Category Archives: Progress

A few days ago, the management team at Civeo Corp. (NYSE:CVEO) announced that it had finalized its most recent credit facility redetermination. Seeing as how I own shares in Civeo, I like to keep up-to-date with the firm's progress and I know that you, my readers, like to as well (at least those of you who follow and/or own it). As such, I determined that it would be a wise idea for me to provide an update on the company and give my thoughts on what it all means for the business moving forward.

A touch on their earnings

Seeing as how Civeo's earnings just came out the other day, you may be asking why the focus on this article is not on that news as opposed to (or in addition to) what I'm writing about. Simply put, management provided preliminary guidance on financial results for the fourth fiscal quarter of last year, as well as provided guidance regarding the company's 2017 sales and other financial data at an earlier time.

I wrote about it in this article but the gist of it is that management's forecast for 2016's fourth quarter revenue was in the range of $89 million to $92 million (actual result was $90.92 million) and for EBITDA it came out to $16 million to $18 million (actual result was $17.7 million). For 2017, sales guidance is still as it was at between $337 million and $353 million, while EBITDA guidance is still calling for a range of between $60 million and $65 million. In essence, nothing really changed too much from what was forecast.

A look at management's newest move

One problem with Civeo is that it has a meaningful amount of credit facility debt that can be cut below their borrowings if lenders elect to force such a situation. So long as this does not happen, the firm is fine, but if lenders ever become scared and this number gets pulled down too low, the end result could make shareholders quite unhappy since it could result in the business going under in a worst-case scenario or could force additional share offerings and/or require it to take on debt at materially-higher interest rates in order to account for the difference.

*Taken from Civeo

Fortunately, according to management, the firm just went through its most recent redetermination and struck a deal with lenders wherein it had seen its lender commitment drop by $75 million from $350 million to $275 million. In the image above, you can see what the picture looked like before the deal was struck (no similar table has been provided for the post-agreement). This is particularly interesting because, according to their existing facilities agreement, Civeo has to pay a small amount of interest on any proceeds not currently being used (this is standard for credit facilities and I don't think I have ever seen one that didn't have this kind of stipulation).

*Taken from Civeo

I will get to the other aspect of the deal in a moment but the reason why this is important is that, based on the company's current leverage ratio, which I estimate, using its projected 2017 EBITDA of $60 million to $65 million, is between 4.23 and 4.58. As you can see in the image above, this means that on any undrawn amount, Civeo must pay between 0.90% per year and 1.01% per year. By reducing this number by $75 million, management is reducing interest expense, keeping all else the same, by between $0.68 million and $0.76 million per year.

*Taken from Civeo

Every little bit helps but if this were all I was writing on, I wouldn't say it's enough to warrant your attention. What does warrant it, however, is that, in exchange for management striking this deal, they also were able to change their allowable leverage ratios for the better. In the image above, you can see what their leverage ratios were prior to their agreement and in the image below, you can see their current allowable leverage ratios post-deal. At first glance, this may not seem like much but it could make all the difference in Civeo's long-term survival.

*Taken from Civeo

Let's take, for example, the end of 2017. Under their prior deal, the firm would be allowed, assuming its EBITDA estimates are correct, to hold debt of between $300 million and $325 million. Now that number has increased to between $351 million and $380.25 million. For the third quarter of 2018 (the last number shown on the original table), the disparity is even larger, with management only allowed to have debt of between $210 million and $227.5 million compared to the same $351 million to $380.25 million range cited above.

In its press release on this development, management said that one benefit to this change in their agreement is that the company has greater financial flexibility. In detailing this, they noted specifically that it could allow them to engage in acquisitions, a move that I would applaud if management can find a suitable prospect. One downside, though, is that if their leverage ratio is at 5.50 or higher, they will be forced to pay an interest rate that is 0.5% higher than what they are paying today, but if the firm does decide to buy up something, then it's unlikely to be an asset or business where such a small increase in the interest rate would have a material impact on the firm (otherwise, they shouldn't be buying anything).

Takeaway

Based on the data provided, it looks as though management continues to make some nice progress given Civeo's circumstances. Even though I did not like their public share offering earlier this year, I do like to see improved financial flexibility, especially if it can lead to an acquisition, and I also enjoy seeing interest expense falling, even if the move is immaterial in and of itself.

