Business Digest May 10, 2013

OPENINGS

Sport Clips Haircuts opened a salon at 2323 30th St. in Boulder. The sports-themed haircutting franchise will be open from 9 a.m. to 8 p.m. Monday through Friday, 9 a.m. to 6 p.m. Saturday and 10 a.m. to 5 p.m. Sunday.

MOVES

Nonprofit organization First Nations Development Institute moved from 351 Coffman St. to 2432 Main St. in Longmont. Phone number remains the same, 303-774-7836.

NAME CHANGES

Bank of Commerce Mortgage changed its name to Commerce Mortgage. The California-based mortgage lender has an office at 1637 Pearl St., Suite 203, in Boulder.

BRIEFS

Lyons-based Two Rivers Foods, the maker of SolBites, all-natural cracker-and-spread packages, is expanding its distribution network. Two Rivers Foods will be offering its products in 100 more Whole Foods Market Inc. grocery stores and in all 263 Cost Plus World Market stores in 30 states.

Broomfield-based Arca Biopharma Inc. (Nasdaq: ABIO) will use a heart monitor made by Medtronic Inc. in a clinical trial for Arca’s heart drug Gencaro. The trial will compare Gencaro to controlled and extended release metoprolol for prevention of atrial fibrillation in patients with heart failure and reduced left ventricular ejection faction. Approximately 200 patients will be tested. Depending on the results of an interim analysis, the study could be expanded to include an estimated 420 additional patients. Each patient will have heart rhythm monitoring via a Medtronic device. Medtronic (NYSE: MDT) Medtronic is based in Minneapolis and has operations in Louisville.

RGS Energy, the commercial and utility division of Louisville-based Real Goods Solar Inc. (Nasdaq: RSOL), is working with Smart Energy Capital LLC on a $20 million solar-installation project for the Stockton Unified School District in California. The 5.1 megawatts of solar power will bring clean energy to 18 schools and facilities in the district. The solar installations are expected to save the district $600,000 on its energy bill in the first year. RGS also completed installation of solar-power systems at four Stop & Shop grocery stores in New York, bringing the total number of Stop & Shop stores with RGS-installed systems to 32 in the Northeast.

Boulder-based SparkFun Electronics LLC has begun handling its public relations in-house through Lara Boudreaux, marketing department project manager. SparkFun previously engaged Boulder-based Catapult PR-IR for its marketing needs.

Charter jet-service company Mountain Aviation has added a Pilatus PC-12 turbo-prop aircraft to its fleet. The PC-12 has a cruising speed of 300 miles per hour and a range of 1,700 miles. It will be housed at Eagle County Airport in the Vail Valley and at Rocky Mountain Metropolitan Airport in Broomfield, where Mountain Aviation is headquartered. Mountain Aviation also has bases in Denver, Eagle, Aspen, Fort Collins and Boise, Idaho. It operates a fleet of Gulfstream, Hawker, King Air, Piaggio, Pilatus, Citation Jet and turbo-prop aircraft. Pilatus is based in Switzerland and has a manufacturing operation in Broomfield.

EARNINGS

Niwot-based natural foods company Boulder Brands Inc. (Nasdaq: BDBD) reported profit of $45.6 million in first-quarter 2013, an increase of 29.9 percent from the same period a year earlier. The company experienced strong growth for its gluten-free brands, including its Udi’s products made in Colorado, according to a press statement. Profit was $35.1 million in the first quarter of 2012. Net revenue for the first quarter rose 34.5 percent to $106.7 million, compared with net revenue of $79.3 million in the first quarter of 2012.

Niwot-based shoemaker Crocs Inc. (Nasdaq: CROX) reported revenue of $311.7 million and a profit of $29 million, or 33 cents per share, for its first quarter that ended March 31. Revenue for the quarter increased 14.7 percent compared with revenue of $271.8 million reported in the first quarter of 2012.

