Business Digest August 16, 2013
Boulder-based FlixMaster Inc. is changing its name to Rapt Media Inc. Rapt’s interactive online platform helps companies create video that allows interaction that helps drive consumer action. The company recently announced the capabilities to create clickable video marketing campaigns that are viewable on mobile devices without the need to download an app.
Nonprofit LiveWell Longmont launched a new website at livewelllongmont.org that was designed by Boulder-based Oblique Design. The website contains information on local events, healthy living tips, community profile stories, and health and wellness news.
Longmont-based DigitalGlobe Inc.’s cloud-services platform, My DigitalGlobe, now provides the U.S. government with access to most of the daily collections, known as the “daily take,” that will add about 1.5 million square kilometers of new earth imagery every day. Those supported by the National Geospatial Intelligence Agency, including all branches, departments, agencies and offices of the government, can access DigitalGlobe’s high-resolution commercial satellite imagery. Those supporting U.S. government missions can sign up using their government email by going online at digitalglobe.com/egd.
The U.S. Food and Drug Administration ruled that products labeled “gluten-free” must have less than 20 parts per million of gluten. Gluten is a natural protein in wheat, rye and barley that can trigger health problems in people with celiac disease. There previously was no standard on how much gluten could be in a product labeled as “gluten-free.” Companies using “gluten-free” labels on their products will have one year to comply with the new rule. The FDA plans to make periodic inspections.
Broomfield-based Vail Resorts Inc. (NYSE: MTN) teamed with Air Canada to offer nonstop Saturday service beginning this winter between Toronto and the Eagle-Vail airport. The flights represent the first nonstop international carrier and service to the airport in Eagle County. Weekly flights have been scheduled from Dec. 14 through April 5 using a 120-seat Airbus A319 aircraft, which can offer a choice of executive or economy service and feature complimentary seatback entertainment throughout the plane.
Boulder Community Hospital received a Level II trauma center designation from the Colorado Department of Public Health and Environment and the American College of Surgeons. At the hospital’s two locations, an emergency room doctor is available around the clock, and a surgeon must now be at the hospital within 15 minutes of an emergency patient’s arrival. Three other hospitals in Boulder County – Avista Adventist Hospital in Louisville, Exempla Good Samaritan Medical Center in Lafayette and Longmont United Hospital in Longmont – have Level III trauma center designations. Level III hospitals must have a surgeon available to operate on emergency room patients within 20 minutes.
Longmont-based electric-motor manufacturer UQM Technologies Inc. (NYSE: UQM) posted revenue of $1.95 million and a loss of $916,000 for the first quarter of its fiscal year 2014 versus the same time a year ago. The revenue was down from $2.4 million for the same period a year ago, and the loss declined from $1.3 million recorded for the same period a year ago. The reduced net loss stems from recent cost-saving measures.
Boulder-based medical-device company Encision Inc. (ECIA: PK) posted revenue of $2.7 million and a loss of $241,000, or 3 cents per share, for its first quarter of fiscal 2014 that ended June 30. Encision had product revenue of $2.6 million and service revenue of $63,000. The company’s patented surgical technology used in medical devices prevents stray electrosurgical burns in minimally invasive surgery. The company designs, develops, manufactures and markets surgical devices.
Broomfield-based Level 3 Communications Inc. (NYSE: LVLT) reported revenue of $1.57 billion for its second quarter that ended June 30, but a net loss of $24 million, or 11 cents per share. Revenue for the operator of global fiber-optic networks marked a slight decrease from the $1.59 billion for the second quarter of 2012, as well as the $1.58 billion for the first quarter of 2013. But the loss marked a significant decrease from the $62 million hit reported in the second quarter of 2012 and $78 million loss in the first quarter this year. Level 3’s second-quarter noncash compensation expense totaled $48 million, which included a $17 million charge related to the termination of former chief executive Jim Crowe’s employment agreement.
Longmont-based DigitalGlobe Inc. (NYSE:DGI) reported a 48 percent increase in revenue for the second quarter that ended June 30 compared with the same period a year ago. The Longmont-based provider of images of earth taken from its satellites posted revenue of $150.6 million for the quarter, but it reported a net loss of $21 million, and a net loss available to common shareholders of $22 million, including $1 million of preferred stock dividends, or 30 cents per diluted share.
Louisville-based Gaiam Inc. (Nasdaq: GAIA), a lifestyle media company, reported revenue of $44.5 million and a loss of $2.1 million for its second quarter that ended June 30. Second-quarter revenue dropped compared with the $45.4 million made in the same quarter a year ago. For the same period in 2012, Gaiam posted a profit of $7.9 million. The company ended the quarter with a cash balance of $17.5 million.
