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Tully Rinckey PLLC announced that KATHRYN A. DONNELLY, an attorney with extensive military law and litigation experience, has joined the firm as an associate. She will concentrate her practice on military law, regularly handling cases involving Article 15s, letters of reprimand, court martials, and officer/enlisted separation proceedings. Prior to joining Tully Rinckey, Donnelly most recently […]
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Tully Rinckey PLLC announced that KATHRYN A. DONNELLY, an attorney with extensive military law and litigation experience, has joined the firm as an associate. She will concentrate her practice on military law, regularly handling cases involving Article 15s, letters of reprimand, court martials, and officer/enlisted separation proceedings.
Prior to joining Tully Rinckey, Donnelly most recently worked as staff judge advocate for the Department of Defense Criminal Investigation Task Force, where she helped conduct worldwide investigations of terrorists captured in overseas contingency operations. She also provided legal support to special agents, intelligence analysts, and support staff from all military branches, including deployed elements in Iraq, Afghanistan, and Cuba. She joins Tully Rinckey’s Military Law Practice Group.
Donnelly earned her juris doctorate from the University of Texas School of Law, before going on to receive her master’s degree in law from the Judge Advocate General’s School. She previously obtained her bachelor’s degree from the U.S. Military Academy at West Point.
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MACNY, The Manufacturers Association, has promoted PATTY CLARK to human resources services manager. She joined MACNY in 2007 as an administrative assistant. She was promoted to HR coordinator in 2011, and to HR generalist in 2014. Prior to Clark’s work at MACNY, she held positions in marketing and the private label divisions at both Corcoran
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MACNY, The Manufacturers Association, has promoted PATTY CLARK to human resources services manager. She joined MACNY in 2007 as an administrative assistant. She was promoted to HR coordinator in 2011, and to HR generalist in 2014.
Prior to Clark’s work at MACNY, she held positions in marketing and the private label divisions at both Corcoran & Associates and the Fay’s Drug Company.
Contact The Business Journal News Network at news@cnybj.com
The Central New York Community Foundation
The Central New York Community Foundation has promoted two employees. MONICA MERANTE was promoted to director, philanthropic services. She has worked for the Community Foundation since 2012, most recently as donor relations officer. Merante holds a bachelor’s degree in public relations from Syracuse University’s S.I. Newhouse School of Public Communications. JAN LANE was promoted to
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The Central New York Community Foundation has promoted two employees.
MONICA MERANTE was promoted to director, philanthropic services. She has worked for the Community Foundation since 2012, most recently as donor relations officer. Merante holds a bachelor’s degree in public relations from Syracuse University’s S.I. Newhouse School of Public Communications.
JAN LANE was promoted to manager, philanthropic services. She has been with the Community Foundation since 2013, most recently as development associate. Lane holds a bachelor’s degree in English literature and studio art from Binghamton University.
Contact The Business Journal News Network at news@cnybj.com
Unity House of Cayuga County, Inc. has promoted ALLIE MACPHERSON to director of Grace House from program manager. Unity House offers two residential options in Auburn for those recovering from drug and alcohol addiction. MacPherson holds a bachelor’s degree in psychology from SUNY Cortland, and recently completed her CASAC (certified alcohol & substance abuse counselor)
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Unity House of Cayuga County, Inc. has promoted ALLIE MACPHERSON to director of Grace House from program manager. Unity House offers two residential options in Auburn for those recovering from drug and alcohol addiction. MacPherson holds a bachelor’s degree in psychology from SUNY Cortland, and recently completed her CASAC (certified alcohol & substance abuse counselor) credential.
She serves as a member of the Cayuga County Alcohol & Substance Abuse Subcommittee and the Drug Free Community Coalition, and chairs the opiate subcommittee.
MacPherson is also a graduate of the Cayuga County Chamber of Commerce’s Leadership Cayuga Class of 2011, and was named a 2015 40 Under Forty winner in Syracuse.
Contact The Business Journal News Network at news@cnybj.com
ANNE MARIE O’DEA-AQUISTO has joined Titan Security as an account executive. She previously spent more than 20 years as an architectural specifications rep traveling New York state providing product training and teaching technical applications within the construction industry. With more than 23 years’ experience, DAVID MULDER joins Titan Security as master technician. He has extensive
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ANNE MARIE O’DEA-AQUISTO has joined Titan Security as an account executive. She previously spent more than 20 years as an architectural specifications rep traveling New York state providing product training and teaching technical applications within the construction industry.
With more than 23 years’ experience, DAVID MULDER joins Titan Security as master technician. He has extensive training and work as a designer, installer, programmer, and project manager, along with certifications in various access controls, security systems, and fire systems.
