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SEFCU donates $250,000 to Upstate Medical University
SYRACUSE — Albany–based SEFCU, a credit union with branches in the Syracuse and Binghamton areas, today announced a donation of $250,000 for the upcoming Upstate
Komen for the Cure awards grants to Crouse, St. Joseph’s
SYRACUSE — The Central New York affiliate of Susan G. Komen for the Cure has awarded grants to Crouse Hospital and St. Joseph’s Hospital Foundation.
French-themed antique shop, The Left Bank, opens in Owego
OWEGO — A new antique shop with a French country theme has opened on River Row in Owego. The Left Bank shop features antique and
New York livestock production, income rose last year
New York livestock producers marketed 295 million pounds of meat animals during 2012, up 10 percent from 269 million pounds in 2011, the USDA’s National
Tompkins Financial profit jumps in first quarter
ITHACA — Tompkins Financial Corp. (stock ticker: TMP) today reported net income of $11.5 million in the first quarter, up 47 percent from $7.8 million
Community Bank Q1 net income rises 7.5 percent
DeWITT — Community Bank System, Inc. (NYSE: CBU) reported first-quarter net income of $20.2 million, up 7.5 percent from $18.8 million in the year-ago period
Bauer grows Cascade plant in Clay, applies its expertise
CLAY — Nearly a year after acquiring lacrosse helmet maker Cascade Sports in Clay, Bauer Performance Sports Ltd. has boosted employment at the local plant and is taking advantage of its capabilities for other products. Exeter, N.H.–based Bauer (TSX: BAU), which says it’s the world’s market-share leader in ice-hockey and roller-hockey equipment, has added five
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CLAY — Nearly a year after acquiring lacrosse helmet maker Cascade Sports in Clay, Bauer Performance Sports Ltd. has boosted employment at the local plant and is taking advantage of its capabilities for other products.
Exeter, N.H.–based Bauer (TSX: BAU), which says it’s the world’s market-share leader in ice-hockey and roller-hockey equipment, has added five employees at Cascade’s 72,000-square-foot facility at 4697 Crossroads Park Drive in Clay since acquiring the business for $64 million last June.
The plant now employs 65 and has room for more production and staff growth. “We expect the production in the Cascade facility to continue growing,” says Tory Mazzola, global communications manager at Bauer. He says the new hires included people in research and development, human resources, and sales.
“We’re very pleased with the first year. It’s absolutely met our expectations and in many respects surpassed them,” Amir Rosenthal, executive vice president and chief financial officer at Bauer Performance Sports, says of Cascade Sports and the acquisition.
“We’ve thrown a lot at them in a short period of time … the more we ask them to do the more they do,” he adds, regarding the Cascade team of employees.
Cascade says it’s the top-selling brand of lacrosse helmets in North America. Cascade designs and makes all its products at its Clay plant, which allows it to provide 48-hour turnaround time for custom helmet orders and more than 750,000 different color and size combinations. It’s those customization capabilities that helped attract Bauer to Cascade in the first place and has the parent company making plans to apply them to its other products.
“It’s a very unique platform they have that allows them to design an end product exactly to meet a consumer’s expectations. It’s been a big part of their success,” Rosenthal says. Over the course of the next couple of years, Bauer will look at expanding that customization to other products.
Rosenthal adds that the Cascade plant has begun manufacturing two new Bauer-branded hockey helmets, incorporating Cascade’s patented Seven Technology, which disperses the impact from a blow to the helmeted head.
Cascade Sports, which was founded in 1986, generated $22 million in revenue in 2011, the last full year before its acquisition by Bauer. Cascade’s 2012 revenue figure is not available because Bauer doesn’t break out sales by operating unit.
On April 10, Bauer reported that it generated $313 million in revenue companywide in the nine-month period ending Feb. 28, up 6 percent from $294 million in the year-earlier period.
Bauer was founded in Kitchener, Ontario in 1927.
Contact Rombel at arombel@cnybj.com
Anaren forms committee to study purchase offer, reports earnings
DeWITT — It’s been a busy last week or so for Anaren, Inc. (NASDAQ: ANEN) as it decides on its future direction and provides a snapshot of its current financial condition. On April 18, the DeWitt–based high-tech manufacturer announced it had formed a committee of independent directors to review and evaluate the recent purchase offer
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DeWITT — It’s been a busy last week or so for Anaren, Inc. (NASDAQ: ANEN) as it decides on its future direction and provides a snapshot of its current financial condition.
