Subject: Friday Morning Briefing
From: Talk Business <[email-masked]>
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Date: Fri, 6 May 2016 11:35:31 +0000
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JOHN JAMES TALKS STARTUP SUCCESS, AND FUNDING THE ‘BYPRODUCTS’ OF PUTTING SMART PEOPLE IN A ROOM: In our cover story for the latest magazine edition (http://talkbusiness.us2.list-manage1.com/track/click?u=4403c46412536341322b6e88c&id=9d59c41b87&e=b5f4886f5f) of Talk Business & Politics, Executive Editor Michael Tilley profiles John James, the Fayetteville-based entrepreneur who is making a name for himself. Founder of Acumen Brands, Country Outfitters and Hayseed Ventures, he’s turning out to have quite a knack for turning an idea into a multi-million dollar enterprise in Arkansas. Read what James is up to in the Old Post Office in Fayetteville and how his approach to growing businesses is building a stronger Arkansas entrepreneurial system.

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TYSON FOODS INVESTS $31 MILLION IN NEW INCUBATION CENTER NEAR DOWNTOWN SPRINGDALE: Springdale-based Tyson Foods continues to invest in corporate infrastructure in and near downtown, breaking ground Thursday (May 5) on a new $31 million incubation center just east of the recently occupied former JTL shops and the ongoing office renovations on Emma Avenue in the heart of downtown Springdale.

John Tyson, chairman and third generation of the founding family, said the new 75,000 square foot incubation center will employ 35 workers and replace hatchery options on Randall Wobbe Road in Springdale and in Lincoln. Construction is expected to begin in the coming weeks with completion slated by mid-2017. Read more of what will take place in the center here (http://talkbusiness.us2.list-manage.com/track/click?u=4403c46412536341322b6e88c&id=b1b72cdd78&e=b5f4886f5f) .

WINDSTREAM POSTS $232 MILLION FIRST QUARTER LOSS: Communications and technology provider Windstream Holdings, Inc. reported a first quarter loss of $231.9 million, or $2.52 per share, compared to a $5.3 million profit, or 5 cents per share, one year ago. The Little Rock-based telecom recorded quarterly revenues of $1.373 billion during the first three months of 2016 compared to $1.418 billion in the previous year’s comparable quarter. Windstream officials said there was a one-time non-cash charge of $182 million related to a decrease in market value of its investment holdings of CS&L, the spinoff company that manages some of Windstream’s former real estate assets for a fee. Read more here (http://talkbusiness.us2.list-manage.com/track/click?u=4403c46412536341322b6e88c&id=b54d43a7ae&e=b5f4886f5f) .

RESTRUCTURING COSTS PUSH USA TRUCK TO A $1.8 MILLION FIRST QUARTER LOSS: It was an expensive first quarter for Van Buren-based USA Truck (http://talkbusiness.us2.list-manage.com/track/click?u=4403c46412536341322b6e88c&id=6578c499ea&e=b5f4886f5f) , with $5.3 million in restructuring costs resulting in a net loss for the quarter of $1.807 million, a wide swing from the $1.635 million gain in the first quarter of 2015. Outside of the one-time cost hit, revenue during the quarter was down almost 17%. However, the company would have posted a 15 cent per share income gain in the quarter without the restructuring charges, which would have beat the consensus estimate of 10 cents per share.

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SPENDING BILL GOES TO GOV. HUTCHINSON: The House and Senate approved each other’s identical versions of the Revenue Stabilization Act, which funds state programs. The $5.33 billion spending bill passed in the House 87-5 with three not voting. In the Senate, it passed 25-6 with an emergency clause, with four not voting. The act closely resembles the budget Hutchinson presented to legislators before the session began.

The most controversial measure involved the appropriation for the Department of Workforce Services. It included an amendment by Rep. Jim Dotson, R-Bentonville, requiring the department to seek a waiver, like one given to Texas, that would create greater accountability for federal Temporary Assistance to Needy Families funds. Read more on the debate at this link (http://talkbusiness.us2.list-manage.com/track/click?u=4403c46412536341322b6e88c&id=e96e56d82d&e=b5f4886f5f) .

