Business in the Burbs » Mike Bieger

iMedicor forms partnership with voicemail services company

Mike Bieger — Tue, 25 Aug 2009 18:50:40 +0000

iMedicor, a Nanuet-based company that specializes in electronic medica records, said that it has formed a partnership with PhoneTag, a New York-based voicemail services company. As a result of the partnership, physicians and healthcare providers can access transcription services on their mobile devices.

Profits soar at SmartPros in 2Q

Mike Bieger — Wed, 12 Aug 2009 20:17:11 +0000

SmartPros Ltd., a Hawthorne-based company that specializes in professional education and corporate training, reported net income of $247,000, or 5 cents a share, during the second quarter, compared to net income of $109,000, or 2 cents a share, a year earlier. Revenues increased 15 percent to $9.1 million.

“SmartPros continues to increase sales, grow operating profits and maintain profitability while continuing to make targeted acquisitions in this tough economy,” Chief Executive Officer Allen Greene said in a written statement.

Profits jump 23 percent at IntegraMed America

Mike Bieger — Thu, 06 Aug 2009 19:20:56 +0000

IntegraMed America Inc., a Purchase-based operator of vein clinics and fertility centers, said that its profits rose 23 percent in the second quarter as patient demand for its services rose, despite the lackluster U.S. economy.

Net income of $1.1 million, or 13 cents a share, rose from $904,000, or 10 cents a share, a year earlier. Revenues surged 13 percent to $56.1 million.

“Looking across the business, we remain bullish on our prospects and committed to expanding our fertility business via acquisitions and growing our vein clinics business via new clinic openings,” Chief Executive Officer Jay Higham said.

The company’s vein clinics showed the fastest growth among the company’s divisions, with revenues increasing 37 percent. IntegraMed said that the growth was driven by patient marketing programs, strong patient demand, improving clinic performance and two new clinic openings during the past year. IntegraMed, which operates 34 vein clinics nationally, said the clinic procedures allow patients to be back on their feet the same day since no hospitalization or surgery is involved.

IntegraMed’s 57 fertility centers in 13 major markets grew revenues by 6 percent during the quarter. That growth was driven by more new patients visiting the centers and increased sales at two new centers.

The growth rate was faster than the industry average, but “did reflect some moderation in demand growth that is attributable to the prolonged recession,” IntegraMed said in a statement.

IntegraMed America recently ranked as one of the nation’s 100 fastest-growing small public companies in a report by Fortune Small Business.

Bunge reaches loan agreements with banks

Mike Bieger — Thu, 04 Jun 2009 17:18:40 +0000

Bunge Ltd., the White Plains-based agribusiness giant, said that it has entered into two loan agreements with a group of banks that will give it a borrowing capacity of $1.65 billion.

Banks participating in the loan agreements include JPMorgan Chase Bank, Citibank, BNP Paribas, Calyon New York Branch and CoBank, ACB.

Bunge said that the loan agreements will give the company the financial flexibity to manage and grow its business.

The new credit agreements will replace two existing agreements that were due to expire this year. Bloomberg News also reported that Bunge plans to sell $400 million of 10-year senior notes to give it additional flexibility.

Sales, profits rise at Dress Barn

Mike Bieger — Thu, 21 May 2009 20:42:21 +0000

Dress Barn Inc., the Montebello-based clothing retailer, said that positive shopper response to its spring merchandise contributed to higher sales and operating profits during its most recent quarter.

The company, which operates more than 1,500 dressbarn and maurices stores across the country, reported an 11 percent jump in operating income to $40.3 million during its fiscal third quarter ended April 25.

Net sales jumped 7 percent to $375.7 million. Sales at stores open for at least a year—a closely followed performance measure in the retail industry—rose 3 percent.

“Our customer has responded positively to our spring merchandise and enabled us to generate a comparable store sales gain despite the ongoing challenging market environment,” David R. Jaffe, president and chief executive officer, said in a written statement. “We continue to stress our core strategy of delivering fashion-forward looks at great prices to drive value to our customers.”

Jaffe said that the company also has benefited from efforts to manage costs and inventory.

“It is our goal to remain as efficient as possible, to stay focused on generating cash and preserving liquidity, and to further strengthen our exceptional balance sheet,” Jaffe said.

Net earnings for the quarter were $23.9 million, or 39 cents a share. That compared to net earnings of $24.9 million, or 39 cents a share, a year earlier. In comparing the decrease in net earnings to the increase in operating income, the company cited a reduction in net interest income due to lower interest rates and a higher tax rate in the current quarter.

Atlas Air announces public offering of stock

Mike Bieger — Mon, 11 May 2009 21:50:30 +0000

Atlas Air Worldwide Holdings Inc., a Purchase-based air cargo carrier, announced a public offering to sell 4 million shares of its common stock. In addition, the company has granted the underwriters in the offering the option to purchase an additional 15 percent of the offered shares. Goldman, Sachs & Co. and Morgan Stanley & Co. will serve as the managers of the offering.

Earnings rise at Acadia Realty Trust

Mike Bieger — Thu, 30 Apr 2009 19:23:52 +0000

Acadia Realty Trust, a real estate investment trust in White Plains that specializes in retail properties, reported earnings per share from continuing operations of 27 cents during the first quarter, up from 23 cents a year earlier. Occupancy at Acadia’s properties was 92.8 percent on March 31, down from 94.4 percent a year earlier. In January, Acadia paid $78 million to buy Cortlandt Towne Center, a 640,000-square-foot regional shopping center in Westchester County.

Emerging Health Information Technology awarded tech contract

Mike Bieger — Thu, 16 Apr 2009 18:55:48 +0000

Emerging Health Information Technology, a Yonkers-based health services company, said that it has been awarded a contract by North Shore-LIJ Health System, the largest health care provider in New York state. Under the agreement, Emerging Health will provide computer network support for some of North Shore-LIJ’s 15 hospitals, 17 long-term care facilities and other operations.

Blythedale trustee says Madoff ‘got’ hospital

Mike Bieger — Tue, 07 Apr 2009 19:27:27 +0000

A member of the board of trustees of Blythedale Children’s Hospital in Valhalla lost money to disgraced financier Bernard L. Madoff and indicated the hospital was also a victim.

Martin Rappaport, a real estate developer and manager, said in an e-mail to U.S. District Court Judge Denny Chin that he wanted to speak in court on the Madoff matter.

“I will love to appear in court against Mr. Bernard Madoff,” Rappaport wrote in the March 9 e-mail. “He got me good, but he got my crippled children’s hospital, Blythedale Children’s Hospital in Valhalla, NY.”
The hospital did not provide a comment in response to the e-mail today.

E-mails and letters from Madoff’s victims were made public by the government after media outlets petitioned the court to release the documents. Prosecutors redacted the names of victims who wanted to remain anonymous.

Madoff admitted to Chin March 12 that he ran a massive Ponzi scheme from the early 1990s until his arrest last December. He was taken out of Chin’s lower Manhattan courtroom in handcuffs to the Manhattan Correctional Center, where he awaits his June sentencing.

Attempts to locate Rappaport by phone were unsuccessful. He did not immediately respond to an e-mail address listed on his e-mail to the judge.

IBM awarded $184 million contract extension with health claims processor

Mike Bieger — Thu, 02 Apr 2009 19:25:49 +0000

IBM Corp. said that it has been awarded a $184 million extension to an existing technology services contract with National Account Service Company LLC. Under the seven-year extension, Armonk-based IBM will support National Account Service’s tech infrastructure and help the company process health care claims more efficiently. National Account Service is major claims processor for Blue Cross and Blue Shield health plans.