Corporate Report

Corporate Report

corporate report by Sean Roth | Real Estate Editor

Kforce buys Dnovus RDI for $38 million

Tampa staffing firm Kforce Inc. has acquired San Antonio-based Dnovus RDI, which provides applied information technology to federal and state government departments plus franchise fund organizations.

Dnovus' clients include the U.S. Department of Veterans Affairs, the U.S. Air Force, the U.S. Army, the U.S. Department of Commerce and the state of Texas. Its functions include large network design, implementation, operations, maintenance, cyber security, software and database design and development, health care information, data center operations, EDI operations for health and financial services, systems development and integration, infrastructure operations, and research and development.

Dnovus reported revenues of approximately $32 million for the 12 months that ended Sept. 30. Kforce subsidiary Kforce Government Holdings Inc. will pay $38 million for 100% of the stock of Dnovus.

"We believe this step is a significant enhancement of the Kforce footprint in the prime federal government sector," David Dunkel, Kforce's chairman and CEO, said in a press release. "We believe that this combination will enable Kforce's government solutions segment to well exceed $100 million in annual revenues in 2009. We also expect to continue to achieve strong organic growth as Dnovus is integrated and we realize the synergies of our significant core Kforce recruiting and operational capabilities. We set an extraordinarily high threshold for acquisitions and, we believe, Dnovus has met our stringent criteria."

Kforce operates 57 offices in 41 markets in North America and two in the Philippines.

Chico's November sales

fall 11%, comps also decline

Fort Myers-based specialty retailer Chico's FAS Inc. reported that its net sales for the four-week period that ended Nov. 29 decreased 11.3% to $118.5 million from $133.6 million reported for the same four-week period that ended Dec. 1, 2007.

Comparable store sales declined 15.4% for the same period this year compared with the same period last year.

For the 43 weeks that ended Nov. 29, net sales decreased 7.7% to $1.328 billion from $1.439 billion reported for the same period last year. Comparable store sales decreased 15.6% for the 43-week period that ended November 29, 2008, compared to the 43-week period last year that ended December 1, 2007.

In other news, Chico's has agreed to a $55-million line of credit with a syndicate led by SunTrust Bank replacing its existing $45-million credit agreement with Bank of America. The new credit agreement is set to last through Nov. 24, 2011.

Chico's operates 1,086 women's specialty stores, including Chico's, White House | Black Market and Soma Intimates names. The company has 623 Chico's front-line stores, 41 Chico's outlet stores, 330 White House | Black Market front-line stores, 19 White House | Black Market outlet stores, 72 Soma Intimates front-line stores and one Soma Intimates outlet store.

Sykes Enterprises enters

Brazilian market

Sykes Enterprises Inc., a Tampa firm that provides outsourced customer-contact management products, has expanded its operations with the opening of a new, 250-seat center in Brazil.

"Our entrance into Brazil further expands our addressable market opportunity by initially helping our new and embedded U.S. and European clients leverage our global delivery footprint to service the local Brazilian market," Chuck Sykes, president and CEO, said in a press release. "Given our strong balance sheet, this recent expansion into Brazil also highlights our ability to make ongoing investments in new markets under current economic conditions, thereby further strengthening our existing client relationships."

Brazil is the 10th largest economy in the world and has a nominal gross domestic product of more than $1.3 trillion.

Intertape Polymer Group

adds foam-in-bag packaging

Montreal- and Bradenton-based Intertape Polymer Group Inc. has added the Flashpac system to its iCushion Protective Packaging line.

Flashpac is a foam-in-bag protective cushion that produces form-fit protective packaging material quickly. Each Flashpac bag contains chemicals that are activated manually and, when mixed, form liquid polyurethane, which quickly expands and solidifies to create custom-fit protection for a wide range of products.

The new system is especially useful for packaging lines that require portability, packaging on demand and versatility in product dimensions. It also provides greater cushion and bracing for valuable shipments. Flashpac bags expand up to 70 times their original volume and are generally lighter than other paper and foam packaging, reducing shipping costs.

"Flashpac allows us to expand our inside the box presence and complements the comprehensive line of packaging products manufactured and marketed by Intertape," Shawn Nelson, senior vice president of Intertape's industrial division, said in a press release. "The reliability and versatility of Flashpac offers consumers an efficient and economical packaging method to protect products of almost any size and weight."

The company develops and manufactures specialized polyolefin plastic and paper-based packaging products and systems for industrial and retail use. It employs 2,100 employees with operations in 17 locations, including 13 manufacturing facilities in North America and one in Europe.

Etc...

Gevity reports new payment,

32nd quarterly dividend

The board of directors for Bradenton-based PEO Gevity declared a cash dividend of five cents per share of common stock payable on Jan. 30 to shareholders of record on Jan. 15. The new payment marks the company's 32nd quarterly dividend.

Gevity provides HR expertise and services including payroll, benefits, administrative processing, risk management, policies and procedures, new hire support, performance management, and employee development and retention.

