News-Record.com

Just stop by the Koury Convention Center on any given weekend and you'll see the crowds of glassy eyed conventioneers toting bags of promotional swag. That's a sign the Greensboro Area Convention and Visitors Bureau is doing its job.

The group has now earned big recognition for its hard work: ConventionSouth magazine awarded the CVB its annual Readers' Choice award.

The award, handed out in December, is voted on by the magazine's 18,500 readers and is given only to top vote getters out of 2,000 meeting sites and CVBs.

“The value in receiving this recognition is that it comes from the United States’ top meeting planners who book events in the South. These planners demand the highest level of customer service and quality facilities, and they have determined that the recipients of ConventionSouth’s Readers’ Choice Awards do indeed display the commitment to professionalism, creativity, excellence and outstanding customer service they require,” said ConventionSouth President and Publisher J. Talty O’Connor.

A 16-screen, stadium-seating movie theater will open at Burlington's Alamance Crossing in late 2007, center developer CBL & Associates announced today.

Carousel West End Cinemas will be the anchor of the 840,000-square foot retail center's entertainment district and will be surrounded by restaurants, outdoor seating, a boardwalk and a water fountain, CBL announced in a news release.

"The movie theater is an important venue to the project because it offers shoppers another convenience within one destination," Mark Mancuso, CBL's senior vice president for development, said in the release. "CBL is committed to meeting the needs of the market area and providing consumers with a variety of shopping, dining and entertainment options at Alamance Crossing."

Carousel/Janus Properties owns Greensboro's Carousel Cinemas, located on Battleground Avenue.

The new WIRED workforce training initiative is going into operation this month with the completion of its management team and a guiding committee ready to meet.

The Piedmont Triad Partnership, which administers the WIRED program, said today that it has hired Mary Anne Forehand as its new vice president of workforce development and James (Jim) Donnelly as vice president of innovation and outreach.

In addition, WIRED, a $15 million federal workforce initiative, will hold the first meeting of its action committee on Jan. 18.

The WIRED project will help train workers in the region’s high-growth, high-wage industry clusters. Its goal is to establish the Piedmont Triad as a national model for a regional approach to economic development, workforce development, education, and entrepreneurship.

Forehand will work with regional employers, educators and other workforce development professionals to assist the creation of partnerships. Before joining the Piedmont Triad Partnership, Forehand had been working with the region’s JobLink Career Centers in serving underemployed youth and adults and helping dislocated workers through the state’s Rapid Response Service, which provides immediate aid to workers affected by announcements of plant closings and large layoffs.

Donnelly will focus his efforts on identifying and implementing workforce development and entrepreneurial programs that include the entire Piedmont Triad, with particular emphasis given to full participation by the region’s rural counties and minority populations. Most recently, Donnelly was vice president of the East Market Street Development Corporation.

AT&T North Carolina, formerly called BellSouth, announced Thursday that president Krista Tillman will retire and be replaced by a longtime AT&T executive.

Tillman has worked in telecommunications for 28 years and took the helm of BellSouth's state operations in 2000. Cynthia Marshall, who most recently acted as a senior vice president for regulatory affairs for AT&T California, will assume the position of state president, according to a company news release.

Telecom giant AT&T closed an $85-billion deal to buy Atlanta-based BellSouth late last month. The company is in the process of rebranding all BellSouth materials under the new name of AT&T North Carolina.

Replacements, Ltd., the Greensboro-based clearinghouse for more than 250,000 patterns of china, crystal, tableware and collectibles, has nabbed a perfect score on a list of best workplaces for sexual minorities for the sixth year in a row.

The Human Rights Campaign gave Replacements top marks in the civil rights group's 2007 ranking of workplaces achieving equality for gay, lesbian, bisexual and transgendered employees, according to a news release from the local company.

This year's HRC report awards 142 companies a perfect score on the 2006 Corporate Equality Index, which ranks U.S. companies based on their treatment of employees, customers and investors who are sexual minorities.

Replacements is the only Triad-based company to make this year's list.

Lincoln Financial Group's charitable foundation has given the Greensboro Historical Museum $75,000 in grant money, according to a city news release.

Lincoln, the Philadelphia-based financial-services company that acquired Jefferson Pilot Financial and, in the process, a chunk of the downtown Greensboro skyline last year, created a local charitable contributions committee in July.

The committee's most recent donation will help fund a 10,000 square-foot renovation for "Greensboro: A Crossroads for Many Voices." The exhibition will look at the Gate City as a crossroads for ideas, events and people, according to the release.

It's January -- time to get thinner -- and RF Micro Devices is providing its RF3159 linear EDGE power amplifier to Samsung's "Black Carbon" mobile phone, the thinnnest slider phone in the world, acccording to a company news release.

