South Florida Business Journal articles from March 2001

South Florida Business Journal archives from March 2001

Dot.com fallout continues to hit region: Virtacon files for bankruptcy court liquidation.(Brief Article)
March 2, 2001... The Virtacon Web site is still up. Like some forgotten artifact, it's waiting to be discovered by an electronic archeologist, or probed by the curious with mouse clicks. What's gone are the people -- about 94 employees at the young Boca...

Dot.com fallout continues to hit region: Taps may be playing for music portal Eritmo.(Eritmo.com )(Brief Article)
March 2, 2001... A lawsuit field against Miami Spanish music Internet portal Eritmo.com may signal the end of yet another once promising dot.com. In the suit filed in Miami-Dade Circuit Court, Dacra Design Moore claims Eritmo still owes back rent. ...

Outsourcing tightens firms' bottom line.
March 2, 2001... Enter the outsourcer. Even as they worry about an economic slowdown, companies still need staff amid a tight labor market. Corporate number-crunchers are increasingly turning to temporary and contract staffing to convert the fixed cost of...

O.J. in S. Florida to rebuild career.(O. J.Simpson)(Brief Article)
March 2, 2001... O.J. Simpson is looking for business opportunities in South Florida, but says being a porn actor with his girlfriend isn't one of them. Last week, the Globe, a supermarket tabloid, ran a story that said Simpson and girlfriend Christine...

Landmark Lauderdale neighborhood changing.(Fort Lauderdale, Florida)(Brief Article)
March 2, 2001... AutoNation to build Mercedes-Benz dealership Big changes are coming to the Southeast Fort Lauderdale neighborhood anchored by the landmark Freddie's Anchor Sports Grill at South Federal Highway and State Road 84. AutoNation of Fort...

Aventura adds more luxury condos: $170 million worth.(Brief Article)
March 2, 2001... Phase one of The Peninsula, a $170 million, 31-story luxury condominium tower being developed in Aventura, is set to break ground March 17. The project is being done by Boca Developers of Deerfield Beach, which also was responsible for...

Viva.com seeks roads to online apartment rentals.(Brief Article)
March 2, 2001... Spending millions in equity capital from seven of the nation's largest publicly held apartment companies, Viva.com, an Internet-based apartment leasing service, is targeting South Florida in its nationwide drive to gain ground in this fledgling...

Riviera financier builds America's new supercar.(Grand American Rolex Sports Car Nextel 250)(MT900 )(Brief Article)
March 2, 2001... Zip down to the Homestead-Miami Speedway this weekend and you might see a South Florida legend in the making. The event to attend will be the Grand American Rolex Sports Car Nextel 250, a three-hour road race. Two of the show's stars will...

SunTrust collects profits in old Barnett branches.(SunTrust Bank)(Brief Article)
March 2, 2001... When NationsBank sold or leased 58 South Florida branches at the end of 1998, it was the biggest-ever transfer of bank offices in the region. NationsBank (now Bank of America) closed those branches after buying Barnett Banks. It moved...

Fidelity to fill market void left by Bank of America.(Brief Article)
March 2, 2001... With a recent branch opening at a Wal-Mart in Boynton Beach and a stock sale pending this spring, Fidelity Federal Bank & Trust has started 2001 with a full plate of new business. Now Fidelity finds itself among banks that may have fresh...

Engineering firms finally construct connector solution.(debate continues over raod proposed for Fort Lauderdale)(Brief Article)
March 2, 2001... A 14-year controversy over a roadway construction project is about to end. The Seven-Nine Connector project, being surveyed by Carr Smith Corradino, has been on the drawing boards since 1987, said Dennis Girisgen, project engineer for the...

Playboy.com, SportsLine.com in deal.(Playboy.com to carry information from SportsLine.com)(Brief Article)
March 2, 2001... Playboy.com of New York announced a deal to display breaking sports news headlines, scores and stats provided by Fort Lauderdale-based SportsLine.com (Nasdaq: SPLN). Under terms of the deal, Playboy.com will receive promotional banner and...