Contact The Business Journal News Network at news@cnybj.com
Upstate Medical program focuses on global-health issues facing pregnant women and children
SYRACUSE — Upstate Medical University has launched a program designed to address the global health issues that women face during pregnancy, and infants deal with in early childhood. The initiative — known as the global maternal child and pediatric health program — will combine research, clinical trials, education, and training both in Syracuse and abroad,
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SYRACUSE — Upstate Medical University has launched a program designed to address the global health issues that women face during pregnancy, and infants deal with in early childhood.
The initiative — known as the global maternal child and pediatric health program — will combine research, clinical trials, education, and training both in Syracuse and abroad, the medical school announced April 28.
The global maternal child and pediatric health program is part of Upstate’s Center for Global Health & Translational Science (CGHATS).
The center “already has done significant” work in global health issues, such as mosquito-borne illnesses like dengue and chikungunya, the school said in a news release.
It is among the research centers conducting investigations into developing a vaccine for the dengue viruses.
Upstate Medical will base the global maternal child and pediatric health program in Syracuse at the Institute for Human Performance. But researchers will carry out much of its work — including clinical trials and educational opportunities — through CGHATS collaborations in Ecuador and Thailand.
“Emerging health issues of pregnancy and childhood have identified a need for special and immediate attention to develop innovative strategies for disease prevention, diagnosis and treatment,” Dr. Danielle Laraque-Arena, president of Upstate Medical University, said. “Building on the success of our already significant work in global health, this program will focus our efforts on the most vulnerable and vital among us: pregnant women, infants and young children.”
“This new program with its emphasis on child and maternal health is a logical extension of the outreach efforts and faculty expertise already established by our Center for Global Health & Translational Science,” David Amberg, Upstate’s VP for research, said in the release. “But with this new program, we will now have a laser-like focus on emerging areas of research during pregnancy and early childhood.”
Experts
Upstate Medical says it expects the program to attract international researchers and clinicians to the Syracuse campus and send Upstate experts abroad.
Dr. Joseph Domachowske, director of the new program, is an expert in pediatric infectious disease who has done “significant” work in clinical trials for childhood diseases, according to Upstate Medical. He spoke with CNYBJ on April 28.
When asked how Upstate Medical is paying for the program, Domachowske noted that CGHATS is “well funded” by the U.S. Department of Defense and federal grants.
Upstate Medical will also use funding secured in CGHATS partnerships with industry, academic institutions, and philanthropic organizations that aid in funding research for the testing and development of new diagnostics, drugs, and vaccines.
The school is also hoping to secure a $6 million grant from the Atlanta–based Centers for Disease Control and Prevention.
Upstate Medical should find out about that potential grant funding, which Domachowske described as “significant,” sometime during May.
The medical school would look to hire two and as many as 12 new employees in the roles of clinical-research assistants and clinical-study nurses, especially if Upstate Medical secures the grant funding, he adds.
Program origin
Domachowske’s colleagues at CGHATS have been working in Ecuador and Thailand developing treatment and prevention strategies for different mosquito-borne viral infections.
They started hearing about Zika virus and what it was doing during pregnancy and what was happening to the babies being born with congenital defects.
“It became clear … at our [CGHATS] center that they needed some additional pediatric expertise and someone that had been doing some work with women during pregnancy and reached out to me,” says Domachowske.
Domachowske, a member of the pediatrics faculty at Upstate, has led medical missions to Latin America for more than a decade.
One of his first assignments is to conduct clinical trials for vaccines to protect against influenza and respiratory syncytial virus (RSV), a common and “highly contagious” virus that infects the respiratory tract of most children before their second birthday.
“And despite that, very few people really have heard of it. We don’t have a treatment. We don’t have a [method of] prevention,” says Domachowske.
The RSV clinical trial will study whether giving the vaccine to mothers in the last part of pregnancy may keep the newborn safe from the virus during the most vulnerable first several months.
“For the RSV study, we’re collaborating with several local obstetricians,” says Domachowske.
Researchers will also enroll patients for these clinical trials in Ecuador, Upstate Medical said.
Other diseases that may become a focus of research include Group B streptococcal septicemia, a severe bacterial infection that affects newborns, Domachowske said.
“We don’t yet have a vaccine for that one and the time to prevent it is during or right around delivery because that’s when the babies get colonized with bacteria from the mom,” he says.
The program could also research CMV, or cytomegalovirus, a common infection that can be serious for babies or an unborn child if the mother has the virus.
Understanding how Zika virus affects pregnancy and the growing fetus is also an area that “clearly needs to be further understood through systematic study,” according to Upstate.
In addition to hosting clinical trials and medical research, the program will focus on broadening education of global health issues.
Upstate Medical will design the educational offerings for clinicians and researchers seeking “global experience” related to pregnancy, infancy, and young childhood.