Disclosure: I am/we are long CVEO.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Civeo's Making Nice Progress - Seeking Alpha

Paul Fain, USA TODAY NETWORK - Tennessee 8:02 a.m. ET Feb. 26, 2017

Paul Fain(Photo: Submitted)

Do you have a pending file? How long have some of those actions been pending? How many relate to your personal financial plan?

Consider the synonyms for pending":unresolved, unsettled, up in the air, on ice, unfinished, on the back burner. I dont know about you, but unresolved financial matters in my life are a leak for my energy and feelings of well-being.

Why do we have pending financial actions? Sometimes we struggle with paralyzing indecision based on lack of knowledge, uncertainty, or negative past experiences. Often, we are distracted by other seemingly pressing matters. I recall a Wall Street Journal article titledMultitasking makes you stupid. We often need to focus on a task, especially if it appears difficult.

To move from pending to progress, we need to be intentional, create measurable steps, and even add accountability. Since we often dont pay attention to things that we dont see, we need to write down our action plan, strategize with our family or an adviser, and set timelines and deadlines.

The first intention should be to reduce our financial pending list to two or three top priorities. Then, we can identify two or three specific actions we can do this month. Then we can pick one thing to do this coming week to create momentum, no matter how big or small. As examples, here are a few financial planning action items that may be circulating through your life right now:

Tax planning:Once youve got all of your tax reporting forms, get them organized and file your return.

Estate planning:It seems that every few years, state or federal estate regulations are in flux. With each change, you need to review and possibly update your estate documents.

Life is a series of transitions:Marriage, birth, retirement, death. Subsequently, it is important to update your insurance coverages types, amounts, beneficiaries, etc.

Investments: With an extended run-up in U.S. stock market values, it is vital to review and rebalance your portfolio.Consider diversification opportunities, often applying some contrarian logic. Do you have exposure to global markets? Are you updating the risk/return profile of your bond strategy to reflect the likelihood of rising interest rates? Do you need to create some cash for an upcoming expense?

Often, we get stuck in a pending mode as a result of our own unrealistic expectations. A perfect solution is a myth. Or, we might be buried under a mentality of woulda, shoulda, coulda.I absolutely cannot change the decisions that I made yesterday.But, I can definitely strive to make better decisions today and tomorrow.

What we need is progress. Think simple and essential. A trip of a 1,000 miles begins with the first step.

When I check-off a pending item from my financial to-do list, I almost always experience two things: a tremendous sense of relief and/or achievement; andrecognition that the action wasnt as complicated or difficult as I previously imagined.

It seems appropriate to summarize with the wacky wisdom of comedian Larry the Cable Guy:Git-r-done.

Paul Fain is a Certified Financial Plannerand president of Asset Planning Corp., a financial planning and investment management firm based in Knoxville. He welcomes comments and column ideas, but cannot offer specific personal financial advice. Write to him at pkf@assetplanningcorp.com.

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Fain: How to move pending to progress - Knoxville News Sentinel

MILAN, Italy Given the massive challenge of taking up the reins of a designer as unique and adored as Consuelo Castiglioni, Francesco Risso was always going to draw down a forensic level of scrutiny with his womenswear debut at Marni.

The staging seemed to acknowledge that. It hedged its bets. Marnis showspace on Viale Umbria was reconfigured as a shadowy building site, with looming scaffolding and bubble-wrapped plywood benches for seating. A neon sign flashing WORK IN PROGRESS would scarcely have looked out of place. And it would certainly have been an appropriate cue for the collection Rossi presented.

It was heavy on concept, which was to be expected after Rissos seven years working with Miuccia Prada. She is a genius at using abstract ideas to add substance to collections when they most need it. Rissos shtick was, however, obtuse to a fault. He called his collection Be1ngs, with an emphasis on the singular in the plural. Got that? No, me neither. An individual being in the act of creating its own reality? Still no clearer.

But what was easier to wrap ones head around was the influence of the women in Rissos life. He was talking personal, I was thinking professional. Castiglioni, liberated from stereotypes, Prada, free of conventional notions of beauty and ugliness. Rissos collection was provocative in the way it dispensed with prettiness and proportion.

There was an element of perverse discomfort in high collars and ill-fitting bustiers. Or maybe it was a deliberate naivet. Risso talked about a special wool that had been scratched till it pilled. Ghastly! Or a silk that mimicked the plastic bubblewrap on our benches. One of my obsessions is waxed cotton, he said. Padded and layered, so the pieces are three-dimensional, sculptural but still very light.

