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Nashville-based Sitel Corp. is completing the shutdown of its Memphis operations, with the final 135 employees being laid off on June 18, according to Department of Labor and Workforce Development documents.
The business outsourcing provider, formerly known as ClientLogic, handles sales, back-office services, technical support and other functions for companies.
In January, the company announced it was laying off 426 employees at its 1699 Sycamore View Road facility.
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The National Association of Music Merchants still plans to hold its summer trade show in Nashville June 18 to 20.
In a statement e-mailed today, President and CEO Joe Lamond said the show will proceed as planned at the Nashville Convention Center despite last week’s historic flooding that damaged some of the downtown entertainment district.
“We’ve had a long history with Nashville and we are delighted to be in a position to support this city with our … economic impact for the city during this difficult period,” Lamond said.
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Psychiatric Solutions Inc. profits were up 3 percent in the first quarter compared to the same period a year ago. Earnings were $28.2 million on revenue of $476.0 million. Earnings per diluted share came in at 51 cents, compared to analysts’ average estimate of 52 cents per share, according to Thomson Reuters. Analysts had predicted revenue of $469 million for the quarter.
In March, PSI confirmed that it has been approached by third parties regarding a possible sale of the company and has formed a special committee of its board of directors to consider offers. In releasing its first-quarter earnings, PSI again emphasizes that a sale is not certain, and it is not making public comments until the matter is settled.
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National Health Investors, Inc.
(NYSE: NHI)
National Health Investors, Inc.
(NYSE: NHI)
Murfreesboro-based National Health Investors Inc. announced today an 8.4 percent increase in its normalized Funds From Operations. For the first quarter, NHI reported a Normalized FFO of $17.2 million, or 62 cents per basic share, compared to $15.1 million, or 55 cents per basic share, for the year-ago quarter. The company reported Funds From Operations of $18.4 million, compared to $17 million for the year-ago quarter; and revenue of $20.4 million compared to $14.7 million a year ago. The company reported net income of $15.9 million, compared to $15 million in the year-ago period. Analysts, on average, had estimated earnings of 61 cents per share on an FFO of $18.1 million, according to Thomson Reuters. The company is forecasting an increase in normalized FFO for 2010 from 15.0 percent to 17.2 percent compared with 2009.
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Nashville-based Louisiana Pacific Corporation’s reported a loss of $23 million, or 18 cents per diluted share, in the first quarter. The company had lost $43 million, or 30 cents per share, in the year-ago quarter. The company reported revenue of $296.6 million, up 44 percent over the $205.5 million in the year-ago quarter. Analysts, on average, had estimated a loss of 11 cents per share on revenue of $292.5 million, according to Thomson Reuters.
LP manufactures wood materials for interior and exterior use in residential, industrial and light commercial construction.
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Nashville-based HealthSpring Inc. announced today it plans to buy back $100 million worth of the company’s common stock.
HealthSpring currently has about 57.9 million shares outstanding, the company said in a news release. At its current price (shares closed up 67 cents at $16.16 today), $100 million would buy about 10.5 percent of outstanding shares. HealthSpring (NYSE: HS) plans to use unrestricted cash on hand and unrestricted cash generated from operations to fund the stock repurchase program, which will expire on June 30, 2011.
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Saint Thomas Health Services today named Dr. Michael Schatzlein as president and CEO, ending a nearly year-long search for someone to lead the five-hospital system.
Schatzlein, 59, comes to Saint Thomas from Lutheran Health Network and Dupont Hospital in Fort Wayne, Ind., where he currently is president and CEO. His first day at Saint Thomas will be July 1.
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Healthcare Realty Trust Incorporated
(NYSE: HR)
Nashville-based Healthcare Realty Trust Inc.’s earnings were down in the first quarter, compared to the same period a year ago. Healthcare Realty Trust reported net income of $4.6 million, or 8 cents per diluted share, compared to $20.8 million one year ago. The company reported revenue of $64.6 million, compared to $62.1 million in the year-ago period. Finally, the company reported $19.2 million in funds from operations, or 32 cents per share, compared to $25 million in the year ago quarter. Analysts had expected earnings of 32 cents per share on revenue of $66.6 million, according to Thomson Reuters.
