(Phys.org) —According to a 2007 report by the Intergovernmental Panel on Climate Change, global sea level is expected to increase one half meter or more over the next century. Along the Mid-Atlantic coast of the United States, relative sea-level rise is about two times higher than the global rise.
By Business Wirevia The Motley Fool
Filed under: Investing
PREIT Expands Foothold in the Philadelphia Market
PHILADELPHIA–(BUSINESS WIRE)– Pennsylvania Real Estate Investment Trust (PREIT/NYSE: PEI) has acquired the 430,000 square foot, six story property located on the 900 block of Market Street in Philadelphia (“907 Market”). The building lies between two adjacent buildings owned by PREIT and is part of the retail complex known as The Gallery at Market East. The purchase price was approximately $59.6 million after giving effect to credits received by the Company, representing a capitalization rate of approximately 5.7% on in-place net operating income. The acquisition was funded by cash and a $10 million note that carries a 5% interest rate and is pre-payable at any time.
907 Market is comprised of 211,000 square feet of office space of which approximately 69,000 square feet is vacant and 219,000 square feet of retail space of which approximately 12,000 square feet is vacant. The building is currently 81.2% occupied. The majority of the retail space is leased to Kmart, whose lease expires in 2014.
“This is the final step in the acquisition of an assemblage of three blocks of prime real estate in Philadelphia, the nation’s sixth largest MSA,” said Joseph F. Coradino, CEO of PREIT. “As we contemplate vehicles for future growth, we feel The Gallery at Market East represents a significant opportunity.”
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company’s portfolio of 46 properties comprises 36 shopping malls, seven community and power centers, and three development properties. The Company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 31.0 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company’s website can be found at www.preit.com.
Forward Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A
From: http://www.dailyfinance.com/2013/04/17/preit-expands-foothold-in-the-philadelphia-market/
By Business Wirevia The Motley Fool
Filed under: Investing
MHI Hospitality Corporation Schedules First Quarter 2013 Earnings Release and Conference Call
WILLIAMSBURG, Va.–(BUSINESS WIRE)– MHI Hospitality Corporation (the “Company”) announced that the Company will report financial results for the first quarter 2013 prior to the market opening on Tuesday, May 7, 2013. A conference call for investors and other interested parties is scheduled for 10:00 a.m. Eastern Time (ET) that same day, at which time management will discuss the Company’s first quarter 2013 results. The information to be discussed on the call will be contained in the Company’s earnings release, which will be available via MHI Hospitality Corporation’s website at www.mhihospitality.com in the Investor Relations section under Financial Information.
The conference call will be accessible by telephone and through the Internet. Interested individuals are invited to listen to the call by telephone at 888-317-6016 (United States), 855-669-9657 (Canada) or +1 412-317-6016 (International). To participate on the webcast, log on to www.mhihospitality.com at least 15 minutes before the call to download the necessary software. For those unable to listen to the call live, a taped rebroadcast will be available approximately one hour after completion of the live call on May 7, 2013 through March 31, 2014. To access the rebroadcast, dial 877-344-7529 and enter conference number 10027519. A replay of the call will also be available on the Internet at www.mhihospitality.com until March 31, 2014.
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, nine of which are wholly-owned and comprise 2,113 rooms. All of the Company’s wholly-owned properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. The Company has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. MHI Hospitality Corporation was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information please visit www.mhihospitality.com.
MHI Hospitality Corporation
Scott Kucinski
Director – Investor Relations
757-229-5648
scottkucinski@mhihospitality.com
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS:
The article MHI Hospitality Corporation Schedules First Quarter 2013 Earnings Release and Conference Call originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
UGI Corporation to Hold 2QFY13 Earnings Conference Call and Webcast on Wednesday, May 1
VALLEY FORGE, Pa.–(BUSINESS WIRE)– UGI Corporation (NYSE:UGI) announced today that it intends to release its second quarter earnings after the market close on April 30. The company will hold a live internet audio webcast of its conference call to discuss results and other current activities at 9:00 AM ET on Wednesday, May 1.
Interested parties may listen to the audio webcast both live and in replay on the Internet at http://www.ugicorp.com/investor-relations/events-and-presentations/default.aspx or at the company website http://www.ugicorp.com and click on Investor Relations.
