LI Business News articles from November 2006

LI Business News archives from November 2006

Lower benefits, higher interest and environmental expenses lower Getty Realty's earnings.
November 1, 2006... Byline: David Reich-Hale Lower income tax benefits and higher interest and environmental expenses helped push Getty Realty Corp.'s third-quarter earnings lower. Earnings for the quarter ended Sept. 30 were $11.3 million, a decrease of...

Kimco Realty and Prudential Financial complete $4.1B acquisition of Pan Pacific Retail Properties.
November 1, 2006... Byline: David Reich-Hale Kimco Realty Corp. and partner Prudential Financial Inc. have completed their $4.1 billion acquisition of Pan Pacific Retail Properties, the companies announced late Tuesday. The assets of Pan Pacific will be...

Commerce Bank in Long Island seeks out golf tournament director.
November 1, 2006... Byline: David Reich-Hale Brian Kemp is leaving his post as the tournament director for the Commerce Bank Championship, and the event's executive committee has launched a search to replace him, Ed Travaglianti, Commerce Bank's Long Island...

IBM Software Group manager believes global marketplace provides opportunities for tech firms.
November 1, 2006... Byline: Henry E. Powderly II Robert Le Blanc, general manager of IBM Software Group, said Wednesday that the global marketplace is full of opportunities for local technology firms. The keynote speaker at the Long Island Software and...

NY-based Orbit International Corp receives $850K design and development contract.
November 1, 2006... Byline: David Reich-Hale Hauppauge-based Orbit International Corp. said Wednesday that its electronics group has received an initial design and development contract for $850,000 from a global defense and aerospace prime contractor. ...

Henry Schein's third quarter profit falls short.
November 2, 2006... Byline: Henry E. Powderly II Medical supply heavy hitter Henry Schein said Thursday its third-quarter profit missed estimated by 9 cents, sending the company's shares down as much as 4 percent in pre-market trading. Shares of Henry...

Plans to develop Riverhead property on hold; approval of kart track draws opposition.
November 2, 2006... Byline: Dawn Wotapka Hardesty One plan to develop Riverhead's Enterprise Park at Calverton is hitting the brakes, while there are complaints about another racing forward. Pulte Homes' plan to develop 755 acres is being scaled down...

Traffic up at Southwest Airlines Co.
November 2, 2006... Byline: Henry E. Powderly II Southwest Airlines Co. on Thursday said it flew 5.7 billion revenue passenger miles in October, up 11 percent from the same period in 2005. October's available seat miles, the number of seats available for...

Excel Technology formally cancels sale.
November 2, 2006... Byline: Jeremy Harrell Excel Technology Inc., the East Setauket laser company, formally withdrew on Wednesday from a $376 million merger with California high-tech firm Coherent Inc. Stockholders in both companies approved the deal...

Revenue rises at Comforce Corp.
November 2, 2006... Byline: Henry E. Powderly II Staffing management firm Comforce Corp. Thursday said despite slight gains in revenue, third-quarter profit was exponentially less due to a major tax benefit in the prior-year quarter. Comforce posted a...

Long Island becomes prime region for mergers and acquisitions.
November 3, 2006... Byline: Claude Solnik Julian Sandler wanted Ace Rentals and Staging. The chief executive of Hauppauge's Rent-a-PC long had his eye on the Sunnyside supplier of audio/visual equipment. Even when Ace decided to walk down the aisle with...

Private funds also are playing the acquisition card.
November 3, 2006... Byline: Claude Solnik The recent spate of acquisitions and mergers on Long Island and elsewhere is being fueled to a large extent by private money. Although many private companies acquire firms to grow their business, venture...

For accountants, 'tis always the busy season.
November 3, 2006... Byline: Claude Solnik Most people will tell you April 15 is the mother of all tax deadlines, marked on the calendar and burned into the mind. But Oct. 15? Ask an accountant, and he or she will tell you this is another red-letter...

Accounting's Big Four at the private/public crossroads.
November 3, 2006... Byline: Claude Solnik The Big Four are famous for their work for public companies - from IBM to Bank of America, from Enron to E-Bay; to many, they're the bottom line when it comes to public company audits. But private companies need...

