South Florida Business Journal articles from February 2001

South Florida Business Journal archives from February 2001

PSINet, NAP lead surge of data centers.
February 2, 2001... PSINet's new data center will look like a scene from the movie "War Games" - half a dozen computer technicians scouring over television screens, monitoring every glitch and burp of the $60 million computerized infrastructure. With...

Snapshot of a dynasty.
February 2, 2001... Hands-on investment approach works for Charles Palmer The secret for a successful business has always been, "find a need and fill it," Charles Palmer and his investment group, The North American Company, have gone that old saw one better:...

Sweetened offer or new bidder likely as Neff merger attacked.
February 2, 2001... John Deere is among several names that have surfaced as potential buyers of Miami equipment renter Neff Corp., though sources say that a sweetened bid from United Rentals makes the industry leader the most likely acquirer. And for the...

Venezuela's Banco Union quits Miami.
February 2, 2001... Closure follows losses, change in ownership Banco Union of Venezuela will close its Miami office Thursday, adding to the list of foreign banks that have left Miami-Dade County in recent years because of mergers or problems in their home...

Chamber insurance plan: a relief to small firms.
February 2, 2001... The Greater Fort Lauderdale Chamber of Commerce will soon unveil a new health insurance program in conjunction with Hollywood-based HIP Insurance to offer chamber members the opportunity to purchase health insurance for their employees at...

Profitability eludes most small HMOs.
February 2, 2001... Medical expenses per enrollee rose 4.4 percent at small HMOs, eclipsing a corresponding 3.9 percent increase in health care revenues per enrollee and making profitability an elusive goal for most small HMOs, according to a study by Palm Beach...

South Florida getting two new beach landmarks.
February 2, 2001... Fort Lauderdale's Galt Ocean Mile beach neighborhood will get a new landmark by September 2002 when construction is completed on the 25-story L'Ambiance Beach, an $80 million luxury condominium of 126 units. "This is the last luxury...

Anti-fraud events target 'round-the- clock problem.
February 2, 2001... Financial fraud costs citizens and businesses in Florida an estimated $40 billion a year. That eye-popping figure is based on research by the Office of the Florida Comptroller, which is joining other state regulatory and law enforcement...

Luxury assisted living facility tops off in Aventura.
February 2, 2001... The Sterling of Aventura, the area's first luxury assisted living facility, is now completing development. The eight-story 179-unit, $25 million building is slated to top off in mid-February and the lower floors are scheduled to he ready for...

South Florida's own 'Blair Witch' to screen this fall.
February 2, 2001... South Florida's equivalent of the low-budget, big hit movie "The Blair Witch Project" will open in 25 cities across the United States this fall, one of the film's two 22-year-old producers said this week. The movie, "Raw Deal: A Question...

Labor secretary leaves ergonomics option open.
February 2, 2001... Secretary of Labor Elaine Chao achieved her main goal at her Senate confirmation hearing: She avoided saying anything controversial that could derail her bid to become the first Asian-American woman to serve in a president's Cabinet. But...

Cleveland Clinic to sell 60 acres in Weston.
February 2, 2001... The Cleveland Clinic, owner of 60 acres west of Weston Road and north of Griffin Road in Weston, is seeking a buyer in a renewed effort to sell the property. The land is the commercially zoned portion of the development of regional impact...

Andrx closes CTEX acquisition.
February 2, 2001... Fort Lauderdale's Andrx Corp. (Nasdaq: ADRX) announced that it completed the acquisition of CTEX Pharmaceuticals, a privately owned pharmaceutical company in Mississippi with 100 sales and marketing reps. The purchase price of $29 million...

HNS buys Acutrim brand.
February 2, 2001... West Palm Beach-based Health and Nutrition Systems International (OTC BB: HNNS) purchased, in an undisclosed cash transaction, the Acutrim trademark and the outstanding inventory of the new Acutrim Natural AM and the Acutrim Natural PM...

Broward General to expand.
February 2, 2001... The North Broward Hospital District board of commissioners has authorized the issuance of $100 million in hospital improvement revenue bonds for the $167.5 million expansion project at Broward General Hospital. The project has been on the...

SportsLine.com losses for 4Q full year increase.
February 2, 2001... Fort Lauderdale-based SportsLine.com (Nasdaq: SPLN), a global Internet sports media company and publisher of CBS SportsLine.com, posted a net loss for the fourth quarter ended Dec. 31 of $16.73 million or 63 cents a share on revenues of $22.18...

