Business today

Compiled from Times wires

© St. Petersburg Times, published May 24, 2001

TECH DATA CEO GETS RAISE: Tech Data Corp. chief executive Steve Raymund made $2.68-million in salary and bonus last year, up 68 percent from the previous fiscal year. The increase, largely due to Raymund's bonus more than doubling to $1.71-million from $800,000 the year before, was disclosed in the company's annual proxy filed with the Securities and Exchange Commission. The Clearwater distributor of computer equipment said the bonus is tied to achieving certain earnings-per-share goals in the fiscal year ended Jan. 31. The company earned $3.14 per share, beating its goal of $2.80. Raymund, 45, also received 120,000 stock options worth an estimated $2.1-million. Tech Data worldwide president Nestor Cano received a bonus of $650,000, up from $154,000 the year before. That helped boost Cano's total compensation from $439,000 to $1.1-million, a 150 percent increase.

GOLDMAN SACHS CUTS STAFF: Goldman Sachs Group Inc. is firing about 12 percent of its investment bankers to reduce costs as business slows. The dismissals of almost 150 employees include managing directors, vice presidents and associates, a spokesman said. Investment banking revenue fell 8 percent in the first quarter from a year ago.

LINCARE PLANS STOCK SPLIT: Shares in Lincare Holdings Inc. of Clearwater will split two-for-one June 22 for shareholders of record June 7. It will be the third time Lincare has distributed a two-for-one stock dividend since the company went public in 1992. Lincare provides home oxygen and respiratory services to more than 285,000 customers in 44 states.

RAYMOND JAMES FINED: The National Association of Securities Dealers fined St. Petersburg-based Raymond James & Associates Inc. for violating trading rules designed to make sure customers get the best price on their orders. Raymond James was censured, fined $25,000 and required to pay $1,137 in restitution to customers. The rules relate to the display of price quotes and prompt execution of customer orders. "The rules are ahead of the technology in many regards," Raymond James spokesman Lawrence Silver said. "We're working to resolve the issues as quickly as we can."

J&J TO BUY TREATMENT LINE: Johnson & Johnson is buying Inverness Medical Technology's diabetes treatment products business for $1.3-billion in stock. As part of the deal, J&J will receive the One Touch blood glucose meters and test strips and Inverness' fluid-sampling technology. Inverness, based in Waltham, Mass., will spin off its other businesses dealing with women's health, nutritional supplements and clinical diagnostics to form a new company owned by Inverness shareholders.

NASD EXPELS BROKERAGE, EXECUTIVE: The National Association of Securities Dealers expelled a now-defunct St. Petersburg brokerage firm and barred its chief executive from the industry for misrepresentation and deceptive sales practices. Last year, the state of Florida revoked the registration of Baxter, Banks & Smith Ltd. and banned Francis Martin McDermott from serving as officer or director of any Florida company. The NASD followed up with its own action but said it would not impose a fine because of McDermott's financial status. McDermott consented to the findings.

PLANVISTA CEO ADDS CHAIRMAN TO TITLE: PlanVista Corp., formerly HealthPlan Services Corp., said president and chief executive Phillip Dingle will add chairman to his title. Jeffrey Markle, executive vice president for medical cost management, becomes president and chief operating officer. The moves were part of several promotions announced by the Tampa managed care services company.

BOILER ROOM INDICTMENTS: Four men who ran a telemarketing scam from a Tampa boiler room were among 20 people named in an 86-count federal grand jury indictment unsealed in San Diego. The Florida scam, which used the names Capital Link and Twenty First Century Connection, is accused of taking in $17-million from more than 900 investors nationwide. It was part of a Los Angeles company, the Enterprise, which collected more than $50-million for purported investments in telecommunications companies and Internet service providers. Those indicted for securities fraud in connection with the Florida operation were Robert H. Shields, 52, Colleyville, Texas; Robert T. Hart, 56, Southlake, Texas; Mark D. McClafferty, 36, Marina Del Rey, Calif.; and Rodney S. Sheyn, 50, Las Vegas. The action was part of Operation Cyber Loss, which involved investigators from the Tampa-based Securities Fraud Task Force.

BANKRUPTCY FILINGS CLIMB: Bankruptcy filings by American consumers and businesses jumped 17.5 percent in the first three months of the year, the Administrative Office of the U.S. Courts reported. Filings reached 366,841 in the January-March period, the highest ever for a first quarter.

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