Briefcase – Mar. 18, 2016

CONTRACTS

Biopharmaceutical company AntriaBio Inc. is collaborating with a new specialty health-care firm based in Seoul, South Korea, allowing it to manufacture and sell one of its diabetes drugs, according to documents filed with the U.S. Securities and Exchange Commission. Under the agreement, AntriaBio (OTCQB: ANTB) will give pH Pharma Co. Ltd. an exclusive, transferable license to make and sell its drug AB101 in eight countries in Southeast Asia — but the license will become effective only after pH Pharma has purchased a minimum of $8 million in AntriaBio securities, according to the SEC document. The companies also agreed to work together to use AntriaBio’s proprietary microsphere platform for various therapeutic opportunities. Under the terms of the stock purchase, pH agreed to buy $1 million in AntriaBio preferred stock, then $1 million more by March 31, and to negotiate to buy at least $6 million of its common stock.

Danish wind-turbine manufacturer Vestas Wind Systems A/S received an order for a 53-megawatt wind power project in Uruguay. Vestas, one of Northern Colorado’s largest employers, with factories in Windsor and Brighton, will supply 16 units of its V126 3.3-megawatt turbine for the Vientos de Pastorale wind farm in Villa Pastora, in Uruguay’s southwestern province of Flores. The order was placed by TaxWay S.A., the Uruguayan subsidiary of the Spain-based Cobra group, which specializes in developing industrial infrastructure worldwide.

Mallinda LLC, a spinoff company from the University of Colorado Boulder, signed an exclusive licensing agreement with the school to market a novel polymer and composite technology. The company initially is looking at the technology for use in moldable, custom-fitted athletic equipment, but longer term the technology could be used in industries ranging from wind energy to automotive.

EARNINGS

Shoemaker Crocs Inc. (Nasdaq: CROX) closed out 2015 recording a loss of $83.1 million for the year, with $70.2 million of that coming in the fourth quarter that ended Dec. 31. The loss for Niwot-based Crocs was equivalent to $1.30 per share for the year and $1.01 per share for the quarter. Crocs had annual revenue of $1.1 billion, compared with $1.2 billion in 2014, and revenue of $208.7 million for the quarter, compared with $206.7 million during the same period a year ago.

Dynamic Materials Corp. (Nasdaq:  BOOM) reported a loss of $23.9 million for 2015, with $16 million of that coming in the fourth quarter that ended Dec. 31. Boulder-based Dynamic Materials manufactures explosion-welded clad metal plates, which are used to make equipment used in a variety of industries, including oil and gas. The company has manufacturing operations in Germany, Russia and East Asia. The company had annual revenue of $167 million, down 18 percent from $203 million in 2014. For the quarter, it posted revenue of $41.9 million, down from $52 million in the fourth quarter of 2014. Earnings per share were at a loss of $1.72 for the year and $1.15 for the quarter.

Vail Resorts Inc. (NYSE: MTN) reported quarterly net income of $117 million and announced a $100 million capital plan for the 2016 calendar year that includes upgrades at its Breckenridge, Vail and Beaver Creek resorts. Vail Resorts’ net income for the fiscal second quarter ending Jan. 31 amounted to $3.14 per diluted share, and was up slightly from $115.8 million, or $3.10 per share, for the same period a year earlier. Revenue for the quarter rose from $530.2 million a year earlier to $599.4 million. That figure was boosted in large part by a 20.2 percent increase in total lift revenue to $287.7 million. Retail and rental revenue, meanwhile, rose 8.4 percent to $103 million. In addition to issuing guidance for the 2016 fiscal year that includes a net income range of $132 million to $152 million, the company also said it is increasing its quarterly dividend by 30 percent to 81 cents per share. That payment will be payable April 13 to stockholders of record on March 29.

Broadcom Ltd. (Nasdaq: AVGO), the company created when semiconductor company Avago Technologies closed its $37 billion acquisition of rival Broadcom Corp. last month, filed a first-quarter earnings report for the period ending Jan. 31 that included results only for Avago’s last quarter prior to the merger closing on Feb. 1. But guidance issued for the second fiscal quarter ending May 1 projects the combined company to see $3.5 billion in revenue. Avago, which employed 1,450 people in Fort Collins at the time the merger closed, posted a first-quarter net income of $377 million, or $1.30 per share, up from $351 million, or $1.26 per share a year earlier. Quarterly revenue for the single company was $1.8 billion, up from $1.6 billion the year before. The company had $2.2 billion in cash as of Jan. 31. In addition to the revenue projections, Broadcom Ltd. officials they expect capital expenditures for the second fiscal quarter to be about $210 million. In addition to Avago’s Fort Collins operations, that company had a small operation in Longmont, and Broadcom Corp. also had small offices in Longmont and Fort Collins at the time of the merger. Combined, those three facilities had roughly 150 people.

