Talk of the bay: Moody's doesn't delay in cutting Jabil's rating
By Times staff and wires
Published February 28, 2007
Jabil Circuit Inc.'s chief executive, Tim Main, got cranky in December when analysts peppered him with questions about repeated delays in the company's financial filings. He's really got to be mad now. On Tuesday, Moody's Investors Service cut the St. Petersburg electronics maker's credit rating to below investment grade because Jabil has not reported full results for the past two quarters while it investigates whether executives misdated options grants. The rating cut to Ba1, down from Baa3, affects about $300-million of Jabil's debt. Moody's said delayed financials may put the company in default on its debt under the terms of its bonds, making it more difficult for Jabil to borrow money. Though Main said in December that a 2006 annual report won't be filed until an outside audit is completed, he might want to tell the auditor to get moving: Moody's says further ratings cuts are possible.
Awards to honor top entrepreneurs
Successful entrepreneurs looking for some recognition have until March 30 to submit their applications for Florida's Ernst & Young Entrepreneur of the Year awards. The program, in its 21st year, recognizes businesspeople who have created and led innovative and financially proven companies. Last year, there were 31 awards in 10 categories, with past winners including Tampa's Kforce Inc. and Lifestyle Family Fitness. Nominees should be the owners or managers of a private or public company. Link to Ernst & Young's Web site from links.tampabay.com for entry details.
Bank savior turns out to be a seller
For Coast Bank of Bradenton, the knight in shining armor turned out to be Mr. Love-'em-and-leave-'em. St. Louis banker James Dierberg bought nearly 10 percent of Coast in early February for $5.3-million, raising speculation he was a buyout prospect for the financially strapped bank. Dierberg revealed Monday he has since sold about two-thirds of that stock - at a loss, no less. Coast is stuck with $70-million in loans made to customers of troubled St. Petersburg builder Construction Compliance Inc. CCI never finished 482 houses financed by Coast.