The Journal Record Business Briefs: April 26, 2010
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Busey receives international contract from Boeing
Delaware Resource Group of Oklahoma City has been awarded a contract to train flight crews from the United Arab Emirates.
The Busey Group company was hired by Boeing to start and maintain a C-17 training site. Recruiting and hiring of instructors has started. The contract is for three-and-a-half years and scheduled to start in June in the United Arab Emirates.
Delaware Resource Group has been a subcontractor to Boeing for the U.S. Air Force C-17 Aircrew Training System contract since 2005.
"This award is a huge step for our team, as we have now entered the international market," said Brian Busey, vice president of human resources and operations.
Phil Busey Sr., chairman and CEO of the Busey Group of Companies, said Delaware Resource Group won the contract because of its extensive experience and role with Boeing on other programs and the long-standing working relationship on multiple programs. In January of this year, Delaware won a $30 million training contract with the Air Force.
Pre-Paid Legal reports increase in net income
Pre-Paid Legal Services Inc. on Monday reported a 10-percent increase in net income for the first quarter to $18.8 million from $17.1 million for the first quarter of 2009.
Diluted earnings per share increased 23 percent to $1.87 per share from $1.52 per share. The Ada-based provider of legal services plans had a 10-percent decrease in average outstanding shares.
Membership fees in the first quarter increased to $107.3 million from $106.9 million for the same period last year.
Net cash provided from operating activities decreased 10 percent to $26.7 million for the first quarter of 2010 from $29.7 million for 2009.
During the first quarter, Pre-Paid Legal paid $1.6 million to repurchase 39,510 shares of common stock, at an average per share price of $39.70. Since April 1999, Pre-Paid Legal has paid $459.4 million to repurchase 15.1 million shares at an average price of $30.35 per share.
At March 31, Pre-Paid Legal had $32.7 million of debt outstanding and $71.6 million in cash and cash equivalents.
Membership fees for the first quarter decreased $1.3 million to $107.3 million from $108.6 million for the fourth quarter. Associate services revenues decreased during the first quarter by $1.5 million to $8 million.
Alliance Resources reports 3.4-pct gain
Alliance Resource Partners LP on Monday reported a 3.4-percent increase in net income for the first quarter to $75 million from $72.6 million for the first quarter of 2009.
Revenue for the quarter totaled $380.7 million, up from $329.3 million a year earlier.
"ARLP entered 2010 optimistic about performance this year and our first-quarter results confirm that our expectations were well- founded," said Joseph W. Craft III, president and CEO of the Tulsa- based operator of nine coal mines in Illinois, Indiana, Kentucky, Maryland and West Virginia.
Coal sales for the quarter increased 14.8 percent to 7.4 million tons from 6.4 million tons sold for the fist quarter of 2009. The average coal sales price increased 75 cents per ton sold to a record $49.34.
Brownfields conference set in Oklahoma City
The Oklahoma Department of Environmental Quality is presenting the 2010 Oklahoma Brownfields Conference on Wednesday and Thursday at the Skirvin Hilton Hotel, a brownfields site in Oklahoma City.
Speakers will include Gov. Brad Henry; Mick Cornett, Oklahoma City mayor; Bob Dixon, Greensburg, Kan., mayor; and J.D. Strong, Oklahoma secretary of the environment.
Sessions will include the Oklahoma Brownfields Transaction Forum. Brownfields sites in various stages of development will be presented and agencies with funding opportunities will be available to answer questions. Other topics will include third-party liability, issues concerning dry cleaners and sessions on the sustainability and brownfields redevelopment. …