Deposits and loans increased during the first quarter at FirstBank Holding Co.’s branches serving the Boulder market. The Lakewood-based bank’s deposits in the Boulder market increased 12.8 percent to $636.9 million for the first quarter ended March 31 compared with $564.4 million in the first quarter of 2012. Loan values were up16.7 percent to $348.5 million in the first quarter compared with $298.6 million in first-quarter 2012.

Broomfield-based can manufacturer Ball Corp. (NYSE: BLL) reported income of $72 million for its first quarter that ended March 31, a decrease from $88.3 million for the same period a year ago. The Broomfield-based company (NYSE: BLL) price per share for the quarter was 58 cents, an 8 percent decrease from 63 cents per share for the same period in 2012. Revenue was $1.991 billion for the quarter, compared with $2.042 billion for the same quarter a year earlier. Ball’s subsidiary Ball Aerospace and Technologies Corp. in Boulder reported income of $17.9 million for the first quarter of 2013, down from $19.7 million for the same quarter in 2012. Revenue was $231.4 million in the first quarter, compared with revenue of $201.6 million in 2012.

Broomfield-based Level 3 Communications Inc. (NYSE: LVLT) reported revenue of $1.577 billion, for the first quarter of its fiscal that ended March 31, but the telecommunications company incurred a loss of $78 million, or 36 cents per share. Level 3’s loss narrowed compared with a loss of $138 million, or 66 cents per share, on revenue of $1.586 billion during the first quarter a year ago.

CONTRACTS

Longmont-based DigitalGlobe Inc. (NYSE: DGI) has expanded its customer base in China through its joint-venture partner Siwei Worldview. DigitalGlobe provides images of Earth taken by cameras aboard its satellites that orbit the planet. Financial terms of the agreements were not disclosed. Siwei WorldView secured an agreement to provide more than 3.4 million square miles of imagery, covering approximately 90 percent of China’s landmass, to a prominent organization in the country. The imagery will support the organization’s ongoing mission to create a nationwide basemap.

The food and beverage division of Aspen/Snowmass hired Boulder-based ad agency Vermilion to develop a brand message and program identity for its on-mountain restaurants. The goal is to reflect the progress Aspen/Snowmass has made providing healthy food using organic, locally sourced and ingredients.

Broomfield-based Level 3 Communications Inc. (NYSE: LVLT) was hired by Medical Billing and Management Services LLC, one of the largest radiology billing companies in the United States, to provide network services to support the growth of its business, to improve communications among its locations and to improve customer response times. MBMS, based in Newark, Delaware, provides billing services to more than 450 radiologists in the United States. Level 3’s network is interconnecting six of MBMS’ locations in Pennsylvania, New Jersey and Delaware.

MERGERS & ACQUISITIONS

Publicly traded Fusion-io Inc. (NYSE: FIO) acquired data-storage appliance firm NexGen Storage Inc. in Louisville for $119 million. Salt Lake City-based Fusion-io paid $114 million in cash and $5 million in stock, according to a press statement. The company will add about 50 NexGen employees to its team. John Spiers, a founder of NexGen, will serve as senior vice president at Fusion-io and general manager of the NexGen Products division.

SERVICES

Broomfield-based Corgenix Medical Corp. (OTC BB: CONX), a developer and marketer of diagnostic test kits, and provider of contract services to the diagnostics, life sciences and pharmaceutical industries, expanded its contract-services business and launched a website, www.corgenix.net, dedicated to contract services. The new site complements the company website, www.corgenix.com.

The Boulder-based Outdoor Industry Association launched a tool to gather data on how companies manage chemicals used to manufacture clothing, shoes and outdoor equipment. Companies can use the software tool, which cost $100,000 and was paid for by membership dues, to identify and reduce the future environmental impact of the outdoor products they manufacture. To input data into the software tool, go online to outdoordindustry.org/cmpilot. Information gathered could be used to market products in terms of how environmentally friendly they are.

Deadline to submit items for Business Digest is three weeks prior to publication of each biweekly issue. Mail to Editor, Boulder County Business Report, 3180 Sterling Circle, Suite 201, Boulder, CO 80301-2338; fax to 303-440-8954; or email to news@bcbr.com with Business Digest in the subject line. Photos submitted will not be returned.

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