Heska Corp. (Nasdaq: HSKA) doubled net income in 2015 and enjoyed record revenue for the year, according to the company’s year-end earnings report. The Loveland-based provider of veterinary diagnostic and specialty products reported 2015 net income of $5.2 million, or 74 cents per diluted share, up from $2.6 million, or 41 cents per share, for 2014. Revenue for the year climbed 16 percent to $104.6 million. For the fourth quarter, Heska saw net income of $2 million, or 28 cents per share, up from $829,000, or 12 cents per share, in 2014. The company finished 2015 with $6.9 million in cash and $22.4 million in working capital. The company grew stockholders equity during the year from $53.1 million to $63.5 million.

FLOOD RELIEF

The Weld County Housing Authority received a $708,582 community-development block grant to continue flood recovery efforts for residents who were impacted by the 2013 flood. Grant funds will be used to replace three homes destroyed by the flood, continue rent assistance for 16 families for the next 12 months and provide down payment assistance for five families.

KUDOS

The smartphone-controlled Star Wars BB-8 Droid toy made by Boulder company Sphero was named the top-selling U.S. toy in the Youth Electronics category by global information company The NPD Group. Based on dollar volume, Sphero’s BB-8 ranked eighth overall among top-selling toys for 2015.

Frederick-based roofing contractor B&M Roofing of Colorado Inc. won two awards for outstanding workmanship in the first quarter of 2016. For its work on the Thompson residence in Edwards, B&M took second place during the 15th annual Colorado Roofing Association awards dinner held Feb. 24 at the Omni Interlocken Hotel in Broomfield. The company also won a Gold Circle Honorable Mention award from the National Roofing Contractor’s Association for its work on the Belcaro Mansion in Denver, also known as the Phipps Mansion.

WeldWerks Brewing Co. in Greeley was voted the nation’s best new brewery by a readers’ poll conducted by USA Today. Nineteen nominees from around the country — all breweries that have opened since 2013 — were selected from more than 1,800 by a panel of experts assembled by the Tegna-owned national newspaper. WeldWerks, which has a taproom at 508 Eighth Ave. in Greeley, was the only nominee representing Colorado.

The Holiday Inn Express & Suites in Loveland, managed by Spirit Hospitality LLC, won Intercontinental Hotel Group’s elite 5 of 5 award for achieving green in all five Guest Experience Winning Metrics: Heartbeat, Problem Handling, Loyalty Recognition, Loyalty Enrollments and Guest Reviews for 2015.

Boulder-based sustainable pool sanitation company Clear Comfort earned B Corporation certification, recognizing its company’s commitment to high standards of social and environmental responsibility.

Longmont-based Parascript, a software innovator in advanced data location, extraction and classification, was selected as one of the “100 Companies That Matter in Knowledge Management” by KMWorld Magazine.

The Loveland-based Good Day Pharmacy chain was identified as “Best In Class” by OutcomesMTM for providing medication therapy management services.

MERGERS & ACQUISITIONS

U.S. HealthWorks Medical Group, a subsidiary of San Francisco-based Dignity Health, acquired Boulder-based Arbor Occupational Medicine. Financial terms of the deal were not disclosed. Arbor Occupational Medicine operates occupational care centers with ancillary physical therapy services. The acquired centers are at 1860 Industrial Circle, Suite D, in Longmont; 1690 30th St. in Boulder; 290 Nickel St., Suite 200, in Broomfield; and 8200 E. Belleview, No. 428 C, Greenwood Village.

Boulder Orthopedics and Mapleton Hill Orthopedics will rebrand April 1 as Boulder Centre for Orthopedics, and bring Cathy Higgins onboard to run the company as chief executive. Higgins, the executive director of Boulder Valley Independent Practice Association, said the deal is a true merger of the two groups, with all 13 physicians — seven from Boulder Orthopedics and six from Mapleton Hill — owning the new venture. Boulder Centre for Orthopedics will take up 22,000 square feet — the entire second floor — in the new office building at 4740 Pearl Parkway that is being developed by W.W. Reynolds Cos. The company will open in its new location April 4.

The meat-snacks division of Greeley-based Grass Run Farms was acquired by the makers of Jack Link’s Protein Snacks. Financial terms of the deal between JBS USA, Grass Run Farms’ parent company, and Minong, Wis.-based Link Snacks Inc. were not disclosed. But a Link Snacks media release said the transaction included trademark and distribution rights for Grass Run’s grass-fed beef snacks and fresh meat products.

