Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
Sydow honored with Crystal Ball for selling OCC’s strengths to the community
SYRACUSE — After spending years closing a public-perception gap about Onondaga Community College (OCC), Debbie L. Sydow says she is gratified to receive an award recognizing her contributions to the sales and marketing profession. Sydow, OCC’s president, has been named the recipient of the Central New York Sales and Marketing Executives (CNYSME) 2012 Crystal Ball […]
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
SYRACUSE — After spending years closing a public-perception gap about Onondaga Community College (OCC), Debbie L. Sydow says she is gratified to receive an award recognizing her contributions to the sales and marketing profession.
Sydow, OCC’s president, has been named the recipient of the Central New York Sales and Marketing Executives (CNYSME) 2012 Crystal Ball Award. CNYSME gives the award annually to a local businessperson for contributions to the sales and marketing vocation. The Crystal Ball Award also recognizes efforts in community development and support.
“In recent years, through a very focused, comprehensive strategic plan, we’ve been able to help the Central New York community get a very clear understanding of what Onondaga Community College has to offer,” Sydow says. “A lot of that has been through more effective communications.”
When Sydow arrived at OCC in 2000, the community viewed the institution inaccurately, she contends.
“It was considered to be a college that for high-school students would be their last choice, not their first,” Sydow says. “In general, the college didn’t have the level of respect that everyone I talked with believed it deserved.”
CNYSME, founded in 1935, provides training and development, networking, and other opportunities and resources to sales and marketing professionals in Central New York. The organization will recognize Sydow and local sales and marketing professionals at its 36th Annual Crystal Ball and Sales & Marketing Excellence Awards (SMEA) banquet on Thursday, March 8 at the Sheraton Syracuse University Hotel & Conference Center. SMEA recipients represent several local businesses (see write-ups inside). The event begins in the Regency Ballroom with a 5:30 p.m. cocktail hour, followed by dinner at 6:30 p.m., and the awards ceremony.
“We selected Debbie Sydow because of her hard work and dedication to OCC and to the community,” says CNYSME President Katherine Rech. “She’s a great leader for the community and a great marketing person at OCC. She markets the college as a great institution for education.”
Branding study
In 2002, Sydow launched an identity project at OCC. The college conducted a two-year branding study, interviewing guidance counselors, prospective college students, high-school students, and alumni.
OCC used information from that study to try to show the Central New York community that it provides students with a high-quality education, according to Sydow.
“If a student needs counseling, academic tutoring, or any kind of additional support, we provide that,” Sydow says. “It’s our brand, our promise.”
To help push that brand, the college unveiled a new crest in 2005, featuring the word “Onondaga.” Major upgrades to its campus have also helped, according to Sydow.
She has overseen a capital improvements program that resulted in more than $100 million being invested in campus facilities. Improvements range from updated classrooms to new residence halls that opened in 2006 to the SRC Arena and Events Center, which opened in December.
The college also receives a marketing boost from Syracuse Jazz Fest, Sydow says. The annual Jazz Fest brings thousands of people to campus every year, helping OCC showcase its facilities, she says.
“I’m trying to effect the kinds of changes that will elevate educational levels for the entire community,” Sydow says. “I want to stress that it’s an ongoing challenge not just for Onondaga Community College, but [also] for higher education to communicate with changing groups of students and changing markets.”
The college, which has about 12,700 students, can no longer simply rely on published materials to attract prospective students, Sydow says. It is now working to develop mobile applications and materials that can be viewed on mobile devices.
It is also keeping an eye toward adults who are returning to school to upgrade their skills and qualifications for obtaining the jobs of tomorrow. They have a high potential to drive enrollment growth, according to Sydow.
Past Crystal Ball Award winners include John Stage, founder and CEO of Dinosaur Bar-B-Que; Peter J. Coleman, Jr. the publican (saloonkeeper) of Coleman’s Authentic Irish Pub on Tipperary Hill; Edward Levine, president and CEO of Galaxy Communications, LP in Syracuse; John MacDougall, founder and president of Nice-N-Easy Grocery Shoppes; Syracuse University Chancellor Nancy Cantor; and Jack Webb, president and CEO of Alliance Bank, N.A.