Longmont-based data-storage firm Dot Hill Systems Corp. (Nasdaq: HILL) reported a profit of $2.1 million on revenue of $50.7 million for its second quarter that ended June 30. The numbers compare favorably with the same period a year ago when Dot Hill generated $47.8 million in revenue and reported a loss of $5 million. The improvement was largely attributable to a more favorable customer and product sales mix, primarily resulting from a spike in revenue from a specific telecommunications customer.
Boulder-based Array BioPharma Inc. (Nasdaq: ARRY) reported record revenue of $25.4 million, compared with $20.7 million for the same period a year ago. The additional revenue came from an upfront license payment from a collaboration with the pharmaceutical company Oncothyreon Inc. (Nasdaq: ONTY) in Seattle. A milestone payment from Novartis International AG (NYSE: NVS), based in Basel, Switzerland, also contributed to the record revenue.Array reported a loss of $17.6 million for the quarter, or 15 cents per share. The company reported a net loss of $8 million for the same quarter in 2012.
Broomfield-based WhiteWave Foods Co. (NYSE: WAV) reported revenue of $616 million and a net profit of $31.2 million for its second quarter that ended June 30, improving on revenue and income compared with the same period a year ago. The $616 million in revenue was a 10 percent increase compared with $558 million in the second quarter of 2012. Net income of $31.2 million in the second quarter was a 19 percent increase compared with $26.4 million in the same quarter a year ago. For the second quarter, WhiteWave reported earnings per share of 16 cents, a 28 percent increase compared with the second quarter of 2012.
Broomfield-based restaurant chain Noodles & Co. (Nasdaq: NDLS) posted revenue of $89.2 million and net income of $68,000 for its second quarter that ended July 2. Noodles’ revenue for the quarter was an 18 percent increase compared with $75.5 million posted during the second quarter a year ago, but its net income was down 97 percent compared with $2.2 million for the same period a year ago.
Boulder Granola, a manufacturer of granola, has contracted with the Innovation Center of the Rockies in Boulder to receive advisory support to guide the company’s expansion. Boulder Granola makes organic, low-sugar granola with a gluten-free option.
Longmont-based Dot Hill Systems Corp. (Nasdaq: HILL), a provider of SAN storage solutions, signed an agreement with CGG, a geoscience company serving the global oil and gas industry. Dot Hill will provide CGG with AssuredSAN 4000 Series storage systems in CGG’s subsurface imaging centers and have been selected as part of the company’s reference architecture. The Dot Hill AssuredSAN 4000 Series will store geophysical data that CGG uses to develop models to help its oil and gas customers locate oil reserves.
MERGERS & ACQUISITIONS
59-year-old Estey Printing Co. in Boulder merged with 38-year-old Colt Print Services Inc. in Boulder, effective Aug. 2. Estey Printing’s owner Bill Hayes is retiring. All artwork, computer files, shells and jobs components are being transferred from Estey to Colt’s facility at 2525 Frontier Ave., according to Jim Colt. Estey Printing’s general managerLauri Weaver will become a Colt employee and help transition Estey’s clients to Colt.
The Bank at Broadmoor and Colorado Community Bank merged Aug. 12 to form Northstar Bank Colorado. It will have 20 locations throughout Colorado, including branches in Longmont, Loveland, Greeley, Evans, Johnstown, Milliken and Firestone. The bank has assets of $750 million and has hired 33 new employees since January, bringing the total number of employees to 170.
Jammin Java Corp. (OTCQB: JAMN) signed a letter of intent to buy Erie-based coffee and food service provider Black Rock Beverage Services LLC. Jammin Java, a provider of premium roasted coffee doing business as Marley Coffee, announced recently that it is moving its headquarters to Denver from California. Rohan Marley, the son of late reggae singer Bob Marley, founded the company. Black Rock, founded by Jeff Krumtum last year, employs one other person, and will move both employees and its operations to the new Marley Coffee headquarters. Black Rock had been distributing Marley Coffee for about eight months.
Louisville-based Real Goods Solar Inc. (Nasdaq: RSOL) has signed an agreement to acquire Port Chester, New York-based Mercury Energy Inc., doing business as Mercury Solar Systems Inc., in a stock deal valued at approximately $18.4 million. Real Goods Solar will issue 7.9 million shares of its class A common stock for the acquisition. The stock on Friday was trading at $2.33 per share, but the value will be determined based on the price of the stock when the deal closes.The transaction is subject to the approval of the shareholders of Real Goods Solar and Mercury. Real Goods Solar installs solar energy systems for residential, commercial and utility customers. Acquiring Mercury will expand Real Goods’ presence throughout the East Coast.
Boulder-based Flagship Biosciences LLC has added data analysis of tissue samples to its list of services in response to increased demand from client pharmaceutical companies. Flagship analyzes tissue samples on slides. The slides are scanned into a computer program developed by Flagship so pathologists can examine them. The new data analysis division will be used to help quantify the information from the slides. That quantification can be used to help client companies analyze risk factors when they’re preparing research drugs for commercial sale.
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