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Neiman Marcus reports revenue increase
Neiman Marcus on Thursday reported a slight increase in the company’s August revenues.
The company has a national distribution center located in Longview Business Park where several hundred workers are employed.
For the four-week period ending Aug. 30, Neiman Marcus reported $285 million in revenues, up by $2 million, or 0.7 percent, from the $283 million reported in a comparable period in 2007.
Neiman Marcus reported revenue growth trends were the strongest in Texas and New York City. Precious jewelry and women’s fine apparel were the strongest selling categories, the company reported.
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Sysco closing in on Longview startup
Sysco Corp. has hired about 300 workers for its new Longview distribution facility located on Texas 149 south of the city, according to Susan Mazarakes with Longview Economic Development Corp.
She said the Houston-based company has invested about $30 million and is expected to open in October with a grand opening event scheduled in early October.
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LeTourneau inks rig contract
Longview-headquartered LeTourneau Technologies has entered into a contract to furnish a kit and license to Lamprell Energy for the construction of a third Super 116E class jack-up drilling rig.
LeTourneau is a wholly-owned subsidiary of Houston-based Rowan Companies.
The rig will be built at Lamprell’s Jebel Ali facility located in the United Arab Emirates with delivery expected in June 2010. Lamprell currently has two additional Super 116E class jack-ups under construction under license from LeTourneau. This transaction highlights the strong commitment for growth in the Middle East market by both parties working together.
LeTourneau Technology’s delivery of the kit, which includes the rig’s legs, jacking system, cranes and certain other components, will occur in stages in accordance with the rig construction schedule. The initial delivery is expected to occur in the fourth quarter of 2008 and the final delivery during the second quarter of 2009.
Letourneau built the world’s first jack-up drilling rig in 1955 and is an acknowledged leader in the supply of offshore jack-up drilling rigs today. The company has designed or built approximately one-third of all jack-up rigs in service, including all 21 operated by Rowan.
This marks the 19th order for the Super 116 series of jack-ups. The Super 116 is one of five current LeTourneau jack-up rig designs, and an evolution of LTI’s industry workhorse 116-C design. The Super 116E provides up to 2,000 kip greater payload than its predecessor. The rig is designed to drill in up to 350 feet of water in moderate environmental locations and can be outfitted to handle high temperature/high pressure wells.
Rowan Companies is a major provider of international and domestic contract drilling services. The Company also owns and operates a manufacturing division, LeTourneau Technologies, that produces equipment for the drilling, mining and timber industries. The company’s stock is traded on the New York Stock Exchange. Common Stock trading symbol: RDC.
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More Haynesville Shale frenzy
The best bet for energy companies looking to get into the Haynesville Shale might be to buy a company.
Companies with assets in the red-hot natural gas discovery in Northwest Louisiana and East Texas could soon be in play as oil and gas companies look to gain access to what could be the next big unconventional gas play in North America, according to a Reuters wire report Wednesday.
The fervor surrounding the shale could also drive consolidation among the companies already there.
“I think there will be consolidation,” said Ken Kenworthy, chief executive of GMX Resources — one of the companies investors and analysts said could be up for grabs. GMXR has offices in Marshall and has been busy acquiring lease acreage in recent months.
“There’s about 30 players of substance in the play, but there’s a lot of players that aren’t there that will want to get in … I think there’s going to be a lot more activity in the future,” he said.
“Haynesville” has become a buzz-word in energy circles, causing companies’ stocks to soar with every announcement of new acreage there on high expectations about the size of the natural deposit there.
Chesapeake Energy’s chief executive Aubrey McClendon has said the shale could hold 20 trillion cubic feet equivalent of gas reserves — around as much gas the United States used last year.
Besides GMX, companies that could be attractive takeover targets include EXCO Resources, Petrohawk Energy Corp., and Goodrich Petroleum Corp., according to investors and analysts.
GMX Resources’ Kenworthy said his company is not actively courting buyers and plans to develop its Haynesville assets on its own. Still, he acknowledged that the company has received expressions of interest from suitors in the past.
A Petrohawk spokeswoman declined to comment on the possibility sale, and the other companies could not be reached for comment.
Drilling in a shale formation, where the gas is locked tightly in rock, is more complex than conventional drilling. Technology like hydraulic fracturing and horizontal drilling is needed to break up the shale and release the gas.
