Saturday, November 28 2009
Friday, November 27 2009
WindStream Technologies Inc. is locating a new development and production facility in the Purdue Research Park of Southeast Indiana and creating 260 jobs by 2012. The small scale wind turbine manufacturer plans to invest several million dollars to establish a new operation at the Purdue Technology Center in New Albany. The startup, currently operating out of Manhattan Beach, California, is looking for assembly and distribution workers and professional staff. NEW ALBANY, Ind. (Nov. 23, 2009) - WindStream Technologies, Inc., a manufacturer of wind energy technology announced today that it will site a new development and production facility here, creating more than 260 new jobs by 2012. The company, which manufactures small scale wind turbines called TurboMills, will invest several million dollars to establish its newest operations at the Purdue Technology Center in the Purdue Research Park of Southeast Indiana. "WindStream Technologies represents yet another win for Indiana's growing renewable energy economy," said Governor Mitch Daniels. "We know the partnership created by WindStream and Purdue Research Park will result in new high-growth opportunities for Hoosiers." The startup, currently operating out of Manhattan Beach, Calif., plans to begin hiring assembly and distribution associates and professional staff as facility and equipment upgrades are made at the site. "We are very excited about the opportunity of locating our operations in New Albany and the support that Indiana has pledged to the company. It was clear from our first discussions that Indiana is looking to become a leader in the green economy and WindStream is proud to be a part of that positive effort," said Dan Bates, president and chief executive officer of WindStream. WindStream's TurboMills are designed to capture wind energy in urban settings. The devices are engineered to be an efficient, low-cost option used to supplement a customer's energy needs, reducing electricity cost and carbon footprint. "Companies such as WindStream Technologies fit in well with the environment of the Purdue Research Park network," said Joseph B. Hornett, senior vice president, treasurer and chief operating officer of the Purdue Research Foundation. "WindStream Technologies is the second company to move from another state into the Purdue Research Park of Southeast Indiana, which shows that the state of Indiana is a highly coveted location for businesses to prosper." The Indiana Economic Development Corporation offered WindStream Technologies up to $1.5 million in performance-based tax credits and up to $84,500 in training grants based on the company's job creation plans. The city of New Albany will provide additional funding for facility improvements and equipment purchases at the request of One Southern Indiana. "We are excited about these jobs and very proud to welcome WindStream Technologies as our newest corporate citizen," said Mayor Doug England. "Attracting a cutting edge company such as this to New Albany is evidence that the Purdue Research Park of Southeast Indiana will play a critical role in this region's future economic prosperity." WindStream's announced expansion in New Albany comes only two weeks after Kemper Foods announced it would invest more than $6.8 million to expand its food production facility here, creating more than 350 new jobs by 2012. About Windstream Technologies About Purdue Research Park About IEDC Source: Indiana Economic Development Corporation & Inside INdiana Business Thursday, November 19 2009
EVANSVILLE, Ind.-- Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today announced sales and earnings for the third quarter ended October 31, 2009. Net sales for the third quarter of 2009 increased 12.6 percent to $191.5 million compared to net sales of $170.1 million in the third quarter of 2008. Comparable store sales increased 10.2 percent. Net earnings for the thirteen-week third quarter increased 188 percent to $7.5 million compared to $2.6 million in the thirteen-week third quarter ended November 1, 2008. Diluted earnings per share for the quarter increased to $0.59 from $0.21 in the prior year third quarter. The gross profit margin for the third quarter increased to 29.8 percent compared to 27.2 percent in the third quarter of the prior year. The merchandise margin increased 1.1 percent primarily as a result of improved inventory management resulting in less clearance product along with strong sales of boots which carry a higher margin. As a percentage of sales, buying, distribution and occupancy costs decreased 1.5 percent through a combination of higher sales and lower occupancy and distribution expenses for the quarter. Selling, general and administrative expenses for the third quarter increased $2.5 million to $44.9 million. As a percentage of sales, these expenses decreased 1.5 percent. Speaking on the results, Mark Lemond, chief executive officer and president said, "Our large selection of value priced name brand footwear resonated well with consumers resulting in the highest third quarter comparable store sales gain in the Company’s history. We experienced higher than expected sales of athletic product during the back-to-school season and very strong boot sales later in the quarter. Our 10.2 percent comparable store sales gain was significantly above our expectations for a low to mid single digit comparable store sales increase for the quarter. The sales increase, combined with a higher gross profit margin and controlled