On April 18, the DeWitt–based high-tech manufacturer announced it had formed a committee of independent directors to review and evaluate the recent purchase offer it received from one of its investors — Orlando, Fla.–based Vintage Capital Management, LLC. But when it came time to discuss the company’s earnings with investors and analysts, Anaren officials didn’t want to say more about the possible sale of the company.
“… please understand that we will not be discussing and will not take any questions regarding the unsolicited offer from Vintage Capital Management on April 15, 2013 to acquire Anaren,” Lawrence Sala, president and CEO, said during Anaren’s fiscal third-quarter earnings conference call on April 24.
On April 15, Vintage Capital, which already owns just over one-eighth of Anaren’s shares, sent the DeWitt–based high-tech manufacturer a letter offering to buy all its shares for $23 in cash per share. The unsolicited, non-binding offer values Anaren at more than $300 million.
Anaren said its independent committee will have “full authority to consider all strategic alternatives available” to the company, in addition to considering Vintage Capital’s offer.
Anaren has hired several firms to provide the committee with financial and legal advice as it determines what moves the company should make.
New York City–based Moelis & Company LLC and Los Angeles–headquartered Houlihan Lokey Capital, Inc. will serve as the independent committee’s financial advisors in the process. Minneapolis–based Dorsey & Whitney, LLP and Syracuse–based Bond, Schoeneck & King, PLLC will be the committee’s legal advisors, according to Anaren.
Vintage Capital owns about 13 percent of Anaren’s common stock, according to a letter submitted with a filing to the U.S. Securities and Exchange Commission (SEC) on Monday.
The Vintage Capital offer was filed a week after another investor, Discovery Group I, LLC of Chicago, Ill., suggested that Anaren pursue “multiple parties interested in acquiring the company,” according to a letter included in an April 8 SEC filing.
In its letter, Discovery also said it believes “the Anaren directors have failed to fulfill their duty to shareholders by translating that high degree of strategic interest into an improvement in shareholder value through the vigorous pursuit of a sale of the company at a substantial premium.”
Discovery manages a fund that owns about six percent of Anaren’s shares, according to the filing.
Anaren employs about 800 people. The company develops and manufactures components and subsystems for markets including satellite communications, defense, and wireless communications.
Fiscal 3rd quarter earnings
Anaren released its fiscal third-quarter financial results following the market close on April 23.
The company earned $5.3 million, or 41 cents per share, during the quarter ending March 31. That was up 167 percent from the $2 million, or 14 cents a share, it earned in the year-ago period.
A one-time favorable adjustment of about $1.6 million, or 12 cents per diluted share, boosted the firm’s net income during the latest quarter. The adjustment followed the reinstatement of the federal Research & Experimentation Tax Credit in January, which was retroactive to January 2012, the company said in its earnings news release.
Anaren reported net sales of $39 million in the fiscal third quarter, up 12.3 percent from $34.7 million in net sales for the year-earlier quarter.
“The growth in net sales and improved profitability for the quarter was driven by both the Space & Defense and Wireless Groups. The Space & Defense Group business is benefiting from improved-operational execution and a growing percentage of Space related business,” Sala said in the news release.
Anaren generated revenue of $12 million in its Wireless Group during the latest quarter, up nearly 17 percent from the third quarter of fiscal 2012. However, the sales figure was sequentially down nearly seven percent compared to the company’s fiscal second quarter ending Dec. 31, due primarily to price reductions that went into effect Jan. 1.
Demand from wireless infrastructure customers has remained stable in recent quarters and current forecasts indicate comparable demand for the fourth quarter, the company said.
Anaren generated revenue of $27 million in its Space & Defense group in the latest quarter, up 10 percent from the third quarter of fiscal 2012. The firm cited continued improved operational execution and a more favorable product mix during the current quarter for the group’s higher profitability compared to the year-earlier period.
Numerous space, radar and electronic warfare applications drove new orders for the fiscal third quarter totaling more than $18 million. Orders for the quarter were lower than sales levels largely due to timing, the firm said. The Space & Defense Group order backlog at March 31 was about $95.9 million.
Both Lockheed Martin (NYSE: LMN) and Raytheon Co. (NYSE: RTN) generated more than 10 percent of the Space & Defense group’s net sales for the latest quarter, Anaren said.