Moreover, wells in the Haynesville Shale require nearly two times the drilling and fracturing intensity as wells in the better understood and more developed Barnett Shale in north Texas.
“It’s not a technically easy play,” said Lewis Ropp, equity analyst at Barrow, Hanley, Mewhinney & Strauss. “A lot of the smaller companies are looking for partners that can bring technical expertise as well as new capital into the play.”
Wells in the Haynesville Shale cost between $7.5 million and $8 million to drill a piece, nearly double the cost of comparable wells in the Barnett Shale, according to Gary Bradshaw, senior vice president at Hodges Capital Management.
Smaller companies in the play may not have deep enough pockets to properly develop Haynesville Shale assets, he said.
In the Barnett Shale “you could get a mom-and-pop (company) with a big type of truck and a pressure type of system and they could frac those wells,” Bradshaw said.
“But when you get over there in the Haynesville … you’re having Halliburton, Schlumberger and BJ Services do it for you, and the mom-and-pop guy with a truck, he just can’t do it.”
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East Texas utilities recognized for economic development
Site Selection magazine has selected its annual Top Utilities in Economic Development firms with companies having a major East Texas presence making the list.
American Electric Power Co., the parent of SWEPCO, which serves Longview; CenterPoint Energy of Houston; and Entergy Corp. of New Orleans were among those recognized, Site Selection announced Wednesday.
SWEPCO is an East Texas electric provider; CenterPoint serves part of East Texas with natural gas services; and Entergy operates a natural gas fueled electric plant in Harrison County which buys water from the City of Longview.
The designation is based on calendar year 2007 performance in four categories — capital investment, job creation, capital investment per capita and jobs per 10,000 in population.
It also takes into account responses from a select group of site selection consultants, and the utilities’ own investment in new generation, transmission and renewable energy projects.
Those qualifying for honorable mention included Dallas-based Oncor, which also serves an East Texas market with natural gas.
“The top utilities in economic development have an abundance mentality,” says Adam Bruns, managing editor of Site Selection. “
“Utilities play a key role as participants in the economic development efforts of cities, regions and all areas working to improve their local business climate,” says Mark Arend, editor in chief of Site Selection. “This year’s Top Utilities were particularly successful in this endeavor in 2007.”
The entire Top Utilities article and the annual Utilities Directory appear in the September 2008 edition of Site Selection and will appear online at www.siteselection.com on Sept. 11.
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H.G. Mosley and Bill Owens site for new bank
First Bank & Trust East Texas has purchased land on the northwest corner of the intersection of H.G. Mosley and Bill Owens Parkway.
The site will serve as the new location for the institution’s main bank here in Longview. Construction should begin before the end of this year, according to Dan Droege, market president.
The branch’s opening will be its second location in Longview. It established a location at 201 N. Green Street in June of 2007.
The main bank area will be 6,500 square feet, excluding the drive-through service lanes, he said.
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Hunt Petroleum acquisition completed by XTO
XTO Energy Inc. of Fort Worth has completed its previously announced merger of privately-held Hunt Petroleum Corporation and other associated entities into a wholly-owned subsidiary for approximately $4.2 billion.
Finalization of the deal was announced Wednesday morning.
Consideration in the transaction included about $2.6 billion in cash and 23.5 million shares of XTO common stock. Hunt Petroleum is part of the legacy of H.L. Hunt who was instrumental in developing the East Texas Oil Field in the 1930s.
“We have now closed our purchase of this legacy franchise of quality long-lived properties. As we have stated, these assets substantially overlap XTO’s positions in our Eastern Region and our team already recognizes tremendous upside potential for development,” said Bob R. Simpson, chairman and chief executive officer.
“With our expansive acquisition program now complete, the company’s efforts are focused on accelerating drilling activity and volume growth with strong financial returns secured by our robust hedging program.”
XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, exploitation and development of quality, long-lived oil and natural gas properties in the United States. Its properties are concentrated in Texas - including East Texas, New Mexico, Arkansas, Oklahoma, Kansas, Wyoming, Colorado, Alaska, Utah, Louisiana, Mississippi, Montana, North Dakota, Pennsylvania and West Virginia.