A telephonic replay will be available from 12:00 PM ET on May 1 through 9:00 PM ET Monday, May 6. The replay may be accessed at 1-877-344-7529, conference ID 10019733 and International access 1-412-317-0088, conference ID 10019733.
About UGI
UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in the Mid-Atlantic region. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYS: APU) , the nation’s largest retail propane distributor.
Comprehensive information about UGI Corporation is available on the Internet at http://www.ugicorp.com.
UGI Corporation
Hugh J. Gallagher, 610-337-1000 ext. 1029
Simon Bowman, 610-337-1000 ext. 3645
Shelly Oates, 610-337-1000 ext. 3202
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS:
The article UGI Corporation to Hold 2QFY13 Earnings Conference Call and Webcast on Wednesday, May 1 originally appeared on Fool.com.
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Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.
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d.parentNode.insertBefore(b,d);a._i=[];a.init=function(b,c,f){function …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
McGrath RentCorp Sets First Quarter 2013 Financial Results Date and Time
LIVERMORE, Calif.–(BUSINESS WIRE)– McGrath RentCorp (NAS: MGRC) (the “Company”), a diversified business to business rental company, today announced that it plans to release financial results for its first quarter of fiscal 2013, ending March 31, 2013, after the close of regular market trading on Wednesday, May 1, 2013.
McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) that afternoon to discuss the results. The call will feature remarks by Dennis Kakures, president and chief executive officer, and Keith Pratt, senior vice president and chief financial officer. There will also be a live Q&A session. The conference call may be heard by dialing 1-877-941-1427 (international callers dial 1-480-629-9664). A 7-day replay will be available following the call by dialing 1-800-406-7325 (international callers dial 1-303-590-3030). The conference call passcode is 4611866. In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company’s website at http://mgrc.com/Investor/EventsAndArchive.
ABOUT MCGRATH RENTCORP
Founded in 1979, McGrath RentCorp is a diversified business-to-business rental company. The Company’s Mobile Modular division rents and sells modular buildings to fulfill customers’ temporary and permanent classroom and office space needs in California, Texas, Florida, and the Mid-Atlantic from Washington D.C. to Georgia. The Company’s TRS-RenTelco division rents and sells electronic test equipment and is one of the leading rental providers of general purpose and communications test equipment in the Americas. The Company’s New Jersey based Adler Tank Rentals subsidiary rents and sells containment solutions for hazardous and nonhazardous liquids and solids with operations today serving key markets throughout the United States. In 2008, the Company entered the portable storage container rental business in California under the trade name Mobile Modular Portable Storage, and in 2009 expanded this business into Texas and Florida. For more information on McGrath RentCorp and its operating units, please visit our websites:
Corporate – www.mgrc.com
Tanks and Boxes – www.AdlerTankRentals.com
Modular Buildings – www.MobileModularRents.com
Portable Storage – www.MobileModularRents-PortableStorage.com
Electronic Test Equipment – www.TRS-RenTelco.com
School Facilities Manufacturing – www.Enviroplex.com
McGrath RentCorp
Keith E. Pratt, 925-606-9200
Chief Financial Officer
KEYWORDS: United States North America California
INDUSTRY …read more
Source: FULL ARTICLE at DailyFinance
By John Maxfield, The Motley Fool
Filed under: Investing
Citizens of Baltimore have more to celebrate than just a Super Bowl victory. Headquartered in the Mid-Atlantic city is one of the most popular and fastest-growing apparel companies in the nation: Under Armour , shares of which are up by more than 3% in afternoon trading.
In the absence of a publicized catalyst, Under Armour appears to be riding a number of waves higher today. First, the consumer is back with a vengeance. The nation’s two largest automakers reported impressive gains today in March sales. Ford‘s were up by 6% on the heels of strong demand for its Explorer and Escape SUVs, while General Motors saw its sales climb by a similar 6% thanks to an excellent showing by its Cadillac division.
The news sent stocks up virtually across the board: The S&P 500 is up 10 points, or 0.64%. Reaping an inordinate advantage today are retail-oriented stocks. In addition to Under Armour, shares of both Home Depot and Wal-Mart are climbing in intraday trading. Home Depot‘s are higher by 1.7%, making it one of the best-performing stocks on the Dow Jones Industrial Average. Meanwhile, Wal-Mart shares are up by 0.6%, firmly entrenching it among the blue-chip index’s gainers.