There was something fiercely utilitarian about that stuff. Some of it was tied at the waist with string. The shaggy, matted coats could have been rescued from a recycling depot. And those hats! Oy! They looked like sou-westers clumped with sheepskin.

And yet, and yet you could step back from the oddness (match the hats to the clunky nailhead-heeled boots) and take it all as a deliberate statement of dissociation. On the soundtrack, Brit avant-gardist Robert Wyatt crooned At Last I am Free. That song was originally written and recorded by Chic, which gave it a certain untouchability in the grand scheme of artists covering other artists. But Wyatt audaciously overlooked any reservations to make his own gorgeous version. Is that what we take away for Rissos debut at Marni? Minus the gorgeousness, this time.

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A Work in Progress at Marni - The Business of Fashion

General Electric (NYSE:GE) recently released its 2016 10-K so I wanted to spend some time discussing the metrics that I first covered in "GE: The 2 Key Metrics To Monitor in 2016" (published in December 2015). In that article, I explained why it would be important for investors to monitor GE's debt balance and payout ratio while the storied company transitions from a misunderstood conglomerate to a more industrial-focused company.

Within this article, I will review these two metrics for full-year 2016 in order to determine how well GE's management team was able to re-position the company over the last four quarters.

The Debt Balance: Where Does The Company Stand?

GE's financing arm, GE Capital, used to account for ~50% of the company's earnings and this resulted in the market viewing (and valuing) the industrial conglomerate more like a financial institution so Mr. Jeffrey Immelt, GE Chairman & CEO, made the game-changing decision to sell off a majority of the financing assets in order to return the company to its industrial roots. The plan was dubbed "A simpler, more valuable GE".

Financing operations are a highly leveraged business so GE consistently had an oversized debt balance, which increased the company's risk profile. Therefore, I have been monitoring GE's debt balance since mid-2015 in order to stay abreast of how well the management team has been able to de-risk the company's balance sheet.

Below is an excerpt of the Statement of Financial Position that was taken from the 2016 10-K. The line items that I will focus on within this article are highlighted in red.

The table below was created with data from the 2016 and 2015 10-Ks, and the balances are broken out between GE (all affiliated companies except GE Capital) and GE Capital.

(Sources: 2016 10-K and 2015 10-K; table created by W.G. Investment Research LLC)

* - Total debt balance in the table only represents the company's short-term and long-term borrowings for the respective period-ends. See linked reports for additional liabilities (e.g. accounts payable, dividends payable, etc.)

The biggest takeaway from the table, in my opinion, is that GE's consolidated debt balance is down by ~$185b, or ~50%, since 2014. Yes, industrial GE currently has a higher debt balance ($16b in 2014 vs $79b in 2016) but this is a necessary evil that management will have to contend with as the company continues to shift its focus more towards the industrial businesses and the financing Verticals. Another important takeaway is the fact that GE Capital still makes up ~60% of the consolidated debt balance so, in my mind, there is an opportunity to further reduce the company's leverage as the financing assets are sold over the next two plus years.

The trending of GE's consolidated debt balance shows that management has made significant progress in reducing the company's financial leverage in a short period of time, but I do believe that more work needs to be done. As a long-term investor, it is encouraging to see GE's focus shift more towards its industrial business because a purer play industrial company will eventually warrant a richer valuation once the market is sold on the company's transition.

Payout Ratio

Before I touch on GE's payout ratio, I wanted to first show the progress that has been made to reduce the company's share count.

GE Average Diluted Shares Outstanding (Quarterly) data by YCharts

GE's share count has declined by over 1b shares, or over 10%, in three short years. The company has had to sell off financing assets to fund some of the buybacks but the management team has already been able to make up for the lost earnings.

GE Net Income (Quarterly) data by YCharts

(Full Disclosure: the 2015 earnings were impacted by the "one-time" charges related to the GE Capital asset sales)

Therefore, not only is GE's share count down significantly since 2014 but the company has also already been able to replace most of the lost earnings and the earnings are now largely coming from the industrial businesses.

