|
|
| |
| Sun, Sep. 7, 2008 |  |
 |
|
||
| |
Dillard's, activist investors call truce Sunday, Apr 6, 2008 By Roby Brock Dillard's and two investor groups reached an agreement late Tuesday to avoid a proxy contest at the mall retailer's May 17 shareholder meeting. Dillard's, Barington Capital Group L.P. and Clinton Group, Inc. agreed on a slate of candidates for the company's Class A board of directors. Barington and Clinton will get one of the four board seats they sought as part of the compromise. The two activist shareholder groups have been publicly calling for major changes at Dillard's in the wake of a declining stock price, falling sales, and shrinking profits. Lawmakers pass Beebe gas tax hike State lawmakers wasted little time passing Gov. Mike Beebe's negotiated increase in the state's severance tax on natural gas. In a three-day special session, legislators approved a bill that would raise the severance tax on gas to 5 percent of market value. The new proceeds, estimated to rise to $100 million by 2013, would be largely dedicated to state and local highways and roads. The new tax will go into effect on Jan. 1, 2009. Revenues largely exceed forecast The Arkansas revenue report for March shows that state tax collections continue to outpace expectations in most categories, according to the Arkansas Department of Finance and Administration. March net available general revenues topped $343.1 million for the month, 6.9 percent above forecast and 7.6 percent above last year. Sales taxes and individual income taxes also rose above predictions, but corporate income taxes dropped significantly due to a quirky timing issue for certain business tax collections. Electronic games of skill wagers rise The Arkansas Racing Commission reported figures for February's electronic games of skill (EGS) at Oaklawn Racing Park and Southland Greyhound Park. In February, Oaklawn EGS wagers totaled $18.2 million, up 9 percent from the previous month and a whopping 52 percent increase from February 2007. Payouts topped $17 million for the month of February, the first full month of live horse racing at Oaklawn. Southland's EGS wager totals pulled in more than $29.1 million for the month of February and paid out $27.2 million. February wagers are up $5.8 million from the previous month, roughly 25 percent higher. In a year-over-year comparison, Southland's February wagers have increased by 76.5 percent. Track officials say that increased advertising and extended hours of operation contributed to the increase. Tyson, syntroleum apply for tax-free bonds Tyson Foods and Syntroleum Corp., which are partnering on a $150 million renewable fuel plant project in Louisiana, announced their intentions to apply for tax-free municipal bonds to finance construction of the fuel plant. Last month, Tyson and Syntroleum applied for $135 million in tax-free funding from the Louisiana Public Facilities Authority for their joint project known as Dynamic Fuels. The tax-free municipal bonds are part of the Gulf Opportunity Zone Act signed into law in 2005 to encourage the rebuilding and economic growth of regions hit by hurricanes Katrina and Rita. Syntroleum says that the permanent jobs created by the synthetic fuel plant, which will utilize Tyson Foods by-product waste and Syntroleum's fuel technology, will command average annual salaries close to $100,000 for about 50 workers. AERT posts $9.5 million annual lost Advanced Environmental Recycling Technologies (AERT), the Springdale-based recycled deck product manufacturer, posted a net loss of $9.5 million in 2007 on sales of $82.2 million. AERT's fourth quarter sales were $9.7 million, down 54 percent from $21.3 million in the prior year's reporting period. Complete financials for the fourth quarter were not provided by the company, but full-year financial statements were. AERT blamed the annual loss on: -unprofitable operations -reclassification of deferred tax benefits -write-down of inventory related to the exit of its painted window sill business -a one-time charge for a preferred stock conversion related to a recent $10 million equity offering. Ballot measure filed to limit illegal immigration benefits A group seeking to require registration by state residents to qualify for public benefits has filed an initiated act that, if approved, could be voted on by Arkansans this November. If it passes, the law would go into effect on July 4, 2009. Secure Arkansas, which touts itself as a grassroots organization "committed to the rule of law and the fair treatment of both citizens and legal immigrants" is listed as the act's sponsor. The five-page measure, filed with the attorney general's office on March 27, requires state agencies and political subdivisions to "verify the lawful presence in the U.S. of any person 14 years of age or older" who has applied for a public benefit. The attorney general's office has an April 9 deadline for reviewing the proposed ballot title, which, if approved, would allow for the collection of 61,974 signatures needed to qualify for the November general election. The proposal provides limited exemptions. It also disqualifies undocumented individuals from receiving postsecondary education benefits, scholarships, financial aid, and in-state tuition. Furthermore, the proposed law specifies that no vehicle registration or certificate of title shall be made without a valid Arkansas driver's license or state ID card. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