Long Island Ones to Watch: November 3, 2006.
November 3, 2006... Byline: Claude Solnik Robert D. Harwood Chief operating officer, Prudential CRES Commercial Real Estate and Soundview Realty Group Not all CPAs are in public accounting. Some, such as Harwood, make their mark within individual...

Tapping their inner entrepreneur, accountants go solo.
November 3, 2006... Byline: Claude Solnik Account Philip J. Palladino spent more than a decade helping entrepreneurs before becoming one himself. In 2000, Palladino made a smooth transition from life as a corporate cog to life as a solo practitioner. He'd...

Long Island financial firms announce staffing changes: November 3, 2006.
November 3, 2006... Byline: Henry E. Powderly II Automobile loan company GrooveCar Inc. named Doreen B. Duffy national leasing director, a newly created position. She had been western region product manager for Chase Auto Finance. Neil M. Kaufman, partner...

Two men bring VERT Peak Fitness Center and Physical Therapy to Long Island.
November 3, 2006... Byline: Adina Genn Dissatisfied with the offerings of area gyms, Kevin Ruthen and Jonathan Marcus looked to bring a new concept to Long Island. Through extensive research, they learned about the VERT Peak Fitness Center and Physical...

Nothing fishy about Riverhead-based marine foundation mission.
November 3, 2006... Byline: Ken Cerini The last time you were at the beach or out on a boat, did you see a whale? A dolphin? Maybe a seal? How about a sea turtle? If you did, who did you tell? Your family and friends might find it interesting, but the...

Long Island Nonprofit Briefs: November 3, 2006.
November 3, 2006... Byline: Henry E. Powderly II Families that eat together... The Cornell Cooperative Extension of Suffolk County says getting families together at the dinner table is crucial in creating strong family bonds. So the not-for-profit has a...

Long Island pumpkin farmers not dealing with many leftovers this year.
November 3, 2006... Byline: Long Island Business News Staff When Halloween is over, Long Island pumpkin farms ordinarily plough unsold product back into the ground to enrich the earth. But farmers aren't seeing too many leftovers this season. Due to a...

Edge Electronics names new executive vice president of worldwide sales.
November 3, 2006... Byline: Henry E. Powderly II Edge Electronics promoted Rich Calogero Sr. to executive vice president of worldwide sales. Before joining Edge in 2002, Calogero was director of sales at NEC Electronics Inc.

Long Island Ducks name interim general manager.
November 3, 2006... Byline: Henry E. Powderly II The Long Island Ducks of the Atlantic League named Michael Pfaff interim general manager. He had been the team's assistant general manager. Doug Cohen was named The Ducks' assistant general manager and...

Fortress Global names managing director.
November 3, 2006... Byline: Henry E. Powderly II Investigative firm Fortress Global named Stuart Kaufman managing director of the firm. He had been senior vice president at E.F. Hutton Properties.

Metropolitan Realty Associates president receives biz commitment award.
November 3, 2006... Byline: Henry E. Powderly II Joseph A. Farkas, president of Metropolitan Realty Associates, received a business commitment award from the Long Island Business Development Council for his work securing the redevelopment of Garden City's...

PL Developments names art project coordinator.
November 3, 2006... Byline: Henry E. Powderly II PL Developments in Westbury named Michele DiVincenzo art project coordinator in its creative services department. She had been a customer service representative at Pete Masterson State Farm Agency in Williston...

Long Island nonprofits announce staffing changes: November 3, 2006.
November 3, 2006... Byline: Henry E. Powderly II Jim Hazen, president and owner of Saf-T-Swim Inc., will be honored by the Marcie Mazzola Foundation at the organization's third annual Butterfly Auction. The Mental Health Association of Nassau County will...

Advance Commercial Movers names corporate client and relationship coordinator.
November 3, 2006... Byline: Henry E. Powderly II Old Bethpage-based Advance Commercial Movers named Ed Westfall corporate client and relationship coordinator. He is a former National Hockey League player and an analyst for the New York Islander's hockey team....

