New acquisition for DealerTrack
DealerTrack Holdings Inc., a Long Island manufacturer of computer programs for auto retailers, Thursday said it had reached an agreement to acquire a smaller San Diego-based software-maker for $74 million. The Lake Success-based company said it would acquire 1st Auto Transport Directory Inc., which makes web-based programs for car dealers to manage vehicle transportation and shipping. The sale, the company's 19th acquisition since 2001, is expected to close by the end of September. The acquisition is DealerTrack's first foray into the business of programs to help auto retailers manage their shipping. The company's current products help car dealers perform a variety of functions, including submitting credit applications and processing motor vehicle registrations.
-- Joe Ryan
Tax credit for breweries
Long Island breweries could benefit from a piece of legislation that Gov. Andrew M. Cuomo signed into law this week. It allows smaller breweries in New York State to apply for a tax credit, depending on how much beer they produce. Breweries that produce less than 60 million gallons of beer are eligible. Don Sullivan, owner of Southampton Publick House, which has been brewing on Long Island since 1996, said the tax break will help his brewery continue to grow. Southampton Publick House produces 10,000 to 12,000 barrels of beer a year, he said. A former tax exemption that existed for craft breweries in New York State was struck down in court earlier this year, potentially burdening small breweries with more costs. But the new tax credit will effectively remove the added charges. -- Lisa Du
Yahoo CEO gets $59M package
Yahoo is giving its new chief executive Marissa Mayer a compensation package worth more than $59 million over the next several years. Yahoo Inc. said in a regulatory filing Thursday that Mayer will receive an annual salary of $1 million. She's also eligible for a $2 million bonus, and $12 million in restricted stock and stock options that will vest over several years. Meyer, who is 37 and was lured away from Google Inc., will also receive $30 million in the form of a one-time retention award if she stays at Yahoo for five years. Yahoo says it will also give Mayer restricted stock valued at $14 million to partially compensate her for forfeiting money she would have received at Google. That said, the most she will take home this year is $5.4 million. That includes her salary, bonus and part of the "make-whole" compensation, according to Yahoo spokeswoman Dana Lengkeek.
Microsoft posts quarterly loss
Microsoft has posted its first quarterly loss in its 26 years as a public company as it declared a struggling online ad business a bust and prepared for one of the biggest product updates in its history. The software company had warned two weeks ago it would take a $6.2 billion charge in the April-June quarter because its 2007 purchase of online ad service aQuantive failed to help it compete with Google Inc. By contrast, Google has widened its lead in the growing online ad market, thanks in part to its purchase of DoubleClick for $3.2 billion about eight months after Microsoft took control of aQuantive.
Walgreen, Scripts settle spat
The Walgreen pharmacy chain will begin filling prescriptions from customers in the Express Scripts network again starting in September under a new multiyear contract that ends a costly impasse between the companies. The agreement announced Thursday follows a series of disputes between Walgreen and Express Scripts that ended with the discontinuation of the contract between the drugstore operator and the pharmacy benefit manager last year.-- AP