Talk of the Bay
By TIMES WIRES
Published May 16, 2007
Danka CEO puts performance over paycheck
Not many public-company CEOs take pay cuts these days, but A.D. Frazier is bucking that trend. According to a regulatory filing Tuesday, Frazier - who runs St. Petersburg-based photocopier distributor Danka Business Systems - has agreed to lop 23 percent off his $700, 000 annual salary, lower the maximum bonus he can earn and more closely tie the bonus to long-term performance measures. In exchange, Frazier's three-year initial contract was extended to five years.
Real estate reels in yet another report
Single-family home sales off by a third. Condo sales off by half. More downbeat news from the Tampa Bay area housing market. The messenger is the Florida Association of Realtors, which measured homes sales in the first quarter of 2007 against sales a year earlier. Prices also slipped, but less drastically than sales. The average single-family home in the area sold for $212, 200, down $5, 000 from a year earlier. Condos go for $171, 900 this year vs. $177, 800 last year. A glut on the market - 40, 000 homes and counting - could suppress prices further. Sales suffer from mixed signals: the good news of insurance and property tax reform balanced by slower job growth and mortgage lending cutbacks.
UF on UF: We're good for economy
The University of Florida thinks the University of Florida is just, well, swell. A study by three UF researchers concluded the school contributes a whopping $6-billion and 75, 000 jobs to the state's economy. Based on $665-million in state contributions to UF, the school pays out $8.80 for every $1 invested. "I think what this study shows is that Florida taxpayers get a great return, " UF president Bernie Machen said. UF's $3.95-billion in revenue exceeds that of TECO Energy and Outback Steakhouse. If it were a company, it would be Florida's 16th largest. Toss that shrimp on your barbie, Outback.
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