Cleveland Clinic, Genetic Vectors deal.(to cooperate in cardiovascular genetic research)(Brief Article)
March 2, 2001... Miami-based Genetic Vectors (OTC BB: GVEC) signed a research and technology agreement with the Cleveland Clinic Foundation in Fort Lauderdale to discover and define genes and nucleic acid sequences related to cardiovascular diseases. They will...

Largest Engineering Firms.(in Southern Florida, ranked by billings in that area in 2000)(Statistical Data Included)
March 2, 2001... Largest Engineering Firms Ranked by 2000 South Florida [*] gross billings; ties broken by number of professional registered engineers Rank Firm ...

Rica Foods 1Q income drops.
March 2, 2001... Miami-based Rica Foods (Amex: RCF) had net income of $1.4 million or 11 cents a share for the first quarter ending Dec. 31. That's a drop of 34 percent from the $2.2 million or 24 cents a share in the comparable fiscal 2000 quarter. Revenues...

Dycom 2Q income down.(Dycom Industries, fiscal second quarter results)(Brief Article)(Statistical Data Included)
March 2, 2001... Palm Beach Gardens-based Dycom Industries (NYSE: DY) reported net income of $13.1 million or 31 cents a share for the second quarter ended Jan. 27, down 8.8 percent from the previous year's second quarter income of $14.4 million or 34 cents a...

Global Technovations posts 1Q loss.(Brief Article)(Statistical Data Included)
March 2, 2001... Palm Beach Gardens-based Global Technovations (AMEX: GTN) had a net loss of $2.87 million or 10 cents a share for the first quarter ended Dec. 31 compared to a $1.41 million loss or 5 cents a share in the year-ago quarter. Results for 2001...

Losses deepen at European Micro.(in quarter ended December 31, 2000)(Brief Article)(Statistical Data Included)
March 2, 2001... Miami-based European Micro (Nasdaq: EMCC) had a loss for the second quarter ended Dec. 31 of $154,000 or 3 cents a share, compared with a net profit of $11,000 for the same quarter in 1999. Revenues in the quarter fell from $33.7 million to...

Ecometry has 4Q, year losses.(Ecometry Corp.)(Brief Article)(Statistical Data Included)
March 2, 2001... Delray Beach-based Ecometry Corp. (Nasdaq: ECOM), an integrated software firm, had a loss of $1.2 million or 10 cents a share for the fourth quarter, ended Dec. 31. The company blamed the loss on expanded sales and marketing efforts and...

Andrx earnings fall to estimates.(drug maker Andrx Group results for fourth-quarter of 2000)(Brief Article)(Statistical Data Included)
March 2, 2001... Fort Lauderdale's Andrx Corp. (Nasdaq: ADRX) said fourth quarter earnings for its Andrx Group subsidiary fell 23 percent, meeting Wall Street estimates. Andrx Group, which manufactures name-brand and generic time-released drugs, posted net...

Whitehall Enterprises cuts losses.
March 2, 2001... Miami-based Whitehall Enterprises (OTC BB: WTHL) had a net loss for the first quarter of $25,181 compared to a loss of $472,121 in the same period last year. Revenues increased from $1.4 million to $2.2 million. The company is suing a...

Tidalwave has small 3Q profit.
March 2, 2001... Fort Lauderdale-based Tidalwave Holdings (OTC BB: TDWV), a merchant bank and venture capital firm, had net income of $71,678 for the third quarter ending Dec. 31. That compares with a loss of about $8,000 in the same period last year. For nine...

MerchantOnline.com cautions.
March 2, 2001... Boca Raton-based MerchantOnline.com (OTC BB: MRTO) cautioned that its loss for the fourth quarter ended Oct. 31 is expected to increase slightly from the third quarter. Exact figures are unavailable because the company has not filed its...

Sunglass Hut sold.
March 2, 2001... Italian eyewear maker Luxottica Group SpA (NYSE: LUX) struck a deal to buy specialty retailer Sunglass Hut International (Nasdaq: RAYS) of Coral Gables for about $462 million. Milan-based Luxottica said it would pay $11.50 a share for Sunglass...

