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Talk of the bay: Prepaid college plan is a lesson in inflation

By Times Staff
Published October 16, 2007

The annual sign-up period for the Florida Prepaid College Plan began Monday with some of the biggest price increases in the program's history. The cost of a four-year university tuition plan for a newborn will be $13,516 as a lump sum, a 15 percent increase over last year. Some families will want to buy the new tuition differential plan ($4,614 for four years), which will cover supplemental tuition charges at the University of South Florida, University of Florida and Florida State University. Price lists areat www.florida529plans.com or by calling toll-free 1-800-522-4723. Enrollment ends Jan. 31.

Cryo-Cell's losses may stir dissidents

What does tiny Cryo-Cell International Inc. have in common with giant Hewlett-Packard and UnitedHealth Group? As noted in the New York Times on Sunday, the Oldsmar stem cell storage company was one of three public companies this year to consider proposals that make it easier for shareholders to replace directors. As the Times' Gretchen Morgenson noted, the only place the measure passed was at Cryo-Cell's July 16 annual meeting. However, dissident shareholders failed in their bid to replace Cryo-Cell's board and have since filed a lawsuit in Delaware Chancery Court, scheduled for trial in November. Investors are unlikely to be placated by Cryo-Cell's latest results. Revenue for the three months ended Aug. 31 was close to flat at $4.6-million, resulting in a loss of $1.1-million, or 10 cents a share, compared with a 9-cent loss a year ago. Cryo-Cell's chief executive, Mercedes Walton, blamed the economy and increased competition.

Wachovia's insight on home sales funk

Want to sell your house? Drop the price. This sales tip has the seal of approval of the economic forecasting team at Wachovia. In its October 2007 "Housing Chartbook," Wachovia said speculators stirred up demand so much that unrealistically high prices left buyers too poor to enter the market. "What needs to happen now is for prices of new and existing homes to adjust back to levels where families earning the median household income can once again afford to buy a wide assortment of homes, particularly in Florida, Nevada and California," the forecast said. The average annual wage in the Tampa Bay area is about $41,000.

[Last modified October 15, 2007, 23:10:06]