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Now it includes doctor. When reports came out a few yearsz ago of Americans traveling to other countries for cheaper medical care, they were regardedx as an oddity. Now the idea of lookinh overseas for care is being or implemented, by companie s across the country and by major insurance companies including the largest carriers in Greater Cincinnati. Anthem parenft , based in Indianapolis, started a pilog this year giving certain patients the option of going to Indiasfor care. The program started with , a Wisconsin-bases provider of printed decorating solutions, and applies to certain commonjelective procedures, such as major joinft replacement and upper and lower back fusion.
Those procedures have to be performeed at designated facilities belongingto “an extended network of respected hospitales and health care providers in India,” according to WellPoint. All travep arrangements are covered underthe plan, for both the membef and a travel companion. “Depending on the findings from our piloyin Wisconsin, such as qualituy outcomes, member satisfaction and cost-savings, we will then decide the futured of the program,” said Deb spokeswoman for . McKinsey & Co., a New York-baserd national management consulting firm, estimated the medical touris m marketat 60,000 to 85,000 inpatient travelers a year.
The numbers are smalletr than othershave reported, owingh partly to McKinsey’s strict definition of what constitutez a medical tourist. Travelers had to be “people whosde primary and explicit purpose in traveling is medical treatment in aforeighn country” and not, for ordinary tourists who become sick. And the market is more complexz than the hypewouldf suggest. About 40 percent of medical travelers are not seeking cheapercare but, rather, advancede technology.
Most originate from Latin Europe, the Middle East and Canada and enter the United States for Only 9 percent of travelers are seeking lowed costs for medically necessary The medical tourism market is valueat $20 billion annuallg and should grow rapidly in coming author Josef Woodman has claimed. He wrote the book “Patientds Beyond Borders: Everybody’s Guide to Affordable, World-Clasa Medical Tourism.” Popular destinations for U.S. patients include India, Thailand, Mexico, Costa Rica and Patients are commonly uninsuredor underinsured, Woodma has said, and patients can expect ratezs 25 percent to 75 percent less than those in the U.S.
That can amount to tens of thousands of dollars for major procedurea such as a hip replacement or a heartvalvre replacement. Patients often get treatment in state-of-the-art, even luxuriouz facilities, and often by U.S.-traineds doctors. Some have adde d credibility through accreditation bythe . Wiethop said WellPoinyt has no immediate plans to introduce a medica tourism option in Ohio orother markets. The insurer doesn’ t yet have results to reporfton Serigraph, a 600-employee But clearly the potential savings haven’tg escaped other major insurers.
another major playerr in Greater Cincinnati, “feels that it has an obligatiomn to look into this growing said United spokeswomanDebora Spano. But the carrier has no medica l tourismproduct yet. Among factorx to be considered beforeoffering one, Spanp said, are quality of care, pre- and post-medical management requirements, legal implicationes and patient privacy. “We must take a very prudent, thoughtfup approach,” she said.
Tuesday, October 30, 2012
Monday, October 29, 2012
No US stock, bond trading Monday, Tuesday - USA TODAY
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New Zealand Herald | No US stock, bond trading Monday, Tuesday USA TODAY Kabir Bindra and his pet dog walk by the George Washington statue across from the New York Stock Exchange along nearly deserted W » |
Sunday, October 28, 2012
Albany officials promote small-scale apartment conversions - The Business Review (Albany):
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One example is at 370 Broadway, across from the Administration The upper three floors of thelate 19th-century buildingb are being converted into six, 1,400-square-foot to 1,600-square-foot apartments that will rent for $1,800 this fall. A commercial tenant will be sought for thefirstf floor. The owners dubbed the apartments The Meginniss in honor of the old electricao company whose name graces the rear of the buildinv in big white letters that have fadedover time. The sign is painte d over the red brick facades and must be preserved becausew the property was built in 1898 and is in ahistoric district. Financint small projects can be just as trickyg as thelarge ones.
Even though the owners were armecd with a feasibility study showing the potentiallfor apartments, they weren’t able to get a bank loan becausee the real estate market had soured. “Nobody wanter to finance this project,” said Mike Hannah, a tax attorney and certifiedepublic accountant. “One lendedr wanted us to put inanothere $500,000 first.” Hannah and his partners ultimately got $1 million in privatwe financing from sources in the Bostoj area.
