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DeWITT — Inficon (SIX Swiss Exchange: IFCN) earned $9.1 million in the second quarter, down from $10.7 million a year earlier. Earnings per share for
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Keystone Associates adjusts to survive tough economy
BINGHAMTON — There aren’t a lot of huge building projects going on in the area, but Keystone Associates Architects, Engineers and Surveyors, LLC has managed
Chemung Financial profit dips 7 percent in 2nd quarter
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Elmira Savings profit up 4 percent in second quarter
ELMIRA — Steady mortgage and consumer-loan activity helped Elmira Savings Bank (NASDAQ: ESBK) produce a 4 percent increase in net income in the second quarter,
Pinckney Hugo marks 10 years of double-digit growth
How does a company get listed on the Inc. 5000 list six years in a row? For the Syracuse–based marketing-communications firm Pinckney Hugo Group (PHG), LLC, the answer is to post average annual, compounded revenue growth of 25 percent to 30 percent. “Capitalized billings are now $38 million with gross revenues running at $15 million
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How does a company get listed on the Inc. 5000 list six years in a row?
For the Syracuse–based marketing-communications firm Pinckney Hugo Group (PHG), LLC, the answer is to post average annual, compounded revenue growth of 25 percent to 30 percent.
“Capitalized billings are now $38 million with gross revenues running at $15 million in 2012,” according to Douglas (Doug) Pinckney, company president. PHG now employs 45 people, up from the original six and an increase of 10 employees in just the last year, he adds.
PHG is a full-service, marketing-communications agency providing strategic solutions for clients in a broad range of industries. The firm offers clients strategic planning, creative design, research, direct-marketing, media placement, public relations, social media, and video production.
The three corporate principals are Doug Pinckney (48), president; Christopher Pinckney (45), executive creative director; and Aaron Hugo (36), executive vice president. Key staff also includes Kathi Brogan, vice president of media services; Colleen O’Mara, director of public relations; Cathy Van Order, director of production services; and Adam Jwaskiewicz, director of interactive services.
Recounting the firm’s history, Doug Pinckney says, “[The] agency was founded in 1940 as the Spitz Agency and later sold to Mike Siano, who renamed it Siano-Spitz … We [the three principals] purchased the agency in 2002.”
PHG outgrew its original location and purchased a former warehouse at 760 W. Genesee St. in downtown Syracuse. The agency currently occupies 20,000 square feet of the 36,000-square-foot structure, having expanding four times since occupying the building. No other tenant is in the structure. The three principals formed a real-estate company called PH Crane, LLC, which owns the building. The property is currently assessed at $480,000, with a full market value of $568,047, according to City of Syracuse online property-tax records. PH Crane bought the structure for $350,000 in December 2005. The previous owner was Marnandi Realty Corp.
Doug Pinckney ascribes his success to what some call the Satchel Paige school of management. Paige, a legendary baseball player, was quoted as saying “I’m always looking over my shoulder to see who’s gaining on me.” Pinckney paraphrased Paige by saying, he “runs scared, preferring to focus on keeping the client happy. As a buyer of advertising services for many years, sitting on the other side of the table, I saw too many agencies become complacent. I want us [the agency] to stay hungry.” Consequently, PHG eschews long-term contracts and most retainers.
Pinckney also attributes the firm’s sustained growth to a laser-like focus on talent. Attracting outstanding talent to Central New York is problematic, with the best results coming from those who already have a tie to the region. He estimates that half of the current staff left the region and returned to escape the high costs and pressures of major metropolitan areas and to raise families. “There are times we hire staff even when there isn’t a position, anticipating we will generate the business to support the talent,” he says. “Now that we have become one of the top local firms, we are drawing a number of résumés, which makes recruiting and retention [a little] easier … I also think there has been a renaissance in Syracuse that is helping our efforts.”
The principals at PHG show no signs they will slow down after celebrating the agency’s 10th anniversary in September. Except for a small mortgage on the building at 760 W. Genesee St., the company is debt-free and funding its growth from cash flow. While PHG isn’t focused on whether the company will make the Inc.–5000 list next year, past performance and the company focus suggest the agency will stay on the fast track for sustained growth.
Contact Poltenson at
npoltenson@cnybj.com
Anaren reports decline in sales and profit
DeWITT — A nearly 20 percent drop in sales resulted in a more than 30 percent profit plunge in the fiscal fourth quarter at Anaren, Inc. (NASDAQ; ANEN), which reported its earnings Aug. 6 after the market close. Anaren’s net sales for the quarter ending June 30 fell 19.1 percent to $38.2 million from $47.2 million
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DeWITT — A nearly 20 percent drop in sales resulted in a more than 30 percent profit plunge in the fiscal fourth quarter at Anaren, Inc. (NASDAQ; ANEN), which reported its earnings Aug. 6 after the market close.
