Republic Airways blames fuel costs for $15M quarterly loss
The Indianapolis-based company said it spent nearly $227 million on aircraft fuel in the quarter, compared with $161 million in the same period a year earlier.
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Who’s Who in Construction, Design and Engineering – 2011
This month, we recognize the power players who built this city, from the new airport to Lucas Oil Stadium to the Palladium.
Conservancy installs turbines at eco-friendly HQ
Wind turbines, a rare sight downtown, have finally been added to The Nature Conservancy’s high-profile building on Ohio Street.
Company news
New York-based Pfizer Inc., the world’s biggest drugmaker, said it isn’t interested in breaking up its animal health unit after Indianapolis-based Eli Lilly and Co. expressed interest in buying some of its products. Lilly’s Elanco Animal Health unit, which had $1.4 billion in sales last year, has been eager for acquisitions lately, buying up New Jersey-based Johnson & Johnson’s European animal health assets early this year. Lilly Chief Financial Officer Derica Rice said Lilly would certainly take a look at Pfizer’s animal health assets, if Pfizer puts them up for sale. “We will watch how that situation evolves, and if there are some assets that become available that we are interested in, yes, we will pursue them,” Rice told investors and analysts on a conference call July 21. But later that same day, Pfizer spokeswoman Joan Campion told Bloomberg News that Pfizer would rather sell or spin off its animal health business as a whole, not in pieces. Pfizer’s animal health unit had sales last year of $3.5 billion.
It’s not yet clear how Express Scripts Inc.’s $29.1 billion deal to acquire rival Medco Health Solutions will affect the companies’ central Indiana operations—or their 800-plus employees at two facilities here. New Jersey-based Medco has 430 workers at a $140 million automated pharmacy and distribution center in Whitestown. It planned to ramp up Boone County employment to 1,300, but has fallen short of that goal after losing some large contracts. St. Louis-based Express Scripts, which acquired WellPoint Inc.’s pharmacy benefits subsidiary in 2009, said last year it had 400 employees at a specialty drug distribution facility near Indianapolis International Airport and planned to add 180 positions there by 2012. Medco announced last week that it lost an $11 billion contract with Minnesota-based UnitedHealth Group Inc., accounting for 17 percent of its business. The loss drops Medco to No. 3 in the industry, trailing Express Scripts and CVS CareMark Corp.
Eli Lilly and Co. posted better-than-expected second-quarter results and raised its 2011 profit forecast. The Indianapolis-based drugmaker earned $1.2 billion, or $1.07 per share, in the three months ended June 30, a decline of 11 percent compared with the same quarter a year ago. The declines were driven mainly by a 16-percent rise in sales and marketing expenses—used to help launch a new diabetes drug Tradjenta, which Lilly is co-marketing with Germany-based Boehringer Ingelheim GmbH. Lilly also suffered increasing costs from the 2010 U.S. health care reform law, which mandated rebates and fees that cost the company $110 million in the quarter. Excluding a $132 million restructuring charge for Lilly’s ongoing layoffs of 5,500 workers, the company would have earned $1.3 billion, or $1.18 per share, which represents a 4-percent decline in profit from the same quarter last year, when all special charges are excluded. On that basis, analysts were expecting profit of $1.17 per share, according to a survey by Thomson Reuters. Revenue for the quarter totaled $6.3 billion, up 9 percent from a year earlier. Analysts expected only $6 billion in revenue.
Airport to use new scanners
Indianapolis International Airport is set to receive new body-scanning technology that will change the images seen by security officials. The new scanning technology from the Transportation Security Administration will show general body outlines instead of naked bodies. Indianapolis is one of 40 U.S. airports set to receive the scanners, likely within a few weeks. The current body-imaging machines have sparked controversy and concern about privacy among passengers.
Frontier Airlines plans return to normal service
Frontier Airlines says it expects to return to normal service including a full schedule on Saturday after repairing planes that were damaged by hail.
Intermodal cargo operation springs up near old airport terminal
Keystone Terminals is positioning itself to take advantage of a much-hoped-for increase in intermodal activity just down the tracks.
MARCUS: New Hoosier motto could become ‘Be less than you have been’
The U.S. Army says, “Be all that you can be.” Indiana is moving toward a different message.
UPDATE: Medco acquisition could lead to local consolidation
It’s not yet clear how Express Scripts Inc.’s $29.1 billion acquisition of rival Medco Health Solutions will affect the companies’ central Indiana operations—or their 800-plus employees at two facilities here.
Borders liquidation another blow to retail real estate
Borders Group Inc.’s proposed liquidation will increase available U.S. retail space by about 6.3 million square feet as the industry struggles with near-record vacancy rates and stagnant rents.
