LI Business News articles from May 2006

LI Business News archives from May 2006

11 developers respond to Suffolk County's request for proposals.
May 2, 2006... Byline: Carl Corry Suffolk County Executive Steve Levy's dream of transforming 250 acres of county-owned land in Yaphank into a new community filled with employer-assisted housing and sports and recreational venues took a big leap forward...

Northrop Grumman's Long Island division gets $73 million contract from U.S. Navy.
May 2, 2006... Byline: Henry E. Powderly II Defense giant Northrop Grumman's Long Island division grabbed a $73 million contract from the U.S. Navy Tuesday for an electronic-attack system used to jam enemy radar. Grumman's Bethpage-based Integrated...

NY's Metropolitan Transportation Authority introduces new method to power its buses.
May 2, 2006... Byline: Jean Paul Vellotti With an eye toward efficiency, the Metropolitan Transportation Authority is introducing a new method to power its buses. The New York Power Authority has begun construction of a "battery energy storage...

Jericho-based insurer TSC Direct backs off on gecko ads.
May 2, 2006... Byline: Gregory Zeller Score one for big business, and the little green guy. GEICO has withdrawn a lawsuit seeking an injunction against and damages from Jericho-based insurer TSC Direct, now that Tri-State Consumer Insurance Co. has...

Expensive quarter for Getty Realty Corp.
May 3, 2006... Byline: Dawn Wotapka Hardesty Skyrocketing fuel prices weren't enough to salvage Getty Realty Corp.'s quarter, as increased environmental expenses took a bite out of profits, the gas station and convenience store owner said after the...

Brookhaven Town Supervisor Brian X. Foley to nominate planning commissioner.
May 3, 2006... Byline: Jeremy Harrell Brookhaven Town Supervisor Brian X. Foley said Tuesday he will nominate David W. Woods, the former planning chief of Mount Vernon now in private practice, to be the town's next planning commissioner. Woods's...

Symbol Technologies' profit climbs.
May 3, 2006... Byline: Long Island Business News Staff Symbol Technologies Inc., which makes bar code scanners and other products used for point-of-sale, inventory management and other purposes, said Tuesday its first-quarter profit rose despite slightly...

Newly approved Brookhaven planner earns high marks.
May 3, 2006... Byline: Jeremy Harrell If you listen to his supporters, and there are a lot of them, the best thing about newly approved Brookhaven Planning Commissioner David W. Woods is that he isn't from around here. "We think the idea of getting...

Long Island Power Authority asks PSC for billing review.
May 3, 2006... Byline: Jean-Paul Vellotti Responding to ratepayer complaints over increasing electric bills due to a fuel surcharge, the Long Island Power Authority has sent its billing practices to the New York State Public Service Commission for...

Netsmart Technologies and Oklahoma non-profit ink deal.
May 3, 2006... Byline: Gregory Zeller Netsmart Technologies announced Wednesday that it will begin providing software and professional services to the non-profit North Care Center of Oklahoma City, Okla. Netsmart, a provider of software for health...

Griffon Corp.'s income, sales soar.
May 3, 2006... Byline: Claude Solnik Boosted by lower costs for raw materials and robust performance in all its business segments, Griffon Corp.'s (NYSE: GFF) second-quarter net income jumped 74 percent to $7.2 million, according to company reports. ...

Former Islip Town Supervisor Peter McGowan gets 90-day sentence.
May 4, 2006... Byline: Jeremy Harrell Former Islip Town Supervisor Peter McGowan was sentenced Thursday to 90 days in jail. Thursday's sentencing marks the latest chapter in a fall from grace for McGowan, once one of Long Island's most powerful...

VoIP drives Globecomm revenue.
May 4, 2006... Byline: Jean Paul Vellotti Satellite communications company Globecomm Systems Inc. said its fiscal third-quarter revenue rose 10 percent to $31 million in part because of increased demand for voice-over-IP data transmission services. ...

Nastech Pharmaceutical Co. widens first quarter loss.
May 4, 2006... Byline: Claude Solnik Faced with increased spending on research and development and clinical trials, Nastech Pharmaceutical Co. Inc. said it widened its first quarter loss to $7.8 million from $6.1 million a year ago. R&D expenses shot...

