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Southside declares dividend
The board of directors of Southside Bancshares, parent company of Southside Bank and Fort Worth National Bank on Thursday declared a regular quarterly cash dividend of 13 cents per share payable to common stock shareholders of record May 29. The cash dividend is scheduled for payment on June 12.
Southside has a main Longview branch on Judson Road and supermarket branches i Super 1 Foods and Kroger in Longview.
Southside Bancshares is a bank holding company with approximately $2.2 billion in assets that owns 100 percent of Southside Bank and Fort Worth National Bank. Southside Bank and Fort Worth National Bank currently have 44 banking centers in Texas and operate a network of 45 ATMs.
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Director named for GSMC fitness institute
Good Shepherd Medical Center on Thursday afternoon announced the appointment of Paul Elsass as director of the Good Shepherd Institute for Healthy Living.
A Texas native, Elsass has more than 20 years of health fitness experience, hospital officials said.
Elsass has been a director of medically-integrated fitness centers for the last 10 years, having opened a facility from the ground up in Kingman, Ariz. Most recently, Elsass managed a large facility in Conway, Ark.
The opening of the 75,000 square-foot, medically-integrated wellness center is scheduled for September. Elsass will begin his role as director on Monday. He and his wife, Carrie, and their two children, Jordan and Derek, will be relocating to Longview.
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LeTourneau parent declares dividend
The parent company of Longview’s LeTourneau Technologies, Rowan Companies, Inc., of Houston, announced today that its board of directors has declared a cash dividend of 10 cents per share of common stock payable on June 13, to shareholders of record on May 30, 2008.
Rowan Companies, Inc. is a major provider of international and domestic offshore contract drilling services. The company also owns and operates a manufacturing division, LeTourneau, that produces equipment for the drilling, mining and timber industries. The company’s stock is traded on the New York Stock Exchange under the trading symbol RDC.
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A.P. Merritt to be honored by SBA Friday
U.S. Small Business Administration Dallas/Fort Worth District Office Director Herbert Austin is scheduled to be in East Texas at 11 a.m. Friday to honor the region’s SBA Small Business Person of the Year, A.P. Merritt, president of Merritt Tool.
Others slated to be on hand are U.S. Rep. Louie Gohmert, R-Tyler; State Rep. Tommy Merritt, R-Longview; Gregg County Judge Bill Stoudt; and Kilgore Mayor Joe Parker and others.
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Show biz ‘Heroes’ has East Texas connection
In the business of entertainment … The following Associated Press story is about Brea Grant, the daughter of former justice on the Sixth Court of Appeals, former 71st District Court Judge and former Texas State Rep. Ben Z. Grant of Marshall.
Ben Z. Grant, who was district judge for the 71st Judicial District Court in Marshall, was appointed to the court of appeals in 1985 by then-Gov. Mark White where he served 16 years. He was a state representative from 1971-1981. He’s also a proud father.
LOS ANGELES, California (AP) — She’s not just fast. She’s very fast. Grant
Brea Grant plays Daphne, a speedy new character on “Heroes.”
Meet Daphne, the speedy new character on NBC’s “Heroes,” who plans to give the show’s superhumans — especially time traveler Hiro and his sidekick, Ando — a run for their money when she debuts on the popular NBC series’ upcoming third season, which went back into production last week.
“I’m stealing a secret that’s been kept in Hiro’s family for a long time that he’s just now found,” Brea Grant told The Associated Press during a break in filming on location in a high-rise building in downtown Los Angeles. “He stops time right as I grab it, but in that second it took him to grab it, I almost make it out of the office.”
Grant doesn’t know much about her mysterious new character. Daphne’s superpower allows her to operate at three speeds and leave a supersonic wake in her path when Hiro stops time. Grant’s not sure where Daphne is from, but she does know the Speedster — that’s what she calls herself — has been on her own for a long time.
“Her character is supposed to be Hiro’s Joker,” said Masi Oka, who plays Hiro. “Batman has The Joker. Hiro has Daphne. This is the season where Hiro finally finds his arch nemesis, and it happens to be this Speedster. I kind of equate it more to Wile E. Coyote and the Road Runner, except Daphne says more than ‘meep-meep.’ “
Grant said she’s been a “Heroes” fan since the show debuted in 2006 and cried tears of joy when she was called to audition. However, she said the strangest part about being on a show about ordinary people with superhuman abilities has been the images required for the series’ intricate computer-generated effects.