Neff ends United Rentals buyout bid.
March 2, 2001... Miami's Neff Corp. (NYSE: NFF) announced that negotiations with Connecticut-based equipment renter United Rentals (NYSE: URI) have ended. URI's informal proposal dated Dec. 29 expired at the close of business Monday Neff is the eighth-largest...

AV tenders for Aqua Care shares.(Brief Article)
March 2, 2001... AV has started a tender offer to purchase up to 900,000 shares of Coral Springs-based AquaCare's outstanding common stock (Nasdaq: AQCR), for $2.25 a share in cash. AV was formed by Walter Neubauer and Aref Cheval for the purpose of making...

Fusion to acquire Full Moon.(Brief Article)
March 2, 2001... Miami-based Fusion Networks (Nasdaq: FUSN), an Internet software and applications provider, has signed an agreement to acquire Full Moon Interactive. Under the agreement, Fusion will issue 74,000 shares of Series A preferred stock to the...

Concord Camera inks Fuji deal.(Brief Article)
March 2, 2001... Concord Camera Corp. (Nasdaq: LENS) in Hollywood announced it settled its litigation with Fuji Photo Film Co. and entered a new 20-year license agreement with Fuji. Under the agreement, Fuji granted Concord a worldwide (excluding Japan until...

Sensormatic buys No. Ireland firm.(Brief Article)
March 2, 2001... Boca Raton's Sensormatic Electronics Corp. (NYSE: SRM) announced that it has acquired Controlled Electronic Management (CEM) Systems of Belfast, Northern Ireland, and its parent company Intellectual Systems. CEM Systems' product line spans...

Disney LA inks Venezuelan deal.(Brief Article)
March 2, 2001... Miami's Walt Disney Television International -- Latin America (WDTV-I, LA) reached an agreement with Radio Caracas Television (RCTV) of Venezuela to broadcast all films from Argentine studio Patagonik exclusively on free TV in Venezuela. ...

Tender offer commenced for Aqua Care Systems shares.(Brief Article)
March 2, 2001... * Profile: Aqua Care Systems designs, manufactures and sells fluid handling, filtration and water purification systems and products. The firm also washes cars through its three operating segments. Its filtration division and Gravity Flow...

New 'skin' for diabetics' feet.(Brief Article)
March 2, 2001... A new product called Dermagraft, grafted from human foreskin, may help prevent amputations in diabetics with life-threatening foot ulcers. Diabetes can cause nerve damage and loss of sensation in the feet, leaving diabetics unable to detect...

OutLoud yearns to be heard.(Brief Article)
March 2, 2001... Like a kid testing thin ice. OutLoud -- Miami's monthly "newsgazine" for teens -- took the plunge last week and announced itself to the world with a party at The Mayfair in Coconut Grove. "It was great. Home Box Office came and interviewed...

Marketing photography.(Brief Article)
March 2, 2001... Slick ad campaigns using fine art to sell alcohol have raged on in recent years. In many, such as the ones for Absolut Vodka and Tanqueray Gin, the bottles and trademarks were incorporated into artists' interpretations. Last week, Bacardi...

This Newsday tasted two months.(Brief Article)
March 2, 2001... You had to act quickly if you wanted to catch sight of Newsday's Florida newspaper. Only two editions were produced before the Long Island, N.Y. company pulled the plug on what was called Florida Monthly. "It's an idea we had been kicking...

Island developments.(Brief Article)
March 2, 2001... A decade ago along Bay Harbor Islands' Kane concourse, a smattering of art galleries punctuated empty space. Rents were roughly $10 a square foot, or less. Times have changed. Now, rents are $20 a square foot, and there's little vacancy...

Convention center plods ahead.(Brief Article)
March 2, 2001... In what might be considered typical bureaucratic fashion, work on the planned $59 million, 346,000-square-foot Palm Beach County Convention Center continues in fits and starts. Four companies that have been qualified to do so are submitting...

A study in real life.(Brief Article)
March 2, 2001... Digital Media Network, a Fort Lauderdale-based e-business consulting company, has entered into a research and development agreement with Barry University to develop new, more affordable customer relationship management software for the...

