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Business in the Burbs

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Archive for the 'Uncategorized' Category

Hamburger chain adds MasterCard PayPass

August
25

MasterCard Inc., the Purchase-based credit card giant, said that Whataburger, a Texas-based fast food chain, Whataburger, will accept MasterCard PayPass payments at more than 500 locations across the South.

PayPass, developed by MasterCard, allows consumers to tap cards or devices on the special readers at checkout to pay for products quickly. There are nearly 61 million MasterCard PayPass cards and devices in use at over 153,000 merchants worldwide, including BP, Best Buy, 7-Eleven, CVS and McDonald’s.

Posted by Jay Loomis on Tuesday, August 25th, 2009 at 2:13 pm |
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iMedicor forms partnership with voicemail services company

August
25

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.

Posted by Mike Bieger on Tuesday, August 25th, 2009 at 1:50 pm |
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PepsiAmericas to open Romanian bottling plant

August
24

PepsiAmericas, the second largest bottler of Pepsi beverage products, said that it will invest $150 million to build a bottling plant in Romania.

The factory, expected to open on Sept 1, is the latest investment that the Minneapolis-based company has made in the fast growing region of Eastern Europe. In 2007, PepsiAmericas took control of Quadrant-Amroq Bottling QAB, a Pepsi distributor in Romania.

Earlier this month, Purchase-based PepsiCo said it was buying PepsiAmericas and another major bottler, Somers-based Pepsi Bottling Group, as part of a $7.8 billion deal.

Posted by Jay Loomis on Monday, August 24th, 2009 at 4:56 pm |
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Accounting firm launches financial blog

August
21

D’Arcangelo & Co. LLP, a regional accounting firm, has launched an online blog to keep businesses, organizations and individuals updated with financial news and information.

The blog can be found at http://www.darcangelo.com/blog. D’Arcangelo also publishes financial articles in a bimonthly e-newsletter. D’Arcangelo & Co. LLP has five offices in Purchase, Poughkeepsie, Millbrook, Utica, and Rome.

“This is a way for our clients and friends to stay current with new tax laws, federal guidelines and innovative ways to save money,” explained Rich Kleban, D’Arcangelo’s director of business development.

Posted by Jay Loomis on Friday, August 21st, 2009 at 11:40 am |
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Reader’s Digest says most lenders back restructuring plan

August
20

The Reader’s Digest Association Inc., the troubled Chappaqua-based magazine publisher that is expected to soon file for bankruptcy reorganization, said that most major creditors and investors are backing the company’s efforts to revamp the company’s finances.

Reader’s Digest said today that nearly 80 percent of its senior secured lenders and nearly 70 percent of its institutional investors have signed on to an agreement that calls for a restructuring plan that will reduce the company’s debts and improve its financial outlook.

Reader’s Digest, whose flagship magazine is the world’s largest with nearly 70 million readers in more than 60 countries, has been hurt by the global economic slowdown that has eroded advertising revenues and accelerated declining print subscriptions.

The privately held company reported a net loss of $462 million during its fiscal third quarter ending March 31, much worse than the net loss of $53.6 million a year earlier.

Under the restructuring plan announced this week, the debt on the company’s books would fall from $2.2 billion to $550 million. Reader’s Digest said it plans to file soon for Chapter 11 bankruptcy protection to complete the deal.

On Monday, the company missed a $27 million interest payment as it continued talks with lenders about the restructuring plan.

Posted by Jay Loomis on Thursday, August 20th, 2009 at 12:25 pm |
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Physical therapy center open in Hartsdale

August
19

Empire Physical Therapy recently opened a new location in Hartsdale. The facility at 280 Dobbs Ferry Road, suite 208 and 209, offers services designed to aid healing from injuries related to sports, physical ailments and accidents. Empire Physical Therapy participates with most major insurance companies.

Posted by Jay Loomis on Wednesday, August 19th, 2009 at 3:51 pm |
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Akzo Nobel to invest $4.4 million in the region

August
19

Akzo Nobel Surface Chemistry is investing $4.4 million in new machinery and equipment at two operations in the Lower Hudson Valley.

The chemical company, which had previously considered moving out of state before opting to remain in New York, expects to preserve 85 existing jobs as a result of the investment, according to the Empire State Development Corp.

Akzo Nobel has received a $292,300 state grant to offset the investment costs at the two facilities, a 66,000-square foot research and development facility in Brewster and 16,609 square feet in administrative offices in Tarrytown, according to Empire.

