LI Business News articles from March 2006

LI Business News archives from March 2006

Delta Financial Corp. profit balloons.
March 1, 2006... Byline: Claude Solnik Delta Financial Corp. today reported fourth-quarter profit rocketed to $5.7 million after it nearly doubled its loan originations.The finance company's fourth-quarter profit represented an exponential jump over last...

Long Island-based Symbol Technologies wins patent disputes.
March 1, 2006... Byline: Claude Solnik In its second multi-million-dollar patent victory in two days, Symbol Technologies Inc. Wednesday said a federal judge upheld a $13.4 million arbitration award against Metrologic Instruments Inc. regarding patent...

Cross Sound Cable sold to Australian firm.
March 1, 2006... Byline: Jeremy Harrell Australian firm Babcock & Brown Infrastructure on Tuesday closed a $213 million deal to buy the Cross Sound Cable.The purchase changes ownership of a sizeable source of the Long Island Power Authority's electrical...

Nathan's Famous Inc. to acquire Arthur Treacher's Fish & Chips brand.
March 2, 2006... Byline: Claude Solnik Nathan's Famous Inc. today said it reached a deal to acquire the Arthur Treacher's Fish & Chips brand from TruFoods Systems Inc. for $1,250,000.Nathan's, in a Securities and Exchange Filing, today said its NF...

Suffolk planning department names Meek Gallagher deputy.
March 2, 2006... Byline: Jeremy Harrell Carrie Meek Gallagher, who has been informing political leaders for years about Long Island's most pressing issues, now has the chance to be a leader herself.The former director of the Long Island Index on May 1 will...

Westbury-based Lifetime Brands' profit, sales up.
March 2, 2006... Byline: Jeremy Harrell Lifetime Brands announced Thursday a 28 percent quarterly profit boost driven by a near doubling of sales.The Westbury-based maker of KitchenAid, Farberware and other brands posted a fourth-quarter profit of $7.2...

Long Island-based Reckson Associates Realty Corp.'s stock rebounds.
March 2, 2006... Byline: Dawn Wotapka Hardesty Reckson Associates Realty Corp.'s shares fell in morning trading Thursday, after the REIT released reported fourth-quarter funds from operations of $27.4 million, or 32 cents per share, compared with $35.3...

Nastech shares tank upon decision to halt weight fighting hormone development.
March 2, 2006... Byline: Jean Paul Vellotti Nastech Pharmaceutical Co. shares plummeted 36 percent Thursday on Merck & Co.'s decision to halt the development of PYY3-36, Nastech's weight fighting hormone. Two hours after the market opened, Nastech's (NYSE:...

New York considers looking to private sector to fund public transportation projects.
March 3, 2006... Byline: Jeremy Harrell How about the Trumpen Zee Bridge? Or the Wang Island Rail Road?It may sound outlandish, but New York might not be too far away from the day when the private industry icons own state bridges, toll roads and mass...

Town takes on Riverhead makeover.
March 3, 2006... Byline: Dawn Wotapka Hardesty Riverhead officials have spent 18 years cobbling together grants and projects to revive a downtown that all but ignores the Peconic River.The work sparked a popular aquarium, park restorations and an expanded...

Nastech Pharmaceutical takes aim at bird flu.
March 3, 2006... Byline: Jean Paul Vellotti When the Spanish flu pandemic of 1918 hit Long Island, residents of Stony Brook transformed West Meadow beach, then an empty spit of land, into a community of cottages isolated from the infectious mainland.Last...

Nassau County audit chief shifts to social services.
March 3, 2006... Byline: David Reich-Hale The audit chief who headed Nassau Comptroller Howard Weitzman's headline-grabbing investigations into the county's sanitation and sewer districts has moved on.Manny Mosquera, who served as deputy comptroller under...

Sterling American Property to buy five Long Island office buildings.
March 3, 2006... Byline: Dawn Wotapka Hardesty Mets principal Fred Wilpon must like Long Island.Just three months after closing on the seven-building Blumenfeld portfolio, Sterling American Property Inc., co-founded by Wilpon, is poised to buy five office...

Development VP discusses NY state's decision to back out of mixed-use deal.
March 3, 2006... Byline: Dawn Wotapka Hardesty Faced with stiff community opposition, New York state dropped plans in January to have Cherokee Arker build a mixed-use development at the former Kings Park Psychiatric Center, sparking a lawsuit by the company...