Long Island-based Comforce Corp. emerges from loss.
May 4, 2006... Byline: David Reich-Hale Staffing firm Comforce Corp. said Thursday that an increase in its human capital management services group pushed revenue up 9 percent to $135 million in the first quarter. Net income was $310,000, versus a...

Net income rises at Reckson Associates Realty.
May 4, 2006... Byline: Dawn Wotapka Hardesty Net income leaped while funds from operations rose slightly at Reckson Associates Realty Corp., Long Island's dominant landlord. Net income hit $57.7 million, up from $17.4 million for the first quarter of...

Higher temps melt KeySpan profit.
May 4, 2006... Byline: Jeremy Harrell Long Island utility KeySpan Corp. on Thursday reported an 18 percent drop in quarterly profit, attributing the decline to an unusually warm winter that drove down the company's gas distribution business. For the...

Long Island-based Lifetime Brands profit slips.
May 4, 2006... Byline: Henry E. Powderly II Home and kitchen products marketer Lifetime Brands Inc. said its first-quarter profit fell 10 percent despite a hefty 73-percent sales boost. Lifetime - which markets Farberware, Cuisinart, KitchenAid and...

Delta Financial profit soars.
May 4, 2006... Byline: Henry E. Powderly II Mortgage originator Delta Financial Corp. on Thursday said its first-quarter profit jumped more than 200 percent on the growth of its loan portfolio. Delta (AMEX: DFC), for the quarter ended March 31,...

Electronics industry entering world of outlet stores.
May 5, 2006... Byline: Claude Solnik Clothing has long been king in the realm of outlet stores. Looking for Nike, Carter's, OshKosh B'Gosh? Come on in. But electronics? Maybe you'd be better off at Best Buy or P.C. Richard & Son, or some other big...

Thinking small leads to big things for Kimco Realty.
May 5, 2006... Byline: Claude Solnik It would be easy to miss the biggest name at Manetto Hill Plaza in Plainview. But then, it's not even on a sign. The 88,000-square-foot shopping center's tenants include Fairway, Century 21 Real Estate, Caruso's...

First Data Corp. consolidates Long Island operations.
May 5, 2006... Byline: Claude Solnik It was a match made in heaven, even if the marriage was consummated in Melville. When First Data Corp., a Denver-based Fortune 500 firm, outgrew its leased building at 265 Broad Hollow Road in Melville, it spilled...

Nassau County puts finishing touches on zone offense.
May 5, 2006... Byline: Claude Solnik Nearly two months after the state approved an Empire Zone for Nassau County, county officials are taking the final steps toward a projected business boon. The state Legislature on March 7 approved Nassau County's...

You don't have to be in an Empire Zone to reap rewards.
May 5, 2006... Byline: Claude Solnik So your company is located outside an Empire Zone. Have you landed on the wrong side of the line? Not necessarily. Some companies don't have to be located within an Empire Zone to qualify for Empire Zone benefits...

You don't have to be in to reap rewards.
May 5, 2006... Byline: Claude Solnik So your company is located outside an Empire Zone. Have you landed on the wrong side of the line? Not necessarily. Some companies don't have to be located within an Empire Zone to qualify for Empire Zone benefits...

Outlet vs. retail: What's the big deal?
May 5, 2006... Byline: Claude Solnik So what, exactly, keeps outlet customers coming back and, in many cases, spending big? First on the list is price. Consumer Reports magazine notes that savings average about 26 percent when comparing outlet prices...

Questioning impartiality of planning commissions.
May 5, 2006... Byline: Kennedy Smith (This article originally appeared in the Daily Journal of Commerce, Portland, Oregon, another Dolan Media publication). Every two weeks, nine citizens come together in downtown Portland. A retired newspaper...

30 years after project proposal, Matinecock Court may finally be built.
May 5, 2006... Byline: Jeremy Harrell Forgive Susan Lagville if she isn't popping the champagne just yet. Over the years - and there have been many, many of them - Lagville's Housing Help Inc. seemingly has had multiple opportunities to celebrate...

