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NEW SELMON'S, LEE'S RESTAURANTS: Two new sites of two small restaurant chains - Lee Roy Selmon's and the new Paul Lee's Chinese Kitchen - owned by Tampa's Outback Steakhouse Inc. will open this year in the Tampa Bay area. Lee Roy Selmon's, a barbecue and sports-themed restaurant, will open its third area location in Palm Harbor. And the first Paul Lee's in the area will open in Citrus Park, Outback officials said Wednesday at the company's annual shareholders meeting. The company did not indicate precise locations or opening dates.
VENTURE CAPITAL FUNDS PROFIT: Venture capital funds posted a positive one-year return for the first time in three years, according to Thomson Venture Economics and the National Venture Capital Association. All venture funds returned 8 percent in 2003, with strongest returns from later-stage funds. Investments in early-seed funds were down 7 percent for the year. The total private equity asset class, which includes venture capital, buyouts and mezzanine funds, was up 18.3 percent for the year.
GUNTER RETURNS TO CITRUS POST: Dan Gunter, 57, returns June 2 as executive director of Florida's Department of Citrus, taking over at a time when the state's orange growers face falling prices and reduced consumption. Gunter replaces Bob Crawford, who resigned for health reasons. A record crop in Florida, the world's second-biggest grower of oranges after Brazil, and a drop in U.S. consumption spurred by the popularity of low-carbohydrate diets have sent orange juice futures down 28 percent in the past year.
FED - GROWTH "WIDESPREAD': The U.S. economy showed "widespread" growth from mid February through early April with only modest inflation, the Federal Reserve said in its latest survey of regional economic conditions, known as the beige book for the color of its cover. The Atlanta regional bank, which includes the Tampa Bay area, reported that "business activity . . . expanded at a moderate pace during February and March. Reports of hiring remained mixed, but declines in some of the weaker sectors abated. . . . Tourism reports were distinctly upbeat. Manufacturing output increased from low levels."
GUCCI SELECTS NEW CEO: Gucci Group NV picked Robert Polet as CEO to succeed Domenico DeSole, who quit when controlling shareholder Pinault-Printemps-Redoute SA stepped in. Pinault must also replace designer Tom Ford, who along with DeSole helped make the company a profitable fashion group. Polet, 48, has helped boost profit at Unilever's ice cream and frozen foods unit for the past three years, overseeing brands such as Ben & Jerry's and Magnum.
VIVENDI, DILLER SETTLE: Vivendi Universal has reached an agreement with InterActiveCorp that removes a major obstacle to the sale of the Paris-based company's U.S. entertainment assets to NBC. Vivendi said Wednesday that it will issue letters of credit to IAC that void certain covenants IAC chairman Barry Diller had negotiated when he sold his USA Interactive to Vivendi in 2001. Vivendi sued IAC in March after negotiations over the form of the letters of credit had broken down.
BRODSKY BEGINS TESTIMONY: David Brodsky, a former top lawyer at Credit Suisse First Boston and the star prosecution witness against former investment banker Frank Quattrone, testified Wednesday about the months leading up to the banker's e-mail at the heart of his case. Brodsky said he warned Quattrone in September 2000 that regulators might seek testimony from him on the allocation process for new-to-market stocks. Less than three months later, Quattrone endorsed an e-mail that urged CSFB employees to destroy documents. Today Brodsky is expected to say, as he did at the first trial of Quattrone last fall, that he warned Quattrone hours before he sent the e-mail to get his own lawyer.
SEC'S OPT-OUT PLAN DISCUSSED: Top regulators heard from Wall Street executives Wednesday at a public hearing on a proposal that would allow stock investors to choose the fastest trade over the best price, a move the New York Stock Exchange opposes. The changes proposed in February by the Securities and Exchange Commission aim to modernize the regulatory framework of the national market system, in part by recognizing the increasing value placed on speed. It would be the most significant update to the rules governing the nation's markets since 1975.
DID SKILLING VIOLATE BOND?: Federal prosecutors say tests show former Enron Corp. CEO Jeffrey Skilling was drunk when he scuffled with bar patrons on a New York City street, and they asked a judge Wednesday to revisit the conditions of his freedom on a $5-million bond, posted in full when he was arraigned in February on charges of fraud, conspiracy and insider trading. The bond requires that he "refrain from excessive use of alcohol." Daniel Petrocelli, Skilling's lawyer, said Wednesday that Skilling "regrets this episode and wishes it had never happened, but it did not happen as reported in the (Enron Task Force's) motion."
EARNINGSParadyne Networks Inc.: The Clearwater maker of high-speed Internet access equipment narrowed its net loss in the quarter ended March 31 from the same period last year, thanks mainly to a $3.1-million decline in operating expenses, including research & development costs and selling, general and administrative expenses.
Royal Caribbean Cruises Ltd.: The world's second-largest cruise operator reported Wednesday that its first-quarter profit soared 80 percent because of increases in capacity and cruise ticket prices. The results exceeded Wall Street analysts' average forecast of 42 cents a share, according to Thomson First Call.
Cornerstone Community Bank: The St. Petersburg bank posted a 20 percent increase in net income for the quarter ended March 31.
Coca-Cola Co.: The world's largest beveragemaker cited strong growth in North America and several international markets as it reported a 35 percent jump in first-quarter profits on a 13 percent increase in revenue. The results beat Wall Street expectations.
Sears, Roebuck and Co.: An accounting charge of $839-million linked to its pension and post-retirement medical benefits saddled Sears with a loss in a first quarter that also was marred by continuing weak apparel sales. Yet the company beat analysts' estimates by a penny a share.
Ford Motor Co.: Higher automotive profits and more cost-cutting helped Ford post a profit in the first quarter, more than double its earnings of a year ago, and prompted the nation's second-largest automaker to raise its earnings forecast for 2004. The results reported Wednesday easily topped Wall Street forecasts.
AMR Corp.: The parent company of American Airlines said Wednesday it posted a loss in the first quarter, blaming much of its performance on high jet fuel prices. Analysts had expected a loss of $1.04 per share, according to a survey by Thomson First Call.
Northwest Airlines: Northwest reported a narrower first-quarter loss as higher fuel costs offset rising passenger revenue. The results were 3 cents a share worse than the consensus $2.64 a share loss estimate of analysts surveyed by Thomson First Call.
Eastman Kodak Co.: Driven by a surge in sales of digital cameras, photo kiosks and inkjet paper, Kodak said Wednesday its first-quarter profit more than doubled and narrowly beat Wall Street forecasts.
Honeywell International: The manufacturer of aerospace electronics, turbochargers and automated control systems reported a 16 percent rise in first-quarter profit Wednesday, as all four divisions posted double-digit sales increases and three had large jumps in operating profit, beating the consensus forecast of 30 cents a share by analysts surveyed by Thomson First Call.
eBay Inc.: First-quarter earnings nearly doubled and easily exceeded Wall Street's expectations as the online auction giant reported another hefty gain in sales and promised to expand "aggressively" in China.
Wyeth: Despite an increase in sales, the maker of anti-depressant Effexor and injected arthritis drug Enbrel reported that first-quarter profits fell 41 percent from a year ago, when it reported a large one-time gain, the company said Wednesday. Yet the drugmaker beat the consensus forecast of analysts surveyed by Thomson First Call by 1 cent.
Starbucks Corp.: The Seattle company said earnings grew nearly 53 percent in its fiscal second quarter as the coffee retailer forged ahead with brisk growth plans. Analysts surveyed by Thomson First Call had expected earnings of 17 cents per share.