“I had to go to this place and stand on a platform in my underwear,” said Grant. “They turned it around and took photos of me. It felt like some sort of weird experiment. I imagine those pictures will end up on the Internet at some point.”
Grant graduated from the University of Texas before moving to Los Angeles to pursue acting. Last season, she played sassy high school student Jean on NBC’s “Friday Night Lights.” The 26-year-old actress’ short bleach-blond dreadlocked hairdo has become her signature. “Heroes” producers only trimmed her bangs for the role of Daphne.
“It’s mine. It was like this,” said Grant. “Basically, I dyed my hair for 10 years and at some point it turned into a big pouf, so I started dreading half of it and just letting it go. Every once in a while, I’ll dye it to get rid of my roots. People hate it or love it. I’m actually not that attached to it, honestly.”
Grant has mighty aspirations for Daphne’s future on “Heroes.”
“I hope to be in some battle with the other Heroes, whether it’s with them, against them, whatever,” she said.
The third season is titled “Villains,” and will pick up immediately following the events of the second season, which was cut short because of the writers strike. Viewers will learn about the fates of several characters when the show returns in September, including who shot Nathan Petrelli.
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Pilgrim’s CEO: Expect $8 a bushel corn
Although some chicken producers have been cutting back on production, Pilgrim’s Pride Corp. Chief Executive Clinton Rivers said Thursday those cuts may not be enough to save industry profits hurt by high grain costs, according to the Associated Press.
At the BMO Capital Markets Agriculture and Protein Conference, Rivers said a 3 percent to 4 percent cut in production industry wide is needed to bring supply to a level that would boost retail prices — revenue that could then be used to offset far higher costs.
Chicken producers, like all meat companies, have struggled to handle higher costs for corn and soybeans, which are both used to make animal feed. Corn prices have jumped to record levels in the past year due to demand for the alternative fuel ethanol, which is also made with the grain. To take advantage of those higher prices, many farmers decided to plan corn instead of soybeans, leading to record prices for that crop as well.
Currently, corn is priced at above $6 a bushel. A year ago, the price was close to $3.75 per bushel. Rivers said the cost could rise even more, possible to $8 per bushel in the near future.
“We should realize the potential for $8 corn and we should be in a place to deal with it if it occurs,” he said.
To offset those costs, analysts and investors have been clamoring for a cut in production, which typically leads to higher retail prices since it lowers supply.
Some chicken producers, including Pilgrim’s Pride, have already committed to cutting production, leading to a cut of less than 2 percent across the industry. But other than Pilgrim’s Pride, large chicken producers have not announced any cuts.
Pilgrim’s announced a 5 percent cut in production beginning in June.
“It’s a concern when you take action and others do not,” Rivers said.
Tyson Foods Inc. Chief Executive Richard Bond said at the conference that boneless skinless breast meat prices, which are now at about $1.50 per pound, need to rise close to $2 per pound to offset $6 per bushel corn prices.
Tyson has not announced any production cuts but Bond said he expects other producers’ moves will bring supply in line.
“here should be less chicken by mid-June,” he said.
Pilgrim’s Pride shares rose 47 cents to $24.69 in afternoon trading while Tyson Foods shares climbed 50 cents to $18.66.
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AlleyFest volunteers sought
AlleyFest, Longivew’s downtown tribute to the arts and live music scene, is set for June 6 - 8. Organizers said they are looking for volunteers to work a shift or two on one of the days. For a volunteer application visit www.alleyfest.org; or call volunteer coordinator Ellen Brumeil at (903) 757-8676 or send her an e-mail at: ellen.brumfiel@sig4you.com.
Volunteering for this event is a great way to meet people, reacquaint yourself with former contacts and get some positive exposure for you and your business. It’s also a fantastic way to give back to the community.
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Analyst bullish on Trinity Industries
Shares of Trinity Industries rose Wednesday, after a KeyBanc Capital Markets analyst raised his price target on the stock, saying the diversified manufacturer’s low-cost business model should offset near-term weakness in its rail group and higher raw-material costs, according to the Associated Press.
Trinity has multiple plants in the Longview area with several hundred people employed locally. Longview facilities are involved in rail tank car production.
Analyst Steve Barger raised his price target on the stock to $40 from $35, suggesting that lower rail product revenue should be offset by Trinity’s growing barge and energy products segments.
Barger said that strong growth in the company’s wind tower business should particularly help counter the demand lull for railcar equipment.
Also, the company’s ability to shift production to lower-cost Mexican plants and changing product lines in response to demand give Dallas-based Trinity a competitive advantage, the analyst said.