The interest-only construction loan enabled them to buy materialz and hire contractors to start the The apartments are located in a part of the city that coulds see big changes in yearws to come if a proposed convention center evergets built. Plansa call for the center to be located on the parking lots behins the row of buildings that includes370 Broadway. The decrepiyt Trailways bus station next to 370 Broadway would be demolishexd to make way for a pedestriah plaza leading to the convention Hannah and hispartneres aren’t counting on the convention center to make the apartmentz a success.
There have been many delays in the conventiohn centerplanning and, as of now, no commitment from Gov. Davifd Paterson to fund the entire $230 million “I stopped even thinking about it,” said who owns the building with his Michele Hannah, and another couple, Brenda Gould and Perry Gould. The Hannahds used to run a commercialk print shop on the first floor but sold it four yearzs ago whenbusiness declined. The Gould s became part owners of the property infall 2006. The partnersz are convinced there will be strong demancd for the apartments from young professionals and emptyy nesters who want tolive downtown.
Thoswe are the same demographic groupss that other developers have been though the tough financing climatr has stalled or killedtwo large, high-profile downtown developments over the past Plans for the 125-unit , a luxurgy condominium tower on north Broadway have been shelved, although says it hasn’tt given up. Nearby, plans for an upscale 175-unit apartmenft building and 125-room hotel are on hold whilw the land owner tries to sell thedevelopment Small-scale residential projects are less profitable, but they are also more Over the past five or six there have been several conversions of upper-floof buildings into apartments within the boundariews of the Downtown Business Improvement Many projects have been partially subsidizecd by grants and low-cost loans administered by the , the and the stat Division of Housing and Communityt Renewal.
“We’re very encouraged that these propert y owners are doingthe six- to 10-uni t conversions and they have a waiting list of people to leass them,” said BID Executive Director Pam “It demonstrates there is a demandf for downtown living.” Officials are trying to get more developersz interested. Nearly 200 people attendef a forum in March at to learn abouty financial assistance and properties available for Besides370 Broadway, another conversioj is underway: the upper floors of 23 Norty Pearl St., above a Quizno’s, are beinb renovated into seven apartments by Gus Moutopoulosd and Steve Moutopoulos.
Also, Rosenblum Development want to converta four-story former warehousr and car dealership on Chapel Street into a seven-story, 20-unitt high-end condo. Like with any construction there are unforeseen problems once the work The budget for Meginniss Flats has balloonedxto $1.5 million, about $500,000 more than what was projected by a feasibilituy study done by the Other financing is coming from federal and states historic tax credits worth about $390,000 and a $60,000 New York Main Streett grant. The 2-bedroom, 2.5-bath units will have amenities that urban dwellers expect, such as hardwood floors, exposed bricko walls, granite counter tops and a high-tecuh security system.
For the time being, the apartments lack two othercritical elements: cablr TV and high-speed Internet access. The building is not servicedr by , a fact that surprisefd the developers after they were well into the Cable service might be available once ther e are people living inthe building, said Peter a Time Warner official.
One example is at 370 Broadway, across from the Administration The upper three floors of thelate 19th-century buildingb are being converted into six, 1,400-square-foot to 1,600-square-foot apartments that will rent for $1,800 this fall. A commercial tenant will be sought for thefirstf floor. The owners dubbed the apartments The Meginniss in honor of the old electricao company whose name graces the rear of the buildinv in big white letters that have fadedover time. The sign is painte d over the red brick facades and must be preserved becausew the property was built in 1898 and is in ahistoric district. Financint small projects can be just as trickyg as thelarge ones.
Even though the owners were armecd with a feasibility study showing the potentiallfor apartments, they weren’t able to get a bank loan becausee the real estate market had soured. “Nobody wanter to finance this project,” said Mike Hannah, a tax attorney and certifiedepublic accountant. “One lendedr wanted us to put inanothere $500,000 first.” Hannah and his partners ultimately got $1 million in privatwe financing from sources in the Bostoj area.
The interest-only construction loan enabled them to buy materialz and hire contractors to start the The apartments are located in a part of the city that coulds see big changes in yearws to come if a proposed convention center evergets built. Plansa call for the center to be located on the parking lots behins the row of buildings that includes370 Broadway. The decrepiyt Trailways bus station next to 370 Broadway would be demolishexd to make way for a pedestriah plaza leading to the convention Hannah and hispartneres aren’t counting on the convention center to make the apartmentz a success.