Earnings down, NetSpeak cuts staff.
February 2, 2001... NetSpeak Corp. of Boca Raton (Nasdaq: NSPK) reduced its workforce by 24 percent and posted a net loss for the fourth quarter ended Dec. 31 of $2.8 million or 20 cents a share on revenues of $3.3 million. That compared to a net loss of $2.5...

MasTec fourth quarter income drops; year end earnings, EPS increase.
February 2, 2001... Miami-based MasTec (NYSE: MTZ) reported net income for the fourth quarter ended Dec. 31 of $7.24 million or 15 cents a share compared to net income of $11.05 million or 25 cents a share for the same period in 1999. For the year ended Dec....

Revenue, earnings down at Eclipsys.
February 2, 2001... Defray Beach-based Eclipsys Corp. (Nasdaq: ECLP) had lower revenues and net income for both the fourth quarter and full year ended Dec. 31. The company is a comprehensive software provider for the medical industry. Fourth quarter net...

ANC Rental loss beats forecast.
February 2, 2001... ANC Rental Corp. of Fort Lauderdale (Nasdaq: ANCX) reported a net loss for the fourth quarter of $44 million or 98 cents a share on revenues of $805.1 million compared to a loss of $95 million or $2.12 a share on revenue of $835.3 million in...

Boca Resorts income cut two thirds.
February 2, 2001... Boca Resorts (NYSE: RST) reported net income for the second quarter ended Dec. 31 of $1.4 million or 3 cents a share on revenue of $119.1 million compared to $3.5 million or 9 cents a share on revenue of $114.6 million in the same quarter a...

Rica Foods earnings per share falls.
February 2, 2001... Miami-based Rica Foods (Amex: RCF) announced net income for the year ended Sept. 30 of $2.89 million or 24 cents a share on revenue of $123.6 million compared to $3 million or 42 cents a share on revenue of $118.5 million in fiscal 1999. ...

Republic Services income up.
February 2, 2001... Fort Lauderdale-based Republic Services (NYSE: RSG) reported net income for the quarter ended Dec. 31 of $56.5 million or 33 cents a share compared to $52.5 million or 30 cents a share for the same period last year. Revenue for the quarter...

Income down at Forward Industries.
February 2, 2001... Pompano Beach-based Forward Industries (Nasdaq: FORD) reported net income for the first quarter ended Dec. 31 of $383,038 or 6 cents a share compared to the prior year's $582,971 or 8 cents a share. Revenues dropped from $5.9 million to $4.3...

Transmedia 1Q loss lessens.
February 2, 2001... North Miami-based Transmedia Network (NYSE: TMN), a developer and marketer of transaction-based dining and other consumer savings programs, posted a net loss in the first quarter ended Dec. 31 of $893,000 or 7 cents a share compared to a net...

Sunair Electronics 1Q income drops.
February 2, 2001... Fort Lauderdale-based Sunair Electronics (Amex: SNR) had net income for the first quarter ended Dec. 31 of $23,246 or 1 cent a share compared to $541,960 or 15 cents a share for the same quarter in the prior year. Revenues were $1.5 million,...

Innkeepers 4Q income up.
February 2, 2001... Palm Beach-based Innkeepers USA Trust (NYSE: KPA), a hotel real estate investment trust, posted net income for the fourth quarter ended Dec. 31 of $31 million or 71 cents a share compared to $27.8 million or 64 cents a share for the fourth...

BankUnited 1Q earnings flat.
February 2, 2001... BankUnited Financial Corp. (Nasdaq: BKUNA) of Coral Gables reported net income of $3.8 million or 21 cents a share for the first quarter ended Dec. 31. That compared with net income of $4 million or 21 cents a share, for the quarter ended Dec....

NYSE may de-list Sunbeam.
February 2, 2001... Sunbeam Corp. (NYSE: SOC) of Boca Raton announced this week that it had been notified by the New York Stock Exchange that it was not in compliance with the minimum market capitalization, shareholder equity and the average per share closing...

Sensormatic income, revenues up.
February 2, 2001... Boca Raton-based Sensormatic Electronics Corp. (NYSE: SRM) posted net income for the second quarter of $19.2 million or 21 cents a share, up from $15.7 million or 17 cents a share in the previous year's second quarter. Net income for the six...

