Archive: March, 2012
As the end of the first quarter and onslaught of earnings news approaches, you can usually see the slowdown in press release manufacturing at companies.
However, not all companies are preparing to unveil the financial results of the first quarter. Take Harleysville-based Met-Pro Corp. which released results for its fourth quarter and full year ended Jan. 31. (Here is a link to a PDF file of those results.)
Annual sales of the maker of pollution control and other environmental equipment topped $100 million compared with $88.9 million for the previous year. Net income was $7.1 million, or 48 cents per share, vs. $6.1 million, or 42 cents per share, for the year ended Jan. 31, 2011.
A Massachusetts asset management firm has agreed to acquire an equity interest in Veritable L.P., a Newtown Square-based firm that manages more than $10 billion for about 200 wealthy families.
While terms of the transaction were not disclosed, AMG Wealth Partners L.P. said that Veritable’s management and 84 employees, led by founder and chief executive officer Michael Stolper will retain “significant equity interest” and remain in place of day-to-day operations.
AMG Wealth is a subsidiary of the publicly traded Affiliated Managers Group Inc., which has assets under management of about $338 billion.
What a turnabout for Discovery Laboratories, the Warrington drug discovery company.
First, the company received a long-delayed OK from the Food and Drug Administration March 6 to begin selling its first drug. Surfaxin would be used to prevent a respiratory illness that affects premature infants.
Shares jumped as high as 44 percent to $5.39 on March 7 on word of the FDA approval. They settled that day at $4.08, up 33 cents on heavier than normal volume.
Shire will pay $100 million in cash when it seals the deal and could make payments of up to $225 million more should San Francisco-based FerroKin meet certain milestones for its product to treat patients who experience iron overload from chronic blood transfusions.
News of the acquisition comes one day after Shire announced that it had withdrawn its application seeking approval for Replagel, a treatment for Fabry disease, by the Food and Drug Administration. The company said it believed that U.S. regulators would require additional clinical trials for the biologic, which has been approved in the European Union for more than a decade.
PNC Financial Services Group, one of 15 big banks to pass the Federal Reserve's latest stress tests, will be raising its dividend, but has not disclosed by how much.
The Pittsburgh bank holding company currently pays 35 cents per share for its quarterly dividend. PNC's board is expected to discuss hiking that at its April meeting.
Who failed the stress tests? Citigroup, MetLife, Ally Financial and SunTrust.
Almac Group, the Northern Ireland-based provider of services to the pharmaceutical industry, will spend $10 million expanding a commercial packaging operation in Audubon, Pa.
The privately held company, which moved its U.S. headquarters to Souderton in 2011, said it had been bulk manufacturing and packaging U.S. products from its location in the United Kingdom.
"With the addition of the Audubon facility, we will now be able to offer these packaging services local to the U.S. marketplace, providing cost saving and mitigating supply risks," said David Downey, Almac's vice president for commercial operations, in a statement.