GE maintain a $0.23 quarterly dividend throughout 2016 so the company paid out ~60% of its operating earnings. Management increased the quarterly dividend by $0.01, or 4%, in December 2016 so the company is projected to also have an ~60% payout ratio in 2017 (based on the low-end of the forward operating earnings estimate). Mr. Immelt and company wants GE's payout ratio to be between 45-50% so investors should start to bake in the fact that the company's dividend will likely only slowly grow through 2018. However, looking out past 2018, I believe that the shrinking share count will allow for GE to jump back into dividend growth mode, especially if the restructuring is complete.

Bottom Line

The management team is making great progress in reducing GE's debt balance and share count, but investors should not expect for substantial dividend raises anytime soon. In addition, many people in the financial community, including myself, believe that GE will soon be taking on more debt (read about this topic here) but I still do not believe that the company's financial leverage should be viewed as a significant concern, at least not yet.

GE shares are trading at what is widely viewed as a "fair" valuation, but, in my opinion, this company has the potential to greatly improve earnings over the next decade. Management already re-affirmed the 2018 EPS estimate of $2.00 plus, so based on this estimate GE shares still have room to run. Moreover, GE currently pays an above-average dividend and the company has several significant catalysts in place - Alstom integration, Baker Hughes (NYSE:BHI) merger, Industrial Internet Of Things (IIoT) growth - that have the potential to create a great deal of shareholder value in the years ahead. As such, any significant dips in GE's stock price should be viewed as long-term buying opportunities.

Note: I will be diving deeper into GE's 2016 10-K over the next few weeks so please let me know if you have a topic that you would like covered.

If you found this article to be informative and would like to hear more about this company, or any other company that I analyze, please consider hitting the "Follow" button above.

Disclaimer: This article is not a recommendation to buy or sell any stock mentioned. These are only my personal opinions. Every investor must do his/her own due diligence before making any investment decision.

Disclosure: I am/we are long GE.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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General Electric: Making Progress, A Debt And Payout Ratio Follow-Up - Seeking Alpha

White Sox: Happy with progress, Brett Lawrie tries to clear final hurdles

GLENDALE, Ariz. -- Brett Lawrie isn't sore, he's just not yet correctly aligned.

Until that happens, the White Sox second baseman doesn't want to risk playing at full speed, which for him is nearly the equivalent of hyperdrive on the Millennium Falcon.

Lawrie said Sunday he has been pleased with the progress made in returning from a series of leg injuries that wiped out the final 2 1/2 months of last season. But he also isn't quite ready and doesn't want to risk re-injuring himself until he feels total confidence.

"I've been very happy and I haven't really gone backwards and that's been key for me," Lawrie said. "I guess the biggest thing is being able to trust myself when I get out on the field and not have to worry about my body and just worry about the game. If I can't do that then I'm not going to go out there and do that. S once I can clear that stuff up, and it's in the near future.

"I just need to keep being positive and keep putting the work in every single day and I'll be OK."

Lawrie and Rick Renteria said the veteran has been his normal hyper since he reported to camp eight days ago. He'd been a full participant leading up to Saturday when he told Renteria he still didn't feel completely right. But Lawrie said he's just working out the "end kinks" to a trying period. Even though he's had a few tough days of late, Lawrie is trying to stay upbeat and power through.

"It's nothing that's grabbing at me or anything like that," Lawrie said. "I think it's just how everything is sitting and needs to be aligned, that's all.

"Not completely where I want to be and I want to be right where I want to be in order to get out on the field. This last part has just been tough but I'm just continuing to push through and I want to be out on the field and be 100 percent and just have to worry about baseball and not have to worry about this. Before I get out there I just want to make sure that everything is cleared up."

GLENDALE, Ariz. -- Jose Quintana and Miguel Gonzalez looked like a pair of pitchers who began their offseasons earlier to prep for the World Baseball Classic.

Both White Sox starting pitchers looked sharp as they made their spring debuts in a 7-3 victory over the Colorado Rockies at Camelback Ranch on Sunday afternoon. Team USA relievers David Robertson and Nate Jones also pitched a scoreless inning each in the win. Prospect Zack Burdi also pitched a scoreless ninth inning.

Gonzalez, who is on the Team Mexico roster, only allowed a single on a dropped pop up on the infield in two scoreless innings.

Im a little ahead of the game right now, Gonzalez said. I started a little earlier this year in the offseason to work out, thinking I wanted to go to the WBC and get ready for that. But I think the most important thing right now is getting ready for April 1 with the White Sox. Thats my goal, and you dont get these opportunities every year. To represent Mexico, its going to be fun. Its going to be great.