Hardinge Q4 sales, profit surge and firm expects strong 2012
ELMIRA — Hardinge, Inc. (NASDAQ: HDNG) reported that sales rose 11 percent and net income jumped 69 percent in the fourth quarter of 2011 from the year-ago period as the machine-tool market recovered and it boosted sales to North America. Elmira–based Hardinge announced net income of $3.2 million, or 28 cents per share, in the
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
ELMIRA — Hardinge, Inc. (NASDAQ: HDNG) reported that sales rose 11 percent and net income jumped 69 percent in the fourth quarter of 2011 from the year-ago period as the machine-tool market recovered and it boosted sales to North America.
Elmira–based Hardinge announced net income of $3.2 million, or 28 cents per share, in the latest quarter, on sales of $91 million, up from net income of $1.9 million, or 17 cents, on sales of $82 million in the fourth quarter of 2010.
“We delivered another solid quarter that culminated in a year of strong performance as we grew sales and demonstrated the
operational level inherent in our business,” Hardinge President, Chairman, and CEO Richard Simons said during a Feb. 16 conference call to discuss the company’s earnings report with investors and the media.
For the year, the machine-tool manufacturer reported a 33 percent increase in sales to $341.6 million. Net income rebounded strongly from a net loss of $5.2 million, or a 46 cent loss per share, in 2010 to net income of $12 million, or $1.02 per share. In 2010, the company said it suffered from both a weak global economy and supply-chain delays for some raw materials.
Hardinge benefited in 2011 from a strong rebound in the machine-tool industry as well as from efforts it has made in the past several years to expand its domestic market, reduce its capital requirements, and improve efficiency.
Strong sales in North America bolstered the company, particularly during the fourth quarter, Simons said. While overall sales were up 11 percent for the quarter from a year earlier, sales fell 10 percent in Asia. However, a more than 100 percent increase in North America sales from $15.3 million in the fourth quarter of 2010 to $31.8 million in the fourth quarter of 2011 drove sales and profit growth, Simons said. Yearly sales to North America grew from $31.6 million in 2010 to $90 million in 2011.
Sales to Europe, which is struggling with its own economic woes, dropped 13 percent to $26.4 million in the fourth quarter, and Simons said he expects those sales to remain relatively stable this year and not to affect overall sales growth.
In 2012, Hardinge should benefit from continued economic recovery as well as facility improvements the company made in 2011, Simons said.
“We invested $17.2 million in 2011 to more than double our manufacturing capacity in China and for adding a facility and equipment for productivity enhancements in Switzerland,” he said. The increased capacity and productivity should enable Hardinge to grab more market share, he said.
In all, the company boosted capital expenditures to $19.2 million in 2011, from $3.7 million in 2010 and $3.2 million in 2009.
“We believe the long-term growth trend still makes sense,” Simons said. “We feel confident we can grow our business by targeting customers that value our quality, speed, and flexibility.”
The goal, he said, is to grow Hardinge’s sales faster than the machine-tool consumption rate. To make sure Hardinge is first in customers’ minds, he said the corporation will participate in a number of trade shows such as the International Manufacturing Technology Show in Chicago this September and the MACH 2012 Exhibition in England in April. The company will also hold an open house at its Elmira headquarters in June, grand-opening ceremonies for its new factory in China in May, and an open house at some point at its Switzerland facility.
Hardinge shares had surged in price, leading up to the Feb. 16 earnings report, rising 35 percent from $8.05 at the end of 2011 to $10.86 at the close of trading Feb. 15. The company’s stock price fell more than 8 percent to $9.95 on Feb. 16, after the earnings report and conference call.
Hardinge (www.hardingeus.com) employs about 400 people in Elmira and another 700 in Asia and Europe. The company manufactures machine tools for the aerospace, agricultural, transportation, consumer-goods, communications, electronics, construction, defense, energy, pharmaceutical and medical-equipment, and recreation industries.
