology to the U.S. market. In addition, 3M Health Care will be able to extend the PHI technology platform to other wound-care products.

"This license agreement will enhance 3M Health Care's rapidly growing advanced wound-care business and builds on our reputation as a global leader in the treatment of chronic wounds," Bill Cruise, skin and wound care global business director for 3M Health Care, said in a press release. "Greystone's innovative PHI technology is proving to be effective in managing hard-to-heal wounds, and combining this technology with our extensive global coverage will benefit patients and clinicians worldwide."

Greystone Pharmaceuticals is a medical products research and development company that has developed proprietary, advanced, chronic wound-care technology for the treatment of non-responsive wounds, particularly for diabetic patients.

Chico's June sales down 5%,

comparables also lower

Fort Myers-based specialty clothing retailer Chico's FAS Inc. reported that its June sales results for the five-week period that ended July 5 decreased 5.1% to $151.4 million from $159.6 million reported for the five-week period that ended July 7, 2007. Comparable store sales decreased 12.9% for the same five-week period this year compared with the same period in 2007.

For the previous 22 weeks up to July 5, total sales decreased 8.5% to $702.3 million from $767.7 million reported for the same period that ended July 7, 2007. Comparable store sales decreased 16.4% for the 22-week period that ended July 5 compared to the same span of time last year that ended July 7.

The company operates 1,070 women's specialty stores under the Chico's, White House | Black Market and Soma Intimates name in 49 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.

Appeal Court rules again

for Seminole's clean coal unit

Florida's 5th District Court of Appeal has again ruled in favor of Seminole Electric Cooperative's planned clean coal project. The court's order denies a Florida Department of Environmental Protection's motion for a rehearing of the court's June 13 decision that directs the state to issue the project's needed site certification.

The project would create a 750-megawatt-class, high-efficiency generating unit at the Seminole Generating Station in Putnam County. The station's two existing generation units are already undergoing environmental upgrades to allow another unit to be put into service with no net increase in the station's regulated emissions.

"We are pleased with the Court's decision because Floridians need clean coal technologies to keep our energy reliable and affordable, and unit 3 will help us accomplish those goals," Timothy Woodbury, Seminole's CEO, said in a press release.

Tampa-based Seminole Electric Cooperative is a nonprofit generation and transmission cooperative. Its 10 member distribution systems together serve more than 900,000 meters, and an estimated 1.7 million individuals and businesses in 46 Florida counties.

GeoPharma distribution deal

expanded to Southeast Asia

Largo-based GeoPharma Inc. expanded its distribution agreement with Cura Pharmaceutical Co.

The original agreement between the New Jersey-based pharmaceutical marketing company and GeoPharma gave Cura the exclusive U.S. distribution rights of GeoPharma's patented oral Mucotrol wafer. The recent extension of the primary agreement allows for additional partners to be secured, which will expand the availability of Mucotrol in other countries, particularly India, Nepal, Bangladesh, Sri Lanka and South Korea.

Mucotrol is a concentrated oral gel wafer designed to help soothe and provide relief for those suffering from mouth lesions.

"The opportunity to increase the scope of the Mucotrol agreement was beneficial to all involved," said Cura Pharmaceutical President Fabio Lanzieri. "GeoPharma garners very attractive avenues of additional distribution, while Cura enhances its global presence aligning itself with key strategic partners in some of the fastest growing regions of the world."

Brown & Brown subsidiary

makes two company purchases

A subsidiary of Daytona Beach- and Tampa-based insurance company Brown & Brown Inc. purchased the assets of Great Lakes Risk Management Inc. of Toledo, Ohio, and also bought the stock of Fullerton & Co. Inc. of Portland, Ore.

With average annual revenues of $1 million, Great Lakes Risk Management sells group health, life, disability and other employee-benefit insurance products and services for businesses and nonprofit organizations throughout Ohio, Michigan and other Midwest states.

Ben Goff, formerly president of Great Lakes Real Management, and his staff will join Brown & Brown's existing Toledo, Ohio profit center under the leadership of Michael Ross. Goff will lead that office's new employee benefits department.

Fullerton & Co., which reports annualized revenues of $9.3 million, sells benefit plans and property and casualty insurance in the northwest. Operations will continue at the firm's office in Portland as a new freestanding Brown & Brown profit center.

