LI Business News articles from August 2003

LI Business News archives from August 2003

Gene Bernstein returns to Melville-based Northville Industries.
August 1, 2003... Byline: Rosmaria Mancini Gene Bernstein, the erudite educator, investor and golf promoter, is back with the family firm. Bernstein returns to Melville-based Northville Industries to manage day-to-day operations of the energy company's gas...

Long Island contractors feel the House Defense Authorization Bill will be hazardous to local economy.
August 1, 2003... Byline: Ken Schachter Too much "Buy American" can be hazardous to Long Island's economic health, say local defense contractors. Those same contractors have enlisted the aid of U.S. Rep. Steve Israel, D-Huntington, as they try to soften the...

Prudential Real Estate building a commercial division on Long Island.
August 1, 2003... Byline: Nick Anastasi Prudential Douglas Elliman, the Island's top player in residential real estate, has been quietly building a commercial division to take advantage of referrals from its 50 offices stretching from Montauk to...

Dorson/Apple Sports leaves Islip Foreign Trade Zone, acquires Twinlab facility.
August 1, 2003... Byline: Nick Anastasi Dorson/Apple Sports Inc. has acquired Twinlab's dormant facility at 2120 Smithtown Ave. for an estimated $5 million and plans to move there from the Islip Foreign Trade Zone by the fourth quarter. The supplier of...

Four McDonald's restaurants in Long Island install a host of new technologies for consumers.
August 1, 2003... Byline: Claude Solnik How fast can fast food get on the drive-through line? A group of McDonald's restaurants across Long Island are trying to find out with a host of new technologies they hope will speed up the process and attract more...

Holbrook-based A&J Realty abandons plan to build office building on Veterans Memorial Highway.
August 1, 2003... Byline: Nick Anastasi Unable to attract potential tenants, A&J Realty is scuttling plans to develop what would have been one of the few office buildings along the southern end of the Veterans Memorial Highway corridor.The firm, which...

Partner at Uniondale-based Ruskin Moscou Faltischek law firm leaves to join archrival.
August 1, 2003... Byline: Rosmaria Mancini The defections continue.David Manko, a partner who chaired the physicians practice group at Ruskin Moscou Faltischek, has left to join archrival Rivkin Radler as a partner.Manko is the third high-profile partner to...

Islandia-based Computer Associates faces legal test in Salt Lake City breach-of-contract lawsuit.
August 1, 2003... Byline: Ken Schachter A breach-of-contract lawsuit by a tiny technology company against Computer Associates could pack a financial wallop - almost $100 million.The case, involving CA and Center 7 Inc., is scheduled for trial in federal...

U.S. Dept. of Labor set to impose new regulations that redefine overtime pay.
August 1, 2003... Byline: Ben Abelson The U.S. Department of Labor could be just months away from imposing new regulations that would dramatically redefine the nature of overtime pay and update a system that has remained largely unchanged for nearly 30...

Interim CEO of Catholic Health Services of Long Island trims staff and cuts salaries.
August 1, 2003... Byline: Claude Solnik The computer screen-saver in Patrick Scollard's office reads, "I'd rather be on MoBhad," which is Gaelic for "My Boat," the name of his 23-foot power boat.But the 66-year-old former Chemical Bank executive has put...

Home Depot pushes for new store at Bellport Outlet Center in Long Island.
August 1, 2003... Byline: Nick Anastasi In a bid to block its chief competitor from gaining further steam on Long Island, Home Depot is pushing for a store at the Bellport Outlet Center, becoming the lead candidate to anchor the struggling retail center...

Arrow Electronics to close last operational facility on Long Island.
August 1, 2003... Byline: Ken Schachter Economics was at the core of the decision by Arrow Electronics executives to close the firm's last operational facility on Long Island, but residual resentment over the proposed Spagnoli Road power plant may have...

STIDD Systems to provide Navy SEALS with shock-resistant seats for high-speed vehicles.
August 1, 2003... Byline: Claude Solnik STIDD Systems Inc. is getting a bigger seat at the table when it comes to defense contracting.The U.S. Senate and the House of Representatives recently approved bills providing $3 million to STIDD for shock-absorbent...