Royal Caribbean 4Q income down.
February 2, 2001... Miami-based Royal Caribbean Cruises (NYSE: RCL) announced net income for the fourth quarter ended Dec. 31 of $30 million or 16 cents a share compared with $38 million or 19 cents a share in the fourth quarter of 1999. Revenues for the fourth...

BankAtlantic earnings nearly double.
February 2, 2001... Fort Lauderdale-based BankAtlantic Bancorp (NYSE: BBX), the parent company of BankAtlantic, reported earnings for the fourth quarter ending Dec. 31 were $7 million or 16 cents a share versus $4 million or 9 cents a share for the same quarter of...

Intraco Systems cuts jobs, refocuses.
February 2, 2001... Boca Raton-based Intraco Systems (OTC BB: INSY) laid off seven employees and dropped its network systems sales unit. It will now focus exclusively on its applied speech recognition technology, according to a company statement. "We have...

Aurum, GFS Holdings merge.
February 2, 2001... Texas-based Aurum Technology has merged with GFS Holdings of Palm Beach Gardens. The combined organization, which will operate under the Aurum Technology name, will serve more than 600 customers and have about 1,200 employees nationwide. ...

Artesyn raises $275 million.
February 2, 2001... Boca Raton-based Artesyn Technologies (Nasdaq: ATSN) announced it has entered into a three-year multi-currency $275 million revolving credit facility arranged by Banc of America Securities. The new facility replaced an existing $200 million...

Wackenhut says 2000 earnings at low end of guidance.
February 2, 2001... * Profile: Wackenhut Corp. provides security services, private prison management and employee staffing. The company's security services, which account for 54 percent of sales, include armed guards, background investigations, consulting,...

Soviets say'nyet' to tobacco cartel.
February 2, 2001... Miami's Vector Group (NYSE: VGR), a holding company formerly known as The Brooke Group Ltd., and its subsidiary Liggett Group are two of 15 tobacco companies accused of poisoning the economic stability of a couple of former Soviet countries,...

What women want.
February 2, 2001... While golfer Grace Park made headlines sinking balls at The Doral last week, a group of 15 women made conversation and a commitment to help LPGA tournament sponsor Office Depot better tap into the women-owned business market. Invited and...

Booster seat for height-challenged directors.
February 2, 2001... If you have any doubts that movies, TV and commercials are big business in South Florida, check out the girth of Film Florida's new Miami Production Guide, the 10-year-old annual directory of film, video and print companies from the Palm...

Spray, wipe and clean up.
February 2, 2001... Take one retired postal worker, with a lot of time one his hands, and you won't always find a guy loading an AK-47. David Baggett, 53, of Coral Springs, is inventor of the Longnecker spray bottle. He got the idea while eating messy chicken...

Cold war remnant an environmental shelter.
February 2, 2001... With the approval of Palm Beach County, the state Department of Natural Resources and the Feds, the second phase of development at Peanut Island will proceed. Peanut Island was the site of a bomb shelter for President Kennedy in the early...

Wireless winter of discontent.
February 2, 2001... Layoffs, cutbacks and delayed IPOs are forcing some tech-industry analysts to question whether there's still any money to be made in wireless technologies. That may be the case for the brain trust for Motorola. It is getting in the...

Heads up.
February 2, 2001... Many tourists heading to South Florida are looking for recommendations: it's the rule, not the exception. For the unfamiliar, checking the ratings of a hotel or restaurant, checking the whereabouts of health care facilities, or calling the...

Sailing, inland style.
February 2, 2001... Pahokee Marina is the newest port of call for those who want exotic cruising in uncrowded back-country surroundings. Latest ingredient in the pleasure mix is a fleet of specialty-built canal boats -- and they happened almost by accident. ...

These four low-priced stocks could be profitable.
February 2, 2001... Dear Mr. Berko: I am 52 years old and my wife is 50. In 1999, my wife inherited 431 shares of Pfizer Drug Co. Our broker recommended we sell it and invest in four inexpensive stocks he thinks can triple in a year. My wife won't sell Pfizer...

Driving on air.
February 2, 2001... You could buy a 2001 Lexus sedan for the status. But instead, spend it on a Lexus because driving them is worth the experience. The LS 430 luxury sedan ($54,005, pictured above) has dual-zone climate controls, 14-way power driver's seat,...

Jennifer Watts.
February 2, 2001... Jennifer Watts was named Donor Chairperson of the Month by the Community Blood centers of South Florida in Delray Beach.