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Oil, gas leasing tips seminar set
Real Estate Center Attorney Judon Fambrough will be the featured speaker at an upcoming landowners seminar focusing on oil and gas leasing.
“Hints On Negotiating an Oil and Gas Lease” will be held at 6 p.m. Thursday, Sept. 18, at the Marshall Civic Center. The three-hour seminar is being sponsored by Texas AgriLife Extension Service and the Harrison County Farm Bureau.
Fambrough, who has been with the Center for 31 years and has authored more than 300 articles regarding Texas real estate law, will address landowners’ property rights and explain how to best protect those rights.
For more information, contact the Harrison County Extension office at (903) 935-8413.
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LeTourneau parents inks $160 million contract
Offshore contract drilling services company Rowan Cos. said Tuesday it has inked a two-year, $160 million deal with McMoRan Oil & Gas LLC.
Rowan is the parent company of Longview’s LeTourneau Technologies, a manufacturing subsidiary of the Houston-based Rowan.
As part of the contract, Rowan will supply its news 240C class jack-up, called the Rowan-Mississippi, to drill one or more ultra-deep gas wells in the Gulf of Mexico.
The Rowan-Mississippi is set to be christened on November 1, and should be in use “immediately thereafter,” the company said.
Shares of Rowan fell $1.80, or 4.9 percent, to $35.14 in morning trading.
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NetworkIP makes Inc. fastest growth companies list
Inc. magazine and its Inc.com Web site has ranked Longview-based Network Enhanced Telecom, doing business as NetworkIP, No. 2,937 on its annual ranking of the 5000 fastest-growing private companies in the country.
The list is the most comprehensive look at the most important segment of the economy - America’s independent-minded entrepreneurs, according to Inc. 5000 Project Manager Jim Melloan.
“The Inc. 5000 gives an unrivalled portrait of young, under reported companies across all industries doing fascinating things with cutting-edge business models, as well as older companies that are still showing impressive growth,”; Melloan said.
NetworkIP CEO Pete Pattullo said the company’s staff was honored to be recognized.
“We are honored that Inc. has recognized the growth and technological innovation of NetworkIP, our subsidiary Jaduka, and the performance of our employees over the past three years,” Pattullo said. “We are continuing to expand the effectiveness of our next-generation telephony platform and patented software applications.”
Pattullo said NetworkIP remains committed to providing “leading-class telephony and transaction services applications and services across the mobile, Internet and prepaid phone card industries.”
Its Jaduka subsidiary, Jaduka.com, enables customers to harness communications and technologies that create more effective business operations. Its technology allows applications to trigger individual or group telephone calls; provide automated alerts; manage surveys and other digital files; and administer account information and transaction history for a variety of applications.
Complete results of the Inc. 5000, including company profiles and a list of the fastest-growing companies that can be sorted by industry and region can be found at www.inc5000.com.
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Kilgore Web site set for makeover
Amanda Nobles, executive director of Kilgore Economic Development Corp., said the entity’s Web site will be launching a new look in coming weeks.
Hunter Hilburn, with site development firm ED Suites, said the enhanced site with a new look and feel should be up and running by mid-September. The site can be accessed at: www.kilgore-edc.com.
The firm is also in the process of revamping the site for Longview Economic Development Corp. Hilburn said that new site should be in operation by early October. It can be accessed at www.longviewusa.com.
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LEDCO OKs grant to Kilgore College for industrial training
Kilgore College should be receiving a $200,000 grant from Longview Economic Development Corp. to fund construction of a shop to help train future industrial maintenance personnel.
The board of Longview Economic Development Corp. on Wednesday approved awarding the grant for use on the Longview campus of Kilgore College. The action came at the entity’s annual planning session for the 2008-09 fiscal year starting Oct. 1.
Richard Andrews, president of the LEDCO board, said funding the shop for the new program should help area industry meet a need for trained personnel to help keep their operations running in coming years.
“Kilgore College has already spent about $250,000 buying and renovating a classroom on their Longview campus,” Andrews said. Area industries have donated about $140,000 for equipment to be used in the program.
“The industrial community and some of our oil and gas companies have said there is a shortage of industrial maintenance personnel,” he said. “That shortage is expected to well into the future.”