Fugitive Tomo Razmilovic remains mum on securities fraud charges.
May 5, 2006... Byline: Claude Solnik Tomo Razmilovic is a wanted man. The whereabouts of Long Island's corporate fugitive are well known: He's hiding thousands of miles away in Bussevik, Sweden, where LIBN reached him by phone Tuesday. The...

Rising interest rates swell fears of defaults.
May 5, 2006... Byline: David Reich-Hale The Federal Reserve has raised short-term interest rates 15 times since June 2004. The price for oil has more than doubled since 2000. Taxes on Long Island continue to rise. Mix that with interest-only...

Interim Brookhaven National Laboratory chief steps in.
May 5, 2006... Byline: Jean Paul Vellotti Samuel Aronson, the person who has led Brookhaven National Laboratory's most prized research facility, has been called to step in as BNL's interim director until a permanent replacement is found. The move...

MarineMax Inc. buys Long Island-based Surfside 3.
May 5, 2006... Byline: Jean Paul Vellotti About $75,000 will buy you a brand-new luxury powerboat. About $24.8 million in cash and some stock will buy you Surfside 3, the largest independent chain of boat dealerships in the Northeast. MarineMax Inc.,...

Interview with head of Commerce Bank's Nassau operations.
May 5, 2006... Byline: David Reich-Hale Ed Blaskey wasn't sure what he was getting himself into. After a decade at EAB as a group vice president, in September 2001, Blaskey became Commerce Bank's very first Long Island employee. Now Blaskey runs the...

Hirsch International calls off merger with Sheridan Square Entertainment.
May 5, 2006... Byline: Henry E. Powderly II Hirsch International Corp.'s decision to call off a proposed merger with Sheridan Square Entertainment, a New York-based music distributor, is going to be costly. Aside from the $600,000 in legal fees it...

Riverhead's downtown redevelopment plan takes baby step forward.
May 5, 2006... Byline: LIBN Staff Manhattan-based Apollo Real Estate Advisors' plan to redevelop downtown Riverhead just took a baby step forward. Apollo now owns the former Woolworth building on Main Street, a shell formerly owned by Riverhead...

Long Island Power Authority given 20 days to respond to class-action lawsuit.
May 5, 2006... Byline: LIBN Staff A Nassau County Supreme Court judge last week gave the Long Island Power Authority 20 days to respond to a class-action lawsuit over LIPA's surcharges. The judge's order came after LIPA missed the required 60-day...

Increase in health care costs leading workers to opt out of coverage.
May 5, 2006... Byline: Adina Genn More and more New Yorkers are turning down employer-sponsored health insurance coverage because premiums simply cost too much. Nearly 4 million private-sector workers eligible for health insurance signed up for...

Commentary: Long Island Mets fans deserve direct rail service to new stadium.
May 5, 2006... Byline: Long Island Business News Staff If you're a Mets fan on Long Island, taking a train to the game is about as convenient as finding front-row playoff seats. You can hike to the Long Island Rail Road's Port Washington station, which...

Commentary: Sensational journalism takes the cake.
May 5, 2006... Byline: John Kiernan Maybe it began with the widely covered trial of Bruno Hauptmann following his arrest in the Lindbergh "crime of the century" kidnapping. It certainly continued when Ethel and Julius Rosenberg were arrested on...

Commentary: Buffalo holds the keys to November elections.
May 5, 2006... Byline: Jerry Kremer Buffalo isn't exactly the center of the earth. But unlike most upstate cities, Buffalo has a unique place in the state's history. On May 30, hundreds of Democratic politicians will add to that city's history at the...

Commentary: Towns must see the big picture in planning.
May 5, 2006... Byline: Martin Cantor If there ever was a reason why Long Island needs a regional approach to planning, it's the four projects creating more than 2.1 million square feet of new retail space near Commack Road. The Suffolk County...

Letter: Benefits package on the up and up.
May 5, 2006... To the Editor: A quote in a recent LIBN article (Caithness accused of buying support for energy plant/April 28) article made an unsubstantiated and untrue statement regarding facts surrounding the Patchogue-Medford School District's share...

