Briefcase – March 6, 2015

CONTRACTS

Startup firm Kelvin Thermal Technologies Inc. in Boulder will begin developing and marketing ways to reduce the heat created by electronics that could lead to ultra-thin and flexible smartphones and wearable electronics. Kelvin Thermal, founded by University of Colorado professors Y.C Lee and Ronggui Yang, signed a licensing agreement with CU-Boulder’s Technology Transfer Office to commercialize research conducted by a group led by Lee at CU.

Boulder-based Ball Aerospace and Technologies Corp. received a $22.9 million contract to modify and repair antenna hardware for the U.S. Navy. The subsidiary of Broomfield-based Ball Corp. (NYSE: BLL) will procure spares of existing hardware, perform redesign activities associated with modifications to existing hardware, repair existing hardware and integrate new or existing hardware into a prototype system, the Defense Department said. Ball Aerospace will perform the work at its Westminster-based facility through February 2020 under the indefinite-delivery/indefinite-quantity contract.

SPONSORED CONTENT

Empowering communities

Rocky Mountain Health Plans (RMHP), part of the UnitedHealthcare family, has pledged its commitment to uplift these communities through substantial investments in organizations addressing the distinct needs of our communities.

Loveland-based CorKat Data Solutions formed an exclusive partnership with Intuit by being named an Intuit Authorized Hosting Provider. The program allows CorKat to host various versions of QuickBooks software in its data centers for individual companies as well as accounting firms, who may host QuickBooks for many of their own clients. CorKat becomes one of only 12 standard providers across the country authorized to host the QuickBooks software suite.

Boulder-based TDA Boulder was named advertising agency of record for Amarillo, Texas-based Merrick Pet Care Inc., providing a mix of print, digital and outdoor advertising and online content marketing.

EARNINGS

Niwot-based shoemaker Crocs Inc. (Nasdaq: CROX) reported a net loss of $56.9 million, or 70 cents per share, for the period ending Dec. 31, compared with a loss of $66.9 million or 76 cents per share for the same period a year earlier. Revenue for the quarter was $206.5 million, down from $228.7 million the year before. For 2014 as a whole, the company’s net loss was $19 million, or 22 cents per share, on revenue of $1.2 billion, after a profit of $10.4 million, or 12 cents per share in 2013.

PDC Energy Inc. (Nasdaq: PDCE), which drills oil and natural-gas wells in Weld County, earned $133.8 million during the fourth quarter compared with $13.2 million during the same period a year earlier. Denver-based PDC Energy posted revenue of $407.7 million during the fourth quarter vs. $135.4 million during the same quarter a year earlier. Fourth-quarter production soared 29 percent to 28,000 barrels of oil equivalent from 21,700 barrels of oil equivalent during the same quarter a year earlier. The company also said it reduced to $473 million its 2015 capital budget from the previously announced $557 million, a decrease of 15 percent, because of the company’s declining service costs amid falling oil prices. For 2014, the company earned $155.4 million compared with a loss of $22.3 million in 2013. PDC Energy reported 2014 revenue of $856.2 million, up from $392.7 million in 2013.

Broomfield-based fast-casual restaurant chain Noodles and Co. (Nasdaq: NDLS) reported net income for the fiscal year ending Dec. 30 of $11.4 million, or 37 cents per diluted share, up 71.5 percent from a year earlier. Revenue for 2014 rose 15.1 percent to $403.7 million. For the fourth quarter, revenue climbed 19 percent to $108.5 million, while net income was up 47 percent to $3.5 million, or 11 cents per share.

Natural-foods company Boulder Brands Inc. (Nasdaq: BDBD) reported fourth-quarter net income of $1.8 million, or 3 cents per share, down from $4.9 million, or 8 cents per share for the same period a year earlier. Revenue rose slightly to $128.6 million for the period ending Dec. 31, still nearly $6 million shy of expectations. For 2014 as a whole, the Boulder-based company turned in a $127 million loss that equated to $2.09 per share after making $10 million last year. Revenue, however, was up, climbing from $461.3 million in 2013 to $516.6 million in 2014.

Longmont-based satellite-imagery provider DigitalGlobe Inc. (NYSE: DGI) swung to profit in 2014, reporting full-year net income of $13.9 million, or 18 cents per share. Most of that profit, $10.7 million, came during a strong fourth quarter as the company begins cashing in revenue related to the launch of its new WorldView-3 satellite launched in August. Revenue for 2014 climbed 6.8 percent to $654.6 million. DigitalGlobe reported revenue of $185.7 million for the fourth quarter, up from $169.7 million the year before.

