Malibu Boats, the Loudon, Tenn.-based maker of watersports towboats, is the latest area company to go public.
The boat maker has set its IPO price at $14 per share and is scheduled to start trading today on the Nasdaq market under the symbol MBUU.
The company is looking to raise more than $100 million.
With the economy gaining strength and consumer confidence improving, Malibu’s timing looks good.
After toughing out the Great Recession, Malibu has seen its earnings rise in recent years as it has rolled out a number of new products. Malibu’s wakeboarding Surf Gate technology received its second patent last September.
Raymond James and Wells Fargo Securities are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey and BMO Capital Markets are acting as co-managers.
Click here for more on Malibu from Seeking Alpha.
Click here for a Wall Street Journal Marketwatch report on Malibu.
When it comes to taxes, Tennessee continues to be one of the most business-friendly states in the country, according to a Tax Foundation report released today.
Tennessee ranks 15th on the 2014 State Business Tax Climate Index, unchanged from a year ago.
The index reflects the tax climate of each state as of July 1, 2013.
The Volunteer State has a more business-friendly tax climate than all neighboring states and in the southeast region, only Florida ranks higher at No. 5.
Wyoming has the nation’s most business-friendly tax structure, followed by South Dakota, Nevada, Alaska, Florida, Washington , Montana, New Hampshire, Utah and Indiana.
The most unfriendly states for business taxes are mostly on the coasts and in the northeast. The bottom ten are Maryland, Connecticut, Wisconsin, North Carolina, Vermont, Rhode Island, Minnesota, California, New Jersey and New York.
The Tax Foundation evaluated five types of taxes — corporate, individual income, sales, unemployment insurance and property taxes.
Not surprsingly, Tennessee ranked best — No. 8 — in individual income tax and worst — No. 43 – in sales tax. Tennessee has one of the highest combined state and local sales tax rates in the country.
Tennessee’s tax climate gives it an edge over most other states in the business recruitment.
Here’s an excerpt from the report:
“It is important to remember that even in our global economy, states’ stiffest and most direct competition often comes from other states. The Department of Labor reports that most mass job relocations are from one U.S. state to another, rather than to a foreign location. … State lawmakers are right to be concerned about how their states rank in the global competition for jobs and capital, but they need to be more concerned with companies moving from Detroit, MI, to Dayton, OH, rather than from Detroit to New Delhi. This means that state lawmakers must be aware of how their states’ business climates match up to their immediate neighbors and to other states within their regions
Click here for the full Tax Foundation report.
Miller Energy Resources platform in Cook Inlet, Alaska.
For the third time this year, Knoxville oil and and gas company Miller Energy Resources has issued preferred stock to raise money for general corporate purposes.
Miller said Wednesday it raised $7.2 million from the sale of preferred stock that was completed Tuesday. Proceeds will be used for general corporate purposes.
MLV & Co. LLC acted as sole book-running manager for the offering. Aegis Capital Corp., Maxim Group LLC, National Securities Corp., a wholly owned subsidiary of National Holdings Inc. and Northland Capital Markets acted as co-managers.
Miller raised $11.1 million in May and $14.3 million in February with follow on sales of preferred stock.
Miller has exploration and production operations in Alaska’s Cook Inlet and East Tennessee.
Knoxville-based coal producer Xinergy Ltd has reached a milestone with the completion of a coal preparation and rail loading facility at its South Fork mine in Greenbrier County, West Virginia.
The new facility is expected to help boost production substantially in the coming months.
The South Fork operation is expected to produce at “an average rate of 50,000 tons per month during the second half of 2013, representing approximately half of the complex’s anticipated productive capacity,” according to a news release.
The company previously said it expected to invest $20 million in the coal preparation and rail loading facility.
“Notwithstanding the challenging market conditions, we are extremely excited to report that we have completed construction of our South Fork infrastructure project on time, and within budget. We will continue to focus on driving shareholder value by executing upon our strategic vision of building out our premium quality mid-vol coking coal footprint in West Virginia,” Xinergy President Bernie Mason said in a news release.
In its most recent financial report, Xinergy said it had a net loss of $1.9 million, or 3 cents per diluted share, for the quarter ended March 31, 2013, compared to net income of $1.7 million in the same period the year prior.
Xinergy operates coal mines in West Virginia and Virginia. It sells thermal and metallurgical coal to electric utilities, steelmakers, energy trading firms and industrial companies.
Knoxville metal shop Steel Plate Fabricators is one of 15 employers nationwide to win the 2013 Secretary of Defense Employer Support Freedom Award, the defense department announced. Eastman Chemical, a Kingsport, Tenn.-based maker of specialty chemicals, also won this year’s award.
The award is the highest civilian recognition presented by the defense department and is given to employers who demonstrate exceptional support for employees serving in the Guard and Reserve.
“I am very humbled by it. “I’m a little bit overwhelmed,” Steel Plate President Mike Russell said Wednesday. It’s quite an honor and we’re proud to have won the award. We have a great team here.”
In this Nov. 11, 2008 file photo, the Xperia X1 mobile phone from Sony Ericsson, New York. (AP Photo/Bebeto Matthews, file)
Smartphones and tablets have become symbols of the with-it executive doing
business and making money 24/7. Staring intently at their cellphones or hunched
over their iPad, tech savvy execs exude power.
Or do they?
A new study at Harvard Business School suggests that those who use
smartphones and tablets are less aggressive than their peers who use larger
screen devices, according to a report by CNET.
Manufacturing is doing well in Tennessee, but growth is being held back by “the relatively low level of educational achievement of its adults,” according to a report released today by Ball State University.
Tennessee received a B for manufacturing and a B+ for logistics in the 2013 Manufacturing and Logistics Report Card prepared by Ball State’s Center for Business and Economic Research.
In stark contrast,the report gave Tennessee a D- in Human Capital, a category that includes the level of high school and collegiate achievement, the number of associates degrees awarded annually per capita and other educational measures.
Metropolitan Knoxville employers plan to add new jobs at a “brisk pace” in the third-quarter, according to the latest Manpower Employment Outlook Survey.
Twenty-three percent of local employers surveyed said they plan to add new jobs during the July through September period, compared to 6 percent who plan to cut staff for a net gain of 17 percent of employers who plan to add workers.
Seventy-one percent expect to maintain current employment levels, Manpower reported.
A recent Pew Research Center survey found that more than half of Americans now favor legalizing marijuana.
The survey, coupled with the growing number of states that have passed laws legalizing recreational and medical use of pot, helps explain why there’s increasing talk of big tobacco and big pharmaceutical companies investing in the marijuana industry.
Marijuana is still illegal at the federal level, but if Big Business takes an interest who knows what could happen.
Despite cuts in government spending and payroll tax increases, the state and national economies are poised for solid growth in 2014 and 2015, a University of Tennessee report says.
Driving the growth are improved job creation, surging vehicle sales and a recovering housing market, according to the spring 2013 Tennessee Business and Economic Outlook.
“The economy has finally found a firm footing,” Matt Murray, associate director of the UT Center for Business and Economic Research and the report’s author, said in a news release “This will be the third year of payroll employment growth and a falling unemployment rate following the Great Recession.”
Nationally, payrolls are expected to grow 1.5 percent this year and 1.6 percent in 2014, the report said.