expenses, resulted in our second best quarterly earnings in the Company’s history." Mr. Lemond continued, "We are encouraged by our third quarter momentum and entered the fourth quarter with inventories well positioned to capitalize on key fashion trends. We expect the early strength in boots, particularly women’s fashion boots, to continue into the holiday season. In addition, we anticipate continued strength in the athletic category, in part, due to the favorable consumer response to wellness footwear. This type of footwear was not available in our stores last year. We remain optimistic that consumers will continue to respond well to our value proposition and currently expect our comparable store sales to increase in the range of three to five percent in the fourth quarter." Net income for the first nine months of 2009 was $12.6 million compared to net income of $8.4 million in the first nine months of last year. Diluted earnings per share increase 49 percent to $1.00 as compared to $0.67 in the first nine months of last year. Net sales for the first nine months were $511.6 million compared to net sales of $490.7 million for the same period last year. Comparable store sales increased 1.4 percent. The gross profit margin for the first nine months of 2009 was 28.3 percent compared to 27.6 percent last year. Selling, general and administrative expenses increased $1.6 million to $124.0 million. As a percentage of sales, these expenses decreased 0.6 percent to 24.3 percent for the first nine months of 2009. Store Growth Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting a 188 percent increase in net earnings for the third quarter. The shoe retailer says earnings for the period were $7.5 million, compared to $2.6 million a year earlier. Chief Executive Officer Mark Lemond says the company experienced higher than expected athletic product sales during the back to school season. The Company has completed its store openings for the year with 16 new stores in the first nine months of fiscal 2009. Three stores have been closed so far this year with six additional stores expected to close in the fourth quarter. Store openings and closings by quarter and for the fiscal year are as follows: New Stores Stores Closings The Company opened four stores during the third quarter including locations in: City
Source: Shoe Carnival Inc. & Inside INdiana Business http://www.insideindianabusiness.com/newsitem.asp?ID=38810 Tuesday, November 17 2009
Take a close, hard look at the new $6,500 federal tax credit for "move up" home buyers that passed the Senate and House last week. Though it's been getting second billing to the original $8,000 credit for first-time purchasers -- now extended by Congress through June 30 -- the $6,500 credit for current homeowners just might have your name on it. How does it work? When will it be available? First things first: The new credit is available now. It took effect Nov. 6, the day President Obama signed the legislation. This means that if you fit the key criteria -- you've owned and resided in your current home for a consecutive five out of the past eight years, and your adjusted household income doesn't exceed $125,000 if you file taxes singly, $225,000 if you are married filing jointly -- you can claim the credit as soon as you close on a qualifying home. That could be next week, next month or next spring. There is no actual move-up requirement in the new credit. In fact, homeowners who plan to downsize may prove to be significant users of the credit, along with people who are relocating because of employment changes. If you fit the criteria and are considering buying another home sometime in the coming year, you might want to speed up the process and sign a contract by April 30 and close by the June 30 expiration date. Think of it this way: If the government is willing to give you $6,500 to act a little faster than you had originally planned, hey, why not? Some other key features of the $6,500 credit: -- Whatever you intend to purchase, the home cannot cost more than $800,000. -- The replacement home must become your main residence. There is no requirement in the legislation that you sell your current home. You could rent it out, turn it into a second home or list it for sale later in 2010 when prices might be higher. If you plan to retain it, however, make sure you move into the new house on the day you close so that there is no question it was your principal residence at that time. -- Like the first-time-buyer credit, the $6,500 version permits a broad range of dwelling types for your purchase. These include newly constructed or existing single-family homes, condominiums, manufactured or mobile homes, and boats that function as your principal residence. You cannot claim the credit if you are buying a second home or an investment property. -- The Internal Revenue Service is required by Congress to scrutinize claims -- both the $6,500 and the $8,000 variety -- far more closely in the coming months than it did earlier this year. This is because federal investigators have documented significant instances of fraud -- supposed home buyers who were actually minors as young as 4 and fabricated sales. Investigators also found numerous cases of technical violations, such as purchase transactions among immediate family members, which are prohibited. The revised rules require taxpayers to submit copies of their settlement statements (HUD-1 forms), along with their requests for credits using IRS Form 5405. Congress's new rules also prohibit minors and those who