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BioMimetic Therapeutics Inc.’s losses widened 6.3 percent to $8.5 million in the first quarter compared to the same period a year ago. Losses came in at 39 cents per diluted share, compared to average analyst estimates of 48 cents per share, according to Thomson Reuters. Revenue for the quarter remained flat at $400,000, consisting of income from royalties and sublicense fees. Analysts had predicted revenue of $510,000 for the quarter.
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Gov. Phil Bredesen will lead a Tennessee delegation at the 2010 Shanghai World Expo this month.
Economic and Community Development Commissioner Matt Kisber, Revenue Commissioner Reagan Farr and International Investment Director Lori Odom will also go.
They will leave Friday and return May 22 from a trip designed to promote trade, investment and tourism between Tennessee and China.
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We’ll know the upper reaches of the Nashville home market have recovered from the Great Recession when this column fails to include at least a couple of transactions that make readers cringe at the brutality the marketplace can mete out. We’re not there yet. See sales number 2 and 3, below.
A broader indicator also gives little cause for cheer just yet. At $1.33 million, the average sale price of the houses on this list was down 15 percent from April 2009’s average and 31 percent from the average in 2008.
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It all started in a Harvard library.
Samuel Lynch, embarking on doctoral work at the Massachusetts university in the 1980s, agreed to some free labor – hitting the books to help an oncology researcher advance his side project on wound healing.
One thing led to another. The initial research progressed to further studies. Discoveries led to patents.
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At the afternoon press event, Economic and Community Development Commissioner Matt Kisber provided the bulk of a presentation aimed at "setting the record straight" on the state's TNInvestco program and arguing for the passage of a bill that would expand it by $80 million.
Kisber said there’s already been a "strong, positive" impact from the program, which thus far has plugged $2.5 million into nine companies and has two deals in the works. Backing him up was Nashville Area Chamber of Commerce CEO Ralph Schulz, who said expansion of TNInvestco "means more capital for small businesses in Tennessee and more jobs for Tennesseans at a time we need that job growth." Representatives from TNInvestco-funded companies New Day Pharmacy and TrakLok each said the funding has helped their businesses grow and create jobs.
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Hospital and health plan operator Vanguard Health Systems reported a nearly $33 million loss in the third quarter of its fiscal 2010 thanks to cost associated with a $950 million refinancing completed in the quarter and a drop in patient service revenues.
The Nashville-based company reported a slight – 0.4 percent – increase in total revenues for the quarter ended March 31, bringing in $861 million.
Although Vanguard’s health plan premium revenues rose by $29.5 million on enrollment growth, patient service revenues fell by nearly $26.3 million. Factor in the $73.2 million of debt extinguishment costs related to the comprehensive refinancing it completed in the quarter and Vanguard reported a net loss of $32.8 million in Q3.
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Fifteen months after its previous chief executive officer resigned under pressure from the medical staff, Saint Thomas Health Services today announced the appointment of Michael H. Schatzlein as its new president and CEO.
Schatzlein starts work at STHS on July 1. He comes to Nashville from Lutheran Health Network and its Dupont Hospital in Fort Wayne, Ind., where he was also president and CEO. Franklin-based Community Health Systems Inc. owns Lutheran.
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With 99 percent of all damaged private property assessed, repairs from last week’s flooding are expected to total at least $1.56 billion, Mayor Karl Dean said Monday.
The dollar-figure, which has risen as the surveying process has unfolded, came after evaluations from Metro’s codes, planning and other departments. It doesn’t include the cost to repair public infrastructure such as roads, sidewalks and bridges.
According to Dean, Metro Public Works has conducted an initial assessment, and “the news is very good.” Still, he doesn’t know when Metro officials will have a final cost projection for damages to public infrastructure, but said the process is “almost done.”
links for 2010-05-11
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