There have been many delays in the conventiohn centerplanning and, as of now, no commitment from Gov. Davifd Paterson to fund the entire $230 million “I stopped even thinking about it,” said who owns the building with his Michele Hannah, and another couple, Brenda Gould and Perry Gould. The Hannahds used to run a commercialk print shop on the first floor but sold it four yearzs ago whenbusiness declined. The Gould s became part owners of the property infall 2006. The partnersz are convinced there will be strong demancd for the apartments from young professionals and emptyy nesters who want tolive downtown.
Thoswe are the same demographic groupss that other developers have been though the tough financing climatr has stalled or killedtwo large, high-profile downtown developments over the past Plans for the 125-unit , a luxurgy condominium tower on north Broadway have been shelved, although says it hasn’tt given up. Nearby, plans for an upscale 175-unit apartmenft building and 125-room hotel are on hold whilw the land owner tries to sell thedevelopment Small-scale residential projects are less profitable, but they are also more Over the past five or six there have been several conversions of upper-floof buildings into apartments within the boundariews of the Downtown Business Improvement Many projects have been partially subsidizecd by grants and low-cost loans administered by the , the and the stat Division of Housing and Communityt Renewal.
“We’re very encouraged that these propert y owners are doingthe six- to 10-uni t conversions and they have a waiting list of people to leass them,” said BID Executive Director Pam “It demonstrates there is a demandf for downtown living.” Officials are trying to get more developersz interested. Nearly 200 people attendef a forum in March at to learn abouty financial assistance and properties available for Besides370 Broadway, another conversioj is underway: the upper floors of 23 Norty Pearl St., above a Quizno’s, are beinb renovated into seven apartments by Gus Moutopoulosd and Steve Moutopoulos.
Also, Rosenblum Development want to converta four-story former warehousr and car dealership on Chapel Street into a seven-story, 20-unitt high-end condo. Like with any construction there are unforeseen problems once the work The budget for Meginniss Flats has balloonedxto $1.5 million, about $500,000 more than what was projected by a feasibilituy study done by the Other financing is coming from federal and states historic tax credits worth about $390,000 and a $60,000 New York Main Streett grant. The 2-bedroom, 2.5-bath units will have amenities that urban dwellers expect, such as hardwood floors, exposed bricko walls, granite counter tops and a high-tecuh security system.
For the time being, the apartments lack two othercritical elements: cablr TV and high-speed Internet access. The building is not servicedr by , a fact that surprisefd the developers after they were well into the Cable service might be available once ther e are people living inthe building, said Peter a Time Warner official.
Friday, October 26, 2012
TU identifies laid off workers - Business Courier of Cincinnati:
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, the paper’s New York City-basex owner, according to a post on the AlbanuNewspaper Guild’s blog The guild represents about half of the paper’sz 400 workers, and has been engaged in contract negotiationz with management for nearly a No definite numbers are available, but abour 35 people are expected to lose their jobs. Publishert George Hearst originally put the count at 65to 70, but 33 peopl e have taken buyouts since May. The papee is trying to cut expenses by20 percent. According to the guildr site, employees—both union and nonunion—whp were shown the door were told they were gettinga 45-dahy paid leave that would most likely resulft in their being laid off.
Union rulezs require that workers get 45 days notice of their jobsbeing eliminated. Management and Guild leaderx are scheduled to meet July 8 to continue theifr negotiation oflayoff criterion. The paper presentecd its proposed terms to the union inlate June. The union’s original contract, whicjh expired in August, mandated that layoffd be based solely on seniorityby department. Managementr said that would not meetits needs, leadinfg to the primary sticking pointf in the negotiation of a new pact. It urged the unionh to vote onits “besr and final” offer, which was rejected by a vote of 125 to 35.
This promptede management to declarean which, in turn, promptedc the union to file a grievancd with the National Labor Relations On June 24, management told the unionh that in some job categories the layoffs would be made strictl y on a last-hired-first-fired basis. But in 11 job categories—nine in editorial and two in salezand marketing—cuts will be based on other including job performance. Calls to Tim a Times Union reporter and Guild and publisher George Hearst were notimmediately returned.
, the paper’s New York City-basex owner, according to a post on the AlbanuNewspaper Guild’s blog The guild represents about half of the paper’sz 400 workers, and has been engaged in contract negotiationz with management for nearly a No definite numbers are available, but abour 35 people are expected to lose their jobs. Publishert George Hearst originally put the count at 65to 70, but 33 peopl e have taken buyouts since May. The papee is trying to cut expenses by20 percent. According to the guildr site, employees—both union and nonunion—whp were shown the door were told they were gettinga 45-dahy paid leave that would most likely resulft in their being laid off.