Allergy medicine Claritin not Schering's only profit gem.(Brief Article)
March 2, 2001... Dear Mr. Berko: I was thinking about buying 100 shares of Schering Plough that makes Claritin, which I use daily and can't live without. However, I'm concerned about the impact that Claritin might have on its revenues because of new...

Siemens Building Technologies.(Brief Article)
March 2, 2001... Siemens Building Technologies created a $100,000 scholarship fund for engineering students at Miami-Dade Community College.

Carnival Corp.
March 2, 2001... Carnival Corp. in Miami donated $100,000 to the American Red Cross.

The Mortgage Finance.
March 2, 2001... The Mortgage Finance at Miami-Dade Community College's Wolfson Campus received $11,500 from Countrywide Home Loans, Citibank, City National Bank, Commerce Bank, Continental National Bank, Glibraltar Bank, Republic Security and Wachovia Bank to...

PEOPLE ON THE MOVE.
March 2, 2001... ACCOUNTING Arnold Nazur was promoted to principal at McClain Business Services, an accounting firm in Miami. Karin Vickers joined Moore Stephens Lovelace in Miami Lakes as tax manager. ADVERTISING/PR Hill and Knowlton, a...

Count on change.
March 2, 2001... Compare change creation to change management. According to Roger Kaufman and Dale Lick, two professors at Florida State University, there are concrete differences between the two. Vital to all organizations is the need to create and manage...

Such a long way.
March 2, 2001... According to CareerEngine Network, a network of category specific career Web sites, a person making $75,000 in Boca Raton would have to make $77,524 in Gaithersburg, Md. to enjoy the same lifestyle. We're not suggesting you move to...

LOCAL MOGUL.
March 2, 2001... Doug Schwab, maverick, makes movies that are making profits Everyone knows if you want to movies, or be discovered, you have to go to Hollywood - California that is. Doug Schwab, President of Maverick Entertainment is a movie producer...

Want to close more sales? Listen more closely.
March 2, 2001... Have you ever had a course in listening skills? How-to-listen lessons were never offered as part of any formal education. It's amazing to me that the skills we need the most for personal success were never taught in school. Listening...

It's baaackkkk.
March 2, 2001... There it was, just like a poster advertising Jason's return for another "Friday the 13th" movie -- a sample election ballot in Palm Beach County. Can voters handle the pressure? There are, after all, two names on the ballot for city...

Common sense gone with the Winfrey.
March 2, 2001... That's not thunder you're hearing. It's hoof beats. The Four Horsemen of the Apocalypse are bearing down on us like the final ticks in Brittney Spears' 15 minutes of fame. (God bless Andy Warhol for that saying. His art may have been...

Assisted living can benefit the elderly -- and taxpayers.
March 2, 2001... While Florida is often viewed as a retirement haven for the wealthy, the reality is that many of Florida's seniors face difficult decisions. They cannot afford adequate health services and decent housing at the same time. Currently,...

Business as usual.
March 2, 2001... I'm waiting for O.J. Simpson, but Peter Beard is on my mind. An exhibit of Beard's photographs, "50 Years of Portraits," decorates the walls of the a-d Gallery in the Miami Design District. The photos, images of naked women, torn bodies and...

Choice Hire 'rightsizing'.
March 2, 2001... Choice Hire and Train.com has reduced its staff from 16 to six in a move to "rightsize." "It's a crazy market out there," said Larry Van Dusseldorp, president of the Fort Lauderdale-based firm. "We are not unlike a number of other tech...

Entrepreneur's vision blindsided by lobbyists.
March 9, 2001... It started out as the all-American dream: create a reputable company, provide a quality product, participate in the wealth of government contracts and get rich. Bill Allen, armed with an accounting background and experience in the special...

Slowdown hits fiber optic firms.
March 9, 2001... What goes down must come up. At least that's been the thinking of investors in public telecom infrastructure companies who believe increased revenues from build-out will create a rebound in shareholder value. But for most, that hasn't...

Cracked to the core.
March 9, 2001... Self-taught comic artist works to make satire profitable Boynton Beach's quiet, middle-class neighborhood known as Crystal Lakes hardly seems like the nerve center for Cracked, one of the most irreverent, satirical magazines in the nation....

