Stay up-to-date on the companies, people and issues that impact businesses in Syracuse, Central New York and beyond.
SU institute working on program in Ghana
SYRACUSE — The Burton Blatt Institute (BBI) at Syracuse University is helping to export a program providing entrepreneurship training to people with disabilities to Ghana.
M&T rolls out mobile banking for business clients
M&T Bank has introduced a new mobile banking service for business customers. Businesses can pay bills, view accounts, perform transfers, and more online with the
Chemung Canal set to reopen Owego branches
OWEGO — Chemung Canal Trust Co. will reopen its branch at 203 Main St. in Owego Tuesday and its branch on Route 17C on Feb.
Green & Seifter law firm changes name to Bousquet Holstein
SYRACUSE — Green & Seifter, Attorneys, PLLC has a new name less than one month after its sole remaining named principal left the firm for
Construction company sells retro renovations
ONEIDA — Tune into the Food Network show “Diners, Drive-ins, and Dives” and you’re sure to see some flashy neon, shiny chrome, and other retro
New MV Chamber of Commerce leader starts March 1
UTICA — The Mohawk Valley Chamber of Commerce will have a new executive director when Pamela Matt of New Hartford takes the helm March 1.
AGC: Utica-Rome lost 900 construction jobs since 2007
Utica-Rome construction employment has declined by 24 percent since peaking in 2007, according to information released Feb. 14 by the Associated General Contractors of America
UTICA — Sluggish sales and a hefty goodwill impairment charge hurt fourth-quarter earnings at ConMed Corp. (NASDAQ: CNMD), but company officials are counting on new
PAR posts profit increase in Q4, but loss for 2011
NEW HARTFORD — Earnings rose slightly in the fourth quarter at PAR Technology Corp, (NYSE: PAR), but it wasn’t enough to prevent the technology company from reporting a net loss for the year as sales slipped more than 2 percent. PAR generated net income of $1.8 million, or 12 cents per share, in the fourth
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NEW HARTFORD — Earnings rose slightly in the fourth quarter at PAR Technology Corp, (NYSE: PAR), but it wasn’t enough to prevent the technology company from reporting a net loss for the year as sales slipped more than 2 percent.
PAR generated net income of $1.8 million, or 12 cents per share, in the fourth quarter, up slightly from net income of $1.7 million, or 11 cents a share, in the year-ago period. But revenue declined to $60.1 million in the latest quarter from $63.5 million in the fourth quarter of 2010.
For the full year, PAR reported a net loss of $13.4 million, or 89 cents per share, on revenue of $229.4 million, compared with net income of $5 million, or 33 cents a share, on sales of $235 million in 2010.
PAR’s share price closed at $5.04 on Feb. 15, the night before issuing the profit report. On Feb. 16, after the report, the stock opened lower at $5.00 and traded as low as $4.93 that morning. PAR’s stock had been on a roll in the weeks leading up to its earnings release, rising steadily since trading as low as $3.38 on Dec. 20.
PAR’s leader said the company met its objectives in the fourth quarter.
“Since joining PAR, I have stressed focusing and streamlining our organization so we can best realize the important hospitality investments we have made to date,” Chairman and CEO Paul B. Domorski said in the earnings release. “The fourth quarter met our expectations, producing solid results in a slowly improving economic environment. Besides the results, we demonstrated tangible progress towards our strategic goals as evidenced by the sale of our logistics segment, the selection by Wal-Mart Stores, Inc. of our in-store food safety technology solution SureCheck, and the successful deployment of our new cloud-based property management solution ATRIO.”
He stressed that focusing on the fundamentals, including improving the balance sheet, while changing the company’s business model, is starting to yield results. Domorski took over as CEO last April after the retirement of company founder John Sammon.
“Our business segments performed consistent with our expectations for the quarter,” Domorski continued. Hospitality revenues, excluding sales to McDonald’s which suffered following the conclusion of an in-store technology upgraded in 2010, increased, including a 13 percent increase in sales to YUM! Brands, he said. International sales also showed growth, a good sign of overall
economic recovery, he said.
PAR’s government segment produced a 21 percent increase in revenue, driven primarily by a new $42.5 million, five-year contract with the U.S. Army to supply intelligence surveillance and reconnaissance technologies and services.
“In conclusion, we see 2011 as a year of transition as we remain committed to building a world-class company,” Domorski said.
