Saturday, July 31, 2010

Business Briefs: Tractor Supply stock splits

The board of directors for Brentwood-based Tractor Supply Co. approved a two-for-one stock split of the company's common stock. This will increase the number of outstanding shares to 72.6 million from approximately 36.3 million.
"In addition to our third consecutive quarterly cash dividend, we are pleased to announce this stock split, which should further enhance the liquidity of our shares and increase the attractiveness of our stock to a broader range of investors," said Jim Wright, chairman and CEO of Tractor Supply, in a news release Thursday. Tractor Supply is the largest retail farm and ranch store chain in the country.

The company expects to distribute the newly issued shares on Sept. 2.


HealthSpring shares climb

Shares of HealthSpring Inc. rose 11.84 percent Thursday after the company posted a 75 percent jump in its second-quarter earnings and boosted its expectations for full-year 2010 earnings.

Earnings of the Franklin-based managed-care company rose to $55.8 million, or 98 cents a share, from $31.9 million, or 58 cents a share, a year ago.

The recent quarter's results far exceeded the 58 cents a share consensus estimate of analysts polled by Thomson Reuters. HealthSpring said it now expects to earn $3.15 to $3.25 a share for 2010 on revenues of $2.95 billion to $3 billion. Analysts on average had forecast earnings of $2.61 a share.

HealthSpring shares closed at $19.27, up $2.04.


America Service profit falls

America Service Group saw its second-quarter net income decline to $1.9 million, or 21 cents a share, versus $2 million, or 23 cents a share, a year ago.

On average, analysts polled by Thomson Reuters expected the Brentwood-based prison health-care company to earn 27 cents a share for the recent quarter.

Health-care revenues from continuing contracts rose 2.4 percent to $156.2 million. America Service increased its guidance for full-year 2010 pro-forma net income to $11.5 million on total revenues of $640 million to $650 million.


Patton House expands

Patton House Entertainment, a full-service entertainment management company, is launching two new divisions.

Patton House Booking will focus on providing clients booking services in nontraditional venues, a news release said. Michael Hare will head the new division.

Patton House Music Publishing will focus on acquiring new publishing clients and acquisitions of existing music catalogs. The division will be led by Adam Edelstein, recently promoted to director of business and strategic development.

Tiffany Rockhold, with the company since 2007, will assume the newly created position of director of content and brand management.

Patton House Entertainment was started in 2005 by Andrew Patton, former head of radio promotion for Word Records and Provident Label Group, according to the news release.


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