Archive: May, 2012
The lopsided vote tallies in most corporate elections are so routine that it's only when a company loses a vote that you realize that occasionally shareholders can rally to send a message to the board.
Urban Outfitters Inc. lost two votes on shareholder proposals at its May 22 annual meeting. Shareholders approved a non-binding proposal trying to change board elections from pluraity voting to majority voting.
(In the former, receiving just one "for" vote in an uncontested election means a director is elected. In majority voting, a nominee must receive a majority of the votes cast.)
First Priority, which has six branches with total assets of $279.7 million as of March 31, will merge with Affinity, a Wyomissing institution with five branches and $176.5 million in assets. According to a statement, the result will be a financial institution with $450 million in assets, $335 million in loans and $390 million in deposits.
The two sides are calling the deal a “merger of equals,” but First Priority shareholders would wind up owning 62 percent of the new holding company which intends to retain the First Priority name and remain based in Malvern. The 12-member board would include six from First Priority, four from Affinity and two players to be named later.
The maker of K'nex toys has long manufactured many of its products in America, and it pushed that as a key marketing message in 2007 after safety concerns arose about toys made in China.
But the family-owned company in Montgomery County decided it needed to do more as the U.S. economy slumped, and it chose to move one of its key operations from China to the United States.
Read the full story here.
For the last 14 years, the nonprofit Initiative for a Competitive Inner City has been highlighting the entrepreneurial activity that goes on in U.S. cities. And for about just as long, I've wondered why more Philadelphia firms don't pop up on it.
See if you detect a trend: Last year, there were just two Philadelphia-area companies on the list, three in 2010, and four in 2009.
The day after Aramark Corp. introduced Eric J. Foss as its new CEO, the Philadelphia food-services and faciliites management company released its financial results for its second quarter.
Net income was $9.89 million in the quarter ended March 30, down 52 percent from $20.39 million for the same quarter of 2011. In terms of operating income, Aramark reported a 9.4 percent increase to $133.71 million from $122.27 million.
Saless rose 3.9 percent in the second quarter to $3.35 billion from $3.22 billion a year ago.
Prince Sports Inc., the Bordentown-based maker of tennis racquets, has filed for bankruptcy protection and will be acquired by a New York firm that manages a variety of consumer brands.
In a filing with federal bankruptcy court in Wilmington May 1, the 42-year-old Prince Sports blamed its grim financial straits on declines in the global market for racquet sports as well as increased competition over the last five years.
The company reported the book value of its assets as $54.2 million and about $77 million in liabilities.