are dependents on another taxpayer's filings from claiming the credit. -- Home buyers who go to closing between Nov. 6 and Dec. 31 can claim the $6,500 credit on their 2009 federal tax returns or amend their 2008 returns. Similarly, eligible purchasers in 2010 will be able to file for the credit on their 2009 or 2010 returns. Talk to your tax adviser regarding timing, which may be affected by your household income applicable to a given year. If you aren't sure whether you can make the deadlines established for the new credit -- a binding contract by April 30 and a settlement by June 30 -- do not assume that Congress will provide another extension. All the political and budgetary signs point the other way, and some of the primary authors of the credit insist that this is it -- no more extensions next year. Take them at their word. For an excellent consumer resource with frequently asked questions on both the credits, go to http:/ Source: http://www.washingtonpost.com/wp-dyn/content/article/2009/11/12/AR2009111211347.html Tuesday, November 10 2009
Market Watch
Great news to report this month both nationally and locally. The home buyer’s tax credit has been extended and expanded. The $8,000 first time credit is extended. In addition to the first time buyer’s credit there is a new $6,500 credit for buyers who have lived in their current residence for five of the past eight years. Both credits apply to transactions under contract by April 30th as long as the transaction closes by June 30th 2010, and neither credit will be extended again. As always consult your tax advisor for specifics as it relates to your situation.
Locally the dollar amount of closed transactions in October was 11.5% higher than last October. In addition the average days on market in October were under 100 days for only the second time this year (OK it was only 98 days but under 100 is under 100). The best news however is the supply of listed homes on the market. We now have 7.7 months supply of homes for sale. This is the second lowest figure in over two years and is a clear indication that market conditions have improved. Our market is not booming but it is stable and has improved significantly over the past year.
Although no one knows exactly how much impact these tax credits will have on our local market, they will definitely create some new buyers. Given that contracts must be signed no later than April 30th, buyers and sellers should take action quickly to take advantage of this valuable opportunity. Buyers on average start looking at homes about 12 weeks before they sign a contract. If you are considering selling your home it is not too soon to have it on the market. Real estate in our area is somewhat seasonal but last winter, in the slowest market in decades we still sold over 1,000 homes from November through February. While having prospective buyers in your house during the holidays can be an inconvenience, it is a small price to pay if the result is a successful sale and a new home in 2010.
Best wishes for a happy Thanksgiving holiday. Tuesday, November 10 2009
The Vienna Choir Boys are coming to Newburgh to sing at 7 p.m., Nov. 22, in Newburgh United Methodist Church, 4178 Indiana 261. Admission to the concert is $25, with proceeds going to A Home for the Holidays, a project with Habitat for Humanity to build a house for a family in the Newburgh area. Tickets go on sale to the public at 9 a.m. Monday at the church. For more information, call (812) 853-2946. By Roger McBain Source: http://www.courierpress.com/news/2009/nov/05/vienna-choir-boys-perform-newburgh-nov-22/ Monday, November 09 2009
The University of Southern Indiana Board of Trustees has approved a new degree program. A Bachelor of Science degree in sport management could be offered next fall with state agency approvals. The board also directed the finance/audit committee to approve design plans, cost estimates and construction schedules for a new $16.5 million teaching theater on campus. Trustees’ agenda includes new degree program and new construction The University of Southern Indiana Board of Trustees met on Thursday, November 5 and approved a new degree program, the candidates for degrees for the 2009 fall Commencement, and authorized the finance/audit committee to approve design plans, cost estimates, and construction schedules for a teaching theatre on campus. Sport management degree approved The trustees approved a Bachelor of Science degree in sport management. The degree will help meet regional and state needs to fill employee positions in an industry that is the fourth largest in growth in the United States. The program will have four distinct student constituents. The degree is designed for college freshmen who seek to study the sport management field in pursuit of a career; for practitioners such as coaches and health/fitness managers to advance their skills, knowledge, and careers through professional development; current USI kinesiology majors seeking to expand their specialization with coursework in sports management; and for students earning a minor in sport management and/or coaching wanting to expand their knowledge. The program will be offered through the Bower Suhrheinrich College of Education and Human Services. The degree will prepare students for entry-level positions for recreation centers and theme parks, fitness clubs, collegiate and professional sport organizations and leagues, sport marketing agencies, recreational sports, and more. With state agency approvals, the degree could be offered in fall 2010.