Long Island Financial Briefs: May 5, 2006.
May 5, 2006... Byline: David Reich-Hale A good quarter for North Fork's new owner Capital One only broke into the banking business in 2005, but it's already paying dividends. The North Carolina-based credit card operator said its net income hit...

Long Island Technology Briefs: May 5, 2006.
May 5, 2006... Byline: Jean Paul Vellotti Wined and dined, for the lucky 13th time The scene last week at Ruth's Chris steakhouse in Garden City was rich. Literally. The food, the guests and the promise of making money filled the swank backroom...

Real deals.
May 5, 2006... Byline: Dawn Wotapka Hardesty Old industrial space becomes retail magnet Plain, boxy industrial buildings have lined Voice Road in Carle Place for years, but they are slowly giving way to retail stores. That's because the road is a...

Long Island Real Estate Briefs: May 5, 2006.
May 5, 2006... Byline: Dawn Wotapka Hardesty Old industrial space becomes retail magnet Plain, boxy industrial buildings have lined Voice Road in Carle Place for years, but they are slowly giving way to retail stores. That's because the road is a...

Long Island Legal Briefs: May 5, 2006.
May 5, 2006... Byline: Jeremy Harrell Nassau Coliseum deal unravels partnership Unless your name is Scott Rechler, you're not going to be a joint investor with Charles Wang in his bid to redevelop the Nassau Coliseum, if a recent court decision is...

Long Island Medical Briefs: May 5, 2006.
May 5, 2006... Byline: Claude Solnik NS-LIJ creates new Cushing neuro-network The North Shore-Long Island Jewish Health System has created the Harvey Cushing Institutes of Neuroscience, a $100-million initiative that will encompass 12 institutes of...

Sailtime brings concept of fractional sailing to Long Island.
May 5, 2006... Byline: Adina Genn You don't have to be a millionaire to sail Long Island Sound aboard a new 33-foot yacht, insists Mathias Chouraki. Chouraki, who owns Sailtime of New York and Long Island, is bringing the pastime to the masses,...

Hempstead-based Better Business Builders offers full repertoire of biz building tools.
May 5, 2006... Byline: Adina Genn You need the right tools to grow a company, say Ed Newsome and James Nemley. The business partners are collecting a full repertoire of such tools - proficiencies in marketing and sales strategies, for instance - for...

Daniel Gale Sotheby's International Realty names senior vice president of marketing and technology.
May 5, 2006... Byline: Henry E. Powderly II Real estate marketer James Phelps Retz was named senior vice president of marketing and technology for Daniel Gale Sotheby's International Realty. Retz's experience covers corporate management; regional,...

On the move.
May 5, 2006... Byline: Henry E. Powderly II Dining Edilerman A. Molina, executive chef at Ciao Baby in Massapequa, received a bronze medal at the Greater New York Culinary Challenge, which is run by the ICA-American Culinary Federation Big Apple...

How to ... Choose a labor law firm.
May 5, 2006... Byline: Bernadette Starzee It's a litigious society we live in, and all businesses face the possibility of dealing with a lawsuit brought by an employee or former employee. A company's best defense against potential lawsuits is to arm...

Interview with Mark Drummer, coach of Long Island Lightning Jr. Wheelchair Basketball Team.
May 5, 2006... Byline: Ken Cerini Providing athletic opportunities for the physically challenged is very difficult. When children have a disability, it usually discourages them from wanting to be involved in a sport. They sometimes feel intimidated or...

Long Island Nonprofit Briefs: May 5, 2006.
May 5, 2006... Byline: Henry E. Powderly II A healthy list The Alliance for a Healthier Generation, a public-awareness campaign created jointly by the American Heart Association and the Clinton Foundation, has released its Top Ten Ways to Help...

Hofstra University scores $1M donation.
May 5, 2006... Byline: David Reich-Hale Mark Broxmeyer, co-founder and partner of Commack-based Fairfield Properties, has announced a $1 million gift to Hofstra University to endow a visiting chair in national security studies. Broxmeyer is a 1972...