Last year, Stephen Moore wrote an op-ed piece in the Wall Street Journal entitled “We’ve Become a Nation of Takers, Not Makers.” His point was that America had morphed from a nation that manufactured things to a nation of government workers. In 2011, the U.S. had about twice as many people working for government (22.5
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Last year, Stephen Moore wrote an op-ed piece in the Wall Street Journal entitled “We’ve Become a Nation of Takers, Not Makers.” His point was that America had morphed from a nation that manufactured things to a nation of government workers.
In 2011, the U.S. had about twice as many people working for government (22.5 million) as it had employed in the manufacturing sector (11.5 million). In New York State, the ratio was more than three to one in favor of government employees. In 1960, the national ratio was reversed, with the manufacturing industry employing twice as many people as government.
Worse yet, Moore added up all the people in 2011 employed not just in manufacturing but also in construction, farming, fishing, forestry, mining, and utilities and still found more government workers than all the other-mentioned sectors combined.
Moore concluded that the trend would continue because recent surveys of college graduates indicated a growing number of America’s best minds continue to gravitate towards government agencies, because the agencies not only grow historically, but also provide something approaching lifetime security.
I thought about Moore’s focus on Americans as “takers” when I read the just- released Heritage Foundation report: “2012 Index of Dependence on Government.” (http://www.heritage.org/research/reports/2012/02/2012-index-of-dependence-on-government). The report indicates that 67.3 million Americans now rely on assistance from Washington in the form of items such as food, shelter, clothing, college tuition, and health care. The benefits collectively add up to $2.5 trillion, which is roughly 70 percent of the current national budget (and nearly 100 percent of the taxes collected). In 1962, government programs represented only 28.3 percent of the national budget.
The Heritage report also points out a parallel trend in which the number of U.S. residents not paying federal-income tax rose from 12 percent in 1969 to 49.5 percent in 2009. This means that 151.7 million Americans paid no federal-income tax in 2009.
Are you sitting down? The Heritage report also notes that Americans dependent on government receive an average of $32,748 worth of benefits. The average American’s disposable income is $32,446. Being dependent on government is now a better deal for most Americans than working.
Clearly, the country is reaching a tipping point where a government-dependent population will be happy to receive additional benefits paid for by others. Is it surprising that our elected representatives call for even more entitlements and subsidies rather than spending prudence?
Three thousand three hundred years ago, Jewish civil code spelled out our obligation to others and to ourselves. In Exodus, the law stated: “If you see your enemy’s ass sagging under its burden, you shall not pass by. You shall surely release it with him.” A parallel command in Deuteronomy says: “You shall not see your brother’s ass or his ox falling (under its load) in the road, and hide yourself from them. You shall lift it (the load) up with him.”
Our obligation to help others is clear. So is the fundamental principle of reciprocity. To quote the current chief rabbi of England: “We owe duties to those who recognize the concept of duty.” In other words, we have a responsibility to those who acknowledge responsibility.
Our current system of increasing government dependence saps individual responsibility. It creates what psychologist Martin Seligman calls “learned helplessness,” or in the language of addiction therapy, we become “co-dependents” reinforcing the very problem we want to solve.
Further proof of this learned-helplessness and lack of individual responsibility comes from a study recently released by the Kaufman Foundation. The study focused on why employers were not currently aggressive in adding employees. Aside from the usual responses about regulatory uncertainty, sluggish growth, difficulty in accessing capital, and global instability, the study found that many employers interview too many potential hires who are ill-educated, not trained to work, and lack the ethic to work hard. In short, they are unemployable. Think we’re only talking about our nation’s youth? Kaufman says you can also add a wide swath of America’s middle-aged men and women.
George Bernard Shaw wrote that “…liberty means responsibility. That is why most men dread it.” Without the acceptance of personal responsibility, we are certainly becoming a nation of takers.
