Globecomm yearly profits soar
Globecomm Systems Inc., a Hauppauge-based designer and manufacturer of satellite communication devices, said net income more than tripled from a year ago to $7.1 million, or 31 cents a share in its fiscal fourth quarter ended June 30. That was up from $2.2 million, or 10 cents a share, a year earlier. The latest quarter included a one-time $4.1 million gain related to the change in the value of an acquisition. Fiscal fourth-quarter revenue jumped 19 percent to $104.8 million. For the year, net income more than tripled to $28.6 million from the year before. Revenue rose 39 percent to $381.9 million. Despite the strong earnings report issued Tuesday, investors stepped up selling after the company said fiscal 2013 would be "a challenge" due to the "uncertainty surrounding the U.S. government's budget environment, including the reduced Afghanistan commitment." -- Carrie Mason-Draffen
HIA lauds local successes
New Millennium Technology Services of Ronkonkoma was named "Rookie of the Year" at the Hauppauge Industrial Authority's annual awards luncheon, held Wednesday at the Crest Hollow Country Club in Woodbury. Grassi & Co., the Jericho accounting firm, took home the Large Business Achievement Award. The Kensington Company of Roslyn Heights, a mergers and acquisitions brokerage, won the Small Business Achievement Award. Keynote speaker Chintu Patel, chief executive of Amneal Pharmaceuticals, said he is hoping to top $1 billion in revenue by 2015. Amneal is among America's largest makers of generic drugs, with 700 employees on Long Island. The company, based in Bridgewater, N.J., recently received state aid to quadruple the size of its factory in South Yaphank and add 400 jobs over five years. Amneal also has a factory in Hauppauge and a warehouse in Commack. -- Joe Ryan
U.S. seeks $1B price-fixing fine
Federal prosecutors are seeking harsh sentences against a Taiwan company and two of its former executives, saying they participated in the most significant price-fixing "cartel" ever prosecuted in the United States. The Department of Justice demanded AU Optronics Corp. pay $1 billion and the two former executives each serve 10-year prison sentences for illegally fixing computer screen prices. The company's lawyers are arguing for a fine of no more than $285 million and significantly lighter prison terms for the executives. A federal jury in March found the company guilty of price fixing.
Facebook stock up after talk
Chief executive Mark Zuckerberg's talk of Facebook's mobile prospects and his acknowledgment that the company cares about making money as well as making the world "more open and connected" lifted the battered shares of the social networking icon Wednesday. On Tuesday, Zuckerberg spoke at a tech conference in San Francisco in his first interview since Facebook's rocky initial public offering in May. The stock has lost roughly half its value since the IPO. On Wednesday it gained $1.50, or 7.73 percent, to close at $20.93, still 45 percent below its IPO price of $38.
Merger seeks to eclipse Boeing
U.K. defense contractor BAE Systems Plc and European aerospace giant EADS NV announced Wednesday they are in talks about combining their businesses. The merged companies would have combined sales of more than $90 billion and more than 220,000 employees. EADS is already one of Europe's biggest companies, parent to planemaker Airbus. Airbus and EADS have long been rivals to U.S.-based Boeing Co. in civil and defense aviation. The proposed deal is a clear shot at catching up to Boeing's defense business -- and passing it. -- AP