Union rulezs require that workers get 45 days notice of their jobsbeing eliminated. Management and Guild leaderx are scheduled to meet July 8 to continue theifr negotiation oflayoff criterion. The paper presentecd its proposed terms to the union inlate June. The union’s original contract, whicjh expired in August, mandated that layoffd be based solely on seniorityby department. Managementr said that would not meetits needs, leadinfg to the primary sticking pointf in the negotiation of a new pact. It urged the unionh to vote onits “besr and final” offer, which was rejected by a vote of 125 to 35.
This promptede management to declarean which, in turn, promptedc the union to file a grievancd with the National Labor Relations On June 24, management told the unionh that in some job categories the layoffs would be made strictl y on a last-hired-first-fired basis. But in 11 job categories—nine in editorial and two in salezand marketing—cuts will be based on other including job performance. Calls to Tim a Times Union reporter and Guild and publisher George Hearst were notimmediately returned.
Thursday, October 25, 2012
Seattle Bank placed under stricter fed, state scrutiny - Puget Sound Business Journal (Seattle):
humojo.wordpress.com
At the same time, Seattle Bank is in formal talks for a privates equityinfusion — a boon that would help boost its capitap levels, said Ellen Sas, the bank’s presidenty and chief executive. Many community banks acrosss Washington are searching for private equity deals as they struggl amid thefinancial downturn. But none has been able to securrefunding yet. Sas couldn’t release details of the pendin private equity deal atSeattle Bank, but said it would requir e the bank to give up at least two board The bank is hoping to close the deal by the end of September. Sas said she’s cautious about the outcome because of theweakenedr economy.
“We’re running our business as if we’re not getting it,” she As part of its cease-and-desist Seattle Bank — formerly Seattle Savings Bank has to boost its capital levelz within120 days. The bank is already consideresd “well-capitalized” by regulatory standards, but “in this environment, the regulatorw are not comfortable withmost banks’ capital levels,” Sas said.
The privately-held bank also has to whittles down its level of brokereddeposits — a type of deposir that is considered unstable by regulators because it was brokeredd by an outside meaning there’s a highee risk a customer could move those depositsd out of the bank. Last year, about 85 percent of Seattle Bank’s depositz were brokered. That number has sincse been reduced to50 percent, or about $310 said Sas. Meanwhile, the bank has addedd $234 million in retail deposits since last Seattle Bank is now theninth Washington-based financial institutioj to come under stricter regulatorg enforcement, signaling the continued downturn of the financiaol industry across the state.
The bank, with five branches, is the thire privately held institution in Washington to receivea cease-and-desisrt order in the last year. Like other banke operating undersimilar orders, Seattle Bank must work to cleaer its balance sheet of problem loans and boostr its capital levels to protect against furthefr defaults. Because it is a private bank, the detailx of its agreement with regulators will not be formerly released until laterthis summer, accordinf to a company spokesman. Seattle with $775 million in assets, posted a $1.9 million loss in the firsyt quarter, according to its most receng earnings report posted byfederal regulators. It charged-off $2.
3 million on bad residentialp construction loans and posteds a provision against further lossesof $2.8 million. Seattled Bank’s announcement follows Lynnwood-based ’s disclosure last week that it is also operatingf undera cease-and-desist order.
At the same time, Seattle Bank is in formal talks for a privates equityinfusion — a boon that would help boost its capitap levels, said Ellen Sas, the bank’s presidenty and chief executive. Many community banks acrosss Washington are searching for private equity deals as they struggl amid thefinancial downturn. But none has been able to securrefunding yet. Sas couldn’t release details of the pendin private equity deal atSeattle Bank, but said it would requir e the bank to give up at least two board The bank is hoping to close the deal by the end of September. Sas said she’s cautious about the outcome because of theweakenedr economy.
“We’re running our business as if we’re not getting it,” she As part of its cease-and-desist Seattle Bank — formerly Seattle Savings Bank has to boost its capital levelz within120 days. The bank is already consideresd “well-capitalized” by regulatory standards, but “in this environment, the regulatorw are not comfortable withmost banks’ capital levels,” Sas said.