Anaren’s net sales for the quarter ending June 30 fell 19.1 percent to $38.2 million from $47.2 million in the year-ago quarter. Net income slipped to $2.9 million, or 20 cents a share, this fiscal fourth quarter from $4.2 million, or 29 cents per share, in the same period in 2011.
DeWitt–based Anaren develops and manufactures components and subsystems for markets including satellite communications, defense, and wireless communications.
Excluding non-cash equity based compensation and intangible amortization, Anaren’s earnings per share (EPS) in the latest quarter was 26 cents, compared to 34 cents in the fiscal fourth quarter of 2011. The 26 cents beat analysts’ consensus EPS estimate of 23 cents, according to Thomson Reuters.
Still, Anaren’s shares dropped sharply Aug. 7 with the stock slipping $1.36, or 6.6 percent, to $19.22. At that price, the stock was still up more than 15 percent year to date.
Anaren’s leader pointed out the positives in the company’s earnings trends.
“While current quarter revenue and profitability remains below fiscal 2011 fourth-quarter levels, we were pleased to see 10 percent sequential quarterly sales growth, driven by strengthening demand for wireless infrastructure products,” Anaren President and CEO Lawrence A. Sala said in the earnings report. Improvements in operating income coupled with increasing sales and cost-cutting actions since the beginning of the year should lead to better sales and more profitability in fiscal 2013, he added.
In an Aug. 7 conference call with investors and the media, Sala said some of those cost-cutting measures, which began in late fiscal 2011, included cutting 20 percent of the company’s work force across several of its locations, reducing research and development expenses, and trimming discretionary spending on things such as outside consultants.
Anaren’s wireless group net sales dropped 32.5 percent from $19.7 million to $13.4 million during the fiscal fourth quarter as overall demand remained soft. However, sales improved 30 percent sequentially over the fiscal third quarter of this year as demand began to ramp up. As the company focuses on new product investments in the area of wireless-infrastructure components and low-power wireless Anaren Integrated Radio (AIR) module product lines, the company says it expects increased wireless sales in 2013. Some of Anaren’s major wireless customers include E.G. Components, Huawei, Nokia, and Richardson.
Anaren’s space and defense group sales dipped 9.5 percent from $27.5 million a year ago to $24.8 million in the latest quarter, primarily due to an expected decline in low-temperature co-fired ceramics sales. The $34.8 million in new orders during the quarter were driven by ground-based radar satellite and passive-ranging applications and helped boost the order backlog to $105 million. Major customers include Lockheed Martin, Northrop Grumman, and Raytheon.
Looking ahead to results from the fiscal first quarter of 2013, which runs through Sept. 30, company officials expect wireless and space and defense sales to compare with fourth-quarter levels with estimated net sales in the $36 million to $41 million range with earnings-per-share of 13 cents to 24 cents.
Sala said the company expects mid-single-digit growth in the space and defense sector throughout the fiscal year, but doesn’t expect wireless sales to begin to pick up until the fiscal second quarter, ending Dec. 31.
Anaren (www.anaren.com), founded in 1967, has more than 1,200 employees at five facilities around the world. The company produces high-frequency electronics for the wireless infrastructure, wireless consumer products, satellite, defense electronics, and other industries.
Contact DeLore at tdelore@cnybj.com
Upstate consumer confidence rebounds slightly in July
Upstate New York consumers grew slightly more willing to spend in July, according to a monthly survey from the Siena (College) Research Institute (SRI). SRI’s overall consumer-confidence index for upstate New York rose 2.1 points to 71.3. The increase marks a reversal from June, when the index plunged 5.5 points. Although July’s bump up in confidence
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Upstate New York consumers grew slightly more willing to spend in July, according to a monthly survey from the Siena (College) Research Institute (SRI).
SRI’s overall consumer-confidence index for upstate New York rose 2.1 points to 71.3. The increase marks a reversal from June, when the index plunged 5.5 points.
Although July’s bump up in confidence did not make up for the previous month’s loss, it did move the optimism index closer to its break-even point of 75. That’s the spot at which consumers split equally between expressing optimism and pessimism.
A confidence index above 75 means more consumers were optimistic than pessimistic. An index below 75 indicates prevailing pessimism.
July’s confidence index rose as upstate consumers became more willing to spend in both the present and the future. Upstate’s current consumer-confidence index moved up 1.9 points to 76.2, while its future confidence index climbed 2.2 points to 68.1.
“When we look at the current component, we’re slightly above the break-even point, although it’s very close,” says Douglas Lonnstrom, professor of statistics and finance at Siena College and SRI founding director. “It’s the future of Upstate that’s not looking so good.”