GOVERNOR SAYS INVESTARK SAFE IN HIGHWAY SESSION: With the Revenue Stabilization Act that funds much of state government on his desk, Gov. Asa Hutchinson Thursday was looking ahead to a special session focused on highways that he said will begin at 10 a.m. on May 19. Hutchinson said in a press conference that he won’t issue the call for the session until there’s more consensus on the issues to be discussed. Earlier in the day, Senate President Pro Tempore Jonathan Dismang, R-Searcy, told his Senate colleagues the session will occur May 19-20 and be finished that Monday, May 23. Read about plans for the highway special session, including other items that may or may not be added at this link (http://talkbusiness.us2.list-manage.com/track/click?u=4403c46412536341322b6e88c&id=b1a310a957&e=b5f4886f5f) .

NOTES FROM THE CAMPAIGN TRAIL: LEGISLATIVE LEADERS TO STAY - State Senate President Pro Tempore Jonathan Dismang, R-Searcy, was re-elected to his post as leader of the 35-member chamber on Wednesday, and Speaker of the House Jeremy Gillam, R-Judsonia, is expected to be re-elected to his leadership position on Monday. The two men served as respective chamber leaders in the 90th General Assembly. Our latest "Notes" edition also has tidbits on Attorney General Leslie Rutledge, Sen. Tom Cotton, and Democratic Senate challenger Conner Eldridge. Read the latest here (http://talkbusiness.us2.list-manage2.com/track/click?u=4403c46412536341322b6e88c&id=6cb92f55e6&e=b5f4886f5f) .

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MAGELLAN SAYS FORT SMITH-TO-LITTLE ROCK PIPELINE 'SUBSTANTIALLY COMPLETE,' PRODUCT SHIPMENTS BY JULY: In its first quarter earnings report on Wednesday, Tulsa-based Magellan Midstream Partners said construction of the company’s Fort Smith to Little Rock pipeline is “substantially complete, with operations expected to begin in early July.” The controversial pipeline project should bring some 75,000 barrels of refined petroleum products from Fort Smith into the Little Rock market. The project would significantly boost the level of gasoline, diesel fuel and jet fuel that enters the Little Rock market.

DECLINING ENERGY PRICES LOWER THE COST OF LIVING: Since June 2014, decreases in crude oil and natural gas prices have reduced household energy costs. According to initial figures from the U.S. Bureau of Labor Statistics (BLS), the chained consumer price index for urban consumers (C-CPI-U) decreased by 1.2% from June 2014 to February 2016. Lower energy prices had a significant impact on this decrease in spite of increases in the food and shelter components of the overall index, which represent larger shares of household expenses. The overall index edged up 0.6% in March as real crude oil prices rose 18.1%, while natural gas prices continued to decline, according to the U.S. Energy Information Administration (http://talkbusiness.us2.list-manage1.com/track/click?u=4403c46412536341322b6e88c&id=868a6645a2&e=b5f4886f5f) .

AEROJET SOLAR FACILITY OPERATOR IN CAMDEN GETS $100 MILLION EQUITY BACKING FROM SWISS GROUP: Silicon Ranch Corp., the renewable energy plant owner and operator of the Aerojet Rocketdyne solar project in Camden, said it has closed on a $100 million equity investment from Partners Group, a Swiss private markets investment management firm with more than $50 billion in assets under management. Partners Group led a recent investment round on behalf of its clients to increase Silicon’s equity capital backing, company officials said.

Silicon Ranch was responsible for the first large-scale solar facilities in Tennessee, Georgia, Arkansas, and Mississippi, including 12-megawatt solar facility in South Arkansas. The Tennessee solar plant operator also recently completed its first projects in Colorado, and plans to significantly expand its portfolio across the U.S. over the next 18 months through organic growth and strategic corporate development, officials said.
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"Arkansans are able to enjoy for the first time a little bit of extra jingle in their pocket because of lower gas prices. I did not want to take that away." - Gov. Asa Hutchinson offering one reason he opposes raising gas taxes.

"If you qualify for it, I want you to get the benefit, but I want to make sure it’s going toward the intended purpose." - Rep. Jim Dotson, R-Bentonville, who successfully pushed for a federal government waiver to make stricter guidelines for welfare recipients.

"We might as well say we’re going to put a scarlet letter on the poor and say, ‘You can’t do anything.’ And if you’re going to do that, then you need to do it for everybody that receives government assistance." - Sen. Linda Chesterfield, D-Little Rock, who argued against Dotson's provision and said farmers and corporations that receive government assistance should have to follow similar guidelines.

"You cannot underestimate what this will mean for future retail development in downtown Springdale. Retail will follow footsteps." - Springdale Mayor Doug Sprouse on the $31 million Tyson Foods incubation center to be built in downtown Springdale.
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