An investment group headed by Halton J. Peters acquired Fort Collins-based Front Range Internet Inc. from the father and son team of Bill and Brad Ward for an undisclosed amount.

Dallas-based Triumph Bancorp Inc. (Nasdaq: TBK) signed an agreement to acquire ColoEast Bankshares Inc., parent company of Lamar-based Colorado East Bank & Trust in a deal worth $70 million in cash. Colorado East Bank & Trust has 18 branches including operations in Dacono, LaSalle, Mead and Severance.

NAME CHANGES

Wyoming-based Warren Federal Credit Union and Broomfield-based Community Financial Credit Union will become Blue Federal Credit Union in May after their merger becomes final April 1. The new credit union will exceed $800 million in total assets and serve nearly 70,000 members at 11 full-service branch locations in Broomfield, Boulder, Fort Collins, Wellington and Wyoming.

OPENINGS

Verboten Brewing, which is building a new brewery and taproom at 127 E. Fifth St., in downtown Loveland, is planning a Saturday, March 19, grand (re)opening. The brewery moved out of its original space at 1550 Taurus Court at the end of September with an eye on growth and increased visibility downtown. To keep restaurants, bars and liquor stores stocked, Verboten has been contract brewing its beers at Snowbank Brewing in Fort Collins.

The new PearlWest development nearing completion in downtown Boulder is adding some bling to its list of tenants. Colorado jewelry designer John Atencio will open a new store there this summer after a decade-long hiatus from the city. The new 1,350-square-foot store, dubbed the John Atencio Gallery, will sit on the ground level near the center of the project on the Pearl Street side.

Boulder-based marketing software company TapInfluence Inc. will open an engineering office in Mountain View, Calif., in April.

What started off with Twenty Ninth Street officials admiring The Barrel’s shipping-container bar setup in Estes Park — and picking the owners’ brains about different aspects of starting such an operation — has morphed into an expansion opportunity for Loveland couple Ingrid and Lou Bush. The Barrel is planning to open a second location this summer as part of a plan by Twenty Ninth Street in Boulder to activate an underutilized outdoor plaza. Assuming the permitting, construction and licensing processes go as planned, The Barrel is aiming to open its Boulder operation — in a pair of repurposed shipping containers — in late June or early July.

A pair of fast-casual restaurants will open in long-vacant spaces at the Twenty Ninth Street shopping district in Boulder in the coming weeks, and a replacement for the recently shuttered S.A. Elite sporting goods store might not be far behind. Chicago-based Potbelly Sandwich Shop (Nasdaq: PBPB) will take over a former Smiling Moose Deli space at 1685 29th St., while Five on Black is taking over a former Spooners frozen yogurt space at the north end of the shopping district. Both spaces have been empty since 2014.

Waltzing Kangaroo, an Australian-themed restaurant, opened March 14 at 1109 W. Elizabeth St. in the Campus West area of Fort Collins.

O’Fallon, Mo.-based Nortek Global HVAC LLC, a manufacturer of heating and cooling equipment, will open a distribution center in the Loveland-Fort Collins Industrial Airpark in Loveland. Nortek Global has leased 18,900-square-feet of industrial space at 5802 Byrd Drive located west of Interstate 25 and east of Fort Collins-Loveland Municipal Airport.

A Thornton couple has purchased the former home of the Isla Bonita and Vista del Sol Mexican restaurants in downtown Greeley with plans to open an Indian restaurant and bar there this spring. Peter Sitaula and Kathy Parajuli closed on the spot at 908½ Eighth Ave., buying it from Castulo Venegas for $510,000. Sitaula said he’s still determining a name for the restaurant. He’s hoping to open by mid to late April. He’ll also close soon on the purchase of a Shell gas station at the southwest corner of 54th Avenue and 10th Street.

Otto Pint, which opened March 11 at 1100 Oakridge Drive in Fort Collins, near the southeast corner of Harmony Road and Lemay Avenue, is the third restaurant for Brian Tessari, owner of Domenic’s Bistro and Wine Bar at 931 E. Harmony Road and Vincent Heavenly Pizza Pies and Pasta at 902 W. Drake Road.

The final segment of the 18-mile commuter bicycle route between Boulder and Denver is open. Completion of the second phase of the commuter bikeway between 88th Street in the Louisville-Superior area and Table Mesa in Boulder completes  the connection between Denver and Boulder for bicyclists.

SERVICES

Koehn Self Storage, 6200 W. 10th St. in Greeley, signed on as a U-Haul neighborhood dealer, offering U-Haul trucks, towing equipment, support rental items, boxes and in-store pick-up for boxes.

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