Norman Poltenson is the publisher of The Central New York Business Journal. Contact him at npoltenson@cnybj.com
IRS Heeds Voice of Small Business, Drops Proposed Paperwork Burden
It’s not often that small businesses look favorably upon the Internal Revenue Service (IRS). Typically, the entrepreneurs of Main Street respond to any IRS directive with fearful uncertainty. Such was the reaction displayed upon learning that the nation’s tax collector had issued a new costly and time-consuming paperwork requirement. It began as a new line
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
It’s not often that small businesses look favorably upon the Internal Revenue Service (IRS). Typically, the entrepreneurs of Main Street respond to any IRS directive with fearful uncertainty. Such was the reaction displayed upon learning that the nation’s tax collector had issued a new costly and time-consuming paperwork requirement.
It began as a new line slipped into the annual small-business income-tax return. IRS regulators decided that the government was being short-changed by businesses not reporting or underreporting their electronic payments and they proposed to close the gap by forcing small businesses to reconcile gross receipts with the figures reported on a new form: The 1099-K.
Perhaps the IRS thought no one would notice, but the National Federation of Independent Business (NFIB) exists primarily to prevent just such encroachments by state and federal governments. Sometimes they’re huge assaults, such as President Obama’s unconstitutional health-reform law, but more often they’re little legal ditties that can cause big headaches for the free-enterprise sector.
As it has done for nearly 70 years, NFIB maintains an especially close eye on federal revenuers — no easy task given the work force of more than 100,000 tax examiners, revenue agents, and collectors. Upon discovering that new 1099-K paperwork mandate, NFIB immediately called on the IRS to eliminate it, warning officials that this could further undermine the sagging confidence of small-business owners and create yet another paperwork headache — taking time and expenses away from running their businesses.
NFIB shared small-business’ concerns that something as simple as a customer’s request for a cash-back transaction on a debit-card purchase could significantly increase owners’ paperwork burdens. In addition, the demand could task them unnecessarily with sorting through payment certificates to subtract state and federal point-of-sale taxes that third-party processors aren’t always able to separate.
To its credit, the IRS agreed that the taxes captured wouldn’t be worth the damage inflicted on the nation’s job creators. Not only did the agency drop the requirement for the 2012 tax year, but officially stated that it had no intention of requiring such reconciliation in the future.
Had the nation’s leading small-business watchdog not earned this victory, the choices facing millions of entrepreneurs would have been painful. Customers would be lost if their payment options were limited. Owners would have been forced to invest scant earnings in unnecessary accounting systems, waste countless hours of management time sorting through receipts, or pay professional tax services to handle the chore.
Also contributing to this win for Main Street were friends of small business on Capitol Hill. The rollback was supported by U.S. Sens. John Thune of South Dakota and Maria Cantwell of Washington State, and Illinois Reps. Aaron Schock and Bobby Schilling. And, to ensure the IRS will not threaten small firms in the future with such nuisance paperwork, protective legislation has been introduced in both chambers of Congress.
This small, but important victory isn’t likely to change small-business owners’ opinion of the IRS, but it does offer some much-needed encouragement for those who bear the responsibility of serving as the backbone of the nation’s economy.
Dan Danner is president and CEO of NFIB, which represents 350,000 small-business owners in Washington, D.C. and every state capital.
Clothing and footwear retailer opens in downtown Syracuse
SYRACUSE — Philadelphia–based Villa, Inc. has opened a new store in downtown Syracuse. The store, located at 317 S. Salina St., joins 34 other Villa
First Source formally opens new Rome branch office
ROME — First Source Federal Credit Union marked the grand opening of its newly built Rome branch office on March 1. The office opened Feb.
Bassett ranks among nation’s top integrated health systems
COOPERSTOWN — Being named one of the most integrated health networks in the nation means that Bassett Healthcare Network is doing something right at its network of six hospitals and dozens of clinics. But the job of integration is an ongoing one with direct impact on the organization’s efficiency and the quality of patient care
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
COOPERSTOWN — Being named one of the most integrated health networks in the nation means that Bassett Healthcare Network is doing something right at its network of six hospitals and dozens of clinics.
But the job of integration is an ongoing one with direct impact on the organization’s efficiency and the quality of patient care it provides, says Jeffrey Woeppel, vice president of system integration at Bassett.
Bassett was recently ranked 48th among 100 health systems around the country on the SDI Top 100 Integrated Health Networks ranking published in Modern Healthcare magazine. The list recognizes health systems that optimize health-care delivery.