Akzo Nobel, based in the Netherlands, is a Global Fortune 500 company and a major manufacturer of surfactants, chemicals used in soaps and detergents that allow for stable mixtures of oil and water.

Posted by Jay Loomis on Wednesday, August 19th, 2009 at 3:11 pm |
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Pace University names chief information officer

August
17

Pace University named a chief information officer as it looks to integrate the latest developments in information technology with the campus learning environment.

Ganesan Ravishanker comes to Pace from Wesleyan University in Middltown, Conn., where he was nationally recognized for technology initiatives that transformed teaching and learning. Ravishanker, associate vice president for information technology at Wesleyan since 2006, encouraged the spread of wireless networking on campus and in more than 200 houses Wesleyan owns.

He also helped create a new media lab to support increasing uses of multimedia in teaching and learning.

“Dr. Ravishanker has created powerful templates to help professors teach and students learn in the classroom and the digital domain,” said Geoffrey L. Brackett, Pace’s provost and executive vice president for academic affairs. “He’s bringing his well-known expertise to Pace just as we’re aggressively mapping out exciting new initiatives that will make Pace a quality leader in twenty-first century pedagogies.”

Posted by Jay Loomis on Monday, August 17th, 2009 at 3:30 pm |
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Stock broker is fined $5,000

August
17

Regulators have taken action against an Armonk stock broker who was accused of making unauthorized transactions in a customer’s account over a two-year period.

Charles Edward Roden, a broker at Oppenheimer & Co. Inc., was fined $5,000 and suspended from associating with any industry company for 10 business days, according to the Financial Industry Regulatory Authority.

Roden executed 41 discretionary transactions in a customer’s investment account from Nov. 9, 2006 until Sept. 3, 2008 without obtaining written permission from the customer, according to FINRA. He also violated his employer’s policy by conducting such trades, FINRA added.

The 10-day suspension ended July 31. Roden could not be reached for comment.

In other action, FINRA barred Gregory J. Duffy from association with an industry company member in any capacity. Duffy, a former investment broker from Brewster, was disciplined for failing to appear for a on-the-record interview with regulators, according to FINRA. Duffy could not be reached for comment.

Posted by Jay Loomis on Monday, August 17th, 2009 at 3:04 pm |
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Legislation allows Internet sales of public bonds

August
14

Gov. David Paterson has signed state legislation that allows Westchester County government to conduct public bond sales through nationally recognized Internet securities bidding services under a three-year pilot program.

Officials say that conducting bond sales over the Internet are not only a technological advance over the traditional methods of paper bids or fax machines but also a way for the county to save money.

“This bill will streamline the bidding process for our county, and save money on administrative costs,” said Assemblywoman Amy Paulin, D-Scarsdale, who sponsored the legislation.

The bill passed unanimously in the state Assembly and Senate.

Posted by Jay Loomis on Friday, August 14th, 2009 at 2:16 pm |
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LesserEvil makes list of fast growing companies

August
14

LesserEvil, a Tuckahoe-based snack food company, recently ranked No. 355 on the 28th annual Inc. 500, a list of the nation’s fastest-growing private companies.

The company, which touts its “better-for-you” popcorn and potato snacks, increased its revenue 696.6 percent over the from 2005 to 2008 to $3.4 million.

The company ranked No. 7 in the Top 100 Food & Beverage Companies and No. 27 in the Top 100 Businesses in New York.

It was the only company in Westchester, Rockland or Putnam counties among the top 500 companies.

The company’s snacks are sold at retail and grocery stores in the Unites States, Canada, and Japan.

Posted by Jay Loomis on Friday, August 14th, 2009 at 1:22 pm |
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Profits soar at SmartPros in 2Q

August
12

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.

Posted by Mike Bieger on Wednesday, August 12th, 2009 at 3:17 pm |
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Pacific Asia Petroleum begins operations at Chinese oil well

August
12

Pacific Asia Petroleum Inc., a Hartsdale-based oil and natural gas company, said that it has started operations at its first oil well in the Liaoning Province of China through the work of its Hong Kong subsidiary and a Chinese partner. Production at additional wells in the province are expected to follow.

“We are targeting hundreds of wells to add to our production portfolio and are aggressively pursuing such opportunities not only in the China market, but elsewhere in Asia,” said Frank C. Ingriselli, president and chief executive officer of Pacific Asia Petroleum.