The Protocol School of Palm Beach.
February 2, 2001... The International Association of Web Masters and Designers honored The Protocol School of Palm Beach with the Golden Web Award for its Web site www.etiquetteexpert.com.

Four Diamond Triple AAA Award.
February 2, 2001... The Grill Room on Las Olas, a restaurant in the Riverside Hotel in Fort Lauderdale, received the Four Diamond Triple AAA Award for 2001.

Stiles Landscape Co.
February 2, 2001... Stiles Landscape Co. in Fort Lauderdale was given the Award of Distinction by the Associated Landscape Contractors of America for the quality of landscape maintenance service the company provides.

Johnson & Wales University.
February 2, 2001... The following female chefs were honored by Johnson & Wales University in North Miami Beach with its Year of the Woman Distinguished Visiting Chef Dinner Series: Sheila Lukins, Rubell Hotel in New York; Cindy Hutson, Ortanique on the Mile in...

Jorge Perez.
February 2, 2001... Miami Business magazine named Jorge Perez, chairman of Related Group, a real estate development company in Miami, as Business Leader of the Year.

Carlos E. Cisneros.
February 2, 2001... Carlos E. Cisneros, chairman and CEO of Cisneros Television Group in Miami Beach, was honored by the Miami Beach Chamber of Commerce with the Citizen of th Year Award.

Toll Brothers.
February 2, 2001... Toll Brothers, a company in Delray Beach specializing in building luxury homes, was chosen by Forbes magazine as a member of Forbes Platinum 400, the magazines' roster of the 400 best companies in America.

Ivax Corp.
February 2, 2001... Ivax Corp., a pharmaceutical research, development, manufacturing and marketing company in Miami, entered an agreement with the National Institutes of Health to develop and market a potential new treatment for brain cancer.

Elcon Electric.
February 2, 2001... Elcon Electric in Pompano Beach was chosen by Miller Construction Co. for the Reach the Children Recording Studio in Pompano Beach.

Retzsch Lanao Caycedo.
February 2, 2001... Codina Development Corp. retained Boca Raton architectural firm Retzsch Lanao Caycedo to design a 300,000-square-foot facility for Caterpillar at Beacon Station in Miami.

Collective Construction & Design.
February 2, 2001... Collective Construction & Design in Fort Lauderdale was selected for the interior construction of World Web USA, a Web hosting facility in North Miami Beach.

Slattery & Associates Architects & Planners.
February 2, 2001... Slattery & Associates Architects & Planners in Boca Raton was commissioned by Triple Red Properties to design the Boca Raton Boulevard Office Center.

Adcon Telemetry.
February 2, 2001... Adcon Telemetry, a Boca Raton company that develops and markets advanced digital radio-based systems, acquired Smart Telecom Solutions, a wireless radio service provider, to expand the services offered.

PEOPLE ON THE MOVE.
February 2, 2001... ARCHITECTURE/ENGINEERING Lysandra Ramirez Wendt was appointed staff architect at Rogers Design Group, an interior design firm in Palm Beach Gardens. Kimberly Vazquez was named an interior designer at Dania Beach interior design firm...

A long tradition.
February 2, 2001... Besides the obvious like quitting smoking and losing weight, here are some common new year's resolutions: * Be happy * Get a life * Go back to school * Make more money * Change careers Why do we adhere to this silly...

Thoroughly techie.
February 2, 2001... When selecting an Internet Service Provider (ISP), check on the following: * Points of Reference * Local access number * National, International access number * Complete rundown on the ISP setup * Servers * Support...

COMING HOME AGAIN.
February 2, 2001... A little culture training goes a long way for employees shipped overseas When Susan Herrera was 6 months old, her father was transferred from the United States to the Chilean mining town of Rancagua, where her family would spend the next...

Expose yourself to 'no' and 'not now' to make sale.
February 2, 2001... Better than 97 percent of all sales are not made on the first call. It takes from five to 10 exposures (or follow-ups) to a prospect to make the first sale. The prospect may not actually say "no" each time, but each time you follow-up and...

Global Learning Center expands access to skills.
February 2, 2001... Adelaida Fuentes was out of work. The 34-year-old Miami resident came away from each new job interview with the same old impression - she needed to upgrade her computer skills. When Prism Communications told her they would hire her if she...

Value of MBA questioned, but supported by universities.
February 2, 2001... What's the value of a master's in business administration (MBA) degree? "They taught us how to read The Wall Street Journal," a female University of Chicago college graduate student once said with a laugh when asked what she had learned in...

