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Biz Buzz


Bovie Medical revenue rises

Bovie Medical Corp., a Melville medical equipment maker, reported a 9.4 percent rise in revenue Tuesday. The company said revenue increased to $6.73 million during the first three months of 2012. Net income fell 62 percent during the quarter, to $187,000, compared with the same period last year. But first-quarter income for 2011 was boosted by a one-time legal settlement of $750,000. The company sells electrosurgical tools, manufacturing them at a facility in Florida. In February, Bovie received FDA approval for a handheld surgical knife designed to make high-precision cuts without damaging surrounding tissue. Its stock is up 34 percent, to $2.94 a share, since the year began. -- Joe Ryan

SBA honors local exporter

North Shore International Inc., of New Hyde Park, has been named the New York Regional and State Exporter of the Year by the U.S. Small Business Administration. The federal agency will honor Edward Kezys, company president, on Wednesday at its headquarters. North Shore International specializes in exporting spare parts, equipment and accessories for the oil and gas, power generation and telecommunications networking industries to clients in the Middle East. Established in 2004, the company has generated more than $9 million in export sales to countries including Iraq, Saudi Arabia, Kuwait and Qatar, the agency said. -- Keiko Morris


Economy likely to mute travel

Cheaper gas won't be enough to get many more Americans on the road this summer. Economists and tourism experts say they're still too worried about their jobs and the economy. Gas prices are lower and the job market is improving, but household debt remains high. Those who do travel won't feel free to splurge. The bulk of road trippers, experts say, will take shorter trips and reduce food and entertainment spending to conserve cash. For Memorial Day weekend, auto club AAA estimates that 34.8 million Americans will take trips of at least 50 miles. That's a half-million more than Memorial Day 2011 but equal to the number who traveled two years ago. Roughly 30.7 million -- or 88 percent of those traveling -- will drive, up 1.2 percent from last year, AAA says. Memorial Day tends to be a good indicator of summer travel overall.

Berkshire tweaks portfolio

Warren Buffett's company has revealed a number of changes in its U.S. stock portfolio, including boosting its holdings in Wal-Mart and IBM and adding a new stake of 10 million General Motors shares. But the documents Berkshire Hathaway Inc. filed with regulators Tuesday don't reveal everything Buffett and the company's two new investment managers have been buying. That's because they are allowed to omit some holdings from the report. Berkshire tweaked its $75.3-billion portfolio during the first three months of 2012 by boosting its investments in DirecTV, Liberty Media, DaVita Inc. and Bank of New York Mellon. Berkshire reduced holdings in Intel Corp., Kraft Foods, Dollar General, Johnson & Johnson, Procter & Gamble and Verisk Analytics.

Home Depot builds net income

Home Depot said Tuesday that its first-quarter net income climbed nearly 28 percent as an unseasonably warm winter and increased business from contractors and other professional customers boosted results. The company raised its 2012 net income guidance on the better-than-expected profit. But its revenue fell short of Wall Street expectations, sending its stock down 2.4 percent. While a prolonged U.S. housing slump has caused some Americans to cut back on spending on their homes, contractors and other professionals are starting to buy again. Confidence among U.S. builders rose to the highest level in five years in May, according to The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday. -- AP

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