Brown & Browns offer a variety of insurance and reinsurance products and services, as well as risk management, third-party administration, managed health care, and Medicare set-aside services and programs.

Beall's picks Dallas firm for

credit card, other services

Dallas-based Alliance Data Systems Corp. has signed an agreement with Beall's Department Stores Inc. to provide private-label credit card services to the retailer's approximately 85 Beall's Department Stores throughout Florida and its e-commerce Web site www.beallsflorida.com.

Alliance Data will provide such services as account acquisition and activation, receivables funding, card authorization, private-label credit card issuance, statement generation, remittance processing and marketing.

Beall's Department Stores is a subsidiary of Bradenton-based Beall's Inc., which operates more than 560 retail stores in the South and West United States through its Beall's Department Stores, Beall's Outlet Stores and Burke's Outlet Stores brands.

Alliance Data also provides private-label credit card services for the Beall's Inc. subsidiaries, Beall's Outlet Stores and Burke's Outlet Stores. Cardholders that have a Beall's Outlet card or the new Beall's Department Stores card may use both of them at both chains.

"Through Alliance Data's industry expertise and support systems, Beall's will now be able to offer benefits including expanded reward offerings, more payment and credit options along with targeted discount offers," Daniel Love, chief financial officer for Beall's Inc., said in a press release. "This will further enhance the shopping experience for existing customers and should help to generate new accounts. We believe the association with Alliance Data will help us to build long-term rewarding relationships with our Beall's credit card customers."

Walter Industries to open mine,

doubles quarterly dividend

Walter Industries Inc., a Tampa producer and exporter of metallurgical coal for the global steel industry, plans to expand its United Land subsidiary's surface mining operations by opening a new coal mine with 400,000 tons of expected annual capacity.

The new 600-acre surface coal mine - to be known as Flat Top Mine - has reserves of about 2.3 million tons of steam and industrial coal on land owned by the company. Permits are already in place, and coal from it is expected to be available for sale by May of 2009. United Land will invest $30 million to develop the mine, which will employ about 50 people in Jefferson County, Ala.

The company's board of directors also approved doubling its regular quarterly dividend rate to 10 cents per common share, the company's second increase in the last 18 months. The company last announced a dividend increase on Feb. 7, 2007, when it increased the dividend from four to five cents per common share. The 10-cent per share dividend is payable on Sept. 12 to shareholders of record at the close of business on Aug. 8.

"The decision to develop United Land's new mine illustrates our commitment to reinvest our strong cash flow into organic opportunities to grow our business," company Chairman Michael Tokarz, said in a press release. "At the same time, the increase in our dividend rate reflects our confidence in the continued strength of the cash flows from Walter Industries' core natural resources businesses. Both of these initiatives reward our shareholders for their confidence in us."

Walter Industries also produces steam coal, coal bed methane gas, furnace and foundry coke and other related products. The company also operates a mortgage financing and affordable homebuilding business.

GE Security to distribute

Teltronics' StarCall iPLUS

Sarasota-based communications products maker Teltronics Inc. was selected by Lakewood Ranch-based GE Security Inc., a business of GE Enterprises Solutions, to distribute StarCall iPLUS, an Internet Protocol-based, multimedia platform and the next generation of its StarCall intercommunication and timekeeping solution.

GE Security will private label the Teltronics Cerato IP system to offer customers a Linux-based communications system designed to reduce costs while at the same time provide a range of extra features. It plans to distribute the new offering, StarCall iPLUS, through its audio and communications partners.

"This relationship not only provides an extra level of comfort in support of on-site safety for educational institutions but increases productivity and efficiency - saving time and money," Teltronics' president and CEO Ewen Cameron, said in a press release. "We believe that Teltronics' four decades of communications industry experience and the strength and reliability found in our Cerato voice communications solutions provide GE Security's StarCall iPLUS a new level of sophistication and convenience to accommodate the required needs in a school setting."

Marketed primarily to educational institutions, StarCall iPLUS features services such as in-class phones, unified messaging, absence reporting and emergency reporting and call routing control.

Teltronics designs, develops and manufactures electronic equipment and applications software systems for communications networks.