Dr. Bill Holda, Kilgore College president, who was not at the meeting, said the first class of students in the Kilgore College started this week with about 15 enrolled.
“This commitment from LEDCO is significant — it is a way to empower the college to provide needed training with looking at raising taxes,” Holda said. He estimated the college’s total cost for getting the program running will be about $350,000 to $400,000.
“We see this program as having a broad application for a lot of regional industries,” Holda said. He said college officials have been studying the need and reviewing similar programs at other institutions for several years.
The college has a one-year and two-year certification program in industrial maintenance along with a two-year associate’s degree program, Andrews said.
“These are highly technical and highly skilled jobs that typically start out in the low $20-an-hour pay range,” Andrews said. “Students completing the program can earn $40,000 a year plus and with overtime that can easily grow to the mid-$50,000 a year range.”
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Haynesville Shale seminars set
The Kilgore College Small Business Development Center will be hosting two seminars designed for East Texas landowners in dealing with leasing options in relationship to increased interest among energy companies drilling in the region for natural gas in the Haynesville Shale formation.
A Longview seminar in Longview at the north Hampton Inn on Eastman Road from 6 to 9 p.m. on Oct. 14 at the Hampton Inn. A second session is scheduled from 6 to 9 p.m. Oct. 21 at the Marshall Civic Center Theater.
Attorney Dean Searle and Certified Public Accountant Mac Abney will be presenting the program at both sessions.
There is a charge of $25 for individuals and $40 for a couple. Seating is limited and reservations are required. Call the Small Business Development Center Office at (903) 757-5857 or (800) 338-7232.
This seminar is designed to help landowners make the most of the latest oil and gas boom in East Texas. Topics covered in this seminar include:
1) Why Lease? 2) Making Sure You Get the Best Deal 3) Why You Need Help Negotiating 4) How Your Surface Property Will Be Affected by the Lease 5) How to Deal with Your New Found Wealth and the Taxes 6) Leasing Trends 7) Oil Company Comparisons 8) Bonus and Royalty Trends 9) General Mineral Law on the Haynesville Shale
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Pilgrim’s, meat producers shares plunge
Shares of Pittsburg-based Pilgrim’s Pride fell more than 15 percent in trading Tuesday along with shares of the nation’s leading meat producers, which tumbled after Smithfield Foods Inc. and Sanderson Farms Inc. both posted losses for the latest quarter, blaming high commodity costs.
Pilgrim’s Pride shares lost $2.64 from Monday’s close on the New York Stock Exchange. They closed at $14.73, down from $17.37 at the close of trading on Monday.
The Associated Press reported meat producers are grappling with soaring commodity prices for key ingredients like corn and fuel, while also dealing with low prices for their products because of an oversupply of meat on the market. It’s not clear when the situation will be resolved. The future is so unclear, in fact, that Smithfield declined to give an outlook in its earnings release because of the volatile commodity market.
Analysts had predicted a quarterly loss for Smithfield Foods, the nation’s largest pork producer and hog processor. But the stock’s movement in the past few weeks — from $18 to as high as $25 — was linked to investors expecting more optimistic commodity news, said SunTrust Robinson Humphrey analyst William Chappell. Those investors showed their disappointment Tuesday.
Smithfield’s shares fell $1.14, or 4.8 percent, to $22.39 in afternoon trading, while shares of Pilgrim’s Pride, the nation’s biggest chicken producer, fell $2.65, or 15 percent, to $14.72. Shares of Tyson Foods Inc., the world’s largest meat producer, fell 85 cents, or 5.2 percent, to $15.36.
Chicken producer Sanderson Farms’ shares fell $4.12, or 10 percent, to $35.37 as the company also reported a loss Tuesday on higher feed prices. The Laurel, Miss.-based company posted a third-quarter loss of $3.6 million, or 18 cents a share, compared with year-ago profit of $30.7 million, or $1.51 per share.
Smithfield Foods said in the three months ending July 27 it swung to a loss of $12.6 million, or 9 cents per share, due in part to a $20.1 million write-down in the value of commodity contracts which cut results by 15 cents per share. A year ago, the Smithfield, Va.-based company earned $54.6 million, or 41 cents per share.
Smithfield mentioned in its earnings release that grain prices are moderating and hog prices have increased significantly since the end of the quarter, SunTrust’s Chappell wrote in a research note.