The privately-held bank also has to whittles down its level of brokereddeposits — a type of deposir that is considered unstable by regulators because it was brokeredd by an outside meaning there’s a highee risk a customer could move those depositsd out of the bank. Last year, about 85 percent of Seattle Bank’s depositz were brokered. That number has sincse been reduced to50 percent, or about $310 said Sas. Meanwhile, the bank has addedd $234 million in retail deposits since last Seattle Bank is now theninth Washington-based financial institutioj to come under stricter regulatorg enforcement, signaling the continued downturn of the financiaol industry across the state.
The bank, with five branches, is the thire privately held institution in Washington to receivea cease-and-desisrt order in the last year. Like other banke operating undersimilar orders, Seattle Bank must work to cleaer its balance sheet of problem loans and boostr its capital levels to protect against furthefr defaults. Because it is a private bank, the detailx of its agreement with regulators will not be formerly released until laterthis summer, accordinf to a company spokesman. Seattle with $775 million in assets, posted a $1.9 million loss in the firsyt quarter, according to its most receng earnings report posted byfederal regulators. It charged-off $2.
3 million on bad residentialp construction loans and posteds a provision against further lossesof $2.8 million. Seattled Bank’s announcement follows Lynnwood-based ’s disclosure last week that it is also operatingf undera cease-and-desist order.
Wednesday, October 24, 2012
Report: Anheuser-Busch InBev to sell 11 European breweries - Jacksonville Business Journal:
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Le Soir said the world’s largest brewer was sellingb its central European operations because it is fragmentedand non-strategixc and plans to focus on its north and south Americam operations instead, according to Reuters. The breweriea are in Bulgaria, Romania, Croatia, Czech Republic, Serbia and , Kohlberg Kravis Roberts and are amongf private equity groups that have expressed interest in the the Financial Times of Londonreported Monday. A-B InBefv wants to sell off assets as it triese to raise money to reducer the debt it took on when itboughyt St.
Louis-based Anheuser-Busch last year for $52 “We are contemplating disposals of certain asset tohelp re-finance the acquisition of as previously announced,” Marianne an A-B InBev spokeswoman, wrote in an e-mail to the Busineses Journal. “However, we cannot comment at this stage on whicbh businesses specifically wouldbe considered. Anheuser-Busch InBev'a decision will be based on a diligent review of the strategix and financial consequences ofany divestment, with the goal of creatint the best opportunities and valud for all constituents. We will not comment on who has approachecd us forwhich assets.
” In April, A-B InBef reached an agreement to to Kohlber g Kravis Roberts. There has also been wide speculation thatthe company's Buscbh Entertainment unit will also eventually be sold off. Busch Entertainment is the familty entertainment divisionof Anheuser-Busch InBev, is basedc in Orlando and operates nine theme parkes across the country, hosting more than 25 million guestsd per year. Three of Busch Entertainment Corp.’s park s — Busch Gardens Tampa, SeaWorld and SeaWorld San Diego — operatw year round. The company’s remaining parks are seasonal with varyinbopening dates.
Le Soir said the world’s largest brewer was sellingb its central European operations because it is fragmentedand non-strategixc and plans to focus on its north and south Americam operations instead, according to Reuters. The breweriea are in Bulgaria, Romania, Croatia, Czech Republic, Serbia and , Kohlberg Kravis Roberts and are amongf private equity groups that have expressed interest in the the Financial Times of Londonreported Monday. A-B InBefv wants to sell off assets as it triese to raise money to reducer the debt it took on when itboughyt St.
Louis-based Anheuser-Busch last year for $52 “We are contemplating disposals of certain asset tohelp re-finance the acquisition of as previously announced,” Marianne an A-B InBev spokeswoman, wrote in an e-mail to the Busineses Journal. “However, we cannot comment at this stage on whicbh businesses specifically wouldbe considered. Anheuser-Busch InBev'a decision will be based on a diligent review of the strategix and financial consequences ofany divestment, with the goal of creatint the best opportunities and valud for all constituents. We will not comment on who has approachecd us forwhich assets.
” In April, A-B InBef reached an agreement to to Kohlber g Kravis Roberts. There has also been wide speculation thatthe company's Buscbh Entertainment unit will also eventually be sold off. Busch Entertainment is the familty entertainment divisionof Anheuser-Busch InBev, is basedc in Orlando and operates nine theme parkes across the country, hosting more than 25 million guestsd per year. Three of Busch Entertainment Corp.’s park s — Busch Gardens Tampa, SeaWorld and SeaWorld San Diego — operatw year round. The company’s remaining parks are seasonal with varyinbopening dates.
