Boyd Gaming income soars
LAS VEGAS — Boyd Gaming’s net income soared in the second quarter, thanks to the sale of its jai-alai operations and a rise in consumer spending. Its adjusted results met analysts’ estimates, and the stock shot up in morning trading.
For the period ended June 30, the casino operator earned $11.6 million, or 13 cents per share. That compares with $977,000, or a penny per share, a year ago.
The current quarter included a gain of $18.9 million from the sale of Dania Jai-Alai in Dania, Fla.
Removing Dania Jai-Alai and other items, Boyd reported breakeven results. This met Wall Street’s expectations.
Boyd’s stock gained $1.56, or 14.4 percent, to $12.42 in Tuesday morning trading. Over the past year, the shares have traded between $4.75 and $14.50.
Revenue increased 20 percent to $738.7 million from $614.1 million, as people spent more money gambling and on food and drinks. The performance also benefited from the November acquisition of Peninsula Gaming LLC, which contributed $135.8 million in revenue.
Analysts polled by FactSet forecast $741.4 million in revenue.
Boyd Gaming Corp., based in Las Vegas, has 22 properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and Atlantic City, N.J., which includes the Amelia Belle in Amelia.
Natural Resources conference focuses on oil, gas in La.
NEW ORLEANS — The Louisiana Department of Natural Resources is planning a training seminar Aug. 28 to 30 at the Roosevelt Hotel in New Orleans.
The department plans briefings on its operations and those of related state agencies, sessions on mineral royalty and production reporting and instruction on accessing the state’s online oil and gas records and forms database, known as DNR SONRIS.
Featured speakers will be Peter Ricchiuti of Tulane University, Mid-Continent Oil and Gas Association President Chris John and Louisiana Oil and Gas Association President Don Briggs.
Registration for the seminar is $400 per participant and includes meals, courses, speakers and activities.
Online registration is available at www.regonline.com/louisianaoilgas2013 . Walk-in registration during the conference will be permitted.
More information is available by contacting Becky Roberts at Rebecca.firstname.lastname@example.org or by phone at 225-342-4545.
Auto, truck dealers coming to N.O.
NEW ORLEANS — The national auto dealers’ association says New Orleans will host the 97th annual NADA Convention and Expo in January.
The NADA convention and the 51st American Truck Dealers Convention & Expo will run from Jan. 24 to 27.
Steve Forbes, chairman and editor-in-chief of Forbes Media and NADA Chairman David Westcott, a new-car dealer in Burlington, N.C., will be NADA’s keynote speakers.
Other speakers include former Secretary of State Hillary Rodham Clinton and J.R. Martinez, an injured Army veteran and winner of the 13th season of ABC’s “Dancing with the Stars.”
NADA represents nearly 16,000 new-car and -truck dealerships with more than 32,000 franchises in the United States and abroad.
ATD represents about 2,000 medium- and heavy-duty truck dealers.
Syntroleum says offers received
TULSA, Okla. — Tulsa-based Syntroleum Corp. says it has received unsolicited offers for the company or its assets and that it is considering the propositions.
The company, which is engaged in a joint venture with Springdale, Ark.-based Tyson Foods Inc., says it has hired an investment banker to review its options.
Syntroleum and Tyson Foods together own Dynamic Fuels LLC, which has a plant in Geismar that produces biodiesel from animal fats and greases. The refinery started production several years ago but is now on “full standby mode.” Syntroleum says the plant is ready for commercial production.
Other companies, in part, are interested intellectual property owned by Syntroleum, such as its patents.
Syntroleum reported first-quarter net income of $11 million and a $2 million net loss.
Westlake Chemical 2Q profit up by 26%
HOUSTON — Westlake Chemical Corp. said Tuesday that its second-quarter profit rose 26 percent, beating expectations, on lower raw material costs.
The company said it cost less to produce natural gas-based ethylene, as ethane and propane costs declined. Its vinyls business improved along with slow growth in the U.S. economy.
Net income was $145.8 million, or $2.17 per share, compared with $115.5 million, or $1.72 per share, a year earlier.
Westlake said the 2013 results included 5 cents per share in one-time costs related to the acquisition of CertainTeed Corp.’s pipe and foundation business. Analysts expected lower earnings of $1.94 per share, according to a FactSet survey,
Revenue rose 3 percent to $939.0 million from $914 million on higher sales of building products, PVC resin and caustic soda. Analysts expected higher revenue of $944.8 million.
The shares closed Monday up 26 cents to $99.43. They have gained 25 percent this year.
BancorpSouth profits hold steady on worker buyouts
TUPELO, Miss. — Regional bank BancorpSouth Corp. said profit in 2013’s second quarter rose less than 1 percent from the same three months of 2012, as an early-retirement buyout drove up costs.
BancorpSouth posted quarterly profit of $20.8 million, or 22 cents per share Tuesday, up from $20.6 million or 22 cents per share in 2012’s second quarter. Without a $10.9 million charge for the buyouts, earnings would have risen by 7 cents per share.
Based in Tupelo, the $13.2 billion bank has offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.
Nissan building park for suppliers at Miss. plant
CANTON, Miss. — Nissan North America will build a 1 million-square-foot campus for its suppliers just north of the company’s vehicle assembly plant in central Mississippi.
Gov. Phil Bryant and Nissan officials spoke Tuesday during a groundbreaking ceremony Tu near Canton. The manufacturing plant opened in 2003 and is about 15 miles north of Jackson, facing Interstate 55. The new supplier park, which is scheduled to open in phases in 2014 and 2015, will not be visible from the interstate.
“Thank you, Nissan, for believing it can be Mississippi made,” Bryant said in remarks to about 100 people in the field where the supplier park will be built.
Earlier this year, Mississippi lawmakers approved a bill to allow the Madison County Economic Development Authority to use $100 million in bonds toward construction of buildings to be used by suppliers of the Nissan plant.
Dan Bednarzyk, Nissan vice president for total delivered cost, said Tuesday that the project will support more than 800 jobs, including an expected 400 new supplier jobs and 400 employees that Nissan has hired since June 1 in anticipation of the project.
“Today, Nissan begins an exciting new chapter in this state as we continue our localization efforts in the United States,” Bednarzyk said during the ceremony. “This groundbreaking event supports our efforts to bring more Nissan cars and trucks to our plant in Canton, Miss., and all of that equates to more Mississippi jobs as well as investment.”
By 2015, 85 percent of all Nissan vehicles sold in the United States will be built in North America, Bednarzyk said. The current figure is 69 percent.
Nissan said infrastructure improvements will also be made within the next three to six months to the current supplier logistics center building located at the south end of the manufacturing plant.
Nissan now makes seven vehicles at the Canton plant: the Armada and Xterra SUVs, the Titan and Frontier pickup trucks, the NV van, and the Altima and Sentra sedans. The company announced in January that it would start making the Murano crossover vehicle in Canton in late 2014, adding 400 jobs to its current total of about 5,200.
Mississippi has given Nissan incentives worth more than $378 million. One recent study places the total over time at more than $1 billion including tax breaks. Nissan has invested about $2 billion at the Canton site in the past decade, Bryant said.
During the groundbreaking ceremony Tuesday, Bryant defended the state’s practice of giving incentives for economic development projects, saying they help create jobs that improve the quality of life.
“We are going to keep doing it,” Bryant said.
From The Associated Press.