St. Johns Health System in Springfield, Mo., topped the list, which also includes Baylor Health Care System in Dallas and Scripps Health in San Diego.
“The ranking that came out did give us some affirmation that we are going in the right direction,” Woeppel says. It also shows that Bassett has made great strides with initiatives it has undertaken in recent years to improve efficiency, streamline operating costs, and improve care.
Information technology is a huge factor in integration at a health-care network, and Bassett’s launch last year of its new electronic medical record (EMR) system is an example of how Bassett is improving its integration, he says.
Bassett also uses the same platforms across its various locations for functions like patient records, accounting, and even inventory management.
Efforts such as those help Bassett perform at its best, which results in better patient care through consistent processes and practices, Woeppel says.
“It is hard proof that the work we’ve engaged in to coordinate patient care, improve access, and integrate best practices across the Bassett network is paying off to the benefit of our patients,” Bassett President and CEO William F. Streck said in a news release announcing the ranking.
The SDI 2012 ranking identifies the top 100 integrated health networks from among more than 570 non-specialty local and regional networks across the nation and evaluates them on the ability to operate as a unified organization in eight categories: integrated technology, integration, contractual capabilities, outpatient utilization, financial stability, services and access, hospital utilization, and physicians. To see the full list, visit www.bassett.org.
Bassett Healthcare Network’s system serves people living in a 5,600-square-mile region in upstate New York through six hospitals, nearly two dozen community and school-based health centers, and skilled-nursing facilities. Bassett’s hospitals include Bassett Medical Center (formerly Mary Imogene Bassett Hospital), a 180-bed acute-care teaching hospital in Cooperstown; A.O. Fox Hospital, Oneonta; O’Connor Hospital, Delhi; Tri-Town Regional Hospital, Sidney; Cobleskill Regional Hospital, Cobleskill; and Little Falls Hospital, Little Falls. Bassett reported 2010 revenue of $404.1 million, expenses of $402.9 million, and 3,761 employees according to its Form 990 on file at www.guidestar.org.
Young professionals face barriers to saving for retirement
UTICA — Young professionals hear the message early and they hear it often — start saving for retirement as soon as possible. While the message is a good one, the tough economic times of the past few years have changed the playing field in a way that doesn’t always make that the best option for
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
UTICA — Young professionals hear the message early and they hear it often — start saving for retirement as soon as possible.
While the message is a good one, the tough economic times of the past few years have changed the playing field in a way that doesn’t always make that the best option for some young professionals, says Michelle Shauger, a Utica–based regional vice president with Primerica Financial Services.
A recent story on www.usatoday.com says that the amount of student loans taken out in 2011 crossed the $100 billion mark and the total loans outstanding will exceed
$1 trillion for the first time ever this year. The Federal Reserve Bank of New York and the U.S. Department of Education report that Americans now owe more on student loans than on credit cards.
That scenario is the result of both traditional young students as well as older, non-traditional students returning to school, often after they were laid off during the recession, the story said.
Whoever the debt-holder is, the problem remains the same, Shauger says. People are graduating from college and entering the work force with crippling amounts of debt. The USA Today story noted that full-time undergraduate students borrowed an average of $4,963 in 2010. Multiply that times the four years it takes to achieve a bachelor’s degree and those students are graduating with close to $20,000 in debt.
“The largest issue is that debt-to-income ratio is so large, it doesn’t enable people to save in a significant way to accomplish their goals and dreams,” she says. Even if those graduates are lucky enough to land a job right away, their debt is strangling their income, she adds.
On top of that, student-loan interest rates have risen from a once favorable low rate of about 2 percent to rates in the 5 to 6 percent range, Shauger says. That means it’s taking people longer and longer to pay off this debt as they are borrowing larger amounts at a higher rate.
So how do people who’ve practically grown up hearing they need to start saving for retirement as soon as they start working manage to actually save for retirement? The answer could be to steer away from that typical “American Dream” scenario of go to college, graduate, get a job, buy a car, get married, buy a house, Shauger says.