The company, like others in the industry, is cutting production to boost prices. But Chappell said it may not be enough.
“The company’s outlook for hog production for the remainder of the calendar year is still unfavorable,” he wrote.
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Red Lobster, Olive Garden parent cuts profit outlook
Shares of Darden Restaurants Inc. dropped sharply Tuesday, after same-store sales weakness at Red Lobster and LongHorn Steakhouse chains caused the restaurant operator to forecast a softer-than-expected fiscal first-quarter profit, according to the Associated Press.
The company operates Longview Red Lobster and Olive Garden locations.
The stock slid $4.54, or 14.1 percent, to $27.76. Shares are still up 16.4 percent so far this year.
Darden expects fiscal first-quarter earnings between 60 cents and 62 cents per share, excluding one-time charges. Analysts polled by Thomson Reuters, who usually exclude one-time items from their estimates, have predicted earnings of 75 cents per share, AP reported.
The company also cut its full-year profit outlook and said that while preliminary first-quarter U.S. same-store sales at Olive Garden rose 2.4 percent, they declined 3.7 percent at Red Lobster and slipped 4.9 percent at LongHorn Steakhouse. Casual dining chains have been hurt as consumers cut back on eating out amid rising gas prices.
UBS analyst David Palmer trimmed his price target to $35 from $38, implying upside of 17.8 percent to Monday’s close of $32.26.
Palmer said Darden is likely resigned to post weak same-store sales for the next six months to a year as commodity costs pressure earnings.
“The new news for Darden and other restaurants is slowing industry same-store sales as year-over-year unemployment increases ramp up and the impact of tax rebates diminishes,” Palmer wrote in a client note.
Morgan Keegan analyst Robert M. Derrington maintained an “Outperform” rating on the stock, given a pullback in the share price, easier sales comparisons starting in the second quarter and strong cash flow.
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University seeks hiring recruiters
East Texas firms looking for fresh college trained help may want to sign up to participate in the Stephen F. Austin State University 2008 Fall Career Fair.
While the event is not scheduled until Oct. 1 at the SFA Pattillo Student Center, the university is registering businesses interested in participating and manning booths at the event.
For questions, contact Jenny Davis at (936) 468-3955 or at jdavis@sfasu.edu.
The recruiting event is open to SFA students from all majors looking for full-time and internship opportunities.
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Gerard Cace presides at TRA session
Gerard Cace, president of the Texas Restaurant Association, recently presided over the organization’s three-day annual strategic planning meeting held in New Orleans.
The Texas Restaurant Association Executive Committee consists of the five TRA elected executive officers plus nine selected executive committee members, all restaurant operators from every region of Texas.
The mission of the Texas Restaurant Association is to serve as the advocate in Texas and indispensable resource for the hospitality and foodservice industry.
Gerard Cace is the owner/operator of Johnny Cace’s Seafood & Steak House in Longview.
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Kilgore’s Martin Midstream makes Motley Fool list
Kilgore-based Martin Midstream Limited Partnership on Monday made the “top rated oil and gas stocks” list compiled by the independent financial investment site Motley Fool at www.fool.com.
That news came as Martin Midstream’s units traded on the Nasdaq exchange reached a new 52-week low of $28.74. The partnership units, similar to shares of stock, lost 46 cents, or about 1.5 percent of their value in Monday trading.
While the value of the shares dropped, that translated into an increase in the dividend yield to slightly above 10 percent - something hard to beat in this economic environment. The units pay an annual dividend of $2.96 each. Until Monday the units have ranged from a low of $28.79 to a high of $39.96 over the past 52 weeks.
NOTE: News-Journal business editor Mike Elswick does not own individual shares of this company or any other publicly traded companies with an East Texas presence of which he from time to time writes about.
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Ford stock hits 22-year low point
Shares of Ford Motor Co. touched their lowest price in more than 22 years Monday as investors remained wary of the struggling Detroit automaker, the Associated Press reported.
Ford shares slipped 12 cents, or 2.7 percent, to $4.35 in afternoon trading. Earlier in the session, the stock bottomed out at $4.25, its lowest trade since Feb. 10, 1986, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes.
