The fine print

By Dick Hughes  

AUGUST 30, 2010 9:01 a.m. (0)

ScanSource Sets Revenue Record

ScanSource, the Greenville-based international distributor and reseller of technology products, had a good year with higher sales and income, but it could have been even better if it were not for product shortages, the company reported.

The company recorded an increase in net sales of 14.4 percent to $2.1 billion and an increase of 2.4 in net income to $48.8 million for the fiscal year ended June 30.

In the fourth quarter, net sales increased 32 percent to $582 million and net income rose 12.4 percent to $14 million from the same quarter a year ago.  It was a record for quarterly sales, the company said.

Mike Baur, chief executive officer, said sales increased across all product line. “This quarter we sold to an increasing number of customers and were pleased to see a resurgence of big deals.”

Baur told analysts in a conference call Aug. 19 that sales would have been even better “if we had better product availability. As we have discussed for several quarters, product shortages and longer lead times have negatively affected our financial results.”

Finding Common Ground in Development

Leaders of several organizations engaged in various ways to promote the Upstate for new businesses met Aug. 19 at the BMW Zentrum with town and county officials to update them on their activities and encourage a united front.

“Our competition is not ourselves; our competition is other regions across the globe,” said Dean Hybol, executive director of Ten at the Top, which is building a consensus for smart land-use.

Mark Cothran, vice president of public policy for the Upstate Chamber Coalition, said the coalition has grown from two (Greenville and Spartanburg) to 11 and the number of businesses represented from 3,000 to 8,000.  Two more Chambers are close to joining, he said.

Brad Wyche, executive director of Upstate Forever, hoped “we’ll look back and say that this was the afternoon we came together” to commit to protecting air and water quality, preserving open space and preventing congested sprawl.

Hal Johnson, president of Upstate SC Alliance, said Upstate has attracted $1.7 billion in capital investment commitments already this year.  “This region is the economic engine of the state, and we’re on fire,” he said.

Where Should We Put 234,000 New Residents?

The organization seeking consensus on how the region should find housing, jobs, schools, shopping and recreation for an  influx of 234,000 new residents over the next 20 years will hold a Regional Vision Summit Sept. 28 at the Carolina First Center.

Ten at the Top said 7,000 people in the Upstate already have shared some ideas as part of its process of determining public sentiment about what’s important in planning for growth.  The broad findings from that input will be released and discussed at the vision summit.

Following the summit, Ten at the Top will hold 12 community forums in all 10 counties.  They are scheduled for evenings between 5:30 – 7:30 and include dinner.

The public is invited to both.  Attendance is free but advanced registration is required.  To register and for more information go to www.tenatthetop.org.  Registration is open for the summit and will be open for the community forums in early September.

TSFG Settles Two Suits, Gets Another

The South Financial Group and shareholders who challenged terms of the sale of Carolina First to TD Bank have agreed to settle the litigation.

As part of the proposed settlement, TD agreed not to purchase any additional TSFG common shares beyond what the Canadian bank already had bought. TSFG also agreed to provide additional disclosures relating to the merger prior to a shareholder vote in late September.

The shareholders who sued TSFG did not get their main objective – a court order to put the bank back on the market to seek a better price than the 28 cents per share TD agreed to pay.

The settlement has yet to be approved by the Court of Common Pleas in Greenville.

In a U.S. District Court suit, the owner of property in Hilton Head that went into foreclosure settlement said Carolina First reported a taxable debt forgiveness gain of $53,000 on his IRS 1099.  He claims it should be $500.

The difference was between the amount of the loan given the property owner, minus what he had paid, and the depreciated fair market value of the property at the time of the settlement.

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