Students push beyond MBAs for telecom background.
February 2, 2001... Even with a broad-based grounding in subjects such as finance and marketing, MBA students can't get enough information about telecommunications. As an information systems auditor at Mellon Bank in Pittsburgh, Aaron Madden, 28, expects the...

Managers must meet employee needs.
February 2, 2001... You may have already succeeded or failed with your personal New Year's resolutions, but have you considered your upcoming goals as a manager? Now is an opportune time to reflect on those areas in which you can play a role in your company's...

Time for derailment.
February 2, 2001... If the business community wants another shot at defeating the proposed Florida bullet train, it needs to quickly get on board with SB 212. The bill, introduced by Sen. Ron Klein (D-Delray Beach), calls for a repeal of the November...

The case for slavery reparations.
February 2, 2001... In high school, I spent a lot of time with Tony Tyson. Toledo Libbey High was predominantly black, and Tony was my guide as I discovered cultural diversity and learned about his African-American heritage. After three years of close...

High-speed rail requires long-term vision for state.
February 2, 2001... Dear Editor, When transportation planners look into their crystal balls, they see 10 or sometimes 20 years into the future. For our elected officials facing term limits, the planning horizon is only eight years. Real long term planning...

Colliers International.
February 2, 2001... Dear Friends, Colliers International/South Florida Region is pleased to present our 2000 Year End Market Review/2001 Forecast. The past year was a transition period for our firm as our 80+ year old Philadelphia partner, Colliers Lanard &...

Market Overview: Industrial.
February 2, 2001... Miami-Dade County The Miami-Dade County industrial market ended the year achieving the growth that was anticipated. The overall county market stood at over 166,050,936 million square feet with slightly over 10,270,732 million square feet...

Market Overview: Office.
February 2, 2001... Miami-Dade County The Miami-Dade County office market tightened measurably in the Year 2000. The market is comprised of 63,326,028 million square feet of office space. Average lease rates for Class A, B and C ranged from a high of $30.00...

Market Overview: Investments.
February 2, 2001... International investors had a strong influence on the South Florida investment market in 2000. Did that mean it was a great year? Not exactly! Although the commercial real estate investment sector had a number of offerings, it doesn't...

Market Overview: Retail.
February 2, 2001... Sales declined, prices soared. The South Florida retail market continued its historical momentum for the Year 2000 with the exception of an unusual twist. The number of sales fell to the lowest level that South Florida has seen in years. That...

Arvida Realty Services.
February 2, 2001... Herb Schenk and Caro Healy, associates at Arvida Realty Services in Fort Lauderdale, raised $1,200 for Women in Distress, an organization that provides serves for abused women.

Harmful nursing homes found by federal study.
February 9, 2001... Of the 37 South Florida nursing homes cited by the state Agency for Health Care Administration for having problems, 11 had deficiencies so serious that they caused harm to their residents, according to a federal study released by U.S. Rep....

Deco District gets newer twin.
February 9, 2001... Historic preservation in Miami Beach has been more of a spark for economic development than a hindrance for real estate developers. Following the success of the nearly 20-year-old Art Deco Historical District on South Beach, the city last...

Pat Moran leads automotive empire.(head of the country's largest woman-owned business)
February 9, 2001... "Hi, I'm Pat," the small woman with short blond hair says as she smiles out at the women gathered to find out how she made it in a man's world. Not, "Hi, I'm Pat Moran, head of the country's largest woman-owned business." Not, "Hi, I'm Pat...

Tough choices aren't over yet for Sunbeam.
February 9, 2001... Al Dunlap is long gone at Sunbeam, but the company may need some chainsaw cuts to prosper after Chapter 11, observers say. Despite bond debt and shareholder equity being wiped out like a felled sequoia, the newly private company still has...

Rewriting an already colorful history.($2 million renovation is underway at the Bradley House)(Brief Article)
February 9, 2001... Bradley House undergoes renovation into apartment hotel A $2 million renovation is underway at the Bradley House, a four story property in Palm Beach that first gained popularity in the 1920s. The property is famous for its hotel,...

Shareholders sue Hamilton Bancorp.(Brief Article)
February 9, 2001... Hamilton Bancorp is facing a half dozen lawsuits filed by shareholders who maintain that the company provided false and misleading information in press releases and reports to the Securities and Exchange Commission between 1998 and last...