Boulder-based Clovis Oncology Inc. (Nasdaq: CLVS), which is developing drugs including those that could treat lung and ovarian cancer, reported a loss for its fourth quarter and fiscal year 2014 that ended Dec. 31. Clovis reported a net loss for the fourth quarter of $54.9 million, or $1.62 per share, and $160 million, or $4.72 per share, for the year. This compares to a net loss of $29.2 million, 92 cents per share for the fourth quarter and $84.5 million, $2.95 per share, in 2013. Net cash burn for fourth quarter 2014 was $34.2 million, and $120 million for the full year 2014. As of Dec. 31, Clovis had $482.7 million in cash and cash equivalents and 34 million outstanding shares of common stock.

Semiconductor manufacturer Avago Technologies Ltd. (Nasdaq: AVGO), a Singapore and San Jose, Calif.-based company that employs about 1,200 people in Fort Collins, announced first-quarter fiscal earnings of $351 million, or $1.26 per diluted share, for the period ending Feb. 1. That was up from $135 million the previous quarter and from $134 million for the same period a year ago. Revenue climbed to $1.6 billion in the first quarter, more than double that of a year earlier in part because of to the acquisitions of LSI Corp. and PLX Technology Inc. Avago finished the quarter with a cash balance of $2.6 billion, up $1 billion from the previous quarter.

KUDOS

Jeff Crabtree was named Young Entrepreneur of the Year and Scott Ehrlich received the Leann Anderson Community Care Award at the Greeley Chamber of Commerce’s annual dinner and awards ceremony, held Feb. 19 at the Island Grove Event Center in Greeley. Also at the dinner, which was attended by 816 people, Cheryl Kubo was named Ambassador of the Year and Coyotes Southwestern Grill, Showcase Art Center and Noble Energy Inc. received Winners Circle awards.

The Dellenbach family won the Fort Collins Area Chamber of Commerce’s annual Collins Award at the organization’s 110th annual dinner on Feb. 25. First presented in 1977, the award recognizes long-standing contributions to the community. Fort Collins-based Dellenbach Motors employs more than 140 people. Also at the dinner, which was attended by more than 550 people. Angela Penland of First National Bank was named Young Professional of the Year, Pete Gazlay of Total Facility Care was recognized as Volunteer of the Year and Ralph Waldo, a retired real estate broker, won the Lifetime Achievement Award.

Greeley-based Rice’s Lucky Clover Honey received the Small Business of Excellence award for 2014 from the not-for-profit Colorado Lending Source

Pam Metzger, director of operations and business development for Colorado Landmark Realtors in Boulder, received the Leading Real Estate Companies of the World President’s Award at an event in Las Vegas. Longmont-based Wright Kingdom Real Estate won numerous member achievement awards at the event, including best overall website, the Crown of Excellence and Pinnacle awards, an honor for outgoing sales production, and the Real Estate Transaction of the Year Award to agents Dennis and Jann Culver for the extraordinary measures they took in assisting and relocating a family whose house was destroyed by the flood in 2013.

Dr. Robin Downing, owner and hospital director/practitioner at Windsor Veterinary Clinic PC and founding director of the Downing Center of Animal Pain Management LLC, also in Windsor, successfully completed board-certification in Canine Sports Medicine and Rehabilitation.

For the seventh year in a row, the town of Firestone was awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada for its comprehensive annual financial report.

B&M Roofing of Colorado Inc. in Frederick won two awards for outstanding workmanship at the Colorado Roofing Association awards dinner on Feb. 19.

Greg Blanchard of Broomfield, an agent for New York Life in Colorado, earned membership in the company’s Million Dollar Round Table for 2015.

MERGERS & ACQUISITIONS

Broomfield-based packaging manufacturer Ball Corp. (NYSE: BLL) is buying London-based metal beverage can maker Rexam in a cash-and-stock deal valued at about $6.64 billion in order to stay competitive against other packaging companies. Ball also completed its acquisition of Sonoco Phoenix’s manufacturing plants in Canton, Ohio. Financial terms of the deal were not disclosed. Sonoco Phoenix is a business unit of Hartsville, S.C.-based Sonoco Products Co. (NYSE: SON), a global provider of consumer-packaging products.

Semiconductor manufacturer Avago Technologies Ltd. (Nasdaq: AVGO), a Singapore and San Jose, Calif.-based company that employs about 1,200 people in Fort Collins, will pay about $606 million, or $8 per outstanding share of common stock, for Costa Mesa, Calif.-based Emulex (NYSE: ELX). The boards of both companies have approved the deal, which is expected to close in the second half of Avago’s fiscal year, which ends Nov. 1.