Potentially providing an extra boost to Under Armour specifically is the ongoing issue at lululemon athletica . In the middle of last month, the mainly female-focused sports apparel company recalled the entire season’s shipment of yoga pants after realizing they were too sheer. Lululemon’s shares fell immediately after the problem was announced and have continued to plummet, down more than 10% over the past three weeks.
But beyond this, Under Armour is simply a great company. Since 2008, its sales have more than doubled, and its net income has more than quadrupled. And it has pulled this off without incurring an inordinate amount of debt. According to Standard & Poor’s Capital IQ, at the end of last year it had only $52.9 million in long-term debt relative to $341.8 million in cash and equivalents.
It’s for these reasons and others that we recently picked Under Armour as one of the “25 Best Companies in America.” As I noted at the time: “In the years since its humble beginnings in the basement of [CEO Kevin Plank’s] grandmother’s townhouse, Under Armour has grown into a billion-dollar company that’s accomplished what few believed possible. It challenged Nike on its own turf and prevailed thanks to edgy marketing, Plank’s perseverance, and the signing of top-shelf athletes like Baltimore’s Ray Lewis and Boston’s Tom Brady.”
Will Lululemon survive its sheer catastrophe?
Lululemon has the potential to grow its sales by 10 times if it can penetrate other markets as it has in Canada, but without question, the field is starting to get more competitive. Can Lululemon fight off larger retailers like Gap and Nordstrom and ultimately deliver huge profits for savvy investors like yourself? The Motley Fool answers these questions and more in our most …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
MHI Hospitality Corporation Announces Partial Redemption of Preferred Stock; Amends Raleigh Mortgage Loan
WILLIAMSBURG, Va.–(BUSINESS WIRE)– MHI Hospitality Corporation (the “Company”) announced today that the Company has entered into an agreement with the holders of the Company’s Series A Cumulative Redeemable Preferred Stock (the “Preferred Stock“) to redeem 1,901.547 shares of Preferred Stock for an aggregate redemption price of approximately $2.1 million plus the payment of accrued and unpaid cash and stock dividends.
The Company also announced that it amended the original $8.0 million mortgage secured by its Doubletree by Hilton Brownstone-University hotel with its existing lender, Premier Bank, Inc. With the amendment, the loan’s principal amount is increased to $10.0 million. The mortgage’s interest rate will remain at 5.25% and the loan was amended to remove any prepayment penalty. Per the above, proceeds from the loan amendment were used to redeem a portion of the Preferred Stock. This combined transaction results in a normalized annual interest expense savings of approximately $115,000 to the Company.
About MHI Hospitality Corporation
MHI Hospitality Corporation is a self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper upscale full-service hotels in the Mid-Atlantic and Southern United States. Currently, the Company’s portfolio consists of investments in ten hotel properties, nine of which are wholly-owned and comprise 2,113 rooms. All of the Company’s wholly-owned properties operate under the Hilton Worldwide, InterContinental Hotels Group and Starwood Hotels and Resorts brands. The Company has a 25.0 percent interest in the Crowne Plaza Hollywood Beach Resort. MHI Hospitality Corporation was organized in 2004 and is headquartered in Williamsburg, Virginia. For more information please visit www.mhihospitality.com.
MHI Hospitality Corporation
Scott Kucinski
Director – Investor Relations
757-229-5648
scottkucinski@mhihospitality.com
KEYWORDS: United States North America Virginia
INDUSTRY KEYWORDS:
The article MHI Hospitality Corporation Announces Partial Redemption of Preferred Stock; Amends Raleigh Mortgage Loan originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure …read more
Source: FULL ARTICLE at DailyFinance
By Jeremy Bowman, The Motley Fool
Filed under: Investing
Stocks had their worst day in nearly a month today, as concerns about Cyprus crept up again, and investors reacted to a disappointing earnings report from tech bellwether Oracle . The Dow Jones Industrial Average fell 90 points, or 0.6%, while the S&P 500 and Nasdaq both dropped nearly 1%.
