From WisBusiness.com …
— CDG Management has informed state and local officials that it plans to shut down its call center on the east side of Madison and lay off 44 workers on Sept. 26. The New Jersey based company does fundraising for safety, veterans and law enforcement groups.
— A weak economy is hurting Racine-based Johnson Outdoors.
Net income for the third fiscal quarter, normally the biggest for the outdoor recreation company, declined to $7.8 million, or 87 cents per share, from $8.3 million, or 93 cents per share, in the same period a year ago.
The firm’s net sales for the quarter dropped to $141.2 million from $149.9 million a year earlier. The company said the disappointing sales are due to soft domestic boat market sales and the effect that is having on its marine electronic brands.
See release: http://wisbusiness.com/index.iml?Article=132082
— The soaring demands for raw materials to meet growing economies such as China and India continue to fuel growth for Bucyrus International Inc. The firm is reporting second quarter net earnings of $62.3 million, or 83 cents per share, up from $27.8 million, or 40 cents per share, in the same period a year ago.
The South Milwaukee-based mining equipment manufacturer’s quarterly sales grew to $621.0 million from $374.8 million a year earlier.
The skyrocketing commodity markets are fueling demand for mining equipment, but some Wall Street analysts expressed concerns today that the trend also is artificially inflating Bucyrus International’s stock price. The company’s stock gained $6.76 to trade at $66.03 per share this morning on the news of another strong quarter.
WISBUSINESS LUNCHEON: Global Warming Task Force Co-Chairs
Tuesday, August 12, 11:45 am, The Madison Club
WisBusiness.com, The Madison Club and Madison Magazine present “The Madison Business Luncheon” on Tuesday, August 12, with featured guests Global Warming Task force Chairs Roy Thilly of the Wisconsin Public Power and Tia Nelson of the Board of Public Land Commissioners.
Learn more about the Global Warming Task Force: http://dnr.wi.gov/environmentprotect/gtfgw/
Sponsored by Xcel Energy.
This event is open to the public, and the price for lunch is $19. Call the Madison Club to register at (608) 255-4861. The luncheon starts at 11:45 a.m. and ends at 1 p.m.
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Johnson Outdoors Inc. Announces Fiscal 2008 Third Quarter Results
Lean Manufacturing Certificate Series Offered this Fall in Green Bay
Chinese Delegation to Tour Milwaukee, New North for China-U.S. Water Symposium
High-Impact Firms Create Wisconsin’s Jobs and Growth
High-Speed Auto Ferry Builds Envrionmental Partnerships
Hyland Hall construction project a Œstate model¹ for sustainability
Kraft Pizza Company Announces Plant Expansion, Packers Sponsorship
Ladish to Announce 2nd Quarter 2008 Earnings
Manitowoc Company Directors Approve 2 Cent Quarterly Dividend
MGIC Investment Announces Quarterly Dividend of $0.025 Per Share
Park Lafayette Celebrates Construction Milestone
Plexus Announces Q3 Revenue of $456 Million and EPS of $0.41
SBA Economic Injury Disaster Loans Available to Wisconsin Businesses
SBA Opens Additional Disaster Loan Outreach Centers in Wisconsin
Study: No Gender Differences in Math Performance
Tissot Soars to New Heights as Official Timekeeper of EAA AirVenture Oshkosh
Wisconsin Energy Announces Second Quarter 2008 Earnings Release and Conference Call
Wisconsin Energy, Wisconsin Electric Declare Quarterly Dividends
Wisconsin REALTORS® Association Wins National Contest for Distance Learning Technology
For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
Mercury cuts 60 jobs; plans temporary shutdown: Mercury Marine has cut an additional 60 jobs and plans to temporarily shutdown its Fond du Lac production facilities to balance output. The company, one of Fond du Lac’s largest employers, eliminated some 62 salaried positions in several areas throughout its United States operations, including sales, marketing, information technology, facilities and human resources departments. A majority of the reductions came from Mercury Marine headquarters in Fond du Lac or Mercury MerCruiser in Stillwater, Okla., said company spokesperson Steve Fleming. “Mercury is providing generous separation packages, including severance and benefits, in accordance with company policy, as employees transition from the company,” he said.
Development groups weigh impact of verdict: High court says Beaver Dam meetings should be public… A state Supreme Court ruling that a Beaver Dam economic development group is a quasi-governmental organization and must obey the state’s open meetings and open records laws has been hailed as a victory for open government and criticized as a threat to economic development. The Beaver Dam Area Development Corp. secretly negotiated for months in 2003 with Wal-Mart to build a $55 million, 1.2-million-square-foot distribution center on about 400 acres north of the city. The group negotiated zoning changes, water service, fire protection and other items, including $6.18 million in incentives. Those details did not become public until the City Council approved without discussion a 13-page memorandum of understanding with Wal-Mart.
Acquisition, demand boost Bucyrus profits: Bucyrus International Inc. reported that net income for the second quarter more than doubled because of high global demand for surface mining equipment and the acquisition of DBT GmbH in May. The South Milwaukee-based manufacturer of surface mining equipment and underground mining equipment reported net second-quarter income of $62.3 million, or 83 cents per share, compared with $27.8 million, or 40 cents per share, for the same period a year ago. Net sales rose to $621 million from $374.8 million, with a large portion of that growth due to the addition of DBT, which added underground mining equipment to the company’s offerings.