Farmingdale State University holds entrepreneurship conference.
May 5, 2006... Byline: Adina Genn Farmingdale State University holds its second annual entrepreneurship conference on May 6. The program is a joint effort of Farmingdale's School of Business and the Small Business Development Center at Farmingdale....

Long Island technology firms announce staffing changes: May 5, 2006.
May 5, 2006... Byline: Henry E. Powderly II Plainview-based Elmo U.S.A Corp. named John B. Nesbitt national sales manager of its electronic imaging division. Nesbitt had been vice president of sales at Samsung Opto-Electronics. Hauppauge-based Vicon...

Brookhaven Science Associates names interim director.
May 5, 2006... Byline: Henry E. Powderly II Brookhaven Science Associates, which manages Brookhaven National Laboratory, named Samuel Aronson interim director. He had been the lab's associate laboratory director for high energy and nuclear physics.

Long Island real estate firms announce staffing changes: May 5, 2006.
May 5, 2006... Byline: Henry E. Powderly II Paul Amoruso, managing director of Jericho-based Oxford & Simpson Realty, received the Distinguished Leader Award from the Association for a Better Long Island and the Commercial Industrial Brokers Society of...

Radio station WALK 97.5 FM hires new radio personality.
May 5, 2006... Byline: Henry E. Powderly II Radio station WALK 97.5 FM hired Maria Garcia to be its radio personality for evenings 7 p.m. to midnight. She had been a host of the Steve and Maria show on WBLI-FM.

Long Island law firms announce staffing changes: May 5, 2006.
May 5, 2006... Byline: Henry E. Powderly II Alan Rutkin, a partner in the insurance and coverage group at Uniondale-based Rivkin Radler, was named vice chairman of the American Bar Association's Insurance Coverage Litigation Committee of the Tort Trial...

Anna Gaeta nominated for Nassau-Suffolk Council Nurse of Excellence Award.
May 5, 2006... Byline: Henry E. Powderly II Anna Gaeta, a nurse at Port Jefferson's Mather Memorial Hospital, was nominated for the Nassau-Suffolk Council Nurse of Excellence Award.

Long Island City-based Adirondack Direct names president, CEO.
May 5, 2006... Byline: Henry E. Powderly II Long Island City-based Adirondack Direct, a wholesale office and institutional furniture company, named Northport resident Jack Rayher president and chief executive of the company. He had been marketing...

Long Island financial firms announce staffing changes: May 5, 2006.
May 5, 2006... Byline: Henry E. Powderly II New York-based Signature Bank named Luisa Castela Filipe group director and senior vice president of its newly formed Garden City client team. Filipe had been branch manager at North Fork Bank's Mineola branch....

Long Island Power Authority chairman receives Renewable Energy Champion.
May 5, 2006... Byline: Henry E. Powderly II Long Island Power Authority Chairman Richard Kessel received the Renewable Energy Champion from Renewable Energy Long Island at the annual Solar Energy Conference.

Ciao Baby in Massapequa chef receives culinary bronze medal.
May 5, 2006... Byline: Henry E. Powderly II Edilerman A. Molina, executive chef at Ciao Baby in Massapequa, received a bronze medal at the Greater New York Culinary Challenge, which is run by the ICA-American Culinary Federation Big Apple Chapter.

Comverse stock-option grants get Feds' attention.
May 5, 2006... Byline: David Reich-Hale Less than a week after Comverse Technology Inc. founder and CEO Kobi Alexander and two other top executives resigned their posts, the company said in an SEC filing that federal prosecutors are investigating the...

XSport Fitness Inc. to build gym at Roosevelt Field mall.
May 5, 2006... Byline: Dawn Wotapka Hardesty Shopping malls have spent several years reinventing themselves as destination centers, where customers can shop, be entertained and sit down for lengthy dinners with friends. Roosevelt Field is one of the...

Aceto Corp. profit up, sales down.
May 5, 2006... Byline: Henry E. Powderly II Chemical company Aceto Corp.'s fiscal third-quarter profit grew by 45 percent, the company said Friday, with cuts in expenses making up for its slump in sales. Profit for the quarter ended March 31 was,...