Samsung's use of the RF3159 further extends RFMD's industry leadership in EDGE power amplifiers and supports the Company's continued growth in the EDGE market.

A member of Samsung's Ultra Edition line of handsets, the SGH-D900 is a GSM/GPRS/EDGE quad-band handset featuring an MP3 player with a micro SD-card expansion slot, 3.13 megapixel camera, support for a
Bluetooth(R) stereo headset, TV-output and a vivid 2.1" 262K color screen for a full multimedia experience.

GREENSBORO - Senn Dunn, the state's largest private and independent insurance agency, has merged with Raleigh's Wilson-Ramseur, according to a Monday news release.

Wilson-Ramseur, an independent insurance agency founded in 1981, will assume the Senn Dunn name and be wrapped into the Greensboro-based agency, the release states. Senn Dunn opened its first Triangle office in Raleigh last summer.

Tim Ward, Senn Dunn's executive vice president, did not respond to a call from the News & Record seeking comment Monday afternoon.

Existing home sales in the state grew 3 percent last year compared to 2005, bucking the downward national trend that had analysts, homeowners and Realtors moaning.

The state's Association of Realtors reported Friday that 139,676 homes sold in North Carolina during 2006 - compared to 135,970 during 2005.

Total sales dollars were up 5 percent for the year, surpassing $30 billion. And the average sale price of an existing home grew 2 percent last year, to $214,952.

Existing home sales in the Triad were up 7 percent last year compared to 2005, with the average home price here also posting 2 percent growth year-over-year. Total sales dollars saw 9 percent growth, year-over-year, clocking in at more than $3.1 billion during 2006. The average sale price for an existing home in the region was $177,689.

Jacksonville, Brevard, Wilson and Catawba Valley saw the strongest year-end growth in total sales dollars, the association reported.

The Outer Banks and Wilmington saw notable declines in total sales dollars for the year, and Wilmington saw a 20 percent decline in the number of homes sold from 2005 to 2006. The Outer Banks saw a 44 percent decline in the number of homes sold year-over-year.

GREENSBORO - VF Corp. has agreed to sell its intimate apparel business to Fruit of the Loom Inc. for $350 million in cash.

VF's intimate apparel business includes brands as Vanity Fair, Lily of France, Vassarette, Bestform and Curvation in the U.S., and others in Europe, according to a news release.

The deal is subject to government approvals and closing conditions and is expected to be completed in the first quarter. VF plans to use the proceeds from the sale to repurchase shares this year.

"This marks an important chapter in VF's ongoing transformation toward becoming a higher growth, higher margin lifestyle company - and another example of our willingness to take bold steps to enhance total shareholder value," stated Mackey J. McDonald, VF's chairman and CEO. "Our intimates business has been a positive and important contributor to VF's success over our 100-plus year history. But the time has come to strategically rebalance our portfolio and to focus our energies and resources on the many growth opportunities across our Jeanswear, Outdoor, Imagewear and Sportswear businesses."

Fruit of the Loom plans to operate these businesses as Vanity Fair Brands, a wholly-owned subsidiary.

I chatted yesterday with Wendy Mason, owner of Indigo Bead Studio in Greensboro and, until recently, owner of a shop by the same name in High Point.

As mentioned in a recent Savvy Shopper column, Mason closed her High Point shop during the holidays. The reason, she says: "In the 14 months that I had it, there was never any volume there."

"I really don't know," she continued. "Everybody that I've ever know, and I should have just listened, told me ... it just seems like High Point doesn't support High Point very much."

Mason has moved all her High Point inventory over to her Greensboro store, at the Village at North Elm. She says she's open to looking at new locations, but "it won't be in High Point."

LSB Bancshares, the Lexington-based parent company of Lexington State Bank, announced Monday that fourth quarter earnings dropped 86 percent year-over-year due a series of credit write-downs, lower non-interest income and higher expenses.

The company reported $338,000 in earnings for the fourth quarter, compared to $2.5 million during the same period of 2005. The bank's annual earnings were $6 million, down 37 percent from $9.6 million the year before.

"The year 2006 was a challenging one for LSB Bancshares," Robert Lowe, the bank's chairman, president and chief executive officer, said in a news release. "While we are obviously disappointed with the write-downs and the decline in earnings, we have taken a number of steps to together our credit discipline and to position the bank for stronger results going forward."

As of Dec. 31, the bank's total assets were $986 million, up 1 percent from a year before but by about $6 million from the end of the third quarter.

The bank's assets totaled $986 million at the end of the year, down $6 million from the end of the third quarter.