Celebrity chefs sign up for Long Island Wine Classic to benefit three East End hospitals.
August 1, 2003... Byline: Jill Darowski A lineup of celebrated chefs from Long Island and Manhattan have signed up for the Hampton's first annual Long Island Wine Classic, a week-long food and wine event that will benefit three East End hospitals.The event...

U.S. House votes down ban on ownership of print and broadcast media in same market.
August 1, 2003... Byline: Claude Solnik The Tribune Co., which owns both Newsday and WPIX-TV, scored a major victory last week as the U.S. House of Representatives voted down a ban on ownership of print and broadcast media in the same market.When the...

Crackdown on Long Island's unlicensed contractors prompts trade group membership push.
August 1, 2003... Byline: Jill Darowski Citing recent crackdowns on unlicensed home improvement contractors on Long Island, a trade group for the remodeling industry is trying to recruit new members."When I heard about the recent charges against contractors...

Long Island High Technology Incubator nurtures tech startups.
August 1, 2003... Byline: Natalie Canavor By the mid 1990s, Long Island leaders knew they needed to foster new kinds of technology companies to replace the defense industry that had evaporated. Long Island had a highly educated work force and a few...

Symbol acquires California mobile software maker.
August 1, 2003... Byline: LIBN Staff Symbol Technologies Inc. has acquired Covigo Inc., a California-based maker of mobile computing software, the company announced.Terms of the deal were not disclosed.Closely held Covigo makes software for health care,...

Computer game maker Acclaim to delay filing SEC report.
August 1, 2003... Byline: LIBN Staff Computer game maker Acclaim Entertainment said it would delay issuing its amended annual report filing after the Securities and Exchange Commission informed the company it was reviewing its preliminary proxy filing.In...

Island Talk WLIE cuts staff to lower expenses.
August 1, 2003... Byline: Claude Solnik Island Talk 540 WLIE is talking the talk, but a lot more is from syndicated hosts these days.To lower its expenses and make it easier to turn a profit, the talk station has cut six staffers, including afternoon host...

FDA gives BioSpecifics Technologies Corp approval to begin production.
August 1, 2003... Byline: LIBN Staff Pharmaceuticals company BioSpecifics Technologies Corp. announced that the U.S. Food and Drug Administration has given the go-ahead to begin production of its main product after a more than two-year hiatus.Without the...

Long Island Technology Briefs: August 1, 2003.
August 1, 2003... Byline: Ken Schachter Investors looking to make big profits out of small science should look at Veeco Instruments (Nasdaq: VECO), according to the Forbes/Wolfe Nanotech Report newsletter.The Woodbury company, which makes equipment for the...

Long Island Legal Briefs: August 1, 2003.
August 1, 2003... Byline: Rosmaria Mancini Responses to unwanted e-mail spam are moving forward on several fronts, Jonathon Ezor of the Touro Institute for Business Law & Technology told Long Island tech executives last week.While filtering software to...

C&W finds office rental rates rising, vacancies down.
August 1, 2003... Byline: LIBN Staff For the first time since early 2000, office vacancy rates declined and asking rents increased in the second quarter, according to Cushman & Wakefield.The overall vacancy rate dropped to 14.9 percent from 15.1 percent...

Long Island Real Estate Briefs: August 1, 2003.
August 1, 2003... Byline: Nick Anastasi Sales of existing single family homes on Long Island declined in June in year-over-year comparisons, according to the Albany-based New York State Association of Realtors. In Nassau, NYSAR reported the sale of 738...

Long Island Financial Briefs August 1, 2003.
August 1, 2003... Byline: Ben Abelson In an attempt to boost its profile and diversify its appeal, the Long Island Venture Group has hired new management.Westchester-based CINN Worldwide will now handle the marketing and promotion for the group, as well as...

Rockville Center ad agency uses mergers to enhance and diversify client services.
August 1, 2003... Byline: Adina Genn As John Harrison, CEO of the Rockville Centre ad agency Harrison Leifer DiMarco, tells it, the firm's expansion is part of an overall vision: Continue searching for other agencies and people who will bring the resources...

Long Island Entrepreneurial Briefs: August 1, 2003.
August 1, 2003... Byline: Adina Genn Richard Flint is bringing to the public what his family has until recently shared only with their inner circle - natural spring water from the Green Mountains of Vermont. According to Flint, the springs were discovered...