MBS in Central Islip names vice president of analytical services.
November 3, 2006... Byline: Henry E. Powderly II Direct marketing firm MBS in Central Islip named Gene M. Ferruzza vice president of analytical services. He had been a vice president at Targetbase Inc.

Farrell Fritz names partner in corporate department.
November 3, 2006... Byline: Henry E. Powderly II The Uniondale firm of Farrell Fritz named Nancy Lieberman a partner in the corporate department. She had been a partner at Kramer, Coleman, Wactlar & Lieberman, a corporate and securities law firm.

John T. Mather Memorial Hospital names chairman of board of directors.
November 3, 2006... Byline: Henry E. Powderly II John T. Mather Memorial Hospital in Port Jefferson named Kenneth A. Jacoppi chairman of its board of directors. He has been on the hospital's board for 30 years. Jacoppi is also chairman of the board of...

Good bond ratings bring rewards for colleges.
November 3, 2006... Byline: Ambrose Clancy When The Street goes to school, it goes looking to give a grade rather than get one. For colleges, high marks from bond ratings agencies bring hefty rewards. Chief among them: the ability to garner low interest...

Reckson's buyout bid too sweet of a deal?
November 3, 2006... Byline: Jeremy Harrell Thanksgiving could be a truly joyous occasion for Reckson Associates Realty Corp. executives, or the events of the preceding day could sour their appetites. On Nov. 22, shareholders of Uniondale-based Reckson...

Catholic Health Services shakeup continues at St. Catherine medical center.
November 3, 2006... Byline: Ambrose Clancy Catholic Health Services of Long Island has forced out several executives at St. Catherine of Siena Medical Center in Smithtown as part of a cost-saving restructuring. Neither the hospital nor CHS would provide...

Long Island property prince eyes Briarcliffe site.
November 3, 2006... Byline: Dawn Wotapka Hardesty Peter Tilles wants back in the game. Tilles, whose family sold its real estate empire last year for $335 million, is said to be buying Briarcliffe College's Bethpage base for about $30 million. Tilles...

J.Kings Food Service Professionals designing new cafes for health care system.
November 3, 2006... Byline: Claude Solnik J. Kings Food Service Professionals already supplies the North Shore-Long Island Jewish Health System with a wide array of food for its 15 hospitals. But now it's taking the concept of "food service" a step further....

Patience is a virtue with Taubman Centers' planned mall.
November 3, 2006... Byline: Jeremy Harrell A lot of upscale retailers are surely hoping Taubman Centers' latest legal gambit to build a mall in Syosset pays off. But even if the light at the end of the tunnel isn't visible yet, the companies looking to...

Same law firm representing Long Island firms being sued by shareholders.
November 3, 2006... We've reported plenty about the recent bids by Cablevision and Reckson Associates to remove their companies from public trading. We've also reported that these moves, predictably, drew lawsuits from shareholders contending that privatization...

2 minutes with Robert Gaffney, president of Dowling College.
November 3, 2006... Byline: Carl Corry Since leaving office in 2004, former Suffolk County Executive Robert Gaffney has been a regular on the business meeting circuit, building contacts and clients for Melville law firm Meyer Suozzi English and Klein. But the...

Dire warning: Island's talent crunch could get worse.
November 3, 2006... Byline: Adina Genn If the Island's talent shortage seems bad now, brace yourself. It's going to get worse, unless Long Island employers determine what's important not only to the current workforce, but future workforces. Experts...

Commentary: New energy for research.
November 3, 2006... Byline: LIBN Staff Maybe it's all Al Gore's fault. With the former vice president making global warming the staple issue of his possible 2008 presidential run, could it be that President Bush won't even admit there's a problem because...

Commentary: The mother of all October surprises.
November 3, 2006... Byline: John Kiernan All of us have heard stories about the "October political surprise," but we have never witnessed the kind of turmoil that we have seen in the last two weeks in the election for state comptroller. New York State...