More companies see need for chief security officers.
March 3, 2006... Byline: Jean Paul Vellotti It just might be the most important job you never heard of. Chief security officers, CSOs for short, are starting to take their roles throughout major companies across America. But what has become a national...

Nassau County working to reinstitute expired hotel tax.
March 3, 2006... Byline: LIBN Staff At last, the Long Island Convention and Visitors Bureau is in line get its money from Nassau County.Lawmakers are putting the finishing touches on restarting an expired tax on overnight stays at Nassau hotels. The tax...

Suffolk County Sewer Agency puts proposed Tanger outlet mall on hold.
March 3, 2006... Byline: LIBN Staff The proposed Tanger outlet mall in Deer Park is on hold. The Suffolk County Sewer Agency voted to table the issue for further review until March 20, said Suffolk Legis. Steven Stern.It's not a "significant amount of...

Shares of Long Island-based Symbol Technologies down 13%.
March 3, 2006... Byline: LIBN Staff Shares of Symbol Technologies Inc. (NYSE: SBL) tumbled 13 percent over the week ended Feb. 24 after the firm reported lower fourth-quarter earnings and sales. The Holtsville-based maker of bar code and wireless devices...

Commentary: With Naussau County exec. running for governor, what now for New Suburbia?
March 3, 2006... Now that Nassau County Executive Tom Suozzi has officially thrown his hat in the ring against Attorney General Eliot Spitzer, his brawl to win the Democratic ticket in the gubernatorial race will no doubt soak up much of his energy. From Sunday...

Commentary: Tin ear, hubris forces White House's port misjudgment.
March 3, 2006... Byline: Alfonse D'Amato It has been said before that in the second term of a presidential administration some staff members of the White House begin to lose their focus. Yet in an era when this nation faces unprecedented threats and...

Commentary: President Bush has done it all - now he should go away.
March 3, 2006... Byline: Jerry Kremer The U.S. Constitution is a wonderful document. The only thing missing is the early retirement of presidents.There is no doubt that by conservative standards, President George W. Bush has accomplished everything he has...

Commentary: How Long Island compares to other communities.
March 3, 2006... Byline: Carrie Meek Gallagher Comparing ourselves to others must be part of human nature. Think of kids comparing their dads. This year's Long Island Index devoted more space than in years past to comparisons between Long Island and our...

Long Island Financial Briefs: March 3, 2006.
March 3, 2006... Byline: David Reich-Hale Financial planning comes down to numbersHere's an alarming financial nugget: nearly 20 percent of people questioned for a Consumer Federation of America and Financial Planning Association survey say their best hope...

New technology brings new meaning to direct marketing.
March 3, 2006... Byline: Jean Paul Vellotti If your e-media marketing plan includes sending out e-mail blasts, consider yourself old-fashioned. In fact, with the range of media options today to deliver content, you might even be a dinosaur.But don't fear....

Long Island Real Estate Briefs: March 3, 2006.
March 3, 2006... Byline: Dawn Wotapka Hardesty For supplements firm, Coram is a natural fitWhen it comes to nutritional supplements on Long Island, NBTY also called Nature's Bounty is practically a household name. The Bohemia-based company that markets...

Long Island Legal Briefs: March 3, 2006.
March 3, 2006... Byline: Jeremy Harrell Law demands LLCs post their Top 10 listsGov. George Pataki made a U-turn last month and signed a bill he'd twice vetoed requiring LLCs to publish the names of the 10 people with the "most valuable interests" in the...

Long Island Medical Briefs: March 3, 2006.
March 3, 2006... Byline: Claude Solnik Battle erupts over Pataki's $200 million planA board member of a charitable foundation created to help the uninsured says he'll block the governor's plan to use $160 million from the fund for biotechnology...

Copiague man finds joy building custom guitars.
March 3, 2006... Byline: Adina Genn Cristian Mirabella had a passion for guitars. He loved restoring and building them. He worked for a company that did just that, but it went out of business in 1996. So Mirabella had a decision to make.He made one: he...