Longmont-based UQM Technologies Inc. (NYSE MKT: UQM), a developer and manufacturer of electric motors, generators and power electronic controllers, is expanding into the fuel-cell business by acquiring Michigan-based Roush Performance Products Inc.’s fuel-cell compressor business. Financial terms of the deal were not disclosed. UQM, in a prepared statement, said it expects to begin manufacturing the compressor modules in May. The compressor modules are a key component of hydrogen powered fuel-cell vehicles.

Centura Health Envision Radiology acquired four advanced medical imaging centers in the Denver metro area, including one in Louisville. The joint venture formed in 2006 between Englewood-based Centura Health and Colorado Springs-based Envision Radiology also acquired imaging centers in Denver, Golden and Thornton. The acquisitions expand the imaging network of Centura Health Envision Radiology, doing business as Health Images, to 12 locations in Boulder and metro Denver. The Louisville location contains magnetic resonance imaging, CT scanning, X-ray and ultrasound. Financial terms of the deal were not disclosed. The name of the Louisville location will change from Advanced Medical Imaging Center to Health Images at Louisville. Physicians with Colorado Imaging Associates will continue to interpret images at the location.

Berthoud-based oilfield-services company Blackeagle Energy Services acquired Polaris Drilling Inc., which is based in Loma, northwest of Grand Junction. Terms of the deal were not disclosed. Officials for Blackeagle – the tradename for Desco Acquisition LLC, a division of Desco Corp. – said the deal adds complementary services to the company’s portfolio, and will help Blackeagle expand its footprint into the Uinta and Piceance basins in eastern Utah and western Colorado.

Marie Zimenoff, president of Fort Collins-based career services firm A Strategic Advantage, acquired international career think tank Career Thought Leaders Consortium and the Resume Writing Academy.

Boulder-based Gravity Renewables completed its acquisition of the Stillwater Hydroelectric Facility located on the Hudson River near Albany, N.Y.  

MOVES

Running-shoe retailer Newton Running in Boulder will move in late March from 1375 Walnut St. to 1222 Pearl St. on the Pearl Street Mall.

Private-equity firm Poudre Valley Capital is relocating within Fort Collins, from 155 E. Boardwalk Drive to the Harmony One office building at 3003 E. Harmony Road. It leased approximately 6,000 square feet on the third floor of the five-story building that is in the Preston Center business park, near the intersection of Harmony and Ziegler roads.

NAME CHANGES

Boulder-based N30 Pharmaceuticals Inc. changed its name to Nivalis Therapeutics Inc. The clinical-stage pharmaceutical company’s new corporate name is derived from the Latin term for “of snow.” Just as each snowflake is unique, so too is each person with cystic fibrosis, the company explained in a statement.

OPENINGS

Broomfield-based MWH Global spun off its management-consulting business unit into a new company it calls Hawksley Construction. MWH Global, a planning, design and construction company specializing in water and natural resources, launched Hawksley as a wholly owned subsidiary.

California-based specialty grocer Trader Joe’s opened its sixth Colorado location on Feb. 27 at 3500 S. College Ave., No. 110, in Fort Collins.

San Diego-based digital innovation agency MJD opened an office in Boulder. It initially will be located inside Galvanize on Pearl Street and be headed by managing director Jason Van Peeren.

PRODUCT UPDATE

The Small Business Administration launched LINC, an online tool that will allow entrepreneurs looking for a small-business loan to be matched with an SBA lender somewhere in the United States. LINC, which stands for Leveraging Information and Networks to access Capital, will require small-business owners to answer 20 questions that will be reviewed by the 124 lenders across the United States participating in the program. Lenders will respond to the prospective borrower within 48 hours. The SBA hopes to increase the number of lenders participating in LINC as time goes on.

Broomfield-based Gogo Inc. (Nasdaq: GOGO), a provider of in-flight connectivity and entertainment solutions, will bring its next-generation ATG-4 air-to-ground connectivity technology to business aviation. ATG-4 will be available for business aircraft via a new equipment package called ATG 8000. First shipments are expected in April.

Louisville-based NexGen Storage will deliver VMware vSphere Virtual Volumes capable NexGen N5 Hybrid Flash Arrays. Virtual Volumes is an integration framework to enable VM-centric operations on external storage systems and extends the Software Defined Storage control plane to external storage through the use of the vSphere Storage Policy-Based Management.

Boulder-based ISONAS Inc., a pure IP access-control system manufacturer, partnered with Milestone Systems, an open-platform company in IP video management software, to deliver an integrated video and access control solution to customers. This solution provides a seamless integration of the Milestone XProtect Smart Client and the ISONAS Crystal Matrix software.