The Greensboro Merchants Association will sponsor a bilingual job fair at the Greensboro Coliseum Complex on Feb. 22.

The event kicks of at 11 a.m. and runs to 7 p.m. For more information, call 664-6705 or head here.

From The Associated Press:

Taxpayers around the country will get an extra two days, until April 17, to file 2006 returns and pay taxes owed, the Internal Revenue Service said Wednesday.

The two-day reprieve comes about because April 15, the usual tax day, falls on a Sunday this year and April 16 is Emancipation Day, a legal holiday in the District of Columbia. The IRS said holidays observed in the nation's capital have an impact nationwide.

The tax agency had previously announced that residents of the District of Columbia and six eastern states would have an April 17 deadline because they are served by an IRS processing facility in Massachusetts, where Patriots Day will be observed on April 16.

RFMD, the Greensboro-based supplier of cell-phone chips and other gadgetry, announced Thursday that it has received the company's first purchase order from a top-tied military supplier.

The supplier, who was not named in a news release, ordered a product that contains an RFMD transistor that operates over a wide range of microwave frequencies and broadband applications. RFMD describes the product as a GaN (gallium nitrade) power amplifier, which is put into a 15-watt device that can enhance the range of radio military communications.

Bob Bruggeworth, RFMD's president and chief executive officer, said the GaN amplifiers represent a potential $1-billion market for the company.

"Our GaN development has been partially funded by the United States government, and today's announcement highlights just one of the many military applications where GaN's technical properties excel," Bruggeworth said in the news release.

The company expects to announce future growth in the technology this year. RFMD stock closed around $7.82 on the NASDAQ Thursday.

The financial losses at Unifi have mushroomed again.
The Greensboro-based yarn maker announced Thursday that the company lost $16.5 million, or 32 cents per share, for the quarter ending Dec. 24.

That compares with a loss of $3.8 million, or 7 cents a share, for the prior December quarter.

The company blamed the red numbers primarily on sales declines in its partially oriented yarns.

Bill Lowe, the company’s chief operating officer, said inventory adjustments throughout the supply chain during the past quarter “appear largely complete.” He added that the company’s plants are running at expected capacities.

In recent quarters, Unifi had made progress in its efforts to turn a profit. But in the past two quarters, the company has lost more than $27 million.

On the bright side, Unifi stock closed at $2.33 Thursday, up nearly 22 percent.

Lexair Electronics Sales Corp., a Greensboro-based distributor of communications equipment, has been named the top small business in the state by DiversityBusiness.com.

The Web site, launched in 1999 and focusing on multiculturalism in business, will honor Lexair at an April awards ceremony in Las Vegas, during is Multicultural Business Conference.

Lexair is a certified woman-owned business that caters to customers ranging from Fortune 100 companies and the U.S. government to small businesses and resellers.

The local chapter of the Better Business Bureau sent out a notice Thuesday warning readers to look out for Web sites impersonating lenders to steal cash from consumers.

"People with the poorest finances are being victimized," Pauline Morrison, president and chief executive of the Better Business Bureau of Central North Carolina, said in the news release.

For a group who is usually as gabby as the CIA when it comes to economic development secrets, leaders of the Greensboro Partnership seem almost cocky, relatively speaking, when it comes to HondaJet.

Both the outgoing and incoming chairmen of the partnership made a special point of suggesting last night that Greensboro could soon hear "positive" news from Honda Aircraft Co.

Honda, which is planning to manufacture the HondaJet, a "very light jet", has asked the city and Guilford County for a total of $1.2 million to build jets here.

Until now, only county commissioners would publicly discuss the subject.

At the Greensboro Partnership's annual dinner, however, the chairman seemed to be preparing the community for Honda's announcement, which is very unusual in a business that prides itself on secrecy.

Dennis Barry, the outgoing chairman, discussed how difficult economic development is. And he mentioned in his remakrs that "we are optimistic and hope to recive a positive decision from Honda in the relatively near future."

Likewise, Lee McAllister, who begins his term as the chairman, was more vague, but equally firm: "We hope to soon make a very exciting announcement about a new aviation company locating in our area."

HondaJet designed, built and tested the first jet at its Piedmont Triad International Airport headquarters. It expects to sell about 70 jets a year. Estimates say the manufacturing and engineering operations could employ 300 people.

Guilford County's unemployment rate dropped from 4.8 percent to 4.6 percent last month, as jobs in trade, finance, education, health and hospitality grew throughout the Greensboro-High Point area.

Guilford was one of 72 counties where unemployment rates dropped last month, according to a report released today by the Employment Security Commission. More than 232,700 people were employed in the county last month, while 11,210 people were unemployed.