Consumers in New York State as a whole were essentially split between optimism and pessimism. The state’s overall-confidence index crept up 0.9 points to 75.4. Its current-confidence index increased 1.5 points to 75, and its future-confidence index nudged up by 0.5 points to 75.7.
Metropolitan New York City’s consumers displayed little change in attitude from last month. The area’s overall confidence slipped 0.2 points to 77.6. Meanwhile, a 1.2-point gain in current confidence pushed that indicator to 74.3 but was counterbalanced by a 1-point drop in future confidence, which declined to 79.8.
“July was kind of a ‘blah’ month,” Lonnstrom says. “Every time something good happened, something bad happened. As a result, we didn’t really move a lot.”
That trend held true across the nation, according to the University of Michigan’s Consumer Sentiment Index. It showed national consumer confidence eroded 0.9 points in July to 72.3.
The nation’s current confidence inched up 1.2 points to 82.7. But its future confidence dipped 2.2 points to 65.6.
Gas and food prices
The portion of upstate New Yorkers reporting hardships due to gasoline and food prices diminished slightly in July, according to SRI. The institute’s survey showed that 59 percent of upstate residents called gasoline prices a problem, down from 63 percent in June.
When it came to food prices, 68 percent of upstate consumers said they faced a challenge, a notch below the 69 percent who reported a problem paying for food in June. And 51 percent of the region’s residents said both gas and food were problematic in July, below June’s reading of 57 percent.
Statewide, opinions on gasoline and food prices trended in the opposite direction. In July, 56 percent of New York’s consumers cited gasoline prices as a problem, up from 55 percent the previous month. Food prices were a challenge for 68 percent of the state’s residents, an increase from 66 percent the previous month.
Finally, the SRI survey found 47 percent of statewide residents listing both gasoline and food prices as a problem. That’s above 46 percent doing so in June.
New York buying plans
Consumers increased their plans to buy computers, furniture, and major home improvements in July, SRI said. They drew back on intentions to purchase cars and trucks, as well as homes.
Buying plans rose 1.9 points for computers to reach 15.3 percent of consumers saying in July that they planned to buy a computer. Purchase plans ticked up 0.1 points for furniture to 19.9 percent.
Major home-improvement buying plans jumped 2.9 points in July. SRI found that 17.4 percent of consumers planned to purchase a major home improvement.
“People are still afraid to go out and buy a house,” Lonnstrom says. “As a result, we’ve got this pent-up demand. They’re saying, ‘If we’re not going to buy, we might as well fix up where we are.’ ”
Home-buying plans fell 1.4 points to 4.2 percent. Plans to buy cars and trucks slid 0.5 points to 10.3 percent.
SRI calculated its consumer-confidence index after surveying 804 New York State residents over the age of 18 in July. A margin of error does not apply to consumer confidence index results, SRI says. However, buying plans have a margin of error of plus or minus 3.5 points.
Contact Seltzer at rseltzer@cnybj.com
SUNY Upstate completes work on Geneva Tower residence hall
SYRACUSE — The State University of New York (SUNY) Upstate Medical University completed surgery on a high-rise in Syracuse, converting it from the vacant Townsend Tower into a residence hall it now calls Geneva Tower. The building, which officially opened Aug. 2 at 500 Harrison St., now holds 139 apartments in one-bedroom, two-bedroom, and four-bedroom
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SYRACUSE — The State University of New York (SUNY) Upstate Medical University completed surgery on a high-rise in Syracuse, converting it from the vacant Townsend Tower into a residence hall it now calls Geneva Tower.
The building, which officially opened Aug. 2 at 500 Harrison St., now holds 139 apartments in one-bedroom, two-bedroom, and four-bedroom configurations. It stands at 137,000 square feet and contains a total of 276 beds.
“We had a real need for new housing,” says Dr. David Duggan, interim dean of SUNY Upstate’s College of Medicine. “It provides our students with an appropriate place to live. It also will provide an option for many of our physicians in training, our residents, and fellows. They are all looking for accommodations that are close to the hospital.”
The revamped structure, located a few blocks from Upstate University Hospital, is available in time for residents to move in for the fall semester, Duggan adds. Rooms are furnished and include air conditioning, wireless Internet access, and dishwashers.
Geneva Tower will generate about $800,000 in proceeds each year, Duggan estimates. That funding will help pay for academic programs, he adds.
SUNY Upstate spent about $28 million renovating the tower. Work started in November 2010. Syracuse–based Hueber-Breuer Construction Co., Inc. was the construction manager, and Architecteam of Syracuse, the successor firm to Schleicher-Soper Architects, was the architect.