Contact Reinhardt at ereinhardt@cnybj.com
Levene Gouldin & Thompson grows strategically
VESTAL — The natural-gas and oil drilling boom in northern Pennsylvania has paid big dividends for one of the Binghamton area’s major law firms. “Our oil-and-gas practice is helping to [spark] the firm’s growth,” says Jeffrey A. Loew, managing partner of Levene Gouldin & Thompson, LLP, headquartered at 450 Plaza Drive in Vestal. “It is
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VESTAL — The natural-gas and oil drilling boom in northern Pennsylvania has paid big dividends for one of the Binghamton area’s major law firms.
“Our oil-and-gas practice is helping to [spark] the firm’s growth,” says Jeffrey A. Loew, managing partner of Levene Gouldin & Thompson, LLP, headquartered at 450 Plaza Drive in Vestal. “It is not only a booming industry, but also the growth of oil and gas has generated more work in some of our other practice areas, such as elder law, trust and estates, and personal injury.
“We’ve had an oil-and-gas practice for five years, which is chaired by Scott Kurkoski … Oil and gas development in northeastern Pennsylvania is one of the main factors that led us into [this region] … On Jan. 1, Jim Carroll (James R. Carroll, Jr.) joined the firm. He is ‘of counsel’ … Jim is our resident attorney in the new Athens office … We also have partners and associates in Athens on a regular basis,” adds Loew.
Levene Gouldin & Thompson was formed in 1927 in downtown Binghamton. “The law practice currently employs 150, including 60 attorneys of whom 35 are partners and 115 are associates and support people. All but two are in the Central New York region,” says Loew. “We have seven locations — six in New York and one in Pennsylvania: Vestal, Binghamton, Deposit, Ithaca, Spencer, Whitney Point, and Athens.” When asked for the firm’s 2012 revenues, Loew said only that “… 2012 was a strong year …”
The expansion into Pennsylvania follows on the heels of opening another office. On July 1, 2012, Levene Gouldin & Thompson acquired the practice of George D. Patte, Jr. with offices at 121 Buffalo St. in Ithaca and 140 N. Main St. in Spencer. “One of the reasons we decided to set up in the Tompkins County area is that we [already]… have clients, both corporate and personal, that we serve in the area,” David Gouldin, partner, said in a 2012 Business Journal interview. The Spencer office services Tioga State Bank, one of the larger clients in that area.
Levene Gouldin & Thompson’s growth was propelled back in 2000 in what was billed as the largest law-firm merger in Broome Country history. At the time, Chernin & Gold, also founded in 1927, had 10 partners, two associates, a paralegal, and several office staff who merged with Levene Gouldin & Thompson to create a law firm with more than 75 attorneys and paralegals. Richard Matties was the managing partner of Chernin & Gold and is currently of counsel to Levene Gouldin & Thompson. The merger yielded a practice with multiple offices and branches with attorneys licensed to practice in many states. “C&G’s business was complementary to ours. It was a positive strategic transaction for both firms,” says Loew.
“Levene Gouldin & Thompson is currently organized into multiple practice areas,” notes the managing partner, “which include business, trusts and estates, elder law, matrimonial and family, plaintiffs, insurance and litigation, oil and gas, health law, and real estate. Each area has practice chairs who serve as a quasi executive committee. [In addition to myself], the management team includes Albert Kukol, the assistant managing partner; Christopher Pilotti, director of administration; Robert Danilison, chief information officer; Kelly Slocum, director of finance; and Lisa Bodnar, the assistant director of administration.
“Recruiting attorneys to the firm is a challenge,” says Loew. “Young attorneys graduating with $100,000 in debt are often looking for a [big-city] law firm that pays high salaries. Our best opportunity is to find those with a connection to the region … That’s why we interview at Albany, Buffalo, Cornell, and Syracuse … Or they may be considering raising a family … What we offer is the opportunity to become a partner in five, six, or seven years … We also are pioneers in offering flexible hours and in accommodating families … We’re not a sweat shop like New York City [firms] … We don’t require minimum billing hours.”
While recruiting attorneys can be problematic, attracting paralegals is less so. “We employ about 30 paralegals at the firm, mostly in the real-estate and trusts-and-estates practices,” says Loew. “Broome Community College offers a certification program, and the growth of the oil-and-gas industry has attracted paralegal candidates to our area.”
Loew, now approaching his 49th birthday, grew up in Vestal and graduated from Hartwick College in 1986 with a bachelor’s degree in English and a minor in philosophy/history. He graduated from the Wake Forest University School of Law in 1989 and practiced at a law firm in Atlanta, before joining the Vestal practice at Levene Gouldin & Thompson in 1993. Loew became the managing partner on July 1, 2011. He specializes in business and corporate, health, and real-estate law.
