Inside Long Island Business
Get the latest news and trends on Long Island companies and the people behind them.
CA wins up to $80 million on IRS appeal
Photo credit: Kevin P. Coughlin, 2012
Islandia software maker CA Technologies has won an appeal with the Internal Revenue Service that the company says will result in a refund of up to $80 million.
The move lowers the company’s 2014 fiscal-year tax rate to 14 percent, down from 31 percent, increasing its first-quarter income to up to $185 million. CA also expects to receive a refund of $70 million to $80 million for the years...
Read more »Developer bids $6 million for bankrupt golf course
Photo credit: Newsday, 2011 / J. Conrad Williams Jr.
Manhattan real estate developer Donald Zucker has bid $6 million to purchase the bankrupt Long Island National Golf Club in Riverhead, according to court filings made this past week.
If accepted by the federal bankruptcy judge in Suffolk County, the filing could set in motion the auction and sale of the course on June 25. The bid is what’s known as a “stalking horse” bid, which sets a floor...
Read more »SCCC, Trinidad team up on training
Photo credit: Handout, 2010
Suffolk County Community College is looking to the Caribbean nation of Trinidad and Tobago for more expertise in developing metal-working training programs that focus on high-tech materials.
The Selden-based college has signed a memorandum of understanding with the government and Metal Industries Co., a government-sponsored training company that will allow instructors from Suffolk to receive...
Read more »Beer brewed for Sandy relief raises $58G
Photo credit: Blue Point Brewing Co.
A beer brewed as a collaborative charity effort by eight Long Island breweries has raised $58,000 for relief efforts after superstorm Sandy.
Food bank Long Island Cares and Barrier Brewing, an Oceanside brewery that was devastated by Sandy's floodwaters, each received $29,000 Wednesday in an official presentation of the proceeds.
The beer, called Surge Protector Sandy Relief Ale, was...
Read more »Metro area consumer confidence falls on economic worries
Photo credit: iStock
Consumer confidence in the New York metropolitan area fell this past month compared with March, despite record gains on Wall Street.
The Siena College Research Institute reported Thursday its confidence index for Long Island, New York City and its northern suburbs was 77.5 points in April, down 2.4 from the previous month.
Still, the index remained above 76.1 points, indicating the number...
Read more »Aeroflex reports sales dip from federal spending cuts
Photo credit: Jim Peppler, 2011
Aeroflex Holding Corp. Inc., a Plainview-based maker of wireless communication components, said its sales dipped modestly as government spending cuts took hold in Washington.
The company’s fiscal third-quarter revenue fell to $160.1 million during the three months ending in March, down less than a percent from the same period last year. The results beat analysts' expectations.
“We are...
Read more »Park Electrochemical says 4Q sales drop
Photo credit: Handout
Park Electrochemical Corp., a Melville-based manufacturer of high-tech materials, said its sales dipped as global demand for telecommunications equipment continued to wane.
The company's fiscal fourth-quarter sales dropped to $42.7 million during the three months ended in March, down 2.3 percent from the same period last year. The results fell short of the expectations of analysts, who had...
Read more »Stony Brook University student to speak at Forbes women's summit
Photo credit: Linda Rosier
Stony Brook University freshman Ruchi Shah will take the stage at the Forbes Women Summit in Manhattan Thursday afternoon as its youngest participant and representative of a younger generation passionate about topics on STEM, which is short for science, technology, engineering and math.
The Shah, 19, who has previously been in the spotlight for her discovery while in high school of a low-cost,...
Read more »CPI Aero says sequester cuts are starting to hurt
Photo credit: Jeremy Bales, 2012
CPI Aerostructures Inc., the Edgewood aircraft parts maker, Tuesday said its first quarter profits slipped as across-the-board spending cuts took effect in Washington.
The company's net income dropped 13 percent, to $1.7 million, or 20 cents a share. Revenue was virtually flat, at $19.9 million
"The federal budget sequester has resulted in delayed contract decisions by many prime...
Read more »Henry Schein reports record revenue for first quarter
Photo credit: Newsday / Thomas A. Ferrara
Henry Schein Inc., Long Island's biggest company by revenue, reported record first-quarter revenue and profits Tuesday as it expanded its worldwide sales of supplies to dentists, doctors and veterinarians.
The Melville-based company's net income rose more than 13 percent, to $91.5 million, or $1.03 per share, during the three months ended in March compared to the same period in 2011. Sales...
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