Contact Reinhardt at ereinhardt@cnybj.com
ConMed boosts 2016 earnings forecast, after posting Q1 loss
UTICA — ConMed Corp. (NASDAQ: CNMD) reported on April 27 that it has increased its profit and revenue forecast for the rest of this year, as foreign-exchange rates won’t take as big a bite as previously expected. The Utica–based surgical-device maker now expects net earnings per share in the range of $1.95 to $2.05 for
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UTICA — ConMed Corp. (NASDAQ: CNMD) reported on April 27 that it has increased its profit and revenue forecast for the rest of this year, as foreign-exchange rates won’t take as big a bite as previously expected.
The Utica–based surgical-device maker now expects net earnings per share in the range of $1.95 to $2.05 for 2016, up from its prior guidance of $1.85 to $1.95.
ConMed now anticipates reported 2016 sales in the range of $768 million to $778 million, compared to the previous range of $760 million to $770 million, “due to the updated foreign-exchange impact anticipated for the year.”
The revenue forecast includes constant currency organic-sales growth of 1 percent to 3 percent; sales related to the SurgiQuest acquisition of $55 million to $60 million; and an “updated negative impact of foreign exchange” of $13 million to $15 million, according to its earnings report. ConMed is basing the update on foreign-currency exchange rates as of April 22.
That was the good news. The bad news was ConMed reported a first-quarter net loss of $2.3 million, or 8 cents a share, compared to net earnings of $6.3 million, or 23 cents, in the same quarter a year ago.
Excluding restructuring, business acquisition, and debt refinancing costs, ConMed reported net income of $8.4 million, or 30 cents a share, down nearly 29 percent on a year-over-year basis. Zacks Equity Research said that missed its consensus analysts’ estimate of 40 cents.
ConMed issued its earnings report after the close of trading on April 27. Its stock price declined nearly 7 percent over the first two full trading days after the report.
In its earnings release, ConMed also excluded amortization of intangible assets, which resulted in adjusted first-quarter net earnings of $11.6 million, or 42 cents a share, down about 15 percent from the year-ago period.
ConMed contends that the decline in adjusted net earnings was “largely attributable” to the impact of “unfavorable” foreign-exchange rates, partially offset by a lower tax rate and improved gross margin during the quarter.
The firm generated revenue of more than $181 million during the first quarter, an increase of nearly 2 percent compared to the first quarter of 2015, the company said.
ConMed’s leader expressed optimism about the firm’s financial results and outlook.
“Despite a slow start to the year for capital sales in the international markets, we saw growth in all three of our main product categories domestically, with U.S. orthopedics posting its third consecutive quarter of positive growth,” Curt Hartman, president and CEO of ConMed, said in the company’s earnings report. “We remain confident in our financial outlook for the year as investments in our strategic initiatives and in product development translate into further operating improvements.”
ConMed employs about 3,400 people. It has a direct selling presence in 17 countries and international sales comprise about 50 percent of the company’s total sales.
Contact Reinhardt at ereinhardt@cnybj.com
Financial Snapshot: the Balance Sheet
Spring has sprung, the grass is green, the books are closed, and the balance sheet looks clean. Over the course of the last few months, I have had the privilege of presenting a number of sessions focused on how to read and understand financial statements. The sessions were well attended, and the depth-of- discussion questions
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Spring has sprung, the grass is green, the books are closed, and the balance sheet looks clean.
Over the course of the last few months, I have had the privilege of presenting a number of sessions focused on how to read and understand financial statements. The sessions were well attended, and the depth-of- discussion questions brought me a deeper understanding of how financial statements are an area of confusion for many people.
The balance sheet for example — by definition a balance sheet “balances,” meaning that assets equal liabilities plus equity. Said another way, assets minus liabilities equals equity. The balance sheet provides a snapshot in time of your enterprise’s worth, and potentially so much more.
By developing an understanding of what the balance sheet represents, you can assess and potentially improve the stability of your enterprise.
Let’s start with working capital, which measures liquidity. Higher working capital ratios indicate that a larger portion of the company’s resources are invested in current assets such as cash, inventory, or accounts receivable. A lower ratio indicates a more significant investment in long-term assets such as property and might indicate that a short-term cash crunch is on the horizon. Working capital is easily calculated as current assets divided by current liabilities.
Many businesses do maintain debt relationships with banks. The debt-to-equity ratio measures the extent of this relationship and is computed by dividing total liabilities by owner’s equity (stockholder’s equity or member’s equity). The debt-to-equity ratio is an indicator of a company’s credit worthiness and the current reliance on borrowings to sustain the business. Demonstrating a high or rising ratio is almost certain to cause challenges when looking to secure debt.