When asked about his competitors, Loew divides them into positive and negative categories. “We compete against local firms [such as] Hinman, Howard & Kattell and Coughlin & Gerhart … We have a cordial, healthy competition [with them]. We are all part of the [local] community … The law firms from outside the region [chasing] personal injury cases and DWI or the Philadelphia firms [cashing in] on the oil-and-gas boom … have a negative impact [on our profession].”
When asked whether Levene Gouldin & Thompson was targeting any additional offices at this time, Loew responds “No. We intend to grow our offices in Ithaca and Athens.” His response may be accurate in the short term, but the firm is always focused on growing strategically. What started more than eight decades ago as a small Binghamton law office has now grown into one of the largest and most respected law practices in the region by expanding both geographically and by adding practice areas. The recognition is confirmed by Levene Gouldin & Thompson’s inclusion in the 2012 rankings of top law firms by LexisNexis, Martindale-Hubbell, Fortune magazine, and ALM Media Properties.
Contact Poltenson at npoltenson@tgbbj.com
Siena: New Yorkers view on real estate strengthens during Q1
New Yorkers seem to sense the return of a “thriving” market in which both the buyers and sellers profit from strong real-estate values. That’s the analysis from Don Levy, director of the Siena (College) Research Institute (SRI), which released its quarterly consumer real-estate sentiment scores for New York state on April 17. The survey measured
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New Yorkers seem to sense the return of a “thriving” market in which both the buyers and sellers profit from strong real-estate values.
That’s the analysis from Don Levy, director of the Siena (College) Research Institute (SRI), which released its quarterly consumer real-estate sentiment scores for New York state on April 17.
The survey measured real-estate sentiment in the first quarter on buying and selling now and in the future in the Upstate region, New York City, and its suburbs.
A sentiment score of zero in any category reflects equal levels of pessimism and optimism among survey respondents. Scores above zero reflect optimism and scores below zero reflect pessimism, according to SRI.
The overall-current sentiment is 7.8 in the Upstate region, up 0.4 points from the fourth quarter. The overall-future sentiment is 18.9 in the Upstate region, which is down four points from the final quarter of 2012.
New York’s overall-current sentiment is 6.4, up 1.3 points from the fourth quarter, and the overall-future sentiment is 26.7, down 1.2 points from the fourth quarter.
For the second consecutive quarter, the assessment of housing values in every region of the state is positive and predicted to increase by New Yorkers, Levy said in a news release.
“Even more importantly, sellers, who for so long were seen as hostages of the financial meltdown now, while not yet universally in the catbird seat, are seen as in a much stronger position and headed upwards. Buyers are still able to get value, but they are no longer able to demand concessions from every seller. All numbers, strong overall-market grade, strengthening sellers and modulating buyers, point towards robust real-estate health,” Levy said.
The overall current real-estate sentiment score among New Yorkers in the first quarter is 6.4, above the point where equal percentages of citizens feel optimistic and pessimistic about the housing market.
The score is up 1.3 points from last quarter, according to the SRI survey. Looking forward, the overall-future score is 26.7. The figure is down from 27.9 last quarter, indicating that New Yorkers expect the overall real-estate market and the value of property to increase over the next year.
Consumers see now as an improved time to sell with a score below breakeven at -4.8 (up 10.0 from last quarter), and as a very good time to buy with a high positive score of 23.1.
What the sentiment scores mean
Current scores measure sentiment towards the present relative to the recent past while future projects change in sentiment from the current to one year from now.
An increase from a current score to a future score denotes a positive change in sentiment relative to the present.
In every case when considering any of the six sentiment scores, a net positive number indicates that the collective sentiment is such that people sense improvement while a negative net score predicts or measures a collective recognition of worsening.
Each real-estate sentiment score is derived through statistical diffusion weighted to consider response intensity.
A sentiment score of zero (0) in any category reflects a breakeven point at which equal levels of optimism and pessimism among the population have been measured relative to the overall market, or buying or selling real estate.
Scores can range from an absolute low of -100 to a high of 100 but scores below -50 or above +50 are both rare and extreme.
If 100 percent of people describe the overall market or either buying or selling as greatly improved the sentiment score would equal 100. Conversely, universal extreme pessimism would score -100. Scores measure and reflect the collective sentiment of residents of New York.
The SRI survey of Consumer Real Estate Sentiment was conducted throughout January, February, and March 2013 by random telephone calls to 2,409 New York State residents age 18 or older. As the sentiment scores are developed through a series of calculations, “margin of error” does not apply.
Contact Reinhardt at ereinhardt@cnybj.com
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