Archive: February, 2008
Anytime a company involved in the mortgage business issues financial results, it's worth paying attention.
This morning, Mount Laurel's PHH Corp. said it had net income of $12 million, or 21 cents per share, on net revenues of $550 million for the fourth quarter. That compares with net income of $1 million, or 3 cents per shares, on net revenues of $615 million for the same quarter of 2006.
CEO Terry Edwards cited the "disruption in the credit markets" for the slowdown in its volume during the last three months of the year. He noted that the company cut expenses by $36 million during 2007 as it closed certain facilities and eliminated 700 jobs.
The Governor’s Action Team has been in high gear of late, charging around Pennsylvania and awarding money for economic development projects.
Gov. Rendell was in Center City Thursday to announce two projects in Philadelphia. One sounds like economic development to me, while the other feels more like what activists deride as corporate welfare.
Cintas Corp., the big uniform supplier, will build a 58,000-square-foot building to process laundry at 4700 Jefferson St. in West Parkside. The state will provide a $75,000 “opportunity grant” for the project which will cost Cintas $14.8 million. For its part, Cintas says the new plant will enable it to retain 1,564 existing positions.
The Governor's Action Team has been in high gear of late, charging around Pennsylvania and awarding money for economic development projects.
Gov. Rendell was in Center City this morning announcing two projects here in Philadelphia. One sounds like economic development to me, while the other seems more like corporate welfare.
Cintas Corp., the big corporate uniform supplier, will build a 58,000-square-foot building to process laundry at 4700 Jefferson St. in West Parkside. The state will provide a $75,000 "opportunity grant" for the project will cost Cintas $14.8 million to buy he land and build. For its part, Cintas says the new plant will enable it to retain 1,564 existing positions.
It may strike some as odd that one of Poland's biggest vodka makers is based in Bala Cynwyd. But Central European Distribution Corp. has set about over the last few years to acquire acquire brands and expand its operations.
So much so that the Montgomery County firm closed 2007 with net sales of $1.19 billion, up from $944 million in 2006.
Central European reported 2007 net income of $77.1 million, or $1.91 per share, compared with $55.5 million, or $1.53 per share, the previous year.
DuPont Co. has said biotechnology is its future, but it will be a future without the executive who has run one of its fastest-growing divisions.
J. Erik Fyrwald, 48, is joining the publicly held Nalco Holding Co. after more than four years of running DuPont’s $6.8 billion Agriculture & Nutrition division. That operation has 12,000 employees and includes its biotechnology seed and crop protection chemicals businesses.
Nalco, which provides water-treatment services, has a similar number of employees — more than 11,500.
Any turnaround for the nation's home builders will have to wait another quarter. Toll Bros. Inc. became the latest to post negative financial results.
Toll Bros. lost $96 million, or 61 cents a share, during its first quarter ended Jan. 31. The quarter included pre-tax writedowns totaling $245.5 million.
How does that compare to last year's first quarter? The Horsham home builder posted net income of $54.3 million, or 33 cents per share.
ViroPharma Inc. and CollaGenex Pharmaceuticals Inc. aren’t companies most people would recognize. They’re not a Merck or GlaxoSmithKline or Wyeth.
But what happens to companies like ViroPharma and CollaGenex is important because a vibrant second tier of life-sciences firms means the Philadelphia area is still cooking up good ideas.
Both of these companies faced “near death” experiences a few years back, managed to change directions and ultimately found success.
CollaGenex Pharmaceuticals Inc. , a small Bucks County focused on the dermatology market, agreed to be acquired by a Swiss specialty drug maker in a deal valued at about $420 million.
Galderma Pharma S.A. will pay $16.60 per share in cash for all of the shares of CollaGenex, which sells Oracea, a treatment for rosacea. Galderma also makes a topical product to treat rosacea.
CollaGenex shares closed Monday at $12.80 per share, up 17 cents.