Commentary: Plenty of headaches await NY's new leader.
November 3, 2006... Byline: Jerry Kremer It's been 12 years since New Yorkers have faced a massive changeover in state government. Come Jan. 1, Attorney General Eliot Spitzer, who is far ahead in the polls, will face countless challenges as he takes over...

Commentary: Collaboration is key for Cradle of Aviation Museum.
November 3, 2006... Byline: Martin Cantor In the not-for-profit sector, where there is a dearth of funding resources, collaboration between and among organizations sharing common visions has become a valued commodity by potential funders. The benefit is...

Letter: Thanks for public funding.
November 3, 2006... To the Editor: Public funding makes a tremendous difference to cultural organizations and the people we serve. The Long Island Museum of American Art, History and Carriages in Stony Brook learned recently that State Sen. John J....

Long Island Financial Briefs: November 3, 2006.
November 3, 2006... Byline: Jeremy Harrell For Long Island CFOs, the puck stops here For the last few years, the Long Island chapter of Financial Executives International hasn't been dead, but it has been in something like a state of slumber. Neil...

Long Island Technology Briefs: November 3, 2006.
November 3, 2006... Byline: LIBN Staff You want fries with that personalized iPod content? An all-time burger joint stalwart, the coin-operated jukebox, may be spinning its final tunes. For decades, the jukes have hunched over tables in diners and...

Long Island Real Estate Briefs: November 3, 2006.
November 3, 2006... Byline: Dawn Wotapka Hardesty Last call in Manhasset for venerable Barneys After 15 years, Barneys New York, one of luxury retail's most venerable monikers, is prepping for its last holiday season in Americana Manhasset. And...

Long Island Medical Briefs: November 3, 2006.
November 3, 2006... Byline: Claude Solnik The Island's newest medical center has a familiar name. It's out with the old name and in with the new: Stony Brook University Hospital and the Stony Brook University Medical School have been christened the Stony...

Rearranged music shop hits all the right notes.
November 3, 2006... Byline: Adina Genn Entrepreneurs typically display under-new-ownership banners on their storefronts when first taking over an existing business. But Jonathan Watkins didn't stop there. In 2003, when Watkins purchased a 40-year-old Port...

How to ... Choose a hospital.
November 3, 2006... Byline: Bernadette Starzee You can't always choose a hospital. If you get hit by a car, for instance, you will be whisked to the nearest facility that can accommodate your needs. But for non-emergency procedures or care, there is a wide...

Project GRAD Long Island names executive director.
November 3, 2006... Byline: Helen Nguyen Project GRAD Long Island named Robert Troiano Jr. executive director of the not-for-profit organization. He was selected by the organization's board of directors. Project GRAD Long Island creates educational...

SL Green Realty going forward with plans to acquire Reckson Associates Realty Corp.
November 3, 2006... Byline: Dawn Wotapka Hardesty SL Green Realty won't let mounting shareholder complaints derail its plans to acquire Reckson Associates Realty Corp. "SL Green is only interested in buying Reckson in its entirety," said SL Green...

Loans lift Arbor Realty.
November 3, 2006... Byline: Henry E. Powderly II Portfolio growth and strong revenue gains pushed Arbor Realty Trust's third-quarter profit up 28 percent, the company said Friday. For the quarter ended Sept. 30, Arbor posted net income of $10.9 million,...

Aeroflex Inc. shares soar.
November 3, 2006... Byline: Henry E. Powderly II Investors in tech company Aeroflex Inc pushed the stock price up 7 percent Friday even though the company posted a first-quarter profit of 3 cents below analysts' expectations. For the quarter ended Sept....

KeySpan profit doubles.
November 3, 2006... Byline: Henry E. Powderly II KeySpan Energy Corp. on Friday said its third quarter profit more than doubled, driven by lower operating and maintenance costs. The Brooklyn-based company, which operates on Long Island out of Hicksville,...

NY Community Bancorp to acquire PennFed Financial Services.
November 3, 2006... Byline: David Reich-Hale New York Community Bancorp is at it again. The Westbury-based savings and loan, which bought Long Island Financial Corp. last year and Atlantic Bank earlier in 2006, said Thursday night it has agreed to acquire...