Headquartered in New Hartford, PAR (www.partech.com) has two main operating segments. Its hospitality technology segment produces and sells technology products and services for restaurants, hotels, spas, retailers, cinemas, cruise lines, stadiums, and food-service companies. PAR’s government segment develops geospatial and full-motion video products for various levels of government and provides communications and information technology support to the U.S. Department of Defense.
Aspen Athletic Clubs to open location in downtown Syracuse
SYRACUSE — Aspen Athletic Clubs will open a location in downtown Syracuse this spring. The downtown club, which will be Aspen’s third, is planned for Onondaga Tower, the former HSBC Tower at 125 E. Jefferson St. It will be 6,000 square feet and include cardiovascular equipment such as treadmills and elliptical machines, free weights, strength-training
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SYRACUSE — Aspen Athletic Clubs will open a location in downtown Syracuse this spring.
The downtown club, which will be Aspen’s third, is planned for Onondaga Tower, the former HSBC Tower at 125 E. Jefferson St. It will be 6,000 square feet and include cardiovascular equipment such as treadmills and elliptical machines, free weights, strength-training resistance machines, and a 10-person spinning room.
“We want to cater to the people who want to live downtown, but we also know it’s going to be a very big corporate facility with people who work downtown,” says Nichole Polos, who owns Aspen and manages the company with her husband, Brent Polos. “We do have a few companies that are downtown that have already shown interest in getting corporate programs set up.”
Nichole Polos declined to name interested corporate clients, but said the new club’s location played a role in its size and design. It is smaller than Aspen’s other clubs — the company’s club in Clay is just less than 20,000 square feet, while its location in Cicero is about 25,000 square feet.
The downtown location will not have a Kids’ Korner to provide child-care services, a feature at the other Aspen locations. And it will contain 25 pieces of cardiovascular equipment instead of the 100 pieces in each of the company’s suburban clubs.
Polos expects many of the people using the downtown club will be on a break from work.
“We don’t anticipate nearly as many workouts per day as we do in a suburban setting, and we don’t anticipate workouts that are as long,” she says. “With the corporate setting, people will come and go at pretty much a steady pace, we believe, from the opening of work to the after-work time.”
The downtown club will open at 4 a.m., making it available to anyone who wants to exercise before work, Polos says. It will also be open for those who want to exercise at the end of the day, although its closing time has not yet been set in stone. It will likely close at 9 p.m. or 10 p.m., according to Polos.
Between 20 and 30 employees will work at the downtown club, and about eight will be full time. Part-time employees will include trainers, front-desk staff, and spinning-class instructors.
Nearly all of the downtown club’s employees will be new hires, according to Polos. Aspen will transfer the downtown club’s manager from another location and will try to hire new spinning instructors and certified professional trainers, she says.
Aspen is offering universal membership, meaning members who join the downtown club will be able to use the company’s suburban locations. And members in Clay and Cicero will be able to visit the downtown club.
The club is offering a pre-sale in February for its downtown location that will allow gym users to enroll with a $15 down-payment and monthly payments of $15. That is lower than the club’s typical rate of a $99 down payment and monthly payments of $19.
Aspen is leasing the downtown location from CBD Brokerage, LLC. Renovation costs are built into its lease, according to Polos.
Other Aspen expansion plans
Aspen’s planned Syracuse club is one of several growth efforts. The company also plans to open a new suburban location “very soon,” says Polos.
She declined to say where the new suburban club will be located because Aspen has yet to sign a lease. But it will be similar in size to Aspen’s other suburban clubs, she says.
Aspen’s current suburban clubs employ about 60 employees. Around 20 of those are full-time workers.
The company would eventually like to have locations spread around Syracuse, Polos says.
“Our goal is to have clubs in as many suburbs as the need arises, and then keep the downtown location as the core corporate facility,” she says. “Then [we could] possibly do more express locations in the smaller suburbs.”
The fitness club recently added a sports-specific training facility to its Cicero location. The facility includes NFL-grade turf on the ground, climbing ropes, ropes to throw, and fitness machines, Polos says.
“It’s going to be a huge asset for athletes and cross-training in general,” she says. “It’s the type of training that’s going to help in daily life and real-life activity — any sport, and really just functional living itself.”
The expansion, which opened in February, added 2,500 square feet to the Cicero club, according to Polos. It cost approximately $150,000, including the cost of installing turf and leases on training machines. Aspen financed the expansion with cash reserves, she says.
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