Knowing how often your accounts receivable (A/R) turn over allows you to assess cash flow; by knowing the average number of days A/R outstanding, a business can monitor the effectiveness of cash-collection procedures. The computation is a two-step process. First, divide annual sales by the average accounts receivable for the period. Divide the number of days in the period (365 for a year) and you have the average number of days A/R outstanding. A quicker collection of cash can mean paying less interest to the bank because reduced line-of-credit borrowings, or the ability to take advantage of discounts with vendors.
Inventory is often a key number on the balance sheet. When this is the case, close monitoring is important. The inventory turnover, which is calculated by dividing purchases by average inventory, provides a metric by which to manage inventory. A high number indicates the company is continually turning over materials. In contrast, a low number could be an indication that the company is carrying excessive inventory. When inventory is on hand for a lengthy period of time, the costs incurred to carry the inventory can have a significantly negative impact on the bottom line and ties up cash.
Cash flow can be measured in a number of ways. By taking a ratio approach, a business is able to quickly monitor cash-flow adequacy. Cash flow from operations needs to exceed the demands of debt repayments, plus acquisition of property, plus distributions to owners. Divide cash from operations by these items to get a read on the adequacy of cash flow. A ratio that exceeds 1 is an ideal goal. Remembering the old phrase “cash is king” never hurts.
While none of these measurements tell the entire story on their own, in combination, they can provide a means to measure and monitor how well your business uses assets.
Whether you are considering sharing financial information for the purpose of raising capital or to comply with lending requirements, it is important to understand the story the balance sheet reveals. Trust me; these measurements are sure to be evaluated. Did increasing sales really provide a benefit? Is your business truly bigger or stronger? These balance-sheet assessment tools can provide valuable insight.
Every business, no matter what the size, has ratios for the taking. Contact your CPA to improve your balance-sheet savvy and learn how to use the key business metrics discussed here as well as those which may be unique to your enterprise.
Gail Kinsella is a partner in the Syracuse office of The Bonadio Group accounting firm. Contact Kinsella at gkinsella@bonadio.com
CNY ATD announces CNY BEST nominees
SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards. The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations
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SYRACUSE — The CNY ATD has announced nominees for the 9th Annual CNY BEST Learning and Performance Awards.
The organization annually presents these awards to recognize excellence in learning and performance in the Central New York region. The awards put the spotlight on organizations that link learning to the strategic growth or success of organizations and individuals, the CNY ATD said in a news release.
Nominations for this year’s CNY BEST Learning and Performance Awards represent a wide-range of businesses and nonprofits, the organization said. A panel of local and national judges representing the profession and community will be evaluating the nominations for quality of learning and performance practices, practice results and impacts, and demonstrations of how the practices linked to the strategic growth or success of the organization and individuals.
The CNY BEST Learning and Performance nominees include the following.
For-profit organizations
CXtec, The Hartford, Saab Sensis Corporation, Suburban Propane, and The Lodge at Turning Stone Resort Casino
Not-for-profit organizations
CenterState CEO, Elmcrest Children’s Center, Fayetteville Manlius Crewsters, Hillside Work-Scholarship Connection, Mohawk Valley Community College, and Visions for Change, Inc.
The winners will be announced at the CNY BEST Learning and Performance Awards ceremony to be held on Thursday, June 16, at 5 p.m. at the DoubleTree by Hilton Syracuse, near Carrier Circle. Those interested in registering or getting more information on the awards ceremony, can visit www.cnyastd.org, email: info@cnyastd.org, or call (315) 546-2783.
Contact The Business Journal News Network at news@cnybj.com
BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville. Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse. She tells CNYBJ that she decided to start her own law firm primarily because “in my field of
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BALDWINSVILLE — Attorney Rebecca M. Speno has opened her own law office at 136 E. Genesee St., Suite 2, in the village of Baldwinsville.
Speno was previously an attorney at Bond, Schoeneck & King, PLLC in Syracuse.
She tells CNYBJ that she decided to start her own law firm primarily because “in my field of law — real property tax assessment litigation — conflicts of interest can be a problem if a firm or solo [attorney] represents both sides of the “v” — taxpayers/property owners and municipalities.”
She continues, “Bond has a robust school and municipal practice, and its labor department had a significant amount of municipal clients. So while I was able to do assessment work for many municipal entities, I was not able to grow a practice of my own handling exclusively property tax valuation and exemption issues.”
So, Speno will focus her solo practice on her area of expertise as a real property tax assessment litigator. The services she will offer include initial property valuation analyses, property tax exemption application filings, grievance preparation filings, PILOT agreement negotiations, and litigation regarding property tax assessment exemptions and the correction of errors, according to her website (www.rmspenolaw.com).
Speno holds a bachelor’s degree from Hobart & William Smith Colleges and her law degree from Syracuse University College of Law.
The Law Office of Rebecca M. Speno, Esq., the formal name of her practice, operates in 400 square feet of space that she leases.
Contact Carbonaro at mcarbonaro@cnybj.com
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