Farm experts: Floods caused minimal erosion in state: The torrential rain and flooding that hit southern Wisconsin this summer, destroying tens of millions of dollars worth of farm crops, had a least one silver lining — soil erosion was not a major problem, farm experts say. “We found the fields that had conservation tillage and residue management no-till surprisingly have very little damage,” said Don Baloun, a farm conservationist for the U.S. Agriculture Department’s Natural Resource Conservation Service in Madison. “What happened is the crop that was planted is a complete loss.” Added Susan Butler, a conservation specialist for USDA’s Farm Service Agency in Wisconsin, “We expected a lot more erosion than most people are seeing out there.”
Tourism mecca finding new ways to pay the bills: Staying above water with just mud and stumps is proving a difficult task for those who make their living off the water that disappeared from here in June. There are taxes to pay, advertising bills that are due and monthly bank notes to satisfy. It’s a tough order when the rooms at your resort are empty, the boat docks are high and dry and the walleye are gone. “All of our revenue is based on the lake,” said Kathy Zowin, who started Lake Delton Watersports in 1979 with her husband, Steve. “It really affects everything.” The couple, who rent boats, personal watercraft and provide parasailing rides, estimate their revenue will be down about $800,000 this summer.
Housing bill would help MGIC: Provision to limit foreclosure could reduce company’s outlay… A provision of the housing bill working its way through Congress will be of particular benefit to Milwaukee’s MGIC Investment Corp. MGIC is the nation’s largest mortgage insurance company, and it has been hit hard by claims from properties foreclosed because their owners could not keep up payments. A provision of the bill, expected to pass the Senate today, would encourage lenders to renegotiate loans rather than foreclose. Often, renegotiating a loan is cheaper for a lender than going through foreclosure, MGIC officials note. Renegotiation would be a good thing for MGIC because the company pays off only on a mortgage foreclosure, said Michael Zimmerman, senior vice president for investor relations.
WISBUSINESS FEATURED COLUMNISTS
– GREGG HOFFMANN: Contributor, WisBusiness.com
– TOM STILL: President, Wisconsin Technology Council
– JENNIFER SERENO: Senior manager, Wood Communications Group
– STEVE JAGLER: Executive editor, Small Business Times
– TOM BURZINSKI: IT executive and consultant
BIOTECH (back to top)
– Culver’s owner gets fuel from fryer grease
– Economic Snapshot: A wealth of information online
– Survey: State residents cut back on spending in slow economy
MANUFACTURING (back to top)
– Wis. River to drop in August
LABOR (back to top)
– Laid-off job seekers seek college first
– Women’s group plans Appleton conference
SMALL BUSINESS (back to top)
– Small businesses find loan standards are tightening
– Lead-free lure-and-sinker search spawns Web business
– SBA finds 6,800 ‘high-impact’ firms in Wisconsin
– Start-up lessons found in foam hat
INVESTING (back to top)
– Manager seeks dividends, invests in Buffett
– Anchor BanCorp declares dividend
– Angel financing takes shape in state
– Town of Onalaska asked to clean up real estate mess next to Superfund site
AGRIBUSINESS (back to top)
– Increase in state, U.S. milk production reported
– Ailing economy makes some organic farmers nervous
– State Cheesemakers Sweep American Cheese Society Contest
TRANSPORTATION (back to top)
– Book flights ahead of time, agents advise
RETAIL (back to top)
– Some area repair stores see increase in business
– Aldi wins converts
– Inflation’s next front is retailers
– Gas prices slow ‘destination’ retail sales
REGULATION (back to top)
– Elm Grove, contractor slug it out
– W.W. Grainger to pay $6M to settle whistleblower lawsuit
– Amateur baseball team could cost Waukesha $310,000
– 56th annual AirVenture kicks off today
– Nearly half of local private wells tested are unsafe
– Chinese delegation studies state’s water treatment business
– Lake levels decreasing, but problems continue
– Proposed power lines in La Crescent sparks high-voltage debate
HEALTH CARE (back to top)
– Nursing homes’ quality can be hard to gauge
– FdL welcomes new Flight for Life base
– Unapproved uses of meds raise concerns
– Medical writer wins journalism award
FINANCIAL SERVICES (back to top)
– Bancshares net profits are up
– Credit union building new Black Creek location
MANAGEMENT (back to top)
– UWGB to hold forums on chancellor search
– The Manitowoc Company names new board member
– Ex-teacher learns to motivate young people as sales manager
– Millions to spend, but how?
BUSINESS COLUMNS (back to top)
– Tom Saler: Contrarian knew to look at the big picture
– Ray Unger: Gold isn’t a glittering investment
– Theresa Lehman: Simple strategies help firms go green without losing revenue
– John Torinus: State ought to do more to promote venture capital
National Business Roundups ( back to top)
–YAHOO FINANCE: http://finance.yahoo.com/
–CNBC BUSINESS NEWS: http://www.cnbc.com
–ABC BUSINESS NEWS: http://abcnews.go.com/sections/business/
–GOOGLE NEWS: http://news.google.com/news/en/us/business.html
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