Long Island company's online coffee sales leads to charitable giving.
March 3, 2006... Byline: Adina Genn Charities are always looking for new ways to attract donors. Rich Nicklas says his company, Laurel Hollow-based La Reserve Coffee, can help. The company, which sells gourmet coffees, premium teas, sweets and related...

Literacy Nassau is driving force behind improving literacy skills of adults.
March 3, 2006... Byline: Ken Cerini Sesame Street, Reading Rainbow, Barney and Mr. Rogers' Neighborhood are all TV shows designed to enhance literacy and learning in children. Nursery schools and pre-K classes are filled with children experiencing the joys...

Long Island Nonprofit Briefs: March 3, 2006.
March 3, 2006... Byline: Henry E. Powderly II Show your workThe East End Arts Council is currently accepting submissions for its juried art show, REFLECTIONS, which will run from March 31 until May 6. The EEAC will accept submissions of video, sculpture,...

How to ... Choose a private banker.
March 3, 2006... Byline: Bernadette Starzee As the rich get richer, protecting and growing their assets becomes a bigger job. Fortunately, many banks have private banking departments that are clamoring to do it for them. The private banker you choose...

Setauket-based William F. Collins Architects names new associate.
March 3, 2006... Byline: Henry E. Powderly II Paul K. Gartelmann was named an associate in the Setauket-based architectural firm William F. Collins Architects. He has been with the firm for five years.Gartelmann has worked on many projects with William F....

Many Long Island attorneys leaving firms to become in-house counsel.
March 3, 2006... Byline: Claude Solnik For three years, Eileen Breslin gave legal advice on contracts and transactions to the huge nutritional corporation NBTY Inc.She did that as a partner at Jaspan Schlesinger Hoffman.She still does that. Only now, she...

Technology changes courtrooms, as juries take the bait.
March 3, 2006... Byline: Claude Solnik Kevin Fox's skills as a lawyer helped him win a $213 million verdict in 2005 in a medical malpractice case. But the partner at Russo, Fox & Karl in Hauppauge admits technology was on his side.Computer screens set up...

Compliance officers take their place in legal landscape.
March 3, 2006... Byline: Claude Solnik Patrick Gnazzo arrived at CA a little over a year ago, becoming the company's first chief compliance office as part of a deferred prosecution agreement under which the firm averted prosecution for possible misdeeds of...

Mock juries offer a scrimmage or a trial run for savvy lawyers.
March 3, 2006... Byline: Claude Solnik Call it a tale of two trials.When John P. McEntee was trying a breach of contract case in 2003 involving a Fortune 500 company, he received a verdict even before the trial started. But then that's not as unusual as it...

After gear switch, attorney Kenneth Faltischek loves in-house life.
March 3, 2006... Byline: Claude Solnik Officially, he's general counsel at Bert Brodsky's data processing company based in Port Washington. But Kenneth Faltischek also provides a wide range of counsel to entrepreneur Brodsky on business matters. The one...

Uniondale-based Summit Security Services names controller.
March 3, 2006... Byline: Henry E. Powderly II Uniondale-based Summit Security Services named Francine Mambuca controller. Mambuca, a certified public accountant, had been corporate controller at Infohighway Communications Corp.

Coram-based Modern Comfort Pools receives design awards.
March 3, 2006... Byline: Henry E. Powderly II Coram-based Modern Comfort Pools received three design awards from the Northeast Spa and Pool Association in the Residential Vinyl-Lined Pools Traditional, Residential Vinyl-Lined Pools Geometric and the...

Valley Stream-based Sutton Alliance names account executive.
March 3, 2006... Byline: Henry E. Powderly II Valley Stream-based Sutton Alliance named Ari Pfeffer an account executive. He had been a sales staff manager at State of Israel Bonds.

Long Island nonprofits announce awards, staffing changes: March 3, 2006.
March 3, 2006... Byline: Henry E. Powderly II The Long Island Fund for Women and Girls named the following people to its board of dirtectors: Clare Cuniffe, manager of the financial services group at CA Inc.; Maria A. Grasso, senior vice president of Bank...

Long Island-based Case Closure adds to firm.
March 3, 2006... Byline: Henry E. Powderly II Great Neck-based Case Closure named Robert Lewis to the firm. He is a retired co-founder of law firm Jackson Lewis.

