Local business news in brief
Feb 15, 2007 at 10:27 AM
Studsvik abandons plans for incinerator
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ERWIN - Facing intense opposition in the community, Studsvik Inc. has decided not to install a radioactive waste incinerator in its processing facility in Erwin, choosing instead to use its present technology to expand its operation. Labeled a compromise by the company and Erwin officials, the expansion will still lead to the creation of about 15 more jobs and comply with the town's zoning ordinance, the two sides said Thursday. Studsvik employs 82 people and processes radioactive waste at its plant at 151 T.C. Runion Road near Nuclear Fuel Services. Mayor Brushy Lewis said he was happy with the company's decision to withdraw its request for state permits for an incinerator. "Studsvik has been one of our community's most important employers, so I appreciate their efforts in going above and beyond the call to find an alternative solution to incineration," Lewis said. "I am personally comfortable with the existing Studsvik process. I am pleased that Erwin and Unicoi County can keep Studsvik here and still get the new jobs that will come from their economic expansion."
Forward Air reports year-end results
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GREENEVILLE - Forward Air Corp. has reported record results for the fourth quarter and fiscal year ended Dec. 31, 2006. This is the 18th consecutive quarter that the company has improved its year-over-year quarterly operating revenue and income from operations. Additionally, the company posted the highest quarterly operating revenue in its history. Operating revenue for the quarter increased 4.6 percent to a record $93.2 million from $89.1 million for the same quarter in 2005. Income from operations was $18.9 million vs. $18.6 million in the prior-year quarter, an increase of 1.6 percent. As a percent of operating revenue, income from operations declined to 20.3 percent from 20.9 percent for the same quarter last year. Net income for the quarter ended Dec. 31, 2006, was $12.2 million, which was consistent with $12.2 million in the prior-year quarter. Income per diluted share from operations for the fourth quarter of 2006 was 40 cents vs. 38 cents in the prior-year quarter, an increase of 5.3 percent. Operating revenue for the year 2006 increased 9.9 percent to $352.8 million from $320.9 million for the same period in 2005. Income from operations was $75.4 million vs. $67.4 million in the prior year, an increase of 11.9 percent. As a percent of operating revenue, income from operations increased to 21.4 percent from 21.0 percent in 2005. Net income during the year increased 8.9 percent to $48.9 million from $44.9 million in the prior year. Income per diluted share from operations for 2006 was $1.55 compared with $1.39 in 2005, an increase of 11.5 percent. Effective immediately following the May annual meeting of shareholders, Bruce A. Campbell will assume the role of chairman of the board of the company and will continue to serve as its chief executive officer and president. Richard W. Hanselman, currently chairman of the board, will assume a newly created role of lead director.
Cleveland Browns' Hamilton visits JCMC
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JOHNSON CITY - As Cleveland Browns defensive back Justin Hamilton prepares for his second year in the National Football League, he took time out Thursday to visit patients at The Children's Hospital at Johnson City Medical Center. "Visiting the kids in here has really made an impact on me," said Hamilton, a Southwest Virginia native who played college football at Virginia Tech. "It makes me feel blessed, and I just want to help out with the needs here. That's something that is important to me - helping this place." Hamilton has created his own philanthropic foundation and said he hopes to be a part of the efforts to build a new home for The Children's Hospital, which serves as the principal treatment center for critically ill children in his home community of Clintwood, Va.