Maybe renting is a better option over buying a house, she says. Also, consider buying a used car instead of a new one, or use public transportation. The goal, Shauger says, is to work on keeping your expenses down as much as possible to free up money to pay off that college debt. Otherwise, she says, people end up struggling to meet all their expenses, relying on credit cards to bridge the gap, and still aren’t saving any significant money towards retirement.
“People build their [financial] house all wrong,” she says. “Then they have to tear it down and start all over again.”
The message to focus on paying off debt and delay saving for retirement goes against everything people are typically told, Shauger says, but if people do it right, they can still save up plenty towards retirement.
Take for example a client who is 25 and has $1,000 in monthly debt. If he sets aside $100 a month towards retirement over the next 40 years, he will save over $637,000, Shauger says. But if that same client first spent time focusing on paying off that debt, and then once free of that debt, began putting that $1,000 a month towards retirement, he would save more than $765,000 in half the time.
Whichever option someone chooses, he/she needs to maintain that focus on paying off debt until it’s gone, Shauger says. Students also have some options before they enter college to try and offset some debt.
Prospective students need to be proactive, she says, researching college options and seeking out aid opportunities. These days, students are also encouraged to apply to many schools so that any admission packages can be used as bargaining chips with other colleges, she says.
Recent graduates should research whether or not their student loans can be forgiven — a practice that is common in some fields — or look into consolidating their debt into one loan if they can find an attractive option.
“The student loan forgiveness is typically in human-service careers where there is need,” Shauger says. Examples include teachers in inner-city schools, doctors in low-income areas, or social workers in urban areas. “Students can be proactive and research this before choosing a major and where they are going to live,” she says. “It’s never too late to look up their information and see if their loans qualify.”
“People just need to become good consumers,” Shauger says.
Employer role
Employers also have a role to play, Shauger notes. The most effective thing employers can do to help their employees get ahead on retirement planning and debt management is to provide information and education.
“Something as simple as a 45-minute lunch-and-learn opportunity could be the answer,” Shauger says. “Employers could give their employees a $10,000 a year raise, but without education they will be no better off a year later.”
Organizations that host such events are helping their employees learn and change their futures. “What the employee does with it is up to them,” she says. “It’s literally like teaching the people to fish instead of giving them a fish. And you know what happens then? They eat forever.”
Founded in 1977, Duluth, Ga.–based Primerica is a financial-services marketing company with more than 90,000 licensed representatives that provide life insurance, mutual funds, annuities, and other financial products. The company insures more than 4.3 million people and has about 2 million investment clients. Primerica trades on the New York Stock Exchange under the PRI ticker symbol.
DUMAC draws up expansion, growth plans
DeWITT –– DUMAC Business Systems, Inc. — a company that distributes point-of-sale (POS) systems, and develops inventory and corporate-reporting software — is planning and executing a series of growth initiatives. Last year, DUMAC’s annual revenue spiked 50 percent from 2010 levels, and the business-systems provider added 22 employees, according to DUMAC officials. That brought the
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
DeWITT –– DUMAC Business Systems, Inc. — a company that distributes point-of-sale (POS) systems, and develops inventory and corporate-reporting software — is planning and executing a series of growth initiatives.
Last year, DUMAC’s annual revenue spiked 50 percent from 2010 levels, and the business-systems provider added 22 employees, according to DUMAC officials. That brought the 60-year-old firm’s total to 104 workers.
DUMAC has clearly come a long way from 1952, when William McCarthy and Hugh Duskee began it as a two-person startup.
The company is now owned by William’s sons, Howard McCarthy and David McCarthy, his grandson Phillip McCarthy, and Shaun O’Brien, a DUMAC employee since 1990.
DUMAC’s products and services span three different vertical markets including the independent grocery market, quick-service restaurants, and table-service restaurants.
In addition to being a dealer for POS hardware manufacturers such as Panasonic, Fujitsu, IBM, and NCR, DUMAC is also a developer of its own software. DUMAC SBOnet (Smart Back Office) is a web-based inventory and reporting software application, says Howard McCarthy, CEO and chairman of DUMAC.