Long Island medical facilities announce staffing changes: March 3, 2006.
March 3, 2006... Byline: Henry E. Powderly II Southampton Hospital named David M. Kirshy president of its medical staff. Kirshy is a radiologist at the hospital.Southampton Hospital also named George D. Keckeisen, a surgeon, vice president of its staff and...

HSBC of Long Island names corporate sales manager.
March 3, 2006... Byline: Henry E. Powderly II Melville-based HSBC of Long Island named Denise Gang corporate sales officer. She will implement HSBC's Bank at Work program in Nassau County. Gang had been a relationship manager at Citibank.HSBC also named...

Long Island schools announce staffing changes, awards: March 3, 2006.
March 3, 2006... Byline: Henry E. Powderly II St. Josephs College won a Merit Award at the Annual Admissions Advertising Awards for its "Watch What Happens" campaign. The competition is sponsored by trade magazine Admissions Marketing Report.Dowling...

Harrison Leifer DiMarco VP named one of Long Island's Top Twenty Techies.
March 3, 2006... Byline: Henry E. Powderly II Greg Rohman, vice president director of infrastructure services for marketing firm Harrison Leifer DiMarco, was named one of Long Island's Top Twenty Techies by the Long Island Software & Technology Network.

NY-based KPMG names six partners, one principal to firm.
March 3, 2006... Byline: Henry E. Powderly II New York-based KPMG named six partners and one principal to its firm.The partners are: Frank Albarella, from Commack; Tracy S. Bernard; Jeffery L. Hecht, from Jericho; Joseph C. Macina, from Babylon; Michael F....

American Stock Exchanges approves furniture retailer Jennifer Convertibles plan.
March 6, 2006... Byline: Claude Solnik Furniture retailer Jennifer Convertibles Inc. Monday said that the American Stock Exchange approved its plan to meet listing requirements and gave the company until July 5, 2007 to comply."The company expects to be in...

OSI Pharmaceuticals gains on stock upgrade.
March 6, 2006... Byline: Henry E. Powderly II Shares of OSI Pharmaceuticals picked up $1.19 per share after investment group Bear Stearns upgraded the biotech stock from "peer perform" to "outperform."OSI (Nasdaq: OSIP) shares rose 4 percent to $31.76 in...

Suffolk County, NY state environmental requlators reach pesticides deal.
March 6, 2006... Byline: Jeremy Harrell State environmental regulators and the Suffolk County soil and conservation district announced a plan Monday to create locations to collect pesticides for reuse or proper disposal.Denise Sheehan, commissioner of the...

Deepdale Golf Club on Long Island fights annexation.
March 7, 2006... Byline: Dawn Wotapka Hardesty Deepdale Golf Club is a private 175-acre golf course. And it wants it to stay that way.Deepdale attorneys filed federal and state lawsuits Tuesday to prevent the Village of North Hills from seizing the...

Manhattan-based Apollo Real Estate Advisors to buy former Woolworth building in downtown Riverhead.
March 7, 2006... Byline: Dawn Wotapka Hardesty Apollo Real Estate Advisors must be confident.The Manhattan developer inked a contract to buy the former Woolworth building on 126-138 East Main Street in downtown Riverhead, said two sources close to the...

Melville accounting firm Marcum & Kleigman to sponsor Workplace Challenge.
March 7, 2006... Byline: Henry E. Powderly II For 20 years, JPMorgan Chase ran the Corporate Challenge, a weekend race for serious runners and laid-back lopers alike. But after the bank announced it would no longer sponsor the event in 2006, Melville...

Computer Associates buys Brisbane, Calif.-based diagnostic software maker Wily Technology.
March 7, 2006... Byline: Jean Paul Vellotti In a $375 million all-cash transaction, CA on Tuesday bought Brisbane, Calif.-based diagnostic software maker Wily Technology with plans to integrate the software into existing CA products.CA announced that their...

Denmark hospital taps Symbol Technologies.
March 7, 2006... Byline: Claude Solnik Symbol Technologies Inc. today said that Frederiksberg Hospital in Copenhagen, Denmark, selected its technology to create a wireless system for managing medications.The firm, which didn't give a value to the deal,...

Deepdale Golf Club on Long Island fights annexation.
March 8, 2006... Byline: Dawn Wotapka Hardesty Deepdale Golf Club is a private 175-acre golf course. And it wants it to stay that way.Deepdale attorneys filed federal and state lawsuits Tuesday to prevent the Village of North Hills from seizing the property...

