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North American growth propels Cummins’ profit

Cummins Inc.'s profit jumped 33 percent in the first quarter due to strong demand for its engines in the North American market, the Columbus-based manufacturer said Tuesday morning.

CNO quarterly earnings jump on stronger sales

CNO Financial Group Inc. on Monday reported first-quarter earnings of $59.1 million, a 30-percent increase from the $45.1 million it earned in the same quarter last year.

Indiana announces proposed Duke Energy settlement

Duke Energy Corp. has agreed to cap the cost of its troubled coal-gasification plant in southwestern Indiana at $2.6 billion, or about $700 million less than the expected cost of construction, as part of a proposed settlement announced Monday.

Residential

The average rate for 30-year mortgages fell from 4.10 percent to 4.09 percent in the week ended April 25, according to Bankrate.com. The rate for 15-year mortgages fell from 3.32 percent to 3.28 percent.

Leases/leasing contracts

-The U.S. Attorney’s Office leased 44,412 square feet of office space in Market Tower, 10 W. Market St. The tenant was represented by Tim Craft of CBRE. The landlord, MT Acquisitions LLC, was represented by Dave Moore, Andy Martin, Darrin Boyd and Bennett Williams of Cassidy Turley.

-A&A Industrial Supply Inc. leased 12,000 square feet of industrial space at 5719 Kopetsky Drive. The tenant was represented by Todd Vannatta and Michael Weishaar of Cassidy Turley. The landlord, Gateway South LLC, was represented by Brian Dell of Summit Realty Group.

-EFI Global Inc. renewed its lease for 6,406 square feet of industrial space at 8091-8105 Center Run Drive. The tenant was represented by Kevin McCarron of CLW Real Estate Services Group Inc. The landlord, NorthStar Realty Finance Corp., was represented by Dave Moore and Darrin Boyd of Cassidy Turley.

-Mattress Firm leased 4,080 square feet of retail space in The Shoppes at River’s Edge, 4335 E. 82nd St., Suite 107. The tenant was represented by Scott Gray of Sitehawk Retail Real Estate. The landlord, River Retail LLC, was represented by Jamison Downs and Kyle Hughes of Veritas Realty.

-Accelerated Health Systems leased 3,200 square feet at Saratoga Shops, 1070 W. Main St., Plainfield. The tenant was represented by Jonathon Sharp of HAS Commercial Real Estate. The landlord, Saratoga Associates LLC, was represented by Keith Fried of Sitehawk Retail Real Estate.  

-Panchero’s Mexican Grill leased 2,550 square feet of retail space in The Shoppes at River’s Edge, 4335 E. 82nd St., Suite 105. The tenant was represented by Donna Hovey of CBRE. The landlord, River Retail LLC, was represented by Jamison Downs and Kyle Hughes of Veritas Realty.  
 
-Grandbridge Real Estate Capital LLC leased 2,126 square feet at 11711 N. Pennsylvania St. The tenant was represented by Rick Trimpe of CBRE. The landlord, North Pennsylvania Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC.    

-DJ’s Hot Dog leased 2,030 square feet of retail space at Indy Pavilions, 7035 E. 96th St., Unit U. The landlord was represented by Drew Kelly of Sandor Development. The tenant represented itself.

-Altered Image renewed its lease for 1,700 square feet of retail space in Avon Creek, 10030 U.S. Highway 36, Avon. The landlord was represented by Sandor Development. The tenant represented itself.

-Art Nails renewed its lease for 1,650 square feet of retail space in Dori Plaza, 8315 E. Washington St. The landlord was represented by Sandor Development. The tenant represented itself.

-H&R Block renewed its lease for 1,600 square feet at Emerson Commons Shoppes, 6815 S. Emerson Ave. The tenant was represented by Kathryn Sulich of Cassidy Turley. The landlord, First Emerson Commons Way LLC, was represented by John Baker of Sitehawk Retail Real Estate.  

-Conway Communications Inc. leased 1,400 square feet of retail space in Southport Commons, 2134 W. Southport Road. The tenant was represented by Jamison Downs and Kyle Hughes of Veritas Realty.  The landlord, Belport LLC, was represented by Keith Kleinmaier of Retail Realty Inc.

-Coner’s Auto Sales leased 1,250 square feet of retail space in South Greenwood Shoppes, 6001 N. US 31, Whiteland. The tenant and landlord, HRCP Inc., were represented by Cathy Richards of Lee & Associates.

-Perfect Nails renewed its lease for 1,200 square feet of retail space at Indy Pavilions, 7035 E. 96th Street, Unit J. The landlord was represented by Sandor Development. The tenant represented itself.

-Check ‘n Go renewed its lease for 1,080 square feet of retail space in Esquire Plaza, 8201 Pendleton Pike. The landlord was represented by Sandor Development. The tenant represented itself.