Fall 2009 Commencement Over 550 students who will complete degree requirements in the fall semester were approved for the December Commencement, scheduled for Saturday, December 10 in the Physical Activities Center on campus. Two ceremonies will be held that day. At 10 a.m., students in College of Business, College of Nursing and Health Professions, and Pott College of Science and Engineering will graduate and at 1 p.m. the students in the College of Liberal Arts, the Bower Suhrheinrich College of Education and Human Services, and Extended Services will march. Dr. Kevin Valadares, director of the Health Services program and the 2009 Integra Bank Distinguished Professor, will deliver the Commencement address at both ceremonies.
Design beginning on new theatre With construction funding for a teaching theatre authorized by the 2009 Indiana General Assembly, the trustees directed the finance/audit committee to approve design plans, cost estimates, and construction schedules for the new theater. Holzman Moss Architecture of New York City, which has an international reputation for the design of theater and performing arts facilities, partnered with the Evansville firm of Hafer Associates for related engineering, will provide design services for the theatre, which will be attached to the University Center expansion currently under construction. The expansion of the University Center was designed by the same architectural team. The theater will seat 350, and has a project budget of $16,500,000. Funding for the theatre will come from state funding, private donations, and University resources. Planners and designers are meeting with USI theatre faculty and others to discuss needs and expectations for the new facility. A construction start is possible in the coming academic year. The on-campus theater replaces a deteriorated facility long operated by the University off-campus on Iglehart Avenue. Source: University of Southern Indiana & Inside INdiana Business Sunday, November 08 2009
An important reason that the housing market is stabilizing is the reduction in inventory. Current sales and inventories suggest that supply will decline below the pre-2006 levels by the end of 2009.
But analysts say that the stabilization of the market doesn’t mean that prices will rise anytime soon. They point to what they call “shadow inventory,” foreclosed homes that banks are holding off the markets. They predict that these homes will hit the market in spring 2010. But overall, they are optimistic that the housing recovery is built on an improving economy and say that the market will continue to stabilize. Source: BusinessWeek.com, James C. Cooper (11/09/2009) Saturday, November 07 2009
Expected to contribute approximately $22 billion to the economy, Congress overwhelmingly passed a bipartisan measure this week extending the $8,000 home buyer tax credit to April 30, 2010.
The legislation, which is part of a larger bill that also extends unemployment benefits, was signed into law by President Obama today. More people are now eligible to take advantage of the law, which includes a $6,500 tax credit for buyers who are current home owners and have lived in their home for five of the past eight years. Income limits for eligible home buyers were also expanded to $125,000 for single buyers and $225,000 for couples, up from $75,000 for individuals and $150,000 for couples. Qualifying home prices are capped at $800,000. NAR's Government Affairs Division has compiled facts on the changes made to the current tax credit. NAR members sent more than 500,000 letters to leaders in Congress and made nearly 13,000 telephone calls to Senate offices last weekend to encourage support. So far this year, REALTORS® have spent nearly $14 million lobbying Congress, according to federal campaign finance records compiled by the Center for Responsive Politics. Sen. Johnny Isakson, a Georgia Republican and a former member of NAR, was key in extending the credit, as well as pushing it through initially. Other prominent boosters include the National Association of Homebuilders and the Mortgage Bankers Association. Listen to NAR President Charles McMillan's podcast announcement. NAR economists estimate that approximately 2 million people will take advantage of the tax credit this year. Sources: NAR and The Associated Press, Julie Hirschfeld Davis (11/06/2009) Saturday, November 07 2009
The Vienna Choir Boys are coming to Newburgh to sing at 7 p.m., Nov. 22, in Newburgh United Methodist Church, 4178 Indiana 261. Admission to the concert is $25, with proceeds going to A Home for the Holidays, a project with Habitat for Humanity to build a house for a family in the Newburgh area. Tickets go on sale to the public at 9 a.m. Monday at the church. For more information, call (812) 853-2946. By Roger McBain Source: http://www.courierpress.com/news/2009/nov/05/vienna-choir-boys-perform-newburgh-nov-22/ | ||||||||||||||
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