Manhattan-based Apollo Real Estate Advisors to buy former Woolworth building in downtown Riverhead.
March 8, 2006... Byline: Dawn Wotapka Hardesty Apollo Real Estate Advisors must be confident.The Manhattan developer inked a contract to buy the former Woolworth building on 126-138 East Main Street in downtown Riverhead, said two sources close to the...

Melville accounting firm Marcum & Kleigman to sponsor Workplace Challenge.
March 8, 2006... Byline: Henry E. Powderly II For 20 years, JPMorgan Chase ran the Corporate Challenge, a weekend race for serious runners and laid-back lopers alike. But after the bank announced it would no longer sponsor the event in 2006, Melville...

Computer Associates buys Brisbane, Calif.-based diagnostic software maker Wily Technology.
March 8, 2006... Byline: Jean Paul Vellotti In a $375 million all-cash transaction, CA on Tuesday bought Brisbane, Calif.-based diagnostic software maker Wily Technology with plans to integrate the software into existing CA products.CA announced that their...

Denmark hospital taps Symbol Technologies.
March 8, 2006... Byline: Claude Solnik Symbol Technologies Inc. today said that Frederiksberg Hospital in Copenhagen, Denmark, selected its technology to create a wireless system for managing medications.The firm, which didn't give a value to the deal,...

Islip Town Supervisor Peter McGowan resigns, pleads guilty.
March 9, 2006... Byline: Jeremy Harrell The empire that Islip Town Supervisor Peter McGowan spent two decades building crumbled during a 20-minute court hearing in Riverhead Thursday.Less than six hours after resigning his office, McGowan pleaded guilty to...

Homeland security hub planned for Long Island.
March 9, 2006... Byline: Jean Paul Vellotti Long Island's safety increased Thursday with the announcement of a $190 million Homeland Security Center of Excellence to be built adjacent to Northrop Grumman Corp. on current U.S. Navy property. The five acres...

Scott Rechler pitches a new Hub plan to Nassau officials.
March 9, 2006... Byline: Dawn Wotapka Hardesty Scott Rechler's been perfecting his pitch.In a meeting with Nassau officials later today, the president and CEO of Reckson will demonstrate just how much he and Charles Wang, cofounder of Computer Associates,...

Downgrade plagues MSC Industrial Direct Co.
March 9, 2006... Byline: Claude Solnik Shares of MSC Industrial Direct Co. fell $4.52 or nearly 10 percent in heavy trading to $42.95 after a Merrill Lynch analyst downgraded the stock to "neutral" from "buy."Analyst John G. Inch in his report said that...

Hi-Tech Pharmacal shares up 13 percent after 52 percent jump in third-quarter profit.
March 9, 2006... Byline: Claude Solnik Shares of Hi-Tech Pharmacal Co. Inc. jumped 13 percent Thursday after the firm reported a 52 percent jump in third-quarter profit.Hi-Tech (Nasdaq: HITK ) stock gained $3.08 to $27.06 in afternoon trading. Its reported...

Orbit shares slide after fourth-quarter net income report.
March 9, 2006... Byline: Claude Solnik Shares of electronics manufacturer Orbit International Corp. tumbled 9.5 percent after the firm reported fourth-quarter net income edged up to $459,000 from $420,000.But earnings for share actually slipped from 11...

Frequency Electronics ekes out a profit for third quarter.
March 9, 2006... Byline: Claude Solnik Frequency Electronics Inc. bounced back into the black, reporting $1.3 million third-quarter net income up from a $368,000 loss a year ago.Third-quarter revenue jumped 35 percent to $15.1 million.Chairman of the Board...

Overflow Inc. lets firms send calls from flooded customer service lines into someone's home.
March 10, 2006... Byline: Dawn Wotapka Hardesty The customer wants a refrigerator, so he calls an appliance retailer for details.On the other end is a service rep who fields a barrage of questions. "Are you looking for a particular brand?" the rep asks. "I...

KeySpan CEO Robert B. Catell to leave the top executive position a very wealthy man.
March 10, 2006... Byline: Jean Paul Vellotti On Long Island, energy surcharges don't affect everyone equally.KeySpan Chairman and Chief Executive Officer Robert B. Catell, who spearheaded the $7.3 billion merger with National Grid, will leave the top...