-Nima Salon leased 700 square feet of retail space at Esquire Office Complex, 8375 Pendleton Pike, Suite 400. The landlord was represented by Jeff Roberts of Sandor Development. The tenant represented itself.

Sales/acquisitions

Pulte Homes of Indiana LLC bought Persimmon Grove, a 36.8-acre, unfinished residential development in Avon near Ronald Reagan Parkway and County Road 200 North. The price wasn’t disclosed. The buyer was represented by Janie Posey of Re/Max Excel. The seller, Bay Street Holdings LLC, a unit of BMO Harris bank, was represented by Bob Lindgren, Stan Elser and Mike Kensill of Lee & Associates.

Veteran broker Hohmann leaves Cassidy Turley to go solo

Hohmann has been involved in numerous high-profile real estate deals over the years, including the transaction that resulted in development of Intech Park and assembling about 60 acres for Clay Terrace in Carmel.

Celadon Group names new chief financial officer

Celadon Group Inc. announced Monday that it has named Eric Meek as executive vice president, chief financial officer and treasurer, effective immediately, as part of a succession-planning process.

BioCrossroads launches second seed fund

BioCrossroads Inc. has raised an $8.25 million seed fund in its second attempt to help startup life sciences companies grow to the point where they can attract venture capital or a corporate funder.

Health insurers could pay $16.5M in rebates

Health insurance customers in Indiana will get an estimated $16.5 million in rebates this year, but the average amount received per person will be less than the national average and less than 3 percent of the total cost of coverage.

Colt giving away Pacers tickets

Indianapolis Colts Punter Pat McAfee said he plans to give away 375 pairs of tickets to Monday night’s NBA playoff game between the Indiana Pacers and the Orlando Magic. McAfee, via Twitter, said the tickets will be given away starting at 4:30 p.m. during “Pat’s Pacer Playoff Party” in the Home Court Gift Shop at Bankers Life Fieldhouse. The game begins at 7:30 p.m. The Pacers trail in the best-of-seven series 1-0.
 

Woman’s body found in pool

The body of a missing woman was discovered early Monday morning in a swimming pool at a vacant Madison County home in Edgewood, just west of Anderson. Police found the body of 83-year-old Wilma Ewing about 1 a.m., about a half-hour after family members reported her missing. Ewing’s vehicle was seen at the vacant home in the 500 block of Central Way, prompting a search of the property. Police said they do not suspect foul play.
 

People

Danville-based Hendricks Regional Health announced that Dr. John Sparzo will become the hospital system’s interim CEO on June 1 after current CEO Dennis Dawes retires. Sparzo is Hendricks Regional’s vice president for medical affairs. Hendricks Regional has hired an executive search firm to conduct a national hunt for a permanent replacement for Dawes, who has led Hendricks Regional for 38 years.

Fuad Hammoudeh has joined St.Vincent Cancer Care as executive director. He has been Indiana University Health’s administrator of cancer programs since 2005. Before that, he was CEO of the University of Tennessee Cancer Institute. And from 1986 to 1994, Hammoudeh was CEO of Hancock Regional Hospital in Greenfield. He holds a bachelor’s in political science from Manchester College and a bachelor’s in accounting from St. Joseph College.

The Indiana University National Center of Excellence in Women's Health named Teri Duell to a newly created position of operations director. Duell previously worked in the office of gift development at the IU School of Medicine. Also, IU named Tisha Reid the associate director of the IU National Center of Excellence in Women’s Health. Reid previously worked as the outreach manager of the Indiana Clinical Translational Sciences Institute’s Community Health Engagement Program.

Indianapolis-based HealthNet Inc., a not-for-profit network of Indiana health care centers, named J. Cornelius “Jimmy” Brown its new CEO. He will succeed Booker Thomas, who is retiring June 11 after more than 12 years leading HealthNet. Brown most recently served as vice president of corporate services and community affairs at Swope Health Services in Kansas City, Mo. Previously, he was president and CEO at Dallas Southwest Medical Center in Texas. Brown retired as a lieutenant colonel from the U.S. Air Force in 1992. He holds a master’s degree in public administration, with an emphasis in health care management, from the University of North Dakota. He earned a bachelor’s in public administration from North Texas State University.

Man, woman shot on west side

Indianapolis police are searching for a suspect in a double shooting that took place on the city’s west side early Monday morning. Police say the suspect rang the doorbell of an apartment at Aragon Woods about 2 a.m. and asked for a specific person. A man and a woman in the apartment told the man the person didn’t live there, but the suspect opened fire with a handgun, hitting the man three times and the woman once. The victims were hospitalized in stable condition.
 