Smithtown-based Ramp Hummer announces hiring of service advisor and technician.
August 1, 2003... Byline: LIBN Staff Ramp Hummer of Smithtown hired Robert Fahey and Jan Sanchez.Fahey, of Middle Island, joined Ramp as a service advisor. He has more than 14 years of experience in the automotive industry, including seven with the Hummer...

Bank of Smithtown elects Hyukkum Kwon to board of directors.
August 1, 2003... Byline: LIBN Staff Hyukmun (Huck) Kwon was elected to the board of directors of Bank of Smithtown.Kwon, of Setauket, is the owner and operator of Sunrise Golf in Smithtown.

Tri-County Home Nursing Services exec. director recognized.
August 1, 2003... Byline: LIBN Staff Taniella Jo Harrison, executive director of Tri-County Home Nursing Services in Westbury, was named one of The Network Journal's Top "40-Under-40" for 2003. Harrison is responsible for the fiscal and operational...

Long Island law firms announce staffing changes: August 1, 2003.
August 1, 2003... Byline: LIBN Staff Ruskin Moscou Faltischek in Uniondale named Shalini Vohra and Shalu Rastogi to its financial services, banking and bankruptcy department.The firm also hired Michael DiOrio to the firm's trusts and estates...

Long Island nonprofits announce staffing changes: August 1, 2003.
August 1, 2003... Byline: LIBN Staff Esther Bevers-Ng joined the American Red Cross in Nassau County as the new director of emergency services. She is assigned to ARC/Nassau's Mineola headquarters and will oversee disaster response and education, volunteer...

Long Island real estate firms announce staffing changes: August 1, 2003.
August 1, 2003... Byline: LIBN Staff Kathy Engel joined RE/MAX Elite in Oceanside and Malverne as general manager. Engel will be responsible for the real estate needs of consumers across the South Shore of Nassau County. She has been a licensed broker for...

Long Island Marketing Briefs August 1, 2003.
August 1, 2003... Byline: Claude Solnik New York state's aviation museums are flying together in a new marketing formation. Empire State Development Corp., which runs the state's "I Love New York" campaign, has launched a Celebrate Flight Passport program...

Long Island Medical Briefs: August 1, 2003.
August 1, 2003... Byline: Claude Solnik With annual double digit rises in health care rates, it looks as if more small companies are simply opting out, according to a recent survey.The survey by Marsh found that 62 percent of employers with 10 to 49...

Long Island Non-profit Briefs: August 1, 2003.
August 1, 2003... Byline: Ken Cerini Concert raises $2M for marine scholarshipsJimmy Buffet and the Coral Reefer Band, who headlined the annual "All for the Sea" benefit concert at Southampton College last month, raised $2 million for marine science...

Big Brothers Big Sisters of Long Island needs more volunteers to mentor children.
August 1, 2003... Byline: Ken Cerini Time and time again we see children who have enormous potential, but do not excel because they've gotten involved with the wrong crowd or made a poor decision that had far reaching ramifications in their life. If only...

Profile of Sandy Binder, North Shore luxury home broker for Greenvale-based Century 21.
August 1, 2003... Byline: Lisa Josefak Sandy Binder joined Century 21 Laffey Associates, Fine Home & Estates in Greenvale as executive vice president.Binder, who has 26 years of experience as a broker of luxury homes on the North Shore, will head the...

Commentary: The trend by the White House and Congress to overrule regulators is scary!
August 1, 2003... Byline: LIBN Staff The White House and Congress have a long history of usurping regulators. They always intervene in the name of legitimate oversight, but increasingly their actions look like crass political interference.Sometimes it's...

Commentary: Voodoo economics tugging at Bush.
August 1, 2003... Byline: Martin Cantor More than 2 million Americans have lost their jobs since President Bush took office in January 2001, and the domestic economy is drifting aimlessly toward the next presidential election. Once again, the president has...

Commentary: Collect tolls on the East River bridges.
August 1, 2003... Byline: John Kiernan Since 1973, when the first Clean Air Act implementation goals were first discussed, establishing tolls on the East River bridges has been a serious topic. In the mid 1970s, there were several proposals to put tolls on...