M&T Bank arranged financing for the project in the form of bonds from the Onondaga Civic Development Corp. Proceeds from the bonds went to Upstate Properties Development Inc., which is a not-for-profit development corporation that SUNY Upstate created in 2007. Upstate Properties Development Inc. owns the residence hall, having acquired it from the Empire State Development Corp. in 2010.
Total overhaul
Turning the building into a residence hall was no small operation, according to Thomas Pelis, SUNY Upstate’s assistant vice president for facilities and planning.
“Virtually everything is changed,” he says. “The floor plans have been totally changed within the confines of the building itself. We added an elevator tower and lobby on the north side of the building, because the existing elevators did not meet current [Americans with Disabilities Act] regulations. And then we added a two-story addition on the south side of the building to provide a more inviting entrance and to create some open space for students.”
Crews also enclosed the building’s balconies to give it more interior space. And they placed panels on the outside of the facility that change color as they reflect sunlight at different angles. The panels reflect colors ranging from pink to green and give the building’s exterior a visually interesting element, according to Pelis.
SUNY Upstate believes the residence hall will qualify for the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) silver certification. Pelis thinks it may actually prove to meet higher standards for gold certification.
The building has several environmentally friendly design elements, from energy-efficient curtain walls to a sophisticated heating, ventilation, and air-conditioning system, Pelis says. All of its outside lights are low-energy light-emitting diodes, or LEDs, and it was designed in conjunction with Onondaga County’s Save the Rain initiative to keep storm water from entering the sewer
system.
Additionally, the residence hall has some features tailored to medical students, Pelis continues. It contains conference rooms designed for group study, and designers made some other decisions catering to their target residents.
“We recognize that students are going to be sleeping during the day because they’re working at night, so we have sun-blocking shades,” Pelis says. “Students were very involved in the selection of the desk chairs and the feel of the furniture, because they’re spending a lot of time studying.”
Now that Geneva Tower is complete, SUNY Upstate is turning its focus on the building’s nearby twin. That facility, called Harrison House, was also acquired by Upstate Properties Development Inc. in 2010. However, it has yet to be renovated, Pelis says.
SUNY Upstate would like to redo Harrison House in a similar fashion to Geneva Tower, he says. But inflation will probably push that building’s renovation costs close to $30 million, he adds.
Financing is not yet in place to perform work on the second building, but SUNY Upstate hopes to once again use bonds from the Onondaga Civic Development Corp.
“We are waiting to get financing, but we’re also waiting to confirm that the student demand is there,” Pelis says. “We found that the one-bedroom units are very popular, so we need to put more one-bedroom units in the Harrison House.”
SUNY Upstate hopes to start work on Harrison House by the end of this year. It is aiming to have the tower renovated for the fall semester of 2015.
Study: In 2011, more than half of doctors adopted an EHR system
Last year, 55 percent of physicians had adopted an electronic health record (EHR) system. That’s according to a study report issued this July by the National Center for Health Statistics (NCHS) unit of the Centers for Disease Control and Prevention. Younger doctors are embracing EHR at higher rates, according to the study. It found that
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Last year, 55 percent of physicians had adopted an electronic health record (EHR) system. That’s according to a study report issued this July by the National Center for Health Statistics (NCHS) unit of the Centers for Disease Control and Prevention.
Younger doctors are embracing EHR at higher rates, according to the study. It found that 64 percent of physicians under the age of 50 had adopted an EHR system, compared to 49 percent of doctors age 50 and over.
Larger physician practices are more likely to implement EHR than small practices. The study found that 86 percent of practices with 11 or more physicians adopted EHR, compared to 62 percent of practices with 3 to 10 doctors, and just 29 percent of solo practitioners.
The majority of physicians who have adopted an EHR system (85 percent) were either very satisfied (38 percent) or somewhat satisfied (47 percent) with their system. About 15 percent of providers were either very dissatisfied (5 percent) or somewhat dissatisfied (10 percent) with their EHR system, the report said. More than two-thirds of adopters (71 percent) said they would buy their EHR system again.
In terms of benefits gained from EHR, 74 percent of adopters reported having accessed a patient’s chart remotely and 50 percent said they had been alerted to critical lab values by using their EHR system within the past 30 days. Nearly three-fourths (74 percent) also reported that using EHR had resulted in enhanced overall patient care.
The report, entitled “Physician Adoption of Electronic Health Record Systems: United States, 2011,” was authored by Eric Jamoom, Paul Beatty, Anita Bercovitz, David Woodwell, Kathleen Palso, and Elizabeth Rechtsteiner of the NCHS.
The data for the report came from a mail survey of more than 5,200 office-based physicians, with almost 3,200 doctors responding.
The full report is available online (http://www.cdc.gov/nchs/data/databriefs/db98.pdf).
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