Company news

A $100 million partnership will instead produce only $15.5 million after the California-based Alfred E. Mann Foundation for Biomedical Engineering requested to end its agreement with the Purdue Research Foundation. In 2007, the Mann Foundation pledged to fund a $100 million endowment to create and support the Alfred Mann Institute at Purdue University to commercialize Purdue technologies through seed-stage funding and business guidance. But now the Mann Foundation’s focus is changing, its president, David Hankin, said in his only publicly stated reason for the change. Since 2008, the Mann Foundation has given Purdue $15.5 million to advance 11 different technologies. The effort has helped launch such companies as QuantIon Technologies Inc., SpeechVive Inc., ImpactGuard and BioRegeneration Technologies LLC. Purdue will continue to operate the Alfred Mann Institute, which has provided a model for commercializing technologies it is now applying throughout the university.

Henry County Hospital in New Castle opened a Cardiovascular Center this month as a joint venture with the Indianapolis-based St. Vincent Heart Center of Indiana. St. Vincent will provide some of the specialist physicians at the new center. The center will focus on diagnosing and rehabilitating heart patients, and will refer complex cases to the St. Vincent Heart Center for treatment.

Indiana University Health announced Tuesday that it will give $75 million in additional funding over the next five years to ramp up research at the Indiana University School of Medicine and launch more clinical trials around the state. The IU medical school will contribute non-cash resources valued at $75 million toward the effort, which will focus on research in cancer, cardiology and neuroscience. The goal is to expand access to cutting-edge clinical trials to IU Health’s 20 hospitals around the state, as well as to attract the next generation of bright minds to do their research and clinical work in Indiana. IU Health already spends $16.5 million a year on research, according to a report issued last year. The new initiative will nearly double that amount. Much of that money goes to the IU medical school, which is a distinct organization from IU Health, but works closely with the hospital system. The IU medical school attracts $280 million in annual research funding from all sources. The new money will flow to roughly 10 projects, which already have been approved by the IU Health and IU medical school’s boards of directors.

RepuCare Inc., a health care staffing firm, said Wednesday it plans to expand its Indianapolis headquarters, creating up to 82 jobs by 2015. RepuCare already has begun hiring additional employees in health care, account management and administration. The company now has about 50 full-time and 50 part-time employees. Founded in 1995, RepuCare provides staffing services to government health plans, hospitals, outpatient clinics and nursing homes, as well as on-site health care services to employers. The company's notable customers include WellPoint Inc., Eli Lilly and Co., Howard County, and the cities of Indianapolis and Kokomo.

Sales and profits were flat in the first quarter at Warsaw-based Zimmer Holdings Inc., the maker of orthopedic implants reported on Thursday. Profit for the quarter totaled $209.6 million, or $1.17 per share, up 0.3 percent from the same period a year ago. Revenue rose 2 percent, to $1.14 billion. Sales grew 10 percent in Zimmer’s Asia-Pacific regions, but increased just 1 percent each in the Americas and Europe. Zimmer expects to earn full-year profits of $4.70 per share to $4.90 per share, a nickel per share less than an earlier forecast, due to the impact of foreign exchange rates.

First-quarter profits tumbled at Eli Lilly and Co. but were better than either analysts or the company expected. That prompted Lilly to boost its full-year profit forecast 5 cents to 10 cents per share. Lilly’s revenue and profit have been falling after it lost patent protection on two blockbuster drugs: the cancer drug Gemzar in late 2010 and the antipsychotic Zyprexa in late 2011. Lilly’s profit in the first quarter totaled $1.01 billion, or 91 cents per share, down from $1.06 billion, or 95 cents per share, in the same quarter a year ago. Wall Street analysts were expecting 78 cents per share in the most recent quarter, according to a Thomson Reuters survey. The decline in profit was actually much larger than it seemed. A year ago, Lilly booked some one-time charges for research deals with other companies and for reductions in personnel. Excluding all such charges in both years, Lilly’s per-share profit would have fallen nearly 26 percent, from $1.24 per share in the first quarter a year ago to 92 cents per share this year. For all of 2012, Lilly now expects per-share profit in a range of $3.15 to $3.30, excluding a penny-per-share charge taken in the first quarter for a one-time restructuring move.

First-quarter profit declined nearly 8 percent at WellPoint Inc., but the health insurer beat analysts’ expectations and raised its full-year profit forecast a nickel per share. The Indianapolis-based company posted earnings of $857 million, or $2.53 per share, down from $927 million, or $2.44 per share in the same period a year ago. The per-share profits increased because WellPoint has reduced its total shares 10 percent through an aggressive buyback program. Excluding investment gains, WellPoint would have earned $2.34 per share. On that basis, Wall Street analysts were expecting $2.27 per share, according to a survey by Thomson Reuters. WellPoint said gains from its senior business improved, as the company recovered from mispricing some of its Medicare Advantage policies last year. But overall membership in its health plans declined in the quarter by 600,000. WellPoint expects that total to drop another 100,000 during the rest of the year.