- October 13, 2024
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Radiation Therapy posts loss
Fort Myers-based Radiation Therapy Services, one of the nation's largest operators of radiation treatment centers, reported a $231 million net loss in the third quarter.
The loss in the third quarter, which compared to a net loss of $2.3 million in the third quarter of 2010, reflected an impairment charge of $237.6 million. The company took the significant charge because it lowered its financial forecasts due to projected declines in medical reimbursements and economic conditions in the U.S. that aren't likely to improve.
Radiation Therapy, which operates 121 treatment centers primarily under the name 21st Century Oncology, reported $156.3 million in revenues in the third quarter, a 14% increase over the same quarter last year. The increase in revenues was due mostly to the acquisition in March of Medical Developers LLC, which operates 26 physician practices in Latin America.
Hotel revenues rise
Lee County hoteliers reported a 14% jump in room revenues in September compared with the same month a year ago, according to the Lee County Visitor & Convention Bureau.
Despite the fact that September is one of the area's slowest times of the year for tourists, hoteliers reported revenues per available room rose to $41.99, up from $36.62 in September 2010.
Revenue per available room is an important financial gauge that is a function of the average occupancy rate and average daily room rate. In September, hotels in Lee County reported 41.4% average occupancy, up from 37.7% in September 2010. The average daily room rate rose 4.3% to $101.38 in that same period.
Mack challenges Nelson
A Quinnipiac University poll showed U.S. Rep. Connie Mack, R-Fort Myers, in a statistical dead heat for the U.S. Senate seat currently held by Bill Nelson.
The poll shows 42% support for Nelson and 40% for Mack, with a 2.9 percentage point margin of error. Mack is favored to win the Republican primary by a wide margin, the poll also found.
“The entrance of Congressman Connie Mack into the Senate race changes what had been shaping up as an easy re-election for Sen. Bill Nelson into a tough fight that the incumbent could lose,” said Peter Brown, assistant director of the Quinnipiac University Polling Institute.
Former councilman convicted
Kevin White, former Hillsborough County commissioner and Tampa City Council member, was recently convicted on charges of lying to the FBI, bribery, wire fraud and conspiracy, says a release from the U.S. District Court for the Middle District of Florida.
The convictions against White stem from allegations that he accepted bribes from area towing companies in his time as a Hillsborough County commissioner. The bribes were in exchange for including the firms in question on the county's list of approved towing services, according to the release.
A sentencing hearing is scheduled for Feb. 27. White faces 10 charges that carry a combined 95 years in federal prison.
Masonite announces layoffs
Masonite International Corp., a Tampa-based door-manufacturing firm, plans to lay off 5% of its global work force, according to a company statement on its third quarter financial results.
Despite a 12.3% growth in revenues and 60.8% growth in operating income for the first three quarters of 2011 compared with the previous year, the company cites the troubled housing market for its employment reduction.
The firm's statement did not disclose the geographical location of the layoffs, but it had announced intentions to hire 200 at its new facility in Denmark, S.C., earlier this year.
County selects administrator
Randall Reid, the top unelected official in Alachua County, is in line to be the next Sarasota County administrator.
Sarasota County Commissioners chose Reid from a list of four finalists after a Nov. 15 meeting. County officials plan to begin contract negotiations in the next few weeks with Reid, who has run the administrative offices of Alachua County since 1999.
Reid is expected to begin working in Sarasota by early next year, if an agreement is reached with the county. He would replace Jim Ley, the most recent permanent county administrator, who resigned in May amid a procurement scandal after 14 years in the position.
Union sues city
The Southwest Florida Benevolent Association, a union that represents Sarasota police officers, sued the city of Sarasota in an ongoing dispute over retirement and pensions.
The union's lawsuit claims the city reneged on a promise it made to officers hired before 1994 that it would fully cover medical and dental benefits for life.
City officials, though, facing a budget shortfall, made some changes to the pension plans for all employees earlier this year. The changes require retirees to pay at least 10% of health insurance premiums, a figure that could rise in future years.
Firm finds buyer
A team of private equity firms led by Fort Worth, Texas-based Ancor Capital Partners bought Sarasota-based WellSpring Pharmaceutical Corp., in a deal announced earlier this month.
WellSpring owns a portfolio of pharmaceutical products, including an antifungal foot ointment. WellSpring is a multimillion-dollar company, but it doesn't publicly disclose specific revenues. Ancor typically targets companies with between $5 million and $15 million in operating income.
Ancor partnered with Sentinel Capital and Yukon Capital to complete the deal, a press release says. A WellSpring executive says the sale will allow the firm to achieve “aggressive growth opportunities” in the pharmaceutical market.