Local 100 of Unite Here uses controversial tool to unionize a Long Island cafeteria contractor.
March 10, 2006... Byline: Jeremy Harrell The food-service workers union is employing an increasingly common, and controversial, tool in its effort to unionize a Long Island cafeteria contractor.Local 100 of Unite Here, a combination of the historically...

Long Island schools turn to lobbyists for help.
March 10, 2006... Byline: Dawn Wotapka Hardesty The Three Village School District is bringing in a hired gun to wring more state aid from Albany.The district's board has voted unanimously to pay former Assemblyman Jerry Kremer $25,000 to lobby legislators...

Interview with Eddie Westfall, consumer relations specialist with State Bank of Long Island.
March 10, 2006... Byline: David Reich-Hale Eddie Westfall, 66, spent seven years with the New York Islanders in the 1970s, and another two decades as a broadcaster for team games. He was in the booth for all four of the team's Stanley Cup championship runs...

Developers irked by Riverhead supervisor's family link in deal with Apollo Real Estate Advisors.
March 10, 2006... Byline: Dawn Wotapka Hardesty Supervisor Phil Cardinale was easily the biggest cheerleader for Apollo Real Estate Advisors' $120 million bid to redevelop downtown. And some say the reason goes beyond Apollo's promises to build a multiplex...

Long Island Business News adds section editor, reporter.
March 10, 2006... Byline: Long Island Business News Staff Long Island Business News has added an editor and a technology reporter, deepening the paper's coverage of local business news.Newspaper and trade pub veteran Alexandra DeFelice was appointed to the...

Coalition urges NY legislature to support bill forcing retailers to pick up tab for health-care.
March 10, 2006... Byline: LIBN Staff Remember the Suffolk County bill that forces retailers to pick up the tab for health-care costs? Last week, the same coalition that secured passage of the "Fair Share for Health Care Act" in Suffolk took the fight to the...

Former general counsel of supplement maker NBTY Inc. charged with insider trading.
March 10, 2006... Byline: Long Island Business News Staff More bad news for supplement maker NBTY Inc.On March 2, the feds charged Mitchell S. Drucker, the company's former associate general counsel, and his father, Ronald Drucker, with insider trading of...

House Demorats object to SBA program cuts.
March 10, 2006... Byline: Adina Genn House Democrats released a 52-page report released last week claiming that the President Bush's fiscal 2007 budget cuts needed programs and will impede small business growth. The House Small Business Committee's...

Shares of State Bancorp Inc. slip 6 percent on decision to postpone first-quarter dividend.
March 10, 2006... Byline: LIBN Staff Shares of State Bancorp Inc. (Nasdaq: STBC) slipped 6 percent for the week ended March 7 to $14.90 after the firm's board postponed a decision on whether to issue a first-quarter dividend.The parent company of State Bank...

Commentary: Nassau and Suffolk counties planning for the future.
March 10, 2006... Byline: Long Island Business News Staff Nassau and Suffolk counties are getting serious about planning. In Nassau, the county has named economic-development journeyman Dan Gulizio as its new deputy planning director. Gulizio comes with an...

Commentary: Republicans bounce back in special elections.
March 10, 2006... Byline: John Kiernan An enormous part of politics is perception and success is often only an election away. Everyone likes to claim that they're a winner. Sometimes the losers even claim that they are winners, saying they didn't lose that...

Commentary: Welcome to Suffolk - Democrat country.
March 10, 2006... Byline: Jerry Kremer For many years Suffolk County was known in political circles as the Wild Wild East, primarily because its Legislature resembled a recently arrived group of Martians. My, how things have changed.Ask any seasoned...

Commentary: Too good to be true.
March 10, 2006... Byline: Martin Cantor This week I participated in a press conference on tax scams organized by U.S. Rep. Steve Israel, D-Huntington, and attended by Suffolk District Attorney Tom Spota. With April 15th just around the corner, the average...

Long Island Financial Briefs: March 10, 2006.
March 10, 2006... Byline: David Reich-Hale VC funding stems tide, stays steady in 2005After three years of declines, venture capital funding rose in 2005, though it was not much of an increase. Venture capitalists invested $21.7 billion in 2,939 deals last...