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This is a recap of news reported first on the Rochester Business Journal’s Web site. To receive the Daily Report e-mail, go to rbjdaily.com/dailyform.htm.

Harris RF revenue rises for 2Q

Harris Corp. on Wednesday reported increases in fiscal second-quarter revenue, with locally based RF Communications’ sales increasing 23 percent compared to a year ago.
But the Florida-based firm, parent company of the RF Communications division in Rochester, reported a decrease in net income. It declined from $114.3 million, or 83 cents a diluted share, a year ago to a net loss of $38.6 million, or 29 cents a diluted share. The net loss includes an impairment charge of $182.5 million, or $1.37 a diluted share, officials said.
Revenue increased 16 percent to $1.52 billion, up from $1.32 billion a year ago.
RF Communications quarterly revenue was $438 million, compared with $357 million in the prior-year quarter. Operating income was $144 million, and operating margin was strong at 32.9 percent of revenue, officials said.

Malgieri joins Harris Beach as partner

Patrick Malgieri has joined Harris Beach PLLC as a partner, the law firm announced Wednesday.
A longtime managing partner of Boylan, Brown, Code, Vigdor & Wilson LLP, Malgieri joined Woods Oviatt Gilman LLP as a partner in 2007. His new role at Harris Beach is in the Public Finance and Economic Development and Commercial Real Estate Practice Groups and the Financial Institutions and Capital Markets Team.
“Pat has extensive experience in municipal law and in municipal, commercial real estate and corporate financings and transactions,” said James Spitz Jr., Harris Beach CEO.

Seneca Foods reports increased sales, income

Seneca Foods Corp. reported growth in third-quarter net income and sales, driven by increases in selling prices and unit sales and by changes in the way the firm values inventory.
The food processor in Marion, Wayne County, reported earnings of $13.8 million, or $1.13 a diluted share, compared with earnings of $1.5 million, or 12 cents a diluted share, a year ago. Excluding an after-tax “last in, first out” charge of $11.3 million in 2008 and $5.3 million in 2007, net earnings a diluted share were $2.05 and 55 cents during the three months ended Dec. 27, 2008 and Dec. 29, 2007, respectively. Seneca Foods released its earnings report on Tuesday.
The “last in, first out” provision is a non-cash adjustment to the cost of goods that removes the inflationary impact on inventory costs, company leaders said.
Sales increased 21 percent to $463.3 million.
“The consumer is clearly reacting to the current economic environment by purchasing more private-label canned fruits and vegetables, which is our largest business,” said Kraig Kayser, Seneca Foods’ president and CEO, in a statement.
Seneca Foods, which operates processing facilities in Geneva, Marion and Leicester, sells products under Libby’s, Aunt Nellie’s Farm Kitchen, Stokely’s, Read and Seneca labels.

Harris Interactive reports executive is leaving

On the heels of a work force reduction last month, Harris Interactive Inc. disclosed Monday that another executive is leaving.
The president of North American and global operations, David Vaden, is leaving his position, effective today, Harris Interactive stated in Securities and Exchange Commission documents filed Monday.
In December, Harris Interactive made 51 job cuts, mainly in research, project management, operations, marketing and sales. The 8 percent reduction in its work force, officials said, was designed to save the company $5 million to $6 million annually.

Northwest to acquire Keystone banks

Northwest Bancorp Inc. of Warren, Pa., the parent of three Northwest Savings Bank branches in Monroe County, plans to acquire Keystone State Savings Bank, officials announced Monday.
The board of each bank has approved the deal, slated to be completed in the third quarter. The acquisition price was not disclosed.
Keystone State Savings Bank, which has its headquarters in the Pittsburgh suburb of Sharpsburg, has assets of $25.6