Tuesday, January 16, 2018
Business

Jabil Circuit prepares to cut ties to troubled smart phone maker Blackberry

St. Petersburg contract electronics manufacturer Jabil Circuit said it will likely end its substantial relationship with troubled smartphone maker BlackBerry. News of that transition drove Jabil's stock down 10 percent Thursday to close at $21.60.

"BlackBerry has been a great partner over the past six to seven years, and we believe that they will offer their typical, high-integrity cooperation as we navigate this probable disengagement in the coming months," Jabil chief executive officer Mark Mondello said in a quarterly earnings conference call with analysts.

Jabil reported fiscal fourth-quarter earnings rose 53 percent to $127 million on revenue of $4.8 billion. But the company also projected fiscal first-quarter results below expectations. Jabil estimated it will record about $35 million to $85 million in charges during the new fiscal year stemming from its exposure to BlackBerry, Jabil's second-largest customer after Apple in the past fiscal year. For the 2013 fiscal year, Jabil earned $370 million, down from $396 million in 2012, on revenue of $18.3 billion.

"We are fortunate to have a strong balance sheet, broad-based capabilities that deliver innovative solutions, outstanding employees and a roster of market-leading customers as we head into fiscal year 2014," Mondello stated.

Comments
Career Q&A: What to do when your boss is stealing

Career Q&A: What to do when your boss is stealing

Q: I strongly suspect that my boss is stealing from our employer. As the property manager for this apartment complex, she handles all payments, deposits and other financial matters.A few weeks ago, I accidentally discovered some suspicious discrepanc...
Updated: 7 hours ago
Pinellas is at the center of a rise in Florida flu outbreaks

Pinellas is at the center of a rise in Florida flu outbreaks

Feeling a little sniffly or scratchy or stuffed up? It may be the flu, and you donít want to wait around to see a doctor this year. This is not the time to write off flu-like symptoms, Tampa Bay area health officials and doctors warn. The influenza v...
Updated: 10 hours ago
Italian Butterfingers? Nestle selling candy business for $2.9B

Italian Butterfingers? Nestle selling candy business for $2.9B

Associated PressNEW YORK ó Swiss food and drink giant Nestle is selling its U.S. candy business to Italyís Ferrero for about $2.9 billion in cash. Ferrero will take over iconic chocolate brands Butterfinger and Crunch bars, as well as the sugary Nerd...
Updated: 10 hours ago
23 seek vacant PSC post

23 seek vacant PSC post

There is another Mariano seeking a job in Tallahassee.Pasco County Commissioner Jack Mariano, the father of state Rep. Amber Mariano, R-Hudson, is seeking an appointment to the Florida Public Service Commission, the powerful board regulating Florida ...
Updated: 11 hours ago
St. Petersburg’s apartment boom is spreading west

St. Petersburg’s apartment boom is spreading west

ST. PETERSBURG — Still more apartments are coming to St. Petersburg, this time to the Edge and Grand Central Districts just west of downtown. The new projects, all by out-of-state developers and more moderately priced than those downtown, will...
Published: 01/16/18
Florida raises insurance regulation grade from C to B

Florida raises insurance regulation grade from C to B

When it comes to regulating insurance, Florida is slowly improving. The Sunshine State raised its grade from a C in 2016 to a B in 2017 on the "R Street 2017 Insurance Regulation Report Card." It ranked No. 15 among all states.The annual report, writ...
Published: 01/16/18

US travel industry launches plan to reverse tourism decline

Associated PressNEW YORK ó Travel industry representatives sounded an alarm Tuesday over declines in international tourism to the U.S. and announced plans to reverse the trend. Organizers of the new Visit U.S. Coalition portrayed the decline as long-...
Published: 01/16/18
Raymond James advice for small to mid-sized companies about activist shareholders? Prepare and listen

Raymond James advice for small to mid-sized companies about activist shareholders? Prepare and listen

Shareholder fights between activist investors and publicly traded companies are getting nastier, especially in some industries, and a lot of them donít involve corporate giants like General Motors and Procter & Gamble.In 2015, according to Raymond Ja...
Published: 01/16/18
Dow bursts through 26,000 in record seven trading days

Dow bursts through 26,000 in record seven trading days

The Dow Jones industrial average blew past 26,000 Tuesday for the first time ever, coming only a week after hitting 25,000 and showing further evidence that the long-running bull market is alive and well."There are several reasons for markets to melt...
Published: 01/16/18
Arizona-based AFI Mortgage opens St. Petersburg branch

Arizona-based AFI Mortgage opens St. Petersburg branch

Times StaffAFI Mortgage, a subsidiary of an Arizona-based bank, is opening its first Florida locations in St. Petersburg and Lakeland. Its parent company, AmeriFirst Financial Inc., specializes in mortgages. "This Florida team is innovative, knowledg...
Published: 01/16/18