SBOnet provides inventory tracking for thousands of quick-service restaurants across the country, as well as near-real-time reporting of sales, labor, and food costs. McCarthy says the software also integrates an application named “staff scheduler,” which is specially designed for labor scheduling for the quick-service clients. SBOnet is available on the Apple Inc. App Store.
He says SBOnet’s market share is growing every month.
“That’s a very rapidly growing part of our business,” McCarthy says.
In addition to developing SBOnet software and distributing hardware that runs POS systems, DUMAC also provides installation service and training to its clients.
“We train them how to use it,” says Shaun O’Brien, president and COO of DUMAC. “In a quick-service restaurant somewhere around the country, if someone purchases a new system, we would send a team of people to do the installation and then a team of people to do the training and do a stand-by for them when they go live with the system.”
McCarthy says one of the key factors behind DUMAC’s success is the quality of service it provides. He says the firm offers 24/7 support in customer service. He says the company also has a number of user-group meetings, where it meets with clients regularly and gets feedback from them.
“Our service to the customers and our support is separating us from all the other companies, which is why we’ve grown so fast,” says McCarthy.
Consumers encounter DUMAC distributed products in the check-out line at supermarkets, and the front counter at fast-food restaurants. DUMAC provides the touch-screens and computerized cash registers to quick-service restaurants nationwide such as Wendy’s, Arby’s, Popeyes, and KFC. The company also provides order-entry devices to table-service restaurants in New York State, including local eateries such as Kitty Hoynes Irish Pub & Restaurant, Lemon Grass, and The Inn Between Restaurant. Clients also include independent grocery stores from northwestern Pennsylvania to Maine. Locally, Nojaim Bros Super Market, Nichol’s Supermarket, and Struppler’s Supermarket are DUMAC customers, using its scanners, electronic scales, and credit-card terminals.
DUMAC also sells closed-circuit television systems to its clients.
McCarthy says the multi-tasking company now has clients in almost every state in the U.S., and recently started providing service to customers in Puerto Rico, the Virgin Islands, Canada, and Aruba. He says the company expects to continue expanding internationally this year.
HQ project
Last October, the fast-growing DUMAC began remodeling the inside of its headquarters, located at 19 Corporate Circle in the town of DeWitt, to accommodate the growth in staff. DUMAC also took over 6,000 square feet of vacant space in the 26,000-square-foot building it owns, and has added a museum in its lobby.
“Based on the history of the company, we have a long heritage of equipment that we worked on over the years,” says O’Brien, “and we have created a museum of sorts with all of that legacy equipment and the history of equipment that’s gone through the ages, including equipment that has been reconditioned and repaired by Will McCarthy years ago, and on up through equipment that’s been refurbished today to display in our lobby.”
The historical equipment on display includes old cash registers, credit-card terminals, scanners, and scanner scales. The museum will also showcase newer devices such as today’s cutting-edge POS systems.
O’Brien says DUMAC staff is handling the headquarters remodeling, and the team is putting finishing touches on it now. The museum will be completed prior to the company’s open house in late summer, which will be a part of DUMAC’s 60th anniversary celebration.
O’Brien says DUMAC expects continued growth this year. He couldn’t provide a specific revenue projection for 2012.
“We will be continuing to expand this year,” he says, “and we will be adding staff this year as needed.” He says the company is looking for support analysts and installation technicians, for both its headquarters in DeWitt and its branch office in Houston, TX.
O’Brien says DUMAC also plans to open its second branch office in Massachusetts this fall, and expand the company’s professional and educational services.
Upstate consumer confidence rises in February
Upstate New Yorkers signaled a greater willingness to spend for the fourth consecutive month in February, even as statewide and national consumer confidence stagnated. The overall consumer-confidence index for upstate New York climbed 2.4 points to 71.9 in February, according to a survey from the Siena (College) Research Institute (SRI). Upstate residents felt more comfortable
Become a Central New York Business Journal subscriber and get immediate access to all of our subscriber-only content and much more.
Click here to purchase a paywall bypass link for this article.
Upstate New Yorkers signaled a greater willingness to spend for the fourth consecutive month in February, even as statewide and national consumer confidence stagnated.