New Indianapolis tourism chief calls for bigger marketing budget
In an interview with Indianapolis Business Journal reporter Anthony Schoettle, Leonard Hoops, the incoming CEO of the Indianapolis Convention & Visitors Association, says Indianapolis warrants its own brand.
Borders turns the final page, will close all stores
The chain of bookstores will shutter its remaining 399 locations by September, including the few left in central Indiana. Company brass blame the changing book industry, eReader revolution, and turbulent economy.
Leases/leasing contracts
-Chispas leased 19,260 square feet at Lafayette Shoppes, West 38th Street and Lafayette Road. The tenant was represented by Frank Swiss of The Swiss Group. The landlord, The Broadbent Co., represented itself.
-Affordable Furniture leased 6,895 square feet of retail space at Greenwood Shoppes, U.S. 31 and Fry Road, Greenwood. The tenant was represented by Tracey Holtzman of Midland Atlantic. The landlord, The Broadbent Co., represented itself.
-Webster Veterinary Supply leased 5,400 square feet of industrial space at 2462 S. West St. The tenant was represented by Jim Teskey of Cresa Partners. The landlord, Carter Truck Lines Inc., was represented by Bill Brennan of Lee & Associates.
-Nature’s Pharm leased 4,348 square feet of retail space at Castleton Place, 5836-5896 E. 82nd St. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent. The tenant represented itself.
-Ideal Image leased 3,200 square feet of retail space at Fashion Mall Commons, 8487 Union Chapel Road. The tenant was represented by Chris Wiley and Rob Warstler of Colliers International. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent.
-Protection One Alarm Monitoring leased 3,032 square feet of office space at 65 Airport Parkway, Suite 120. The tenant was represented by Jim Shook and Jon Hardy of Coldwell Banker Commercial Realty Services. The landlord, TDH Investments, was represented by Darrell Pike of Precedent Realty.
-Amicus Financial leased 2,711 square feet of office space at 8440 Woodfield Crossing Blvd. Cassidy Turley, acting as court-appointed receiver, was represented by Darrin Boyd and Dave Moore of Cassidy Turley. The tenant represented itself.
-Transformations Pilates Studio leased 2,228 square feet at Clearwater Crossing, 3800-3900 E. 82nd St. The tenant was represented by Brad King of Colliers International. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent.
-Ambassador Strategies leased 2,207 square feet of office space at 8606 Allisonville Road. The landlord, Castle Creek Office LLC, was represented by Gus Sevastianos and Brian Fitzgerald of Citimark Management Co. Inc. The tenant represented itself.
-Star Leasing leased 1,933 square feet at 11590 N. Meridian St., Carmel. The landlord, Fidelity Office Building II, L.P., was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.
-Technology Interiors leased 1,600 square feet of retail space at Fall Creek Harbour, 10130 Brooks School Road, Fishers. The tenant and landlord, FCH Associates Inc., were represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
-Foxy’s Hair Studio leased 1,546 square feet of retail space at Plainfield Village, 160 Plainfield Village Drive, Plainfield. The landlord, The Broadbent Co., was represented by Jeff Roberts of Broadbent. The tenant represented itself.
-The French Seam leased 1,400 square feet of retail space at Clearwater Shoppes, 3800-3900 E. 82nd St. The tenant was represented by George Crawford of Meridian Real Estate. The landlord, The Broadbent Co., was represented by John Beuoy of Broadbent.
-Kucic & Associates Realty leased 1,225 square feet of retail space in Fall Creek Harbour, 10142 Brooks School Road, Fishers. The tenant was represented by Jeff Kucic of Kucic & Associates Realty. The landlord, FCH Associates Inc., was represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
Judge approves Borders auction, liquidators open bid
Borders Group, the nation's second-largest bookstore chain that once operated over 1,000 stores, appears headed for liquidation after a judge on Thursday approved its motion to auction itself off with an offer from a team of liquidators as its opening bid.
Baggage wrapping service lands contract at Indianapolis airport
For as little as $9, a traveler can wrap a bag in blue-colored, tamper-proof recyclable plastic film.
Merger of key airlines at Indianapolis grounds three flights
It’s more difficult to get to New York LaGuardia and some other business hubs following the combination of Southwest Airlines and AirTran Airways.
Purdue Research Park nears capacity
Purdue just added a large tenant to the Indianapolis research park, bringing the total to 14.
HETRICK: Finding the “one thing” on the Stratford stages
In the middle of Onterio farming country, the Stratford Shakespeare Festival found its one thing.
Amazon planning fourth area distribution center
Amazon.com plans to open a second warehouse in Plainfield this year, the company announced Wednesday. The online retailer’s fourth location in central Indiana is expected to create hundreds of jobs.
Key exec behind Indy airport expansion retires
Robert A. Duncan nudged the door closed this week on his office at the Indianapolis Airport Authority and retired after a career at the center of one of the largest, long-term civic developments in the city's history.