Ford’s stock fell as oil prices crept higher and the broader market tumbled. Light, sweet crude rose 44 cents to $115.03 a barrel in volatile trading on the New York Mercantile Exchange. Gas prices, however, gave up a penny overnight to a national average of $3.681, according to auto club AAA, the Oil Price Information Service and Wright Express.
The Dow Jones industrial average, meanwhile, lost nearly 200 points while other major indexes also posted declines.
GM shares slipped 29 cents, or 2.8 percent, to $10.15.
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Home and Garden Party names new president
Home and Garden Party, a direct seller of home decor, recently announced the appointment of Heather Chastain as the new president of the direct selling Marshall-based company.
She will join an experienced team with Terry Kenyon assuming the role of chief operating officer and John Kiple continuing as executive vice president of sales. Chastain will be responsible for growing the brand and creating initiatives that will help the firm’s independent designers succeed professionally, personally and financially, officials said.
As the former president of Home Interiors and Gifts, a similar direct seller, she is familiar with all aspects of the direct selling business. She has more than 13 years experience in direct selling facets from operations to field sales management to promotions and marketing.
“I am thrilled to be a part of Home & Garden Party,” Chastain said. “They have an incredible family of designers and leaders and I see amazing things happening for the company.”
This addition is part of company founders Steve and Penny Carlile’s overall strategic plan to grow the Home & Garden Party brand throughout the country.
“One of the things we realized we needed to do to was to strengthen our management team through the addition of someone with significant party-plan direct selling experience. We are very excited to introduce Heather to the Home & Garden Party family,” said Steve Carlile.
“What we found in Heather was someone who had a real heart for this business. She loves people and has a passion for helping other women succeed. That is very much in line with our founding values,” said Penny Carlile.
In his new role, Kenyon will continue to work closely with the company’s leadership and product councils.
Chastain officially assumed the new role in the beginning of July. She will be moving to Marshall from Frisco where she currently lives with her husband, Shawn, and their two daughters, ages three and seven months.
For more information, visit www.homeandgardenparty.com.
Founded in 1996 by Penny and Steve Carlile, Home & Garden Party specializes in tabletop stoneware, candles, framed art, home decor and gourmet food mixes. Its products are sold via home parties conducted by thousands of registered designers from coast-to-coast in the United States.
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U.S. Hiway 80 Sale set Oct. 17-19
East Texas Tourism Association has confirmed the dates for the Annual US Hwy 80 Sale for the third weekend in October.
The Historic US Hiway 80 Sale will begin at 8 a.m. daily on Oct. 17, 18 and 19, according to Mary Ramos, executive director of the association..
Some 374 miles on U.S. 80 from Mesquite through Louisiana to Vicksburg, Miss., will once again be lined with goods in a yard sale format for one weekend in October and should draw crowds from far and wide looking for a bargain. It has great potential to bring visitors to the cities and attractions along the route.
Ramos said the event is a great fund raiser for businesses, churches, civic clubs and individuals plus a great opportunity for the media to get involved with many of the small businesses along the route.
For more information, check out the group’s Web site at www.easttexasguide.com.
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With the rising prices of just about everything the consumer purchases, one way you can save is by shopping online. Consider the amount of gas you will save by staying home as well as the time you will save. And besides, you are always first in the check
... read the full comment by Potpourri | Comment on Feeling pinched in the pocketbook? Read Feeling pinched in the pocketbook?
They will lose $70 million next quarter due to long term contracts and won’t turn around till 2010. It will get a lot worse before it gets better.
... read the full comment by PSmart | Comment on Pilgrim's to slash another 600 jobs Read Pilgrim's to slash another 600 jobs
The marketplace responded favorably to the Monday morning announcement of Pilgrim’s Pride of plans to cut another 600 jobs and reduce chicken production even more.
In early afternoon trading on the New York Stock Exchange shares of Pilgrim’s
... read the full comment by mike elswick | Comment on Pilgrim's to slash another 600 jobs Read Pilgrim's to slash another 600 jobs
The production of ethanol from corn for blending with gasoline is a great disadvantage to the consumers of America. A news report the other day showed a gummy substance being found in small engines causing those engines to malfunction. What its doing to
... read the full comment by Larry Darnell | Comment on Pilgrim's to slash another 600 jobs Read Pilgrim's to slash another 600 jobs