Quintana, who will start for Colombia in their March 10 opener against the United States, allowed a run and a hit in two innings. He struck out one and hit a batter.

I feel good, Quintana said. I think for the first day I feel comfortable. I hit the glove. I feel good. A couple of pitches spinning were good and I feel really good.

[RELATED: Jim Thome on being a finalist for National Baseball Hall of Fame]

Robertson is throwing much earlier than normal in anticipation of his March 6 departure for Miami, where Team USA begins its tournament. The clubs closer normally wouldnt appear in a game until the calendar turns to March. Robertson said he usually only needs 5-6 spring outings to get in shape for the regular season. Though he felt a little rusty, the right-hander was pleased with several changeups and fastballs he threw.

I wouldnt say it was smooth but I got through it, Robertson said. I had a few bad pitches that were just not competitive. All in all I got through what seemed like a tough inning for a first outing.

Im excited. I think its going to be a lot of fun. Im going to go down there and put the USA across my chest and have a chance to win something for our country. I think its going to be a lot of fun and Im excited to play with a group of guys Ive been playing against my whole life.

Eddie Alvarez had a three-run double for the White Sox while Tyler Saladino collected two hits in three trips. Catcher Roberto Pena went 2-for-2 with an RBI.

GLENDALE, Ariz. -- Normally upbeat and positive, Jim Thome cant help but beam with pride when asked about his Hall of Fame candidacy.

Thome, who blasted 612 career home runs, including 134 with the White Sox, is eligible for induction for the first time in 2018. Even though hes expected by many to one day be voted into Cooperstown, perhaps even in his first year, Thome said hes merely honored to be on the ballot. Thome is joined on the ballot by Chipper Jones and former teammate Omar Vizquel, among others. Voting begins in December and the results will be announced next January.

To even be on the ballot and thought of, it would be the greatest honor I think you could get, Thome said. Or if you get an opportunity to go into the greatest fraternity baseball has or created, it would be indescribable. How do you ever think as a kid or a high school player or even going through the minor leagues, that youd play at the big leagues that long? And then to get an opportunity at the end of your career to be put on the ballot is so great.

That would be the coolest moment ever.

Thome who is in White Sox camp as a special assistant to the general manager provided plenty of big moments in a career that spanned 22 seasons. He hit 30 home runs in 12 of 13 seasons between 1996-2008, leading the league with 47 in 2003. The slugger was a five-time All-Star and produced 72.9 b-Wins Above Replacement.

[RELATED: Brett Lawrie trying to clear final hurdles]

Thome isnt as superstitious about his candidacy as others previously have been. He wont be the guy to bring up the topic, but the Peoria, Ill.-native doesnt shy away from discussing it, either.

Its not something you talk a lot about, Thome said. Were not going to bring it up. But when people do bring it up, theres a sense of pride, a sense of Wow, baseball has thought that highly to put you on the ballot. And the fact that theres just this wonderful fraternity of incredible players that you could be a part of, if youre chosen.

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White Sox: Happy with progress, Brett Lawrie tries to clear final hurdles - Comcast SportsNet Chicago

Bridget Knight , Wichita Falls 7:45 a.m. CT Feb. 26, 2017

Construction is in full swing at the Career Education Center on Hatton Road. The $28 million project will allow the Wichita Falls ISD to provide skills training on 25 different career paths such as culinary arts, auto mecahnics and welding.(Photo: Torin Halsey/Times Record News)Buy Photo

Today, the Times Record News releasesits "Progress: Winds of Change" special report, underlining the significant advances made by our government, schools, businesses and people during the past year.

Change is important throughout our nation, most notably at the top of our government. Local government hasseen a changing of the guard as well, with new faces in the mayor's office and on the city council, school board and county commissioners court.

In downtown Wichita Falls, change is marked by the pounding of hammers, as a new generation of entrepreneurs remake old buildings as gourmet eateries, vintage retail exchanges and artistic spaces. A slew of new events are making sure residents have reason to venture to the city center to see the growth. Beyond the bordersof the city, windmills are rising at a ferocious pace, fueling hopes for renewable energy while worrying those in charge of aviation and weather radar.

