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Business Briefs for May 10, 2015

Saturday, 09 May 2015 19:29 Written by
‘Around the Table’ event planned for newcomers The Baton Rouge Area Chamber is accepting registration until Friday, May 15, for its second annual Around the Table event being held Thursday, June 4. Around the Table will place 225 participants in 20 different homes in a home dinner party setting designed to connect newcomers with locals and encourage discussions. Participants will discuss various way to connect within the community, the workplace and with other
U.S. oil and natural gas rig count drops by 11; Louisiana down 3
Friday, 08 May 2015 17:59 Written by
HOUSTON — Oilfield services company Baker Hughes Inc. says the number of rigs exploring for oil and natural gas in the U.S. declined by 11 this week to 894. Houston-based Baker Hughes said Friday that 668 rigs were seeking oil and 221 explored for natural gas. Five were listed as miscellaneous. A year ago, with oil prices nearly double the current price, 1,855 rigs were active. Among major oil- and gas-producing states, Oklahoma
E’tage Gardens developer buys site for new neighborhood at Lobdell-Jefferson
Friday, 08 May 2015 17:18 Written by
The developer of E’tage Gardens, an infill community on Government Street, has purchased a 2-acre site near the intersection of Lobdell Avenue and Jefferson Highway for $650,000. Michael Hogstrom, the owner of Onsite Design, said he plans to build a development with six to 10 lots on the property, which he said is near Baton Rouge Stone Gallery. “We’re still working on a number,” Hogstrom said, “but this will be higher-end than E’tage
Lafayette-based helicopter company PHI reports profit gains
Friday, 08 May 2015 17:13 Written by
Lafayette-based helicopter company PHI Inc. reported that gains in its air medical and technical services divisions offset a drop in its oil-and-gas business during the first quarter. PHI reported earnings of $10.4 million, or 66 cents per share, on revenue of $204.2 million for the first three months of 2015. A year earlier, the company lost $5.3 million, or 34 cents per share. Oil-and-gas segment revenue dropped 4.4 percent to $120.4 million. Meanwhile,
Covington-based Globalstar’s loss narrows
Thursday, 07 May 2015 17:37 Written by
Globalstar, the Covington satellite telephone services provider, reported a first-quarter loss of $129.7 million, or 13 cents per diluted share, compared with a $250.5 million loss, or 29 cents per share, the year before. The company’s adjusted earnings before interest, taxes, depreciation and amortization were $3.1 million for the quarter, compared with $3.8 million in the first quarter of 2014. Higher sales and marketing expenses aimed at raising the number of subscribers, such
Mississippi companies plan to build senior living in The Grove near Mall of Louisiana
Thursday, 07 May 2015 16:32 Written by
A pair of Mississippi companies plan to build a 213-unit senior living development in The Grove, a mixed-use development east of the Mall of Louisiana. Cardinal Ventures of Ridgeland and CR Properties of Hattiesburg filed an application for a planned unit development with the city-parish Planning Commission. The development will be called The Blake at the Grove. The Blake will be adjacent to The High Grove, an apartment building in the mixed-use development,
Chinese drywall maker’s 65 percent owner wants out of suit
Thursday, 07 May 2015 16:08 Written by
The majority owner of a company that made defective Chinese drywall says it should be dropped from a lawsuit with the potential for hundreds of millions of dollars in damages because it does not manage the drywall manufacturer. A hearing is scheduled June 9 to decide damages to as many as 4,000 people who say sulfur emissions from drywall made by Taishan Gypsum Co. Ltd. damaged their homes and belongings in Louisiana, Virginia,
Group pays $7 million for land for student housing on Ben Hur
Wednesday, 06 May 2015 18:22 Written by
A 20.5-acre site on Ben Hur Road east of Nicholson Drive has been sold for $7 million to an Alabama company that plans to build a student apartment complex. A company affiliated with Capstone Collegiate Communities, of Birmingham, Alabama, bought the land at 550 Ben Hur. The seller was Asterrone LLC, a Metairie group made up of Price LeBlanc Jr., Clifton LeBlanc, Brent LeBlanc and Charles Bondy. The LeBlancs are the sons of
Albemarle’s adjusted earnings jump
Wednesday, 06 May 2015 18:22 Written by
Baton Rouge-based specialty chemicals maker Albemarle Corp. reported its first-quarter earnings dipped to $43.1 million, or 40 cents per share, compared to $56.6 million, or 71 cents per share, a year ago. However, after adjusting for its Rockwood Holdings acquisitioin, including a higher value of Rockwood’s inventory, Albemarle earned $127.2 million, or $1.17 per share. Adjusted earnings for the first quarter of 2014 were $78.4 million, or 98 cents per share. The Rockwood
Higher sales boost Lamar Advertsing’s profit
Wednesday, 06 May 2015 17:18 Written by
Higher sales helped boost Baton Rouge-based Lamar Advertising Co.’s first-quarter adjusted funds from operations by more than 30 percent to $78.9 million, or 82 cents per share. Adjusted funds from operations, or AFFO, is a measure that helps predict a Real Estate Investment Trust’s ability to pay dividends. Lamar converted to a trust in 2014. The trusts don’t pay income taxes on profits if at least 90 percent are paid to shareholders through

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