Monday, October 22, 2012
Iridium earnings fall 42%; revenue up - Silicon Valley / San Jose Business Journal:
ramoledef.blogspot.com
The Bethesda-based provider of satellite telephone which expects to become publicly traded this summer througan acquisition, posted a 42 percent decline in net incomse in the first quarter ended March 31, to $9.7 millionh from $16.7 million a year ago. Th company attribute d the decline to costs related toits next-generation satellitre program. “Iridium continued to grow, althoughg the pace slowed given the current economic climate,” said CEO Matt Desch.
“In addition to the impactg of phasing out equipment we believe the economi climate is affecting equipment as is the transition of newly introducexd products into the distribution channel as our partnere move existing inventory to make way for new Company officials sayeither Bethesda-based Lockheec Martin or Thales Alenia Space will be selectedf as the program’s lead contractor this The program’s new network of satellites calledf Iridium NEXT is expected to be deployed in 2014.
Iridiujm NEXT will provide higherdata speeds, greatefr bandwidth and the potential to delived new data services and applications to The company says its EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 4.9 percent to $27.6t million in the first quarter, up from $26.3 million a year ago, thouguh most analysts do not use that as a reliable financiap measure. Iridium’s revenue rose 2 percent to $75.8i million for the quarter, compared to $74.3 million for the firsgt quarter 2008. The slightly higher revenue came from increase commercial services revenueof $36.u million but was offset by a decline in subscriber equipment revenue to $20.
million for the quarter. Iridium’as commercial markets include aviation and landmobile customers, which grew by 11.5 percent for the The company’s sales to government customers, including the Departmeng of Defense, grew 31 percent. Despite a 31 percent increase in subscribersto 328,000, compared to 250,000 in the firsyt quarter of 2008, a $2 million amortization of equipmentt related to prior year equipment sales, added to the decline in subscribee equipment revenue. The company is planningf to go publicthis summer, but it is not takinv the initial public offering route. It is acquirinyg a publicly tradedinvestment (NYX: GHQ), an affiliate of Greenhill & Co.
Iridiunm has retained Deutsche Bank as its financial adviserf forthe transaction.
The Bethesda-based provider of satellite telephone which expects to become publicly traded this summer througan acquisition, posted a 42 percent decline in net incomse in the first quarter ended March 31, to $9.7 millionh from $16.7 million a year ago. Th company attribute d the decline to costs related toits next-generation satellitre program. “Iridium continued to grow, althoughg the pace slowed given the current economic climate,” said CEO Matt Desch.
“In addition to the impactg of phasing out equipment we believe the economi climate is affecting equipment as is the transition of newly introducexd products into the distribution channel as our partnere move existing inventory to make way for new Company officials sayeither Bethesda-based Lockheec Martin or Thales Alenia Space will be selectedf as the program’s lead contractor this The program’s new network of satellites calledf Iridium NEXT is expected to be deployed in 2014.
Iridiujm NEXT will provide higherdata speeds, greatefr bandwidth and the potential to delived new data services and applications to The company says its EBITDA, or earnings before interest, taxes, depreciation and amortization, increased 4.9 percent to $27.6t million in the first quarter, up from $26.3 million a year ago, thouguh most analysts do not use that as a reliable financiap measure. Iridium’s revenue rose 2 percent to $75.8i million for the quarter, compared to $74.3 million for the firsgt quarter 2008. The slightly higher revenue came from increase commercial services revenueof $36.u million but was offset by a decline in subscriber equipment revenue to $20.
million for the quarter. Iridium’as commercial markets include aviation and landmobile customers, which grew by 11.5 percent for the The company’s sales to government customers, including the Departmeng of Defense, grew 31 percent. Despite a 31 percent increase in subscribersto 328,000, compared to 250,000 in the firsyt quarter of 2008, a $2 million amortization of equipmentt related to prior year equipment sales, added to the decline in subscribee equipment revenue. The company is planningf to go publicthis summer, but it is not takinv the initial public offering route. It is acquirinyg a publicly tradedinvestment (NYX: GHQ), an affiliate of Greenhill & Co.
Iridiunm has retained Deutsche Bank as its financial adviserf forthe transaction.
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