Price of onions may make Del Monte cry.
March 9, 2001... When the folks from Fresh Del Monte Produce (NYSE: FDP) meet with the Georgia Department of Agriculture next week, there could be tears in their eyes because of -- but not from -- Vidalia onions. The Coral Gables-based firm could be looking...

Demand sparks Quantum Park development.
March 9, 2001... Catalfumo Construction & Development of Palm Beach Gardens has broken ground for the first of three distribution, showroom and warehouse buildings in Boynton Beach's Quantum Park, a 500-acre industrial tract near Gateway Boulevard and I-95 ...

Tec Factory looks at selling properly to REIT.
March 9, 2001... Fort Lauderdale-based Tec Factory is expected to close this month on its 120,000-square-foot Cypress Creek Road headquarters building, adjacent to the Fort Lauderdale Executive Airport. It's looking to flip it. Interim President Robert...

Four indicted in $12 million timeshare appraisal scheme.
March 9, 2001... Four South Florida men were among 10 indicted by a grand jury in Boston on charges of running an appraisal fraud and money laundering operation that defrauded 20,000 people of more than $12 million nationwide, the U.S. Postal Inspection Service...

FDIC fine clips Gateway's plans to sell fleet of planes.
March 9, 2001... Gateway American Bank of Florida entered 2001 with goals of selling eight cargo planes that were collateral for a now-defaulted $2.7 million loan and of expanding its business and consumer lending divisions. But the Fort Lauderdale-based...

Sunrise tops in job growth.
March 9, 2001... For the second consecutive year, Sunrise-based corporations created more jobs than companies in any other of Broward County's 29 cities. According to data from the Broward Alliance, Broward County's economic development partnership,...

Bush budget cuts SBA programs, raises fees.
March 9, 2001... President Bush proposes a 40 percent cut in the Small Business Administration's budget, eliminating the New Markets Venture Capital program and ending government subsidies for the SBAs flagship 7(a) loan program by raising loan fees. The...

Does $100 million (or more) float your big boat?
March 9, 2001... The floating toys of the rich are different from ordinary floating toys. First, they cost more. And second, they are seen at some of the toniest locations in South Florida. Flagler Drive along the Intracoastal Waterway in West Palm Beach is...

Qode.com assets acquired by NeoMedia for stock.
March 9, 2001... The assets of Fort Lauderdale-based Qode.com have been acquired by Fort Myers-based NeoMedia (Nasdaq: NEOM) for 2.15 million shares of stock. Forty-eight of Qode's employees will be integrated into NeoMedia's e-business group, according to...

Ursus closes LA, Tampa offices.
March 9, 2001... Sunrise-based Ursus Telecom Corp. (Nasdaq: UTCC) has closed its Los Angeles switching facility and consolidated it into its Sunrise hub, according to a statement by the company. The firm also announced that customer assistance will now take...

Invicta completes financing.
March 9, 2001... Boca Raton-based Invicta Corp. (OTC BB: IVIA) has raised $5 million in a private placement that will be used to retire short-term debt, for ongoing working capital needs, and for completion of a new manufacturing facility in Boca Raton. Invicta...

Codina consolidates, hires Duke-Weeks executive.
March 9, 2001... Codina Group of Coral Gables announced it has aligned four of its operating companies into a development services group and said it has named Forrest W. Robinson, a Tampa-based regional vice president for Indianapolis-based Duke-Weeks Realty...

EarthAmerica digs net $1 million.
March 9, 2001... Dallas-based EarthAmerica, an EarthCare Company (Nasdaq: ECCO), has sold its Pompano Beach operation for $1 million to RGR Environmental Services. It will use the proceeds to reduce debt. EarthAmerica President Don Dillon said in a written...

Keyes in partnership.
March 9, 2001... The Keyes Co. Realtors of Miami, a large independent real estate company, announced a partnership with OnePipeline of Salt Lake City, Utah, to provide homebuyers point-of-sale mortgage services. OnePipeline has an online loan origination...

Housing fraud nabs five.
March 9, 2001... Howard Kratenstein and four business associates have been sentenced to prison and ordered to repay nearly $10 million to banks and lenders they defrauded by using straw buyers to buy property in northwest Fort Lauderdale, then overstating their...