Arbor Realty's Prime Outlet investment pays off.
May 5, 2006... Byline: Henry E. Powderly II Arbor Realty Trust Inc. said Friday its first-quarter profit jumped 58 percent because of a return on a past investment in an ailing outlet center. The real estate investment trust said net income for the...

American Technical Ceramics posts gains.
May 5, 2006... Byline: Henry E. Powderly II Electronics components maker American Technical Ceramics Corp. after market close Thursday posted a $2.1 million fiscal third-quarter profit on strong sales in the wireless and military markets. The company...

DHB Industries lands $12.2 million contract.
May 5, 2006... Byline: Jeremy Harrell A subsidiary of DHB Industries Inc. won a $12.2 million contract to supply the federal with a lightweight, concealable bullet-proof vest, the company said Friday. Point Blank Body Armor, a Florida-based unit of...

Wachovia buy expands Long Island presence.
May 8, 2006... Byline: David Reich-Hale Wachovia Corp., which has opened two Long Island branches from scratch, will add three more locations through a proposed merger with Golden West Financial Corp. The $26 billion deal, announced late Sunday,...

Simons Foundation donates $25 million to Stony Brook University.
May 8, 2006... Byline: Henry E. Powderly II Stony Brook University said it has received a $25-milion cash donation - the largest gift in school history - from the Simons Foundation, the philanthropic arm of private investment firm Renaissance...

Profit secure at NAPCO Security Systems.
May 8, 2006... Byline: Henry E. Powderly II NAPCO Security Systems Inc. said Monday its third-quarter profits jumped 46 percent on strong sales and positive feedback on new products. For the quarter ended March 31, NAPCO posted a profit of $1.5...

Park Electrochemical profit rises.
May 8, 2006... Byline: Henry E. Powderly II Circuit component manufacturer Park Electrochemical Corp. said Monday it managed to post a 16-percent spurt in fourth-quarter profits, despite writing off more than $5 million in charges. The company said...

VC funding up in New York.
May 8, 2006... Byline: David Reich-Hale Venture capitalists invested $348 million into New York metro area companies in the first quarter, up slightly from $330 million in the fourth quarter of 2005, according to the MoneyTree Report by...

Ohio-based NCR Corporation named PartnerSelect Premier Business Partner by Symbol.
May 8, 2006... Byline: Jean Paul Vellotti Ohio-based NCR Corporation, best known for its cash register solutions, has been named a PartnerSelect Premier Business Partner by Symbol Technologies Inc. The deal entitles NCR to carry Symbol's entire line...

Cosmetics ingredients maker United-Guardian slips on sales.
May 8, 2006... Byline: Henry E. Powderly II Cosmetics ingredients maker United-Guardian Inc. on Monday said its first-quarter profit fell 27 percent because sales couldn't stand up to the prior year's unusually strong numbers. Profit for the quarter...

Misonix revenue, stock down.
May 8, 2006... Byline: David Reich-Hale A drop in laboratory and scientific product sales pushed medical device company Misonix Inc.'s third-quarter revenue down 7 percent to $10.2 million, the company stated Monday. Medical device products revenue...

Smithtown Bancorp shares split.
May 8, 2006... Byline: David Reich-Hale Smithtown Bancorp shares rose 3 percent to $25.99 midday Monday, the day the bank's stock split 3-for-2. Shareholders of record as of April 21 received the 3-for-2 split, which was announced March 27. ...

Cable and entertainment giant Cablevision narrows losses.
May 9, 2006... Byline: Henry E. Powderly II Cable and entertainment giant Cablevision Systems Corp. said Tuesday it cut its first-quarter loss in half on steady increases in its cable, phone and Internet triple threat. The telecommunications company...

Pharmacy benefits provider National Medical Health Card shares tumble.
May 9, 2006... Byline: Henry E. Powderly II Shares of pharmacy benefits provider National Medical Health Card shed 25 percent of their value after the company said weak sales and special charges hurt its third-quarter profit. The company also lowered...