“We do not consider Trinity immune from the railcar cycle, although we anticipate 2008 is likely a trough year,” he said. “Despite near-term volume concerns, however, we believe Trinity’s low-cost footprint, flexible manufacturing, diversified group of businesses, and other value creation levers should mitigate the challenges in its railcar business.”
He maintained his fiscal 2008 earnings prediction above the average estimate of analysts polled by Thomson Financial, and issued a 2009 prediction well above Wall Street’s current views.
He held his “Buy” rating, according to AP.
Trinity shares rose 85 cents or 2.48 percent, to $35.08 in afternoon trading. The stock has traded between $21.91 and $48.19 in the past year.
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Dana swings to quarterly profit
Ohio-based Dana Holding Corp. said Wednesday it swung to a first-quarter profit, boosted by a hefty one-time gain related to the auto supplier’s emergence from bankruptcy protection. Dana operates a truck frame manufacturing plant in Longview Business Park where about 600 people are employed. The Longview facility produces frames for a Shreveport General Motors plant. For the quarter ended March 31, after the payment of preferred dividends, Dana earned $680 million compared with a loss of $92 million in the same quarter of 2007. Dana, which emerged from bankruptcy protection on Jan. 31, did not provide a per-share amount for the recent quarter. It posted a per-share loss of 61 cents in the year-ago period. The company’s earnings from continuing operations swung to a profit of $692 million from a loss of $36 million, or 24 cents per share, in the 2007 period. Sales rose 7.8 percent to $2.31 billion from $2.15 billion in the same quarter last year. Dana said its results were hurt by ongoing vehicle production declines in North America, along with higher steel costs. Dana said that average prices for scrap and hot-rolled steel increased about 30 percent during the quarter and continue to climb. Dana shares rose 20 cents to $12.45 in early trading.
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New Roly Poly owner takes over
Larry Wheeler has taken over ownership and operation of Longview’s two Roly Poly sandwich shop locations. He purchased the operations from Kevin Knutson. Roly Poly eateries are located at Loop 281 and Gilmer Road and in the Good Shepherd Medical Center food court.
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New Starbucks opening slated for early June
Starbucks officials plan to open the company’s second free-standing Longview location on June 6, representatives said Tuesday. The coffee purveyor’s new Longview location is at the southwest corner of the intersection of Hawkins Parkway and North Eastman Road. Construction delays have pushed back the targeted opening date several times.
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Pilgrim’s takes a drubbing in media and marketplace
Pittsburg-based Pilgrim’s Pride Corp. stock was down more than 5 percent in Tuesday afternoon trading after the company announced plans to raise $180 million by selling 7.5 million shares at $24.00 per share.
After closing Monday at $25.86, Pilgrim’s shares were trading at $24.49 Tuesday afternoon, down $1.38 per share or 5.34 percent. Besides taking a drubbing on the New York Stock Exchange, the nation’s largest chicken producer was also getting some negative financial press.
“Pilgrim’ Pride shares get fried” proclaimed a mid-afternoon Forbes.com headline. “Humbled Pilgrim’s Pride” read an earlier headline by the same Web site.
The Associated Press quoted market analyst Farha Aslam with Stephens Inc., who said she was surprised the company took the route of selling more stock.
“We are surprised that the company is choosing to issue equity at the bottom of a commodity cycle, particularly given that the company had negotiated more liberal terms in its credit agreements,” she told AP.
On the upside, Aslam said with production cuts and seasonal demand, boneless skinless breast meat prices are already up 20 cents a pound to $1.46 a pound. She said prices are expected to top $1.80 a pound by summer.
In the past 12 months, the company’s stock dropped 30.7 percent although it is up from its 52-week low point reached about six weeks ago when shares were trading at $18.50.
On May 5, Pilgrim reported a widening of losses in its fiscal second quarter, ended March 29, to $111.4 million on sales of $2.1 billion, compared to losses of $40.1 million, or 60 cents loss per share, on sales of $2.0 billion in the year-earlier quarter.
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Southside CEO to preside over Nasdaq closing
Southside Bancshares chairman and CEO B.G. Hartley will preside over the daily closing bell ceremony for the Nasdaq market exchange in New York City’s Times Square at 3 p.m. today.
Tyler-based Southside Bancshares operates a main Longview branch on Judson Road where Mike Northcutt serves as president. Southside also has supermarket branches in Longview Super 1 Foods and Kroger stores.