Ingriselli is a former executive with Texaco Inc., the petroleum giant formerly based in Harrison. He started Pacific Asia Petroleum in 2005 to reach deals to explore for oil and gas in Asia. One of the company’s strategies is to negotiate with national energy companies in China to gain access to oil fields.

Pacific Asia Petroleum said that China may hold more than 20 billion barrels of unrecovered oil that could be extracted with the help of its technology.

Ingriselli said start of operations at the first well “is a significant milestone for our company that will generate cash flow and revenues in the third quarter.” That is earlier than the company previously anticipated.

Posted by Jay Loomis on Wednesday, August 12th, 2009 at 12:18 pm |
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MBIA shares fall 13 percent after analyst report

August
11

Shares of MBIA Inc. fell nearly 13 percent today after a Wall Street analyst downgraded the stock and raised questions based about the financial outlook facing the Armonk-based bond insurer.

JPMorgan Chase & Co., which cut its rating on the stock to “underweight” from “neutral,” issued a research report that cited “concerns over earnings quality and potential losses” at MBIA.

The company, hit hard by the home mortgage crisis and the weak housing market, said last week that its insured second-lien residential mortgage loan exposures worsened in the second quarter. The end result was a $353.7 million increase in incurred losses.

Shares of MBIA fell 78 cents to $5.39 in regular trading on the New York Stock Exchange.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 4:02 pm |
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Bunge to sell 10 million shares

August
11

Bunge Ltd., the White Plains-based agribusiness giant, expects to raise about $697 million by selling 10 million shares to investors. Bunge said that it expects to use the proceeds from this offering to repay debt and for other corporate purposes. The company added that it expects to grant the offering’s underwriters a 30-day option to purchase up to an additional 1.5 million shares to cover over-allotments.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 2:41 pm |
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Hydrive energy drinks gain wider distribution

August
11

Hydrive Energy LLC, a Rye-based energy drink company, will gain shelf space across for its products across much of the United States through a retail distribution agreement with Dr Pepper Snapple Group.

The Hydrive drinks and chew food products will roll out to the majority of Dr Pepper Snapple’s distribution locations during the next six months, according to Hydrive.

Dr Pepper Snapple’s distribution system covers about two-thirds of the United States. Hydrive had previously tested the drinks in several Midwestern markets since early 2008.

“Hydrive Energy drinks have performed well and continue to show great promise, and we think they will benefit from expanded availability and the addition of the innovative Energy Chews,” Larry Young, president and chief executive officer of the Dr Pepper Snapple Group, said in a written statement.

Hydrive was was founded in 2006 by beverage executives Mike Weinstein, former CEO Snapple Beverages, and Brian O’Byrne, former CEO Yoo-hoo/Orangina. The company said that its focus is bringing healthier energy beverages that are non-carbonated and low calorie.

Dr Pepper Snapple took an unspecified equity stake in Hydrive last year in return for agreeing to distribute the drinks to retailers.

Posted by Jay Loomis on Tuesday, August 11th, 2009 at 2:06 pm |
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Chief operating officer named at Bayer Diabetes Care

August
7

Olivier Jarry of Larchmont recently was named chief operating officer at Bayer Diabetes Care in Tarrytown. Jarry is responsible for the day-to-day global business operations of the unit, including marketing, sales and research and development.

Posted by Jay Loomis on Friday, August 7th, 2009 at 2:08 pm |
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New medical director named at White Plains Hospital Center

August
7

Dr. Michael J. Palumbo of Pound Ridge recently was named executive vice president/medical director at White Plains Hospital Center. Palumbo joined the hospital in July 2005 as the founding medical director of the Adult Hospitalist Program. Palumbo previously operated a private practice of internal medicine in Manhattan from 1990 to 2005.

Posted by Jay Loomis on Friday, August 7th, 2009 at 1:48 pm |
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Profits jump 23 percent at IntegraMed America

August
6

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.

Posted by Mike Bieger on Thursday, August 6th, 2009 at 2:20 pm |
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Hudson Technologies sells 1.47 million shares to institutional investors

August
6

Hudson Technologies Inc., a Pearl River-based refrigerant services company, said that it raised $1.5 million by selling 1.47 million shares of stock to two institutional investors. Hudson said that it will use the proceeds from the stock sale for general corporate purposes, including sales and marketing programs. Hudson added that it may also use a portion of the proceeds to fund acquisitions or pay down debt.

Posted by Jay Loomis on Thursday, August 6th, 2009 at 12:07 pm |
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About this blog
Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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