July 31, 2013 |
By all accounts, 1-800 Car Cash is a thriving company. A national brand with 19 franchises across the country, it bills itself as the most hassle-free way for car owners to sell their rides for cold hard cash. Just a year ago, Car Cash was a struggling business operated by two bickering brothers out of a dilapidated garage in Midtown Manhattan. The brothers and the business were on the verge of a total meltdown. What happened in the interim is captured in the first episode of CNBC's latest reality series, The Profit , which premieres at 10 p.m. on Tuesday.
July 19, 2013 |
Management at Revel Casino-Hotel backed away Wednesday from its announcement earlier in the week that the 15-month-old property had its first profitable week during the first week of July. "Revel would like to remind its investors and other stakeholders that, as was already noted . . . statements relating to the results of the first week of July 2013 were based on unaudited financial data and estimates that are subject to month-end and quarter-end financial adjustments," the new statement said.
June 13, 2013 |
A block party just isn't the same when the U.S. Open is in the neighborhood. Don't bother setting up a volleyball net or wheeling the old grill around to the front of the house - that could fritter away as much as $100 a day that can be earned from drivers wanting to park near the Merion Golf Club. These are days not only of golfing glory, but also of ordinary people in scruffy shorts and wrinkled T-shirts making a buck off this 113th national golf championship. It's not just the U.S. Open.
June 9, 2013 |
Big pharmaceutical companies strike licensing deals with small companies in hopes of finding new, highly profitable medicine without the cost of buying a whole company. Small companies get funding other ways, such as venture capital firms, but the money from licensing arrangements can mean the difference between continuing operations and closing shop. Sometimes these deals work, sometimes not. Last week presented four examples, three starting and one ending (badly), involving the drugmakers GlaxoSmithKline, Johnson & Johnson, Pfizer, and AstraZeneca, all of which have significant Philadelphia-area operations.
June 4, 2013
PACKED PLANES should help the world's airlines earn $12.7 billion this year, as travel demand accelerates faster than the airlines add seats, according to a new prediction from a trade group. The estimate represents a 67 percent increase over the airlines' $7.6 billion in profits last year. The new figure is a 20 percent jump over International Air Transport Association's estimate just three months ago. IATA said that if its forecast holds, the global airline industry will have its third strongest year since 2001.
May 25, 2013 |
Independence Blue Cross said Thursday its net income last year was $191.5 million, down 39 percent from 2011. Officials at the health insurer, based in Center City, said that the 2012 bottom line was dragged down by a $90 million expense for a new operating platform and that 2011 results were boosted by a one-time $87 million gain from a joint venture. IBC's 2012 operating profit was $402.6 million, up 12 percent from $361.4 million the year before. "Despite the uncertain economy and the significant changes ahead in health care, for the third year in a row, we had a solid year," Daniel J. Hilferty, president and chief executive, said on a conference call with reporters.
May 24, 2013 |
The Horsham-based luxury-home builder Toll Bros. on Wednesday reported a 46 percent jump in earnings in its second quarter from the same period in 2012. The announcement sent Toll's stock price up more than 7 percent in morning trading. The shares closed at $37.07, up $1.06 or 2.9 percent. Toll chief executive Douglas Yearley said an improving economy and continued low interest rates were pushing buyers who had spent six years "on the sidelines" into the market. "One year ago we were somewhat reluctant to raise home prices for fear of crimping demand," Yearley said.
May 9, 2013 |
NEW YORK - The Dow Jones industrial average rose, closing above 15,000 for a second day after passing the landmark level for the first time Tuesday. On Wednesday, a day without any major economic releases, investors focused on company earnings as reporting for the first quarter draws to a close. Although earnings growth has slowed from last quarter, profits are at record levels and projected to rise throughout the year. The Dow closed up 48.92 points, or 0.3 percent, at 15,105.12.
April 30, 2013
T OMMY JOYNER, 42, of Ardmore, is the founder of MilkBoy the Studio, in Callowhill, and two MilkBoy coffee-and-music venues, in Center City and Ardmore. Now, Joyner and longtime business partner Jamie Lokoff, 47, of Society Hill, are branching out. A third partner, Bill Hanson, 38, of Southwest Center City, is involved in the food-and-beverage part of the biz. I spoke with Joyner. Q: How did the business start? A: It began as a recording studio in North Philly in 1994. I didn't have a business plan and needed a place to record my band's record.
April 26, 2013 |
Chesterbrook-based wholesale drug supplier AmerisourceBergen said Thursday its quarterly revenue increased from $19.7 billion in 2012 to $20.5 billion in the same period in 2013, a rise of 4.1 percent. Net income fell from $212.1 million to $45.63 million during the period ending March 31, which is the company's second quarter. The company said expenses were higher in the calculations because of the inclusion of its World Courier service, which coordinates transport of products used in clinical trials.