“We are honored to be ringing the closing bell at Nasdaq,” Hartley said in a prepared statement. “Our 10 year association with Nasdaq has been extremely positive, providing Southside Bancshares Inc., increased exposure that has been an integral part of our growth.”
Southside Bancshares, Inc. is a bank holding company with approximately $2.2 billion in assets that owns 100 percent of Southside Bank and Fort Worth National Bank. Southside Bank and Fort Worth National Bank currently have 44 banking centers in Texas and operate a network of 45 ATMs.
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Longview Eastman site receives national energy efficency honor
The American Chemical Council has awarded Eastman Chemical’s Longview site the organization’s exceptional merit honor for strides made in energy efficiency. The honor was announced Tuesday and presented for a process and energy optimization approach that is being used to identify and implement energy improvement projects at the Longview plant, officials said. In 2007 alone, this site-wide energy savings program reduced carbon dioxide and other greenhouse gas emissions by 69,000 tons and resulted in an energy savings of 1.2 million British Thermal Units. A BTU is the amount of heat required to increase the temperature of a pint of water by one degree Fahrenheit. Eastman employs about 1,550 workers at its Longview plant. This was the 15th consecutive year Eastman Chemical Co. earned energy efficiency awards from the American Chemistry Council. As part of the Responsible Care program, the council honors specific projects that have achieved distinction in reducing energy consumption and greenhouse gas emissions. Eastman received three awards, two of which received an “exceptional merit” designation, including the Longveiw project honor. Eastman has received awards every year since the program began.
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Pilgrim’s Pride selling shares to lower debt
Pilgrim’ Pride Corp. announced Tuesday morning it agreed to sell 7.5 million shares of its common stock for about $180 million, or $24.00 per share, to underwriter Lehman Brothers Inc.
The nation’s largest chicken producer plans to use the proceeds to lower outstanding debt under its credit facilities and for general corporate purposes. The company is headquartered in Pittsburg.
Lehman Brothers plans to resell the shares. The offering is expected to close on Friday subject to standard closing conditions. The offering was made through Lehman Brothers Inc. as sole underwriter.
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Car wash grand opening set Thursday
Excel Car Wash owner William Fajardo will be hosting a ribbon cutting and grand opening and ribbon cutting event at his newest venture at 10 a.m. Friday. Excel is located at 416 E. Loop 281, just west of the Fourth Street intersection with Loop 281. The public is invited.
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Bo Pilgrim honored for Christian service
The American Bible Society has honored Pittsburg chicken tycoon Lonnie Bo Pilgrim with a special one-of-a-kind award in recognition of his commitment to a lifetime of Christian service and workplace evangelism.
The award recognizes Pilgrim’s decision to use the name “Good News for Modern Man” in his evangelistic outreach, his constant commitment to the communication and application of the message of the Bible and his devotion to seeing lives transformed by scripture. Pilgrim is the senior chairman of Pilgrim’s Pride Corp., headquartered in Pittsburg.
These efforts further the cause of Bible reading and appreciation, and support the ministry of the American Bible Society, whose motto is “sharing God’s Word with the World.”
The Rev. Simon Barnes, executive vice president for development, marketing and research at the Bible Society, made the presentation on May 8 to Pilgrim at Pilgrim’ Pride headquarters.
“Bo Pilgrim has inspired generations of Christians with a passion for reading and applying God’s Word to their lives and then to sharing their faith with others,”Barnes said.
Pilgrim said he was humbled to receive the award. “The Lord has blessed me in countless ways throughout my life, and it has been an honor to share His Good News with so many people over the years,” Pilgrim said in a prepared statement. “When I was a young boy I promised Him that if I ever amounted to anything, I would give Him the credit, and I’m still committed to that promise.”
Criteria for the award include:
* to honor lives dedicated to providing biblically-based teaching and the impact it creates;
* to recognize individuals whose contributions to Bible literacy and Scripture proclamation have made a Kingdom difference;
* to honor a lifelong commitment to the communication and application of the Bible and to having a devotion to seeing lives transformed by it;
* to serve as an example to others of how to be a Christian in the workplace and to actually practice what is being preached;
* to share, on a personal level, one's own faith with other people and to instruct them about how to become a Christian and apply Christian faith practices to their daily lives.
From its humble beginning more than 60 years ago as a single feed store in a small East Texas town, Pilgrim’s Pride Corp. has grown to become the largest poultry company in the world. Today Pilgrim’s Pride is a Fortune 500 company with $7.6 billion in annual sales and approximately 55,000 employees. Philanthropy World described Pilgrim as “a gentleman of impeccable character, a generous spirit, and a crusader for Christ….Bo kept honesty and integrity at the forefront.”