The unemployment rate also declined, overall, for the Greensboro-High Point Metropolitan Statistical Area. December's rate was 4.9 percent, down from 5.1 percent during November. Unemployment rates improved in all of North Carolina's MSAs last month, the ESC reported.

"December wrapped up a very good year for employment in North Carolina," ESC Chairman Harry E. Payne Jr. said in a news release.

Unemployment rates improved throughout the region. Alamance County's rate fell from 5.3 percent in November to 5 percent in December, and Rockingham county saw a rate decline from 6.3 percent to 6 percent. Randolph County's rate fell from 5.1 percent to 5 percent.

Statewide, Orange and Watauga counties had the lowest unemployment rates - 3.1 percent - last month. Scotland County had the highest, at 9.3 percent.

Monday, we ran a story on the front of the Local section detailing the telephone excise tax, a refund that should be easily accessible to millions of taxpayers this year.

The gist: If you paid the telephone excise tax on long-distance service, a leftover from the Spanish-American War in 1898, you are eligible for a one-time refund from the Internal Revenue Service. You have to request this refund - on your 1040 if you have to pay taxes, on a special 1040EZ-T if you don't - from the IRS and submit your request by April 17, this year's filing deadline.

You can take a standard deduction - based on the number of exemptions you take - or calculate the tax you paid on bills between Feb. 28, 2003 and Aug. 1 of last year. You do not have to itemize to get the credit.

Sounds simple, right?

Apparently not. The IRS sent out a message this week saying that some taxpayers just aren't getting it. Early filings are raising red flags, as taxpayers request more money than they possibly could be owed. If you've filed for more than you're owed, you could have your refund frozen, be audited - or be prosecuted, IRS Commissioner Mark W. Everson said in a news release.

MidCarolina Financial Corp., the Burlington-based parent of MidCarolina Bank, reported earnings of $940,000 for the fourth quarter, an increase of 56 percent compared to the final quarter of 2005.

The bank's quarterly and annual earnings grew as loans increased and deposits climbed - both by more than 10 percent compared to 2005. The bank's annual earnings last year surpassed $3.47 million, a 54 percent increase over net income of $2.26 million for all of 2005.

Earnings per share for the year were $0.73, up from $0.48 during the 12 months ending Dec. 31, 2005. Fourth-quarter earnings increased to $0.19, up from $0.14 during the final quarter of 2005. All diluted earnings per share are adjusted for a stock dividend implemented as a 25 percent stock split Jan. 19.

As of Dec. 31, MidCarolina's total assets totaled $420.9 million, up from $370.4 million at the end of 2005.

Lifestyle Enterprise Inc. paid the City of High Point $1.67 million on Jan. 29 for land to build a new showroom and office building.

The deal was first announced in October, during the High Point Market.

The Greensboro division of Time Warner Cable is seeking entries for the cable provider's national teaching awards contest. The awards recognize teachers whose classroom projects use company resources.

Fifteen teachers or teaching teams from Time Warner's markets throughout the country each will receive a $2,000 cash prize, $3,000 for the advancement of classroom technology, a paid trip to Washington, D.C., for the awards ceremony and a crystal apple sculpture. The company also plans to award a principal this year with $5,000 meant for classroom technology improvements.

Eligible teachers much work at a state accredited public or private primary or secondary school within a Time Warner service area. Classroom projects worked on between Sept. 1 of last year and April 13 of this year qualify.

To get an entry form, contact Susan Lawson at Time Warner's local office, at 217-6653.

FocalPoint International, a Las Vegas-based coaching company, has opened an office on Wildrose Drive in Greensboro.

The Greensboro office, run by coach Merton Marsh, is FocalPoint's second franchise in the state; the business coaching and development company also has an office in Charlotte.

The FocalPoint programs on tenets taught by Brian Tracy, a speaker and entrepreneur who runs a California-based development and coaching operation named Brian Tracy International. FocalPoint is linked to Tracy's company.

To contact FocalPoint of North Carolina, call 866-365-4406.

Targacept will retrench and expand at the Piedmont Triad Research Park, adding 17,000 additional lab and office space to its lease at the Winston-Salem business complex.

The publicly traded biopharmaceutical company already occupies about 40,000 square feet of space at the research park. The company's renewed lease will run through July 2012, the downtown park announced today.

Targacept went public last April, and the news of its local expansion follows on some recent advancements. The company's shares climbed back above $9 this month for the first time since Targacept began trading on the NASDAQ. The company stock closed at $8.73 Tuesday.

In December, Targacept announced the continued development of its drug candidate to treat Alzheimer's disease. The company also recently has reported the kick-off of further clinical trials for a drug to treat post-operative pain and a drug to treat depression and anxiety disorders.