Saturday, March 28, 2015

WorldGate makes a move within Trevose

The small maker of video phones will move its operations about a mile away in August.

WorldGate makes a move within Trevose

Tiny WorldGate Communications Inc., maker of video phones, will move its operations but remain in Trevose.

According to a filing with the Securities and Exchange Commission, WorldGate will lease 18,713 square feet in the Horizon Corporate Center. Its current 17,000-square-foot offices are about a mile away at 3190 Tremont Ave.

The new space will cost more, despite an initial five-month abatement in rent. The basic rent will be $24 per square foot, up from $7.06 per square foot for its current location, according to regulatory filings.

So while WorldGate spent about $250,000 on total rent expense in 2008, the new lease calls for the company to spend $449,112 on its initial annual base rent.

WorldGate, which was rescued by a North Carolina telecommunications reseller a year ago, said it expected to make the move in August.

ReSearch revenue

ReSearch Pharmaceutical Services Inc., of Fort Washington, delisted its shares from the Alternative Investment Market of the London Stock Exchange last September.

In asking shareholders to approve the delisting, management said that the exchange hadn’t given the stock the liquidity that the company had been seeking.

ReSearch Pharmaceutical still reports financial results to the SEC. Earlier this week, the clinical research organization said it had net income of $637,686, or 2 cents a share, on revenue of $62.3 million for its fourth quarter ended Dec. 31. That is up from net income of $518,412, or 2 cents a share, on revenue of $44.4 million.

You may not have heard of the firm, but you’ll recognize the names of its two largest customers. Pfizer Inc. accounted for 17 percent of ReSearch’s $224.2 million in 2009 revenue, while Merck & Co. Inc. was down for 16 percent.

Quotable

One of the problems that we’ve heard … is this lack of planning up-front, almost a ‘ready, fire, aim’ type of approach.

- Neil Barofsky, special inspector general for the Troubled Asset Relief Program, during a House committee hearing Thursday on the Treasury Department’s many changes to federal mortgage-modification efforts.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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