The award was presented to Pilgrim in a meeting with Pilgrim’s Pride employees, and later at a prayer chapel event.
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Wednesday workshops on work force set
East Texas employers facing challenges in hiring workers may want to attend one of two Wednesday sessions hosted by the Longview Partnership on dealing with a multi-generational work force. “Understanding the 21st Century Work Force: What Makes It Tick?” will be presented in a morning and afternoon session at Longview Partnership offices, 410 N. Center St. Cost is $49 per person and registration may be handled by calling (903) 237-4000; or by visiting the Web site: www.longviewchamber.com. The morning session is scheduled from 7:30 to 11:30 a.m. and the afternoon session runs from 12:30 to 4:30 p.m. The program is designed to help managers and owners better understand generational wants, needs and expectations, organizers said. Workshop facilitator will be professional development consultant Kayla Barrett. Participants can expect to gain insight into the ever more diverse work force and tips on dealing with the youngest workers entering the labor market, organizers said.
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Electronic sign input sought
Longview residents and business operators interested in how the city regulates electronic, or digital, signs with changeable copy should plan on being at a 3 p.m. Monday (today) meeting of the task force charged with making recommendations to the city council.
The meeting will be held in Longview City Council Chambers at City Hall and public input is encouraged.
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1,500 acre mixed use development announced
A new 1,500-acre business and industrial park near the intersection of Interstate 20 and Texas 31 was announced Friday morning. River Bend Industrial Park is the name of the development jointly spearheaded by MB Companies and 4S Oil Company, according to a prepared statement. Developers said the property represents one of the largest contiguous tracts of industrial and commercial property in East Texas. A formal announcement event is scheduled May 22. Developers said the project will be divided into three phases, including a 175-acre industrial park, a 500-acre business center and a 300-acre wetland and wildlife preserve. “The River Bend Industrial park will attract medium to light duty industrial businesses while the River Bend Business Center will house retail and commercial facilities for restaurants, shops, hotels/motels and light business space,” the statement said. Calls to River Bend were not immediately returned Friday. Contacts listed included Randy Brogoitti and Julie Woods.
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Longview sales tax income dips
Sales tax revenues dipped for the second consecutive month in Longview. Longview’s share of sales taxes collected in the city in March were down by 1.39 percent, according to figures released Friday morning by the Texas Comptroller’s Office. Longview is receiving $2.593 million in sales tax revenues this month compared with $2.63 million in May 2007. On a year-to-date basis Longview’s sales tax revenues for the first five months of 2008 are ahead of the same period in 2007 by 2.66 percent. The city’s sales tax revenues for January through May total $11.838 million, up from the $11.531 million it received in the same period in 2007. Longview posted increases in sales tax revenues in the first three months of the year. Sales tax revenues in Kilgore this month are up 8.8 percent; Gladewater’s are down 14.96 percent; White Oak’s are up 0.65 percent; Marshall’s are down 2 percent; Hallsville is down 14.1 percent; Carthage is up 3.26 percent; Henderson is up 1.2 percent; and Gilmer is down 0.39 percent. Revenues received by the city in May reflect taxes collected by businesses in March and reported to the state in April, officials said.
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I understand anyone wanting to better the lives of their families and themselves. I have no quams about that. InfoWorthSharing The issue as I see it is they are breaking our laws and the “government”
... read the full comment by O. N. | Comment on Pilgrim's loses $111.4 million in quarter Read Pilgrim's loses $111.4 million in quarter
Strong close. U.S. Steel shares just kept rising as the day wore on. Shares closed at $166.85, setting a new record and reflecting a 6.23 percent jump from Friday’s close.
... read the full comment by mike elswick | Comment on Lone Star parent shares reach new high Read Lone Star parent shares reach new high
the raid on pilgrams should have taken place years ago and the immigrants should face charges the same as our us citizens that are in gregg county.they also have left familys to take care of themselves while husbands, brothers, sons, ect are incarcerated.
... read the full comment by donna | Comment on Pilgrim's loses $111.4 million in quarter Read Pilgrim's loses $111.4 million in quarter
The Renewable Fuel Association, an industry lobby group, has said efforts to blame ethanol production for rising food prices are “flat-out wrong.” “The production and use of ethanol, while increasing demand for corn, is not contributing
... read the full comment by mike elswick | Comment on Food vs. fuel fight gaining momentum Read Food vs. fuel fight gaining momentum