Innkeepers increases dividend.
March 9, 2001... Palm Beach-based Innkeepers USA Trust (NYSE: KPA), a hotel real estate investment trust (REIT), announced that its board of trustees declared a quarterly distribution of 30 cents a share, an increase of 7 percent over the prior quarter dividend...

Marex.com suffers $43.4 million loss.
March 9, 2001... Miami-based Marex.com (Nasdaq: MRXX), a marine industry B2B e-commerce company had huge continuing fourth quarter and year losses for the period ending Dec. 31. For the fourth quarter, the net loss was $7 million or 95 cents a share...

PAX 4Q EPS losses grow.
March 9, 2001... Paxson Communications of West Palm Beach (AMEX: PAX) announced a net loss for the fourth quarter ended Dec. 31 of $44.38 million, the same loss as 1999's fourth quarter. Its loss per share for the quarter rose to $1.94 from $1.23 in the same...

Claire's misses target.
March 9, 2001... Claire's Stores of Pembroke Pines (NYSE: CLE) said net income for the fourth quarter ended Feb. 3 fell 27 percent to $30 million or 61 cents a share, compared to income of $41 million or 80 cents a share in the same quarter a year ago. Analysts...

Beverage firm prepays $100 million.
March 9, 2001... Miami-based Panamerican Beverages (NYSE: PB), a Latin American soft drink bottler, has prepaid $100 million, the balance of a $200 million loan to the Coca Cola Financial Corp. The loan was due in December and carried an interest rate of...

Technisource 4Q profits triple.
March 9, 2001... Fort Lauderdale-based Technisource (Nasdaq: TSRC), a provider of information technology professionals and services, reported net income for the fourth quarter was triple the prior year at $576,223 or 6 cents a share, compared to $159,966 or 2...

E Com Ventures signs option.
March 9, 2001... Miami-based E Com Ventures (Nasdaq: ECMV) has signed an agreement that gives it the option to repurchase its $8.7 million outstanding convertible debentures over 11 months at a price equal to the unpaid principal balance, plus a 20 percent...

Quipp has record quarter, year-end.
March 9, 2001... Quipp of Miami (Nasdaq: QUIP) announced net income for the quarter ended Dec. 31 of $1.57 million or 79 cents a share from $1.06 million or 56 cents a share for the same period in 1999. Net sales for the quarter were $9.58 million, an increase...

Radio GM sues Spanish Broadcasting.
March 9, 2001... Miami-based Spanish Broadcasting System (Nasdaq: SBSA) has been sued by a former general manager of the Spanish-language radio station KLAX in Los Angeles on charges she was terminated from her position because she isn't Hispanic, according to...

Enron gets preliminary OK.
March 9, 2001... Pompano Beach's planning and zoning board approved a request to rezone 28 acres south of Sample Road near Florida's Turnpike for a 510 megawatt power plant to be developed by Texas' Enron Corp. It also unanimously approved Enron's site plan for...

Michael Page IPO worth $1 billion.
March 9, 2001... Fort Lauderdale-based Spherion Corp. (NYSE: SFN) announced that its initial public offering outside the United States of its subsidiary, Michael Page, could be worth $1.215 billion. Application has been made for admission of the Michael...

Aqua Care to buy Access Pharmacy.
March 9, 2001... Coral Springs-based Aqua Care Systems (Nasdaq: AQCR) has entered into a letter of intent to acquire Access Pharmacy and Home Health Services of Davie. Access is a home infusion and pharmaceutical supply company with annual revenues of $18...

B/E Aerospace buys three firms.
March 9, 2001... Wellington-based B/E Aerospace (Nasdaq: BEAV) acquired three companies that manufacture precision-machined components for the aerospace industry for about $65 million. Including the acquisitions, B/E expects earnings per share to grow in...

Making it a Bank of the Americas.
March 9, 2001... When Bank of America looks at its private banking business in Miami, it finds a growing number of clients who have moved to South Florida from Colombia, Venezuela and other Latin American nations. So recognizing that "domestic" private...