Commentary: Give summer movies a C, California an F.
August 1, 2003... Byline: Jerry Kremer Today there is a rating for everything. Movie ratings get a lot of attention. Baseball batting averages are hotly debated at Sunday picnics. Consumer groups rate the best cars. The stock market is measured by the Dow...

Many LI banks creating employee incentive programs to recruit employees and increase productivity.
August 1, 2003... Byline: Ben Abelson Phyllis Marino recently took a walk down the red carpet. And the moment, she said, was everything she had dreamed it would be. "It's like you are lifted out of your day-to-day world into a very special environment,"...

Interest-only mortgage sparks interest among Long Island's high income earners.
August 1, 2003... Byline: Ben Abelson High income earners and corporate up-and-comers on Long Island have begun taking advantage of a new mortgage product to help them afford larger houses, while keeping their own assets fairly liquid.Astoria Federal...

Arrow Electronics to close Yaphank distribution facility; 100 workers will lose jobs.
August 1, 2003... Byline: LIBN Staff In an effort to cut costs, Arrow Electronics is closing a major distribution center in Yaphank and laying off an estimated 100 workers.Customers of the roughly 100,000-square-foot Yaphank center will be served by a newer...

Islandia-based Computer Associates posts unexpected first-quarter profit and shares soar.
August 1, 2003... Byline: LIBN Staff Shares of Computer Associates (NYSE: CA) leaped $3.67, or 16.5 percent, to $25.91 in Thursday afternoon trading after the software maker posted an unexpected first-quarter profit and lifted its earnings guidance for...

Melville-based American Home Mortgage reports quadrupled second-quarter profit.
August 1, 2003... Byline: LIBN Staff American Home Mortgage Holdings (Nasdaqy:AHMH) Thursday reported that its second-quarter profit quadrupled, thanks to a drop in interest rates that spurred mortgage originations.Net income soared to $26.9 million from...

New Hyde Park-based Friedman, Billings, Ramsey picking up Kimco Realty and Simon Property Group.
August 1, 2003... Byline: LIBN Staff Investment bank Friedman, Billings, Ramsey Group Inc. Thursday initiated coverage of Kimco Realty Corp. (NYSE: KIM) and Simon Property Group (NYSE: SPG) at outperform.The company said the coverage is being led by Paul...

Weight Watchers items slated for Applebee's menu.
August 1, 2003... Byline: LIBN Staff Items branded under the Weight Watchers International name will be added to the menu of Applebee's International, according to an agreement announced by the companies."Although you can eat any food on the Weight Watchers...

Carle Place-based DHB Industries earnings fall; shares slide.
August 1, 2003... Byline: LIBN Staff Shares of DHB Industries Inc. (Amex: DHB) skidded 31 cents, or 7 percent, to $4.13 in Friday afternoon trading after the maker of body armor posted second quarter net income of $4.1 million, or 9 cents per diluted share,...

Melville-based FalconStor raises revenues and narrows loss.
August 1, 2003... Byline: LIBN Staff FalconStor Software Inc. (Nasdaq: FALC) posted second quarter revenues of $4.1 million, a 72 percent increase compared with the $2.4 million in the year-ago period and 11 percent rise sequentially.The company's net loss...

Nasdaq gives Glen Cove-based Acclaim Entertainment more time to comply with listing qualifications.
August 1, 2003... Byline: LIBN Staff Computer game maker Acclaim Entertainment Inc. (Nasdaq: AKLM) said Monday that the Nasdaq Stock Market granted it a 180-day extension to comply with the $1 price per share requirement for listing on its SmallCap...

Bethpage-based Cablevision Systems signs distribution deal for its Mag Rack service.
August 1, 2003... Byline: LIBN Staff The Rainbow Media unit of Cablevision Systems (NYSE: CVC) has announced a distribution deal for its Mag Rack video-on-demand service with No. 8 cable operator Mediacom Communications. Under the multi-year deal, Mediacom,...

Synergx Systems splits stock.
August 1, 2003... Byline: LIBN Staff A 2-for-1 split of Synergx Systems Inc. (NasdaqSC: SYNX) took effect before the start of trading Monday.On July 7, the company announced that its board of directors has declared a 2-for-1 split of its outstanding common...

