News in Brief
Sundance square turns green
Starting in May, people in the 35-block development of Sundance Square began recycling plastic bottles, newspapers, aluminum cans, copy paper, cardboard boxes and other items, which added up to more than 23 tons in one month, according to a release.
“As one of the nation’s most unique office, residential and retail partnerships, Sundance Square is in a position to drive a successful effort toward a greener future,” said Johnny Campbell, president and CEO of Sundance Square.
Along with the SquareÂ’s recycling efforts, Sundance has purchased renewable energy through the Austin-based Green Mountain Energy Co., which will offset 10 percent of its yearly energy needs up to 2012, according to a release.
After the renewable energy purchase, the Environmental Protection Agency named Sundance Square the largest real estate green power purchaser in Texas, according to a release.
Along with recycling and Green Mountain energy, Sundance Square also has purchased a four-seat Gem e4 Global Electric Motorcar from the Chrysler Co. for parking services personnel to use to help customers find their cars if they are lost, enforce parking rules and deliver supplies and employees around the area, according to a release.
– Leslie Wimmer
Lee Angle studio purchased
Lee Angle Photography, founded in 1947 and one of Fort WorthÂ’s oldest commercial photography studios, was bought by SmileyÂ’s Studio, which takes family portraits.
Financial details were not disclosed in the deal, which now brings Lee Angle Photography under the ownership of Till Hezel, who owns SmileyÂ’s Studio and Hezel Photography. Mark Angle, son of Lee Angle, has been serving as the president and owner of Lee Angle Photography since 1974 and will remain as a consultant.
Lee Angle Photography is known not only for its creative commercial photography, but also for its work copying photos and restoring damaged photos. Hezel started his own commercial and industrial photography business in 1984, and purchased SmileyÂ’s Studio in 2002.
– Elizabeth Bassett
FW Red Cross names new CEO
Patricia Thomson, the chief executive officer for the Girl Scouts Circle T Council based in Fort Worth, will take over the reins of the American Red Cross Chisholm Trail Chapter.
Thomson was selected as the CEO following the departure of Jason Smith who left the American Red Cross to join the International Federation of Red Cross and Red Crescent Societies in Kuala Lumpur, Malaysia.
– Betty Dillard
RadioShack reports earnings
RadioShack Corp. reported second quarter net income of $41.4 million, or $0.32 per share – a 6.7 percent increase over the previous quarter.
The Fort Worth-based company said comparable store sales increased 6.9 percent compared to second quarter 2008 due to sales of digital-to-analog TV converter boxes, GPS devices, video games, prepaid wireless phones and “significant improvement in AT&T post-paid business.” Spring post-paid wireless business continues to drag the company down, as it has in previous quarters, according to the press release.
– John-Laurent Tronche
Range reports 2Q earnings
Range Resources reported second quarter earnings of $75 million, or $0.48 per share – lower than analysts’ estimates of $0.54 – and average daily production of 381 million cubic feet of natural gas equivalent per day, a 2.7 percent increase from the previous quarter.
The Fort Worth-based company’s earnings were 21 percent less than the first quarter results “due to the reduction in leasehold value from expiring acreage,” according to a press release.
“Despite pipeline curtailments that averaged 18.5 Mmcfe per day for the quarter in the Barnett Shale play, our operations teams did a tremendous job driving up production to achieve our 22nd consecutive quarter of sequential production growth,” said John Pinkerton, president and CEO.
– John-Laurent Tronche
Lockheed reports better-than-expected earnings
Lockheed Martin Corp. reported better-than-expected second-quarter earnings of 13 percent as a drop in its fighter jet business was offset by higher sales in its space, electronic systems and information technology units.
The nationÂ’s largest defense contractor also raised its outlook for the year.
The Bethesda, Md.-based company said it earned $882 million, or $2.15 per share, in the second quarter, up from $778 million, or $1.82 per share in the same quarter last year.
Revenue grew 4 percent to $11 billion from $10.65 billion a year ago.
The profit figure includes a one-time gain of 14 cents per share related to a settlement with the United States government over the sale of some land several years ago.
Analysts polled by Thomson Financial expected profit of $1.88 per share on $10.86 billion in revenue.
Citing higher projected profits across the board, Lockheed expects to earn between $7.45 per share and $7.60 per share and revenue of between $41.9 billion and $42.9 billion in 2008.
The company, best known for its fighter jets such as the F-16 Fighter Falcon built at Lockheed Martin Aeronautics Co.Â’s Fort Worth headquarters, said sales will likely dip in the aeronautics sector until next year as it shifts production to the newer F-35 fighter.
—Betty Dillard
HealthMarketsÂ’ subsidiaries reach settlement
North Richland Hills-based HealthMarkets Inc. announced its insurance subsidiaries reached a settlement with state insurance regulators leading a multistate investigation of the subsidiaries. The settlement includes a $20 million penalty and a possible future $10 million penalty if the subsidiaries fail to meet the terms of the agreement.
Insurance regulators began jointly examining the HealthMarkets insurance subsidiaries in 2005. In addition to the monetary penalties, the settlement includes an outreach program for those insured by the company before Aug. 1, 2005; changing the way the company interacts with those it insures; enhanced support and management of the companyÂ’s agents and improved system-wide compliance efforts; periodic self reporting for the next 18 months; and a follow-up examination that will begin no later than July 2010.
A release from HealthMarkets said the examination report acknowledged the subsidiaries have already made changes addressing regulatorsÂ’ concerns and many of the changes were under way before the investigation began or implemented soon after it started.
To date, 29 states have signed on to participate in the settlement agreement.
– Elizabeth Bassett
Correction
In the July14 brief titled, “Dallas marketing firm looking west for expansion,” the company’s name was incorrect. InChorus Marketing & Promotion has moved to Fort Worth.