Kathryn Hager displays some of her original Wichita Falls and Texas t-shirt designs at her store, Little h Creative, at 822 Indiana. Hager also offers work from local artists and a loft space venue for parties, events and craft parties. (Photo: Torin Halsey/Times Record News)

Our schools and universities are charging forward as well. Wichita Falls ISD is excitedly awaiting the completion of its new career education center, which will put training for in-demand career fields within reach of high school students. For college-bound students, the district is adding more dual-credit classes, and for younger students, the conversion of the city's three junior highs to middle schools is now complete.

Midwestern State University, like WFISD, has been in the midst of a building boom, with a futuristic dorm, re-envisioned dining experiences and more water efficient sports fields now in place. A new satellite campus in Flower Mound and continued on-campus construction will keep the university busy into the future.

Graham decided to build an entirely new wastewater treatment plant, noting that the dilapidated city plant, seen here, could suffer a major failure at any time.(Photo: Contributed photo)

Steady growth is not limited to Wichita Falls institutions, however. Neighboring towns like Henrietta are seeing unheard-of spurts of growth with new apartment complexes, travel centers, roads and municipal complexes. Many cities, spurred by problems uncovered during the drought, are reworking or replacing elements of their municipal water treatment and distribution systems. Others are pointing with pride to projects built on can-do community spirit, like Olney's new community walking trail and park upgrades.

North Texas has plenty of progress to be proud of this year. The Winds of Change are blowing in our favor.

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Special report details progress in city and region - Times Record News - Times Record News

Rebecca Susmarski The Register-Mail

GALESBURG A hair salon, a Mexican restaurant and a jewelry store are only three of the businesses expected to move into the strip mall on North Seminary Street after its construction.

Hair Cuttery, Kay Jewelers, Mi Casa Mexican Cuisine, AT&T and Hibbett Sports all plan to move into the property, said Joe Rayfield, director of leasing and property management for the strip malls developer, Horne Properties. The strip mall will have room for a sixth business that has not yet been selected, and Rayfield said many restaurants have expressed an interest due to the drive-through capability at the site.

The city of Galesburg could only confirm that Kay Jewelers will be moving in, since it has not yet received building plans from any of the other stores, but Rayfield said the tenants should probably be opening in mid- to late-May.

At the end of March or first of April, all of [the stores] should be starting to submit for permitting, Rayfield said.

The city issued a building permit for the strip mall on Nov. 7 of last year, and construction work began shortly after that, said Matthew Carlson, building inspector for the City of Galesburg. The winter weather delayed the installment of the buildings footings, but Rayfield said things have been going well with construction since then.

The buildings foundations have been installed and its exterior walls are currently being erected. Carlson didnt have a timeline for the constructions completion nor when the strip malls stores will open, since interior work could be extensive or minimal depending on what the stores request, he said.

A mixture of veteran Galesburg businesses and new ones are expected to find homes in the strip mall. Jeff Gray, vice president of real estate for Hibbett Sporting Goods Inc., confirmed that Hibbett plans to move from its current location in Sandburg Mall to the strip mall by July.

The Galesburg Hibbett location, which opened in 2001, had been considering a location change within the city even before the mall announced its closing plans.

Were always looking at options to see if we can better position our stores, and the mall had struggled for the past couple of years in keeping tenants, Gray said. It just made sense to find an alternative location.

Mi Casa Mexican Cuisine will be a new addition to Galesburg and serve as a sister business to the original restaurant in Aledo. Owner RaeAnne Hernandez, who grew up in Aledo and started the business with her husband seven years ago, said the original restaurant was doing so well that she wanted to expand.

Hernandez has not yet signed a lease for the second location, but the strip malls position on North Seminary Street proved to be a considerable plus when she looked for a new place to settle.

That area of Galesburg is really growing and we wanted to be a part of that, Hernandez said.

The final strip mall will be slightly more than 17,000 square feet in length and formed in an L shape. The south end cap of the strip mall is the portion still available, Rayfield said.

He also plans to start another phase of development on that land in late 2017 or early 2018. Horne Properties has already developed the Wal-Mart and Menards on that land, and sold the land that Kohls, Pet Supplies Plus and Shoe Carnival have developed.

It depends on the interest were able to accumulate, but probably [it will be] another similar sized building of what were doing now, Rayfield said of the future development.

Rebecca Susmarski: (309) 343-7181, ext. 261; rsusmarski@register-mail.com; @RSusmarski

Originally posted here:

Seminary Square strip mall a work in progress - Galesburg Register-Mail

USA TODAY NETWORK-Wisconsin 9:12 a.m. CT Feb. 25, 2017

Progress Lakeshore(Photo: Progress Lakeshore)

Progress Lakeshore is seeking nominations for businesses and individuals to honor as part of its Sixth Annual Excellence in Economic Development Awards Breakfast. The breakfast will be from 7 to 9 a.m., May 3, at Holiday Inn in Manitowoc.