Comtech takes business to the WiMax.
August 1, 2003... Byline: LIBN Staff Telecom equipment supplier Comtech Telecommunications Corp. (Nasdaq: CMTL) on Tuesday said its Pullman, Wash.-based subsidiary Comtech AHA Corp. has joined the Worldwide Interoperability for Microwave Access Forum. WiMAX...

Verizon back in black, still in talks with unions.
August 1, 2003... Byline: LIBN Staff Verizon Communications Inc. reversed a $2.1 billion loss in the second quarter last year to report a profit of $338 million and said it was "hopeful" that it will reach a new contract with its unions within...

Veeco shares slide on disappointing bookings.
August 1, 2003... Byline: LIBN Staff Shares of Veeco Instruments Inc. (Nasdaq: VECO) fell $1.38, or 6.7 percent, to $19.12 after the maker of semiconductor equipment reported second-quarter earnings that were in line with expectations, but bookings that...

Long Island Financial Briefs: August 1, 2003.
August 1, 2003... Byline: Ben Abelson In an attempt to boost its profile and diversify its appeal, the Long Island Venture Group has hired new management. Westchester-based CINN Worldwide will now handle the marketing and promotion for the group, as...

Long Island Legal Briefs: August 1, 2003.
August 1, 2003... Byline: Long Island Business News Staff Responses to unwanted e-mail spam are moving forward on several fronts, Jonathon Ezor of the Touro Institute for Business Law & Technology told Long Island tech executives last week. While...

EDO Corp.'s chief elusive on relocation.
August 8, 2003... Byline: Ken Schachter EDO Corp.'s Deer Park operations are "not going to Chattanooga," quipped James Smith, but the chief executive of the Manhattan-based defense contractor remained elusive on the company's "two or three options" for...

Refi boom is over, say economists.
August 8, 2003... Byline: Ben Abelson All good things must end, and experts say that time has finally come for the refi industry.As interest rates have skyrocketed over the past two months, many homeowners that missed the boat on refinancing at historically...

Former Globecomm Systems exec. develops breast cancer detection technology.
August 8, 2003... Byline: Claude Solnik A co-founder of Globecomm Systems Inc., who once developed products to send telecom signals around the world has gone on to create a device that uses infrared technology to detect often infinitesimal breast cancer...

Thriving medical suppliers on acquisition spree.
August 8, 2003... Byline: Claude Solnik While most hospitals have already consolidated into large systems on Long Island, a trio of medical supply and service companies here have been quietly snapping up firms in another consolidation wave.The takeovers are...

Developer in contract to buy facility from Touro College.
August 8, 2003... Byline: Rosmaria Mancini Touro College's Jacob B. Fuchsberg Law Center is in contract to sell its 120,000-square-foot facility on 11 acres to developer Jerald Gorelick. Gorelick, who heads Daremy Enterprises in Holtsville, declined to...

Honda quits lease financing in state.
August 8, 2003... Byline: Rosmaria Mancini The auto leasing business on Long Island took another hit recently when American Honda Finance Corp. suspended lease financing in New York.Following the examples set by the auto finance arms of General Motors and...

Signature Bank's new senior VP considers herself 'old-fashioned'.
August 8, 2003... Byline: Ben Abelson Janice Ashley describes herself as an "old-fashioned" woman, but she doesn't necessarily evoke images of June Cleaver. A single mother raising a 16-year-old son, she has risen through the ranks to a high-level position...

AVR Realty buys Southampton farm.
August 8, 2003... Byline: Nick Anastasi AVR Realty, a Yonkers-based real estate development firm, has acquired the 55-acre Rosco Farm, where the company plans to build 28 single family homes.AVR acquired the land, located about one mile west of the...

Long Island accounting firm battles former audit client.
August 8, 2003... Byline: Ben Abelson A dispute between an area accounting firm and one of its former public audit clients has emerged in a series of scathing Securities and Exchange Commission filings, with each party accusing the other of serious ethical...

Interworks Systems files for Chapter 11.
August 8, 2003... Byline: Claude Solnik After expanding into telecom equipment sales and the Internet services, Interworks Systems Inc. has closed those operations to focus on its core business of installing cable for businesses' data and voice needs.The...