Globecomm Systems beats estimates.
November 3, 2006... Byline: Henry E. Powderly II Globecomm Systems Inc. said Thursday afternoon that it beat first-quarter estimates by 5 cents, as profits rose 13 percent. The satellite communications company posted a profit of $900,000, or 6 cents per...

Missouri Court of Appeals, Southern District.
November 6, 2006... Byline: Missouri Lawyers Staff Criminal Law Attempted Enticement - Double Jeopardy Where a defendant was found guilty of seven counts of attempting to entice a child after a number of instant message communications with a detective...

Lifetime Brands reports third-quarter profit jump.
November 6, 2006... Byline: Henry E. Powderly II The marketer of some of the best-know kitchen and dining products in the country, Lifetime Brands, said Monday its third-quarter profit jumped 49 percent on higher sales from acquired businesses. For the...

Hot dog company Nathan's Famous Inc. posts drop.
November 6, 2006... Byline: Jeremy Harrell Hot dog company Nathan's Famous Inc. posted a nearly 50 percent decline in quarterly earnings on Monday and named a new chief executive. For the quarter ended Sept. 24, Westbury-based Nathan's reported profit of...

Investors alarmed by Napco Security Systems' flat first-quarter sales and small profit gains.
November 6, 2006... Byline: Henry E. Powderly II Investors in Napco Security Systems on Monday were displeased with the company's flat first-quarter sales and a small profit gains, sending Napco shares down by 14 percent. Shares of Napco (Nasdaq: NSSC)...

Affordable housing group says not enough is being done to keep Long Islanders from leaving.
November 6, 2006... Byline: Henry E. Powderly II Four days after affordable housing advocates packed Suffolk County's headquarters in Hauppauge, a smaller but equally passionate group in Riverhead echoed sentiments that not enough was being done to keep Long...

OSI Pharmaceuticals decides to close the book on its acquisition of Eyetech.
November 7, 2006... Byline: Jeremy Harrell OSI Pharmaceuticals Inc. on Monday posted a quarterly loss greater than analyst expectations and officially put to sleep its controversial acquisition of eye-drug maker Eyetech. In its earnings announcement, OSI...

NY-based State Bancorp's chairman and CEO Thomas Goldrick Jr. to step down.
November 7, 2006... Byline: David Reich-Hale State Bancorp said Tuesday that Thomas Goldrick Jr., the company's chairman and chief executive, will step down as CEO in December 2007. Goldrick, 65, will stay on as chairman. Thomas O'Brien, 55, who was...

Axed merger costs Excel Technolgoy.
November 7, 2006... Byline: Henry E. Powderly II Excel Technology on Tuesday said $2.1 million in charges related to its planned merger with a California tech company caused its third quarter profit to fall 43 percent. Excel's proposed merger with...

Orbit International Corp. posts dim third-quarter results.
November 7, 2006... Byline: Henry E. Powderly II Orbit International Corp. posted dim third-quarter results on Tuesday, highlighted by percentage drops is sales, profit and backlogs. For the quarter ended Sept. 30, Orbit's net income was $593,000, 23...

Melville-based Bovie Medical Corp. posts third-quarter profit four times greater than a year ago.
November 7, 2006... Byline: Henry E. Powderly II Bovie Medical Corp. posted a third-quarter profit four times greater than a year ago because of higher sales in its electrosurgery division, the company announced Tuesday. Melville-based Bovie, which...

Melville-based Comtech Telecommunications receives $24.3 million in orders from the Army.
November 7, 2006... Byline: David Reich-Hale Melville-based Comtech Telecommunications Corp. said Tuesday that it has received $24.3 million in orders from the Army for an ongoing Movement Tracking System Program. The orders will fall under a previously...

NY-based EDO Corp. strikes Lockheed Martin deal.
November 7, 2006... Byline: Henry E. Powderly II EDO Corp. on Tuesday said it received a $1.8 million order from major defense contractor Lockheed Martin for composite materials used on the exterior of the military's F-35 jets. EDO will provide...