Towards the end of the session, Standard & Poor’s cut its credit rating on Cyprus further into junk, from CCC+ to CCC, and S&P said further downgrades could be on their way. The Cypriot parliament delayed a vote to approve a new bailout package until tomorrow, and the European Central Bank threatened to deny funding and force it out of the eurozone if an agreement wasn’t reached by Monday. A collapse in Cyprus could trigger tighter credit markets in Europe and around the world.
Oracle shares, meanwhile, finished down 9.7%, as the tech giant reported a drop in revenue, and missed estimates. The software-maker is a major supplier of corporations and governments, and its slowdown in sales is seen as a harbinger for the global economy. Management blamed the sales miss on a new sales force, but Wall Street seemed to see the quarter as more than a hiccup. Revenue from its hardware division fell 16%.
Tech stocks also paced the Dow’s drop, as Cisco Systems fell 3.8% after FBR Capital lowered its rating on the networking leader from market perform to underperform. FBR also downgraded Cisco peer Juniper. Analyst Scott Thompson said that the two companies will face lower demand for routing and switching devices as the industry model becomes more service-based.
Hewlett-Packard shares also dipped 2.6%, despite the PC-maker’s decision to hike its quarterly dividend to $0.1452 a share. Several board members narrowly survived re-election, and there was some serious criticism of its leadership at its shareholder meeting yesterday. Some investors had attempted to remove Chairman Ray Lane, as well. HP shares were also feeling pressure from fellow tech veteran Oracle’s big miss.
It wasn’t all bad though. Despite the concerns about Cyprus, economic reports at home were favorable. Initial employment claims remained low at 336,000, better than expectations of 345,000, and existing home sales in February also inched higher. The Philadelphia Fed also showed a slight expansion of manufacturing activity in March in the Mid-Atlantic region, beating expectations, and turning around a sharp drop in February.
Finally, Nike shares were up 8.2% after hours, as profits at the apparel-maker jumped 55%, to $866 million, or $0.73 a share, in its quarterly report, besting expectations of $0.67 a share. Sales climbed 9%, to $6.19 billion, and were particularly strong in North America, which saw an 18% increase. China, however, remained weak, as sales there fell 9%.
Once a high-flying tech darling, Cisco is now on the radar of value-oriented dividend lovers. Get the lowdown on the routing juggernaut in The Motley Fool’s premium report. Click here now to get started.
Starting in April, the mayor of Washington, DC, Vincent Gray, will hold office hours at the city’s fledging tech incubator, called 1776. The space itself is not much –15,000 square feet in a building in the city’s Downtown. But what it represents is crucially important to Gray, so for two hours a month any and all from the tech community can meet with him there to discuss the technology industry in the District and what it offers to companies that may be seeking a foothold on the East Coast or Mid-Atlantic. …read more
Source: FULL ARTICLE at Forbes Latest
By Business Wirevia The Motley Fool
Filed under: Investing
PREIT Schedules First Quarter 2013 Earnings Results and Conference Call
PHILADELPHIA–(BUSINESS WIRE)– Pennsylvania Real Estate Investment Trust (NYS: PEI) intends to release its financial results for the quarter ended March 31, 2013 after market trading closes on Monday, April 22, 2013.
Management has scheduled a conference call for 11:00 a.m. Eastern Daylight Time on Tuesday, April 23, 2013, to review the Company’s first quarter results and future outlook. To listen to the call, please dial (877) 941-1427 (domestic) or (480) 629-9664 (international), at least five minutes before the scheduled start time, and provide conference ID number 4608507. Investors can also access the call in a “listen only” mode via the Internet at the Company website, www.preit.com. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast. Financial and statistical information expected to be discussed on the call will also be available on the Company’s website.
For interested individuals unable to join the conference call, a replay of the call will be available through May 7, 2013 at (877) 870-5176 (domestic) or (858) 384-5517 (international), (Replay reservation code: 4608507). The online archive of the webcast will be available for 14 days following the call.
About Pennsylvania Real Estate Investment Trust
Pennsylvania Real Estate Investment Trust, founded in 1960 and one of the first equity REITs in the U.S., has a primary investment focus on retail shopping malls. Currently, the Company’s portfolio of 46 properties comprises 36 shopping malls, seven community and power centers, and three development properties. The Company’s properties are located in 13 states in the eastern half of the United States, primarily in the Mid-Atlantic region. The operating retail properties have approximately 31.0 million total square feet of space. PREIT, headquartered in Philadelphia, Pennsylvania, is publicly traded on the NYSE under the symbol PEI. The Company’s website can be found at www.preit.com.