Sen. Hillary Clinton to speak at Northrop Grumman expo.
August 8, 2003... Byline: LIBN Staff Seizing on the momentum of recent contract wins, including a $1.9 billion deal for the Advanced Hawkeye E-2C, Northrop Grumman's Integrated Systems unit is putting on the Ritz.In a Technology Day Sept. 8, the unit will...

Army Corps of Engineers holds public hearing on cross-Sound pipeline.
August 8, 2003... Byline: LIBN Staff The Army Corps of Engineers recently held a public hearing in Branford, Conn., on Islander East's continuing efforts build a cross-Sound pipeline. Connecticut Attorney General Richard Blumenthal in the auditorium of...

Long Islanders devise patent-pending anti-spam weapon.
August 8, 2003... Byline: Ken Schachter As spam proliferates and eats into productivity worldwide, a Long Island company has come up with a tool that rids inboxes of much of the most offensive e-mail.The idea is disarmingly simple.Bohemia-based Future...

Workers Org. for Retarded Children & Adults acquires Franklin Avenue site for $4.2M.
August 8, 2003... Byline: Nick Anastasi Prism Venture Partners has sold a 24,000-square-foot office facility at 1501 Franklin Ave. to the Workers Organization for Retarded Children & Adults for $4.2 million. The building came on the market late last year,...

Long Island towns crackdown on illegal apartments.
August 8, 2003... Byline: Rosmaria Mancini In Huntington, residents call a special hotline run by the department of public safety. In Brookhaven, investigators check for unusually high numbers of residents at suspected homes. And in Islip, complaints from...

Spectrum Communities, Engel Burman Senior Housing form joint venture.
August 8, 2003... Byline: Nick Anastasi Engel Burman Senior Housing has taken on a joint venture partner, Spectrum Communities, to complete its planned and approved 240-unit senior living complex on 78 acres.The two have formed Encore Atlantic Shores, which...

1996: Metro Transit Authority proposes connecting LI Rail Road with Manhattan's east side.
August 8, 2003... Byline: Natalie Canavor In 1996, the Metropolitan Transit Authority, which runs the Long Island Rail Road, proposed to connect the LIRR directly with Manhattan's east side, a long-held but seemingly impossible dream. Today ESA, the East...

Long Island Technology Briefs August 8, 2003.
August 8, 2003... Byline: Ken Schachter More than 200 students left high and dry with the closing of the Hendriks Institute on July 7 have found a haven at New Horizons Computer Learning Center of Long Island, according to Stuart Tenzer, owner of a New...

Long Island Legal Briefs August 8, 2003.
August 8, 2003... Byline: Rosmaria Mancini The Fund for Modern Courts, a nonpartisan court reform group, has called on political parties throughout the state to implement a series of changes to the judicial election process.The group identified three broad...

Oheka Castle adding new meeting room.
August 8, 2003... Byline: Nick Anastasi Apparently, 109,000 square feet just weren't enough at the Oheka Castle in Cold Spring Hills. The historic mansion is expanding its hotel and events center with the addition of a new conference and meeting room. The...

CPA firm closes on land for HQ.
August 8, 2003... Byline: Nick Anastasi The certified public accounting firm of Coughlin Foundotos Cullen and Danowski has closed on the purchase of 3.4 acres of raw land along Route 112, where it plans to build a 12,000-square-foot office building that...

Long Island Real Estate Briefs August 8, 2003.
August 8, 2003... Byline: Nick Anastasi The Woodbury-based engineering firm Dvirka & Bartilucci has been awarded a $256,910 contract by Empire State Development Corp. to conduct 100 pollution prevention assessments in the greater New York metropolitan area,...

Long Island Financial Briefs August 8, 2003.
August 8, 2003... Byline: Ben Abelson News flash - corporate executives don't like the Sarbanes-Oxley Act.Only 30 percent of executives at U.S. multinational companies viewed the legislation favorably, according to a recently released PricewaterhouseCoopers...

New franchises seek success in the quick and casual.
August 8, 2003... Byline: Adina Genn In the world of restaurant franchising, the buzz is "quick casual." That's where customers stand on line for fare that's perceivably better than fast food. On Long Island, two new franchises, Panera Bread bakery-cafe and...