RELATED:Business update: Companies willing to train

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Nominations are being sought for the Entrepreneurial Achievement Award, Neighborhood Development Award, Corporate Investment Award and Economic Accelerator of the Year Award.

Nominations are due by March 3 and are being accepted online. Go to progresslakeshore.org to submit a nomination, register for the event or to view available sponsorship opportunities.

For more details, contact Progress Lakeshore at 920-482-0540.

Orion Energy Systems, Inc., theManitowoc-based designer and manufacturer of LED retrofit lighting systems, was honored Feb. 23 at the Manufacturer of the Year Awards Program.

Orion, which received the award for market adaptability, was one of seven winners.

Other winners included Grand Award recipients General Plastics of Milwaukee in the small category,Hydro-Thermal Corporation of Waukesha in the medium category,Mortara Instrument, Inc., of Milwaukee in the large categoryand Greenheck Fan Corporation of Schofield in the mega category; and Sargento Food, Inc., of Plymouth for community stewardship and Midwest Prototyping of Blue Mounds for emerging technology.

The awards are presented by Wisconsin Manufacturers & Commerce, the largest business association in Wisconsin.

County Bancorp, Inc., parent company for Investors Community Bank, announced that on Feb.21, its board of directorsincreased its quarterly cash dividend by 20 percent, from $0.05 to $0.06 per share.

The dividend will be payable March 24to shareholders of record on March 10.

Timothy J. Schneider, president of County Bancorp, Inc., and CEO of Investors Community Bank, said: We are pleased to announce the boards decision to increase our quarterly dividend, which reflects our strength and confidence in the future and reinforces our continued focus on expanding our market presence and enhancing shareholder value.

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Business update: Progress Lakeshore seeks nominees - Herald Times Reporter

An unusual Letter to the Editor that ran Feb. 25, 1916, pointed our attention to a strange story that had played out in the previous days. On Feb. 21, a Daily Progress reporter shared the story of John Ashby, a 74-year-old Confederate Veteran who had stumbled into police headquarters last evening and asked for a nights lodging.

Given a jail cell to sleep in, as it was late on Sunday night, the destitute man was reported to have said: I entered the army when the war broke out, and served four years. I was with Jackson until Chancellorsville, his lip quivered, then with Lee. I was at Petersburg at the time of the surrender.

The account went on to explain: Left destitute, a week ago, by the death of his brother, Ashby, rather than submit to the ignominy of a poor house, set out to walk from Northern Virginia to Richmond where he hopes to find shelter in the Soldiers Home. He has come over 170 miles.

Ashby left Charlottesville the following morning on foot.

The following day, the Daughters of the Confederacy wrote to the editor of The Daily Progress, incensed that they had not been notified as to the veterans plight and by Feb. 24, the story had become the topic of discussion throughout town, and numerous letters to the editor were written; some questioned his claims of being a veteran, prompting the Progress to update its readers on efforts to locate the aged veteran. Long distance phone calls had been placed to the chiefs of police in various towns along the route to Richmond, but all efforts were fruitless. Readers were further assured that their voluntary contributions of clothing, many of which had been donated by students of the University of Virginia and left at the Progress office had been shipped to John Ashby, C/O Supt. of Soldiers Home, Richmond.

Editor J.H. Lindsey felt compelled to address the issue in his editorial of this date, acknowledging the faithfulness and generosity of the Albemarle Daughters of Confederacy. Lindsey went on to explain that the man was only in town for just a few hours and there was no time to notify anybody of his needs or to investigate the accuracy of his statements. Lindsey explained that the reporter for the Progress printed the story for the very purpose of informing those who might be interested in a case of real need and noted that the Progress had made arrangements for clothing and transportation to Richmond. Chief of Police Damron also shared his many efforts to provide comfort to the man that night, all of which were refused.

It is not known if John Ashby ever made it to Richmond.

See the article here:

Appearance of Confederate Veteran in Charlottesville causes a stir in 1916 - The Daily Progress

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'Progress' and the 'Rational Optimist' Genre of Nonfiction - Inside Higher Ed (blog)