Flanders Corp. CEO

awarded three-year contract

St. Petersburg-based air-filtration product manufacturer Flanders Corp. entered into a three-year employment agreement with Harry Smith Jr. Flanders appointed Smith as its president and CEO Nov 1.

"Harry has been with Flanders for over 10 years and has worked in all aspects of the company," Robert R. Amerson, chairman of the Flanders' board of directors, said in a press release.

"He was instrumental in growing the business, particularly in developing the commercial and industrial business, and has been pivotal in the turnaround we began implementing this year," Amerson says. "We believe Harry is a key factor in achieving our goals of improved productivity and EBITDA growth."

Smith has served as chief operating officer of the company since August of 2007. He has worked at Flanders since 1997, holding such roles as leading the Flanders' direct offices; ARW -Wholesale Division; FSS-Filter Sales and Service; FFI-Flanders Filters Inc.; CSC-Charcoal Services Inc.; and AirSeal Filter Housings Inc. Smith received his Bachelor of Science degree in Business Administration from East Carolina University in 1992.

Flanders' products are utilized by many industries including those involved in commercial and residential heating, ventilation and air conditioning systems, semiconductor manufacturing, ultra-pure materials, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing.

Be Creative Communications

hired by Fawley Bryant

Manatee County architecture firm Fawley Bryant has chosen advertising and marketing agency Be Creative Communications to develop a new brand identity for the firm and provide ongoing marketing support services.

Fawley Bryant recently expanded its business to a new Lakewood Ranch Corporate Park office building, Energy Court, in Sarasota.

"The move to our new flagship site prompted us to review our branding and we found the team at Be Creative to be the perfect fit in terms of skill set, creativity and customer service," said company president Rick Fawley in a press release.

SEC investigation ends

against Jabil stock options

The Securities and Exchange Commission Division of Enforcement has notified St. Petersburg-based global electronic products company Jabil Circuit Inc. that it has completed its investigation of the company relating to its stock option grant practices and does not intend to recommend that the SEC take any enforcement action.

The SEC informed the company of its investigation in May of 2006.

Jabil employs 75,000 people in 22 countries.

World Energy Solutions signs

Circa Telecom marketing deal

World Energy Solutions Inc., a St. Petersburg-based company focused on energy conservation technologies and environmental sustainability, signed a marketing agreement with Circa Telecom USA Inc., a subsidiary of Circa Enterprises Inc., and a manufacturer and distributor of telecommunications and high-tech security equipment.

Through the deal, World Energy Solutions' transient voltage surge suppressors

TIB seeks capital from U.S. Treasury Department

TIB Financial Corp., the Naples-based parent company of TIB Bank, The Bank of Venice and Naples Capital Advisors Inc., has received preliminary approval to participate in the U. S. Treasury Department's Capital Purchase Program as part of the Emergency Economic Stabilization Act of 2008.

The Treasury expects to invest $37 million in senior preferred stock of TIB Financial with a 5% annual dividend yield for the first five years, and 9% thereafter. In addition, the Treasury will receive warrants to purchase $5.5 million of TIB common stock at a price to be determined when the deal closes which is expected by the end of this month.

As of September 30, 2008, TIB's capital position was considered "well capitalized" by regulatory standards. With the Treasury's investment, the company's leverage capital ratio would increase to 10% and the total risk-based capital ratio would increase to 13.6%.

"This investment by the Treasury provides an attractive and lower- cost source of funds to enhance our capital position," Thomas J. Longe, chairman and CEO, said in a press release. "We continue to actively support the financial needs of our customers and communities. In fact, so far this year we have provided over $150 million of residential mortgages to homeowners and over $90 million of commercial loans to business. The additional capital strength provided through this program will further support our lending activities and the expansion of services into our communities, as well as providing flexibility to evaluate future opportunities that may arise."

TIB Financial Corp., which operates 20 full-service banking offices in the Florida Keys, Homestead, Naples, Bonita Springs, Fort Myers, Venice and Sebring, is also the parent company of Naples Capital Advisors Inc., with approximately $91 million of assets under advisement.

Girard expanding

to Tampa, Fort Myers

Girard Environmental Services, a full-service, commercial landscaping company based in Sanford, recently opened a new branch in North Tampa.

The office, managed by Tim Dyer and located on 7802 Anderson Road, is part of an expansion plan that includes a total of 11 branch offices throughout Florida. The company also plans to open locations in Fort Myers, Boynton Beach and Jacksonville before April 2009.

"In difficult economic times, most of our major competitors have downsized and cut costs to maintain their profit margin," Rick Girard, CEO of the company, said in a press release. "Unfortunately, this means they are cutting both customer service and customer satisfaction. As a privately owned firm, we take the opposite approach. We have been able to boost our market share by increasing customer service and satisfaction."

Since January, the company has signed more than 150 new properties and its revenue has increased by almost 25%. GES currently provides weekly landscaping maintenance to more than 425 commercial properties. Founded in 1998, the company currently generates more than $22 million in annual revenue, operates a fleet of 110 vehicles, and employs more than 220 people.