The overall consumer-confidence index for upstate New York climbed 2.4 points to 71.9 in February, according to a survey from the Siena (College) Research Institute (SRI). Upstate residents felt more comfortable about their current situation than they did about the future, the survey found.
Still, both current and future confidence grew in Upstate. Current confidence increased 3 points to 76.9, and future confidence climbed 1.9 points to 68.6 in the region.
While upstate residents continued to follow a recent trend of rising confidence, statewide consumers were lukewarm in February. Consumer confidence in New York State as a whole remained unchanged since January, suspended at 74.8, according to SRI.
It is lingering just under the SRI index’s break-even point of 75. That is the point at which consumers indicate equal amounts of optimism and pessimism. Readings below 75 show that more consumers responded to the survey with negative answers than positive ones. Any results above 75 indicate more consumers gave positive answers.
“These are fascinating figures to me,” says Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director. “If we go back to January, [statewide] consumer confidence was up about 8 points. And in February, we stayed absolutely flat — no movement at all. One thing is offsetting the other.”
Current confidence rose across New York State in February, but was offset by consumers cutting back on their outlook for the future. New York State’s current confidence climbed 1.5 points to 73.5, and its future confidence dipped 0.9 points to 75.7.
The metropolitan New York City area counterbalanced Upstate’s confidence gains. New York City’s overall-confidence index went down 1.3 points to 76.9. Its current confidence ticked up 0.4 points to 71.6, but its future confidence skidded 2.4 points to 80.3.
Consumer confidence in New York State was similar to that measured nationally by the University of Michigan’s Consumer Sentiment Index. Overall national consumer confidence edged up 0.3 points to 75.3 in February from 75.0 in January, according to that index. Current national confidence slipped 1.2 points to 83. Meanwhile, future national confidence inched up 1.2 points to 70.3.
A separate survey report measuring national consumer confidence, issued by The Conference Board on Feb. 28, showed U.S. confidence jumping to 70.8 in February from 61.5 in January.
New York buying plans
New Yorkers’ buying plans fell in February in five categories that SRI measures. That’s a reversal from January, when buying plans rose in each one of those five categories.
“That does not surprise me, given that the consumer-confidence index held the same,” Lonnstrom says. “People have got to feel better before they start buying, and that didn’t happen this month.”
The share of consumers who indicated they plan to buy a car or truck fell 1.4 points to 11.9 percent. The portion who said they plan to buy computers dropped 0.4 points to 15.9 percent.
Consumers’ plans to purchase furniture declined 1.9 points to 19.7 percent, and plans to buy homes eroded 0.3 points to 3.7 percent. Finally, plans to spend on major home improvements tumbled 3.1 points to 14.2 percent.
Gas and food prices
A majority of upstate New Yorkers continued to express concerns about gasoline and food prices, the survey found. However, the portion of consumers worried about those prices decreased in February — a fact that surprised Lonnstrom.
“I thought that concern would shoot up,” he says. “Gas prices have gone up 20 days in a row.”
In February, 67 percent of upstate New Yorkers said gasoline prices posed a problem, down slightly from 69 percent in January. And 69 percent expressed concerns about food prices, down from 75 percent in January. Finally, 56 percent of upstate survey respondents indicated both gasoline and food prices were a problem, which was down from 60 percent in January.
Statewide, 59 percent of residents named gasoline prices as a problem, which was even with last month. The share of residents naming food prices as a problem was 66 percent in February, lower than January’s reading of 71 percent. And 49 percent of state residents claimed both gas and food prices posed a problem, lower than January, when 51 percent cited both gas and food.
Residents may be getting used to higher food prices, Lonnstrom says. But survey results show that concern for gas prices jumped in the second half of February, he adds.
“We’re flirting with four bucks a gallon, talking about five bucks,” he says. “If that happens, that’s going to hurt consumer confidence.”
SRI conducted the survey by making random telephone calls to 804 New York State residents over the age of 18 in February. Margin of error does not apply to the consumer-confidence index results because they are derived from statistical calculations, according to SRI. However, buying plans have a margin of error of plus or minus 3.5 points, the institute said.
Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.