Pennsylvania Real Estate Investment Trust
Robert McCadden, 215-875-0735
EVP & CFO
or
Heather Crowell, 215-875-0735
VP, Corporate Communications and Investor Relations
KEYWORDS: United States North America Pennsylvania
INDUSTRY KEYWORDS:
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Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
BankUnited Announces Leadership Team in New York
Former Capital One, North Fork Execs Join BankUnited
MIAMI LAKES, Fla.–(BUSINESS WIRE)– BankUnited today announced the hiring of a top executive to head New York banking operations, as well as its team leader of commercial private banking in New York, according to Chairman, President and CEO John Kanas.
Joe Roberto, president of New York banking operations and senior executive vice president of BankUnited. (Photo: Business Wire)
Joe Roberto will serve as president of New York banking operations and senior executive vice president of BankUnited. Roberto held leadership positions at North Fork Bank for eight years before the bank was acquired by Capital One. Most recently he was responsible for the management of Capital One‘s New York City deposit portfolio as senior vice president. In addition, Roberto had seven commercial real estate teams reporting to him in the New York, Boston, Mid-Atlantic and South-Central markets.
Roberto is a founding board member of the Huntington/East Farmingdale Chamber of Commerce and has chaired or served on committees for AHRC-Suffolk County, Southampton Youth Services, Brookhaven Memorial Hospital, Great South Bay YMCA, Special Olympics, United Cerebral Palsy, American Cancer Society, American Heart Association, and Long Island Hispanic Chamber of Commerce. He was awarded the Distinguished Citizen Award by the 23rd Street Association in 2007 for outstanding community service. Roberto currently serves as a community board member at North Shore LIJ-South Side Hospital in Bay Shore. He is a graduate of Long Island University – C.W. Post Campus and resides with his family in Bay Shore, NY.
Kelly Sheehan joins BankUnited from Capital One, and will serve as team leader of commercial private banking in New York and senior vice president. Sheehan has worked in retail and commercial banking for the past 10 years, most recently as senior vice president of Capital One‘s commercial real estate group. She was responsible for managing a team of eight professionals providing cash management solutions to some of New York City’s largest real estate owners. Sheehan began her career with North Fork Bank in 2002. She earned a bachelor’s degree in business management from Quinnipiac University in Hamden, Connecticut.
About …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
Wheeler Real Estate Investment Trust, Inc. Announces $0.035 Per Share Monthly Cash Dividend
VIRGINIA BEACH, Va.–(BUSINESS WIRE)– Wheeler Real Estate Investment Trust, Inc. (Nasdaq: WHLR) (“Wheeler” or the “Company”), a company specializing in owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties, today announced that its Board of Directors has authorized a $0.035 per share monthly cash dividend for shareholders of record on March 31, 2013, to be paid on or about April 30, 2013.
About Wheeler Real Estate Investment Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. specializes in owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties. Wheeler’s portfolio contains strategically selected properties, primarily leased by nationally and regionally recognized retailers of consumer goods and located in the Mid-Atlantic, Southeast and Southwest regions of the United States.
Additional information about Wheeler Real Estate Investment Trust, Inc. can be found at the Company’s corporate website: www.whlr.us.
Forward-Looking Statement
Wheeler Real Estate Investment Trust, Inc. (the “Company”) considers portions of the information in this press release relating to its business operations and the timing and amount of its future dividend payments to be forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended. Although the Company believes that the expectations reflected in such forward‐looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For example, this press release states that the Company’s monthly dividend rate is $0.035 per share. A possible implication of this statement is that the Company will continuously pay monthly dividends of $0.035 per share, or $0.42 per share per year in the future. The Company’s dividend rates are set and may be reset from time to time by its Board of Directors. The Company’s Board of Directors will consider many factors when setting dividend rates, including the Company’s historical and projected income, normalized …read more
Source: FULL ARTICLE at DailyFinance
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By Business Wirevia The Motley Fool
Filed under: Investing
UGI announces that Lon R. Greenberg will retire as Chief Executive Officer effective April 1, 2013
VALLEY FORGE, Pa.–(BUSINESS WIRE)– UGI Corporation (NYS: UGI) today announced that Lon R. Greenberg will retire as Chief Executive Officer effective April 1, 2013. As previously announced, Mr. Greenberg will continue to serve UGI as non-executive Chairman of its Board of Directors. Mr. Greenberg will also serve as non-executive Chairman of the Boards of Directors of AmeriGas Propane, Inc. and UGI Utilities, Inc.
