Mike Armstrong, Inquirer Columnist
Skinny Nutritional Corp., the local flavored-water marketer that saw most of its board resign earlier this year, has filed a Chapter 11 petition to restructure its operations.
Now based in Bryn Mawr, the company listed total assets of $2.93 million and total debts of $6.01 million in documents filed in U.S. Bankruptcy Court in Philadelphia. Skinny Nutritional makes Skinny Water, which has been marketed as a zero-calorie, zero-sugar bottled water beverage.
In a filing with the Securities and Exchange Commission, Skinny Nutritional stated that the "decision to seek protection under Chapter 11 was triggered" by an attempt by its New York-based lender, Trim Capital L.L.C., to foreclose on certain assets, including its portfolio of trademarks.
Skinny Nutritional said in a statement issued May 8 that Trim Capital failed to complete its financing obligations under an agreement which would have provided up to $15 million in funding. The lender provided only $1.27 million, the beverage maker said.
Mike Armstrong, Inquirer Columnist
You never know when an acquisition involving the automobile industry in the Midwest in 1998 might affect a drug-development firm in the Philadelphia area in 2013.
But that’s apparently the backstory of $15 million in financing completed last week by Exton-based AltheRx Pharmaceuticals.
That round of investment was led by Becker Ventures L.L.C., a family office- investment management firm that manages the wealth of Charles E. Becker, who had been chief executive and co-owner of Becker Group Inc., a privately held automotive- interior supplier.
Becker Group, of Sterling Heights, Ill., was generating annual sales of $1.3 billion when it was bought in 1998 by Johnson Controls Inc., of Milwaukee, for $548 million in cash.
Mike Armstrong, Inquirer Columnist
Unisys Corp. would love to finish 2013 with flat revenue over 2012.
Well, that's going to be a tough slog after the Blue Bell information technology services company reported a 13 percent decline in revenues for the first quarter.
Revenue fell to $810 million from $928 million for the first three months of 2012.
Equally concerning for Unisys investors should be that the company lost $33.9 million, or 77 cents per share, after reporting a net income of $13.4 million, or 30 cents per share, for the same quarter in 2012.
Mike Armstrong, Inquirer Columnist
Center City District president and CEO Paul R. Levy would like the city to set a goal of adding 50,000 to 100,000 jobs to its employment base by 2023.
The head of the special services district made the comment in presenting the organization's latest "State of Center City" report, which compares the downtown area of Philadelphia to the suburbs and other cities on a variety of measures.
Here is a link to the full report.
"If you can turn around 50 years of population decline, you can turn around 50 years of employment decline," Levy said. "We need to set this goal."
Mike Armstrong, Inquirer Columnist
Thomas S. Robertson will resign as dean of the Wharton School, the prestigious business school at the University of Pennsylvania, in June 2014.
He made the announcement in a letter to the faculty Wednesday in which he said he intended to return to the school's marketing department to teach and pursue research.
"It is fulfilling to be Dean at Wharton – both exciting and challenging – and I believe that I have accomplished what I set out to do," Robertson wrote in the letter.
Named dean in June 2007, Robertson had succeeded Patrick Harker, who left to become president of the University of Delaware.
Mike Armstrong, Inquirer Columnist
"Modest" is the word for the state of business activity in the Philadelphia region, according to the latest Federal Reserve Beige Book report.
With a few "moderates" thrown in to describe residential real estate sales and sales of new and used automobiles.
There is not much in the report that hasn't been said many times before since the financial crisis. The line that is sure tamp down enthusiasm for a pickup in the economy locally is: "Many contacts continue to hold off on their plans to expand capacity and hire more staff."
Wait 'til next season, I guess.
Mike Armstrong, Inquirer Columnist
It’s bad enough when a stock loses 10 percent of its value over the course of one quarter. It’s even worse when the same stock loses twice that amount in one day.
As I wrote in the Sunday Inquirer, DFC Global Corp. was worst performer in terms of stock performance among the Philly 50 local stocks so far in 2013.
The 10.2 percent drop in the price of DFC’s common stock between Dec. 31 and March 28 came during a quarter when the Standard & Poor’s 500 index rose a robust 10 percent.
On Monday, DFC disclosed disappointing preliminary results for its third quarter and shares dropped 21.6 percent, or $3.60 per share, to close at $13.04. That made the Berwyn-based operator of pawnshops and check-cashing stores the worst performer on the Nasdaq.
Mike Armstrong, Inquirer Columnist
Bryn Mawr Bank Corp. will go from one branch to five in the state of Delaware by acquiring MidCoast Community Bancorp Inc. in a transaction valued at $33 million.
The Montgomery County-based bank holding company said Thursday it will acquire the 6-year-old MidCoast, which has about $235 million in loans, $250 million in deposits, and 36 employees.
In this all-stock deal, MidCoast shareholders would receive 0.52 shares of Bryn Mawr Bank common stock for each share of MidCoast they own. Shares of Bryn Mawr Bank were trading at $23.52, up 6 cents, on Thursday afternoon.
Bryn Mawr Bank added its first Delaware branch last November when it bought certain loan and deposit accounts as well as an office along Route 202 in Wilmington from First Bank of Delaware for $10.6 million.
Mike Armstrong, Inquirer Columnist
Royal Bancshares of Pennsylvania Inc. has cut 9 percent of its workforce which stood at 152 employees as of Dec. 31.
The Narberth-based bank holding company made the disclosure in announcing financial results for its fourth quarter and year-end.
Royal, which hired a new chief executive officer, Kevin Tylus in December, lost money for a fifth straight year. It reported a net loss of $15.6 million, or $1.33 per share, for 2012 compared with a loss of $8.6 million, or 80 cents per share, for 2011.
In a statement, Tylus announced a “profitability improvement plan” involving job cuts, a 10 percent cut in discretionary expenses, reorganization of the management team, and the closure of one branch in King of Prussia on Jan. 17.
Mike Armstrong, Inquirer Columnist
Bentley Systems Inc., an Exton software developer focused on roads, bridges and other infrastructure projects, said revenues increased 5 percent to $550 million in 2012 from $523 million in 2011.
Chief executive Greg Bentley -- who described Bentley Systems as a “no drama company” on a conference call -- said the Middle East and Africa were its fastest-growing regions last year.
“We continue to be a motivated number-two” competitor to Autodesk Inc.’s Architecture, Engineering & Construction software business, he said.
Based on recent software subscription trends, Greg Bentley forecast the company could produce 7 percent organic revenue growth in 2013.
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980.
Reach Mike at marmstrong@phillynews.com.
