By Brian E. Clark
RISING
TomoTherapy
In spite of new competition for its targeted radiation cancer treatment
systems, Madison’s TomoTherapy Inc. is reporting a 32 percent increase
in sales for the fourth quarter.
The company said sales increased from nearly $60 million to about $79
million for the same quarter last year. Officials said new sales orders
were up 25 percent to a record $92 million.
For the quarter, TomoTherapy reported net income of $4.8 million, or 9
cents per share, the company said. The company reported its first
system installations in China and India and added six distributors
during the fourth quarter, resulting in three orders.
Shares of TomoTherapy closed Monday at $14.94, down from a 52-week high
of $27.58.
MIXED
Housing market
Wisconsin housing sales fell, but prices rose last year, leaving
Wisconsin’s real estate market in much better shape than many parts of
the Midwest and the nation, according to the year-end analysis of
existing home sales conducted by the Wisconsin Realtors Association.
Wisconsin home sales declined in 2007 by 10.8 percent compared to 2006,
but median prices actually rose 0.2 percent over the period to
$164,000, according to the report. Sales in the Midwest were also down
by a similar margin, falling 10.5 percent over last year, but sales
nationally were down nearly 13 percent.
“It’s a mistake to look at Wisconsin’s housing market through the lens
of national indicators,” said WRA President William Malkasian.
“Housing in our state and throughout much of the Midwest is much less
volatile than many markets in other parts of the country, especially
the Western United States. While 2007 was a rough year for housing
sales compared to our recent boom years, Wisconsin’s housing future
looks like it will be brighter, faster.”
FALLING
MGIC execs
What a difference a year makes. Just 12 months ago, MGIC chief
executive Curt Culver got a bonus of $1.92 million. This time around,
the private mortgage insurer gave him a mere $480,000, according to a
filing with the Securities and Exchange Commission.
The reason? The company posted $1.5 billion loss for its most recent
quarter, compared to net income of $121.5 million for the same period a
year ago. The company blamed the loss on higher delinquency rates, a
surge in paid losses and a large reserve established to cover future
paid losses. Officials warned that MGIC won’t make a profit again 2009.
The company said Culver and other top executives’ bonuses were for the
“significant contribution they made” last year toward the company’s
failed merger with Radian Group.
MGIC shares closed Monday at $13.48, down significantly from a 52-week
high of $67.05.