John L. Walsh, UGI‘s President and Chief Operating Officer, will be named President and Chief Executive Officer of UGI effective April 1, 2013. Lon R. Greenberg, Chairman and Chief Executive Officer of UGI said, “John is an exceptional executive and proven leader. I am thrilled that he will succeed me as CEO and I look forward to the company’s continued success under his leadership.”
Mr. Greenberg, 62, has been UGI‘s Chief Executive Officer since 1995 and Chairman of its Board of Directors since 1996. Mr. Greenberg joined UGI in 1980 as Corporate Development Counsel and has served the company for over three decades in various senior management roles including General Counsel (1983-1987), Vice President – Legal and Corporate Development (1987-1989), Senior Vice President – Legal and Corporate Development (1989-1994), President (1994-2005) and Vice Chairman of the Board (1995-1996).
Marvin O. Schlanger, UGI‘s Presiding Director, said, “UGI‘s total shareholder return during Lon’s tenure was over 1,000% or 14.6% per year, a period of truly remarkable growth and value creation for UGI‘s shareholders. In addition to this track record of financial success, Lon has instilled a culture of excellence at UGI and has developed a strong management team that will serve UGI shareholders for the foreseeable future. This team will be led by John Walsh, a talented executive and a worthy successor to Lon as CEO. Although we wish Lon a long, happy and healthy retirement, we are very pleased that UGI shareholders will continue to benefit from Lon’s leadership as Chairman of UGI‘s Board of Directors.”
About UGI
UGI is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes propane both domestically and internationally, manages midstream energy and electric generation assets in Pennsylvania, and engages in energy marketing in the Mid-Atlantic region. UGI, through subsidiaries, is the sole General Partner and owns 26% of AmeriGas Partners, L.P. (NYS: <a target=_blank class="tmf-ticker qsAdd qs-source-isssitthv0000001" …read more
Source: FULL ARTICLE at DailyFinance
By Business Wirevia The Motley Fool
Filed under: Investing
Lumos Networks Corp. Reports Fourth Quarter 2012 Financial Results
Year over Year Growth in 4Q12 Revenue and Adjusted EBITDA
Strategic Data Revenue was 52% of Total 4Q12 Revenue and Grew 5% Sequentially
Adjusted EBITDA Margins Expand for Second Consecutive Quarter to 44.1%
Cash Dividend of $0.14 per Share Declared
WAYNESBORO, Va.–(BUSINESS WIRE)– Lumos Networks Corp. (“Lumos Networks” or “the Company”) (NAS: LMOS) , a fiber-based service provider of data, voice and IP-based telecommunication services in the Mid-Atlantic region, today announced financial results for its fourth quarter of 2012.
Total revenue for the fourth quarter of 2012 was $52.7 million, compared to $51.1 million for the fourth quarter of 2011 and $52.0 million in the third quarter of 2012. Total adjusted EBITDA was $23.2 million for the fourth quarter of 2012, compared to $23.0 million in the fourth quarter of 2011 and to $22.3 million in the third quarter of 2012.
“Our strong execution continued in the fourth quarter as our Strategic Data revenue grew 5% sequentially and represented 52% of total sales, up from 50% in the prior quarter,” said Tim Biltz, CEO and President of Lumos Networks. “Our Strategic Data revenue grew 17% from the same quarter in the prior year, which is the third straight quarter of accelerating revenue growth for this product segment.”
“Our adjusted EBITDA margins reached 44.1%, marking the second straight quarter of sequential margin improvements, and we are making clear progress towards our longer term margin target of 47%,” Mr. Biltz continued. “I view this quarter’s results as a true inflection point in our operating results and I am confident that our current momentum will carry through 2013.”
A sounding rocket was launched from Wallops Island Flight Facility on January 29th, 2013. It released chemical tracers creating red vapor trails in Space. The vapor trails were not seen in this video, but could be observed in the Mid-Atlantic region.
Source: FULL ARTICLE at Space.com