National Medical Health Card Systems delays earnings.
November 8, 2006... Byline: David Reich-Hale Independent pharmacy benefits manager National Medical Health Card Systems Inc. said Tuesday afternoon that it was requesting an automatic five-day extension from the Securities and Exchange Commission to file its...

Reckson Associates defends $6B sale to SL Green.
November 8, 2006... Byline: Dawn Wotapka Hardesty Amid mounting controversy about its $6 billion sale to SL Green - and with a Nov. 22 shareholder vote looming - Reckson Associates Realty Corp. is playing defense. Board members Peter Quick and Douglas...

P&F Industries dips.
November 9, 2006... Byline: Henry E. Powderly II Air-powered tool manufacturer P&F Industries on Thursday said its third-quarter profit fell 7 percent, as two discontinued operations cost the company's bottom line. P&F, for the quarter ended Sept. 30,...

Orbit International lands Army order.
November 9, 2006... Byline: Henry E. Powderly II Orbit International Corp. Thursday said it received a follow-on order from the U.S. Army Communications Electronics Command for its radar display units. This batch of orders, worth $647,000, supports...

1-800-LAWYERS: Who are these guys, anyway?
November 10, 2006... Byline: Jeff Miller It's late. Your leg is throbbing from the car accident, or construction site mishap, or whatever. Unhappy and in pain, you're about to click off the TV and hobble up to bed when a glowering, mustachioed face fills the...

Long Island lawyers becoming more involved in international law.
November 10, 2006... Byline: Jeff Miller Long Island is sometimes blessed and sometimes cursed by its proximity to New York City. In terms of international law, both seem to apply. Think you need to practice in NYC to be a hotshot international lawyer?...

State bar seeks Outstanding Young Lawyer nominations.
November 10, 2006... Byline: LIBN Staff The Young Lawyers Section of the New York State Bar Association is seeking nominations for its 2007 Outstanding Young Lawyer Award. Each year, the award recognizes an attorney who has actively practiced less than 10...

How do lawyers feel about lawyer jokes?
November 10, 2006... Byline: Jeff Miller Q: What do you call 5,000 dead lawyers at the bottom of the ocean? A: A good start. Q: You're stranded on a desert island with Adolph Hitler, Atilla the Hun and a lawyer. You have a gun with only two bullets....

Long Island Ones to Watch: November 10, 2006.
November 10, 2006... Byline: Claude Solnik Mark S. Mulholland Co-managing partner, Ruskin Moscou Faltischek PC Mulholland is co-chairman of the litigation department at RMF. In 2006, he was elected as a co-managing partner of the firm. A Notre Dame...

Long Island law firms ride the wave of a techno revolution.
November 10, 2006... Byline: Claude Solnik When law firm Nixon Peabody set up its new Jericho Quadrangle office in August, it spared no expense on high-tech accouterments - ironically, the only things missing were bells and whistles. Superior microphones,...

Long Island is home to various electronics component manufacturers.(Company overview)
November 10, 2006... Byline: Ross Daly Working in an industry that's a legacy from the defense contractors once so prevalent on Long Island, Adrienne Giannone presides over a technology firm supplying electronic components for, as she puts it, everything "from...

Top Gyrodyne investor blasts management.
November 10, 2006... Byline: Jeremy Harrell Gyrodyne's biggest shareholder is mad as hell, and it's not going to take it anymore. Six months after Gyrodyne Co. of America Inc. rebuffed a takeover bid by Opportunity Partners LLP, the hedge fund's principals...

Increased use of mobil devices leads to "wireless Web".
November 10, 2006... Byline: Claude Solnik Through his Bethpage firm Core Data Center, Jerry Allocca has hosted, built and marketed Web sites for eight years. But a growing customer segment - those who surf the Web on mobile devices - may be cut off from some...

At OSI Pharmaceuticals, a $935M poke in the Eye(tech).
November 10, 2006... Byline: Jeremy Harrell The results are in, and OSI Pharmaceuticals Inc. lost its bet. Melville-based OSI Pharmaceuticals shelled out $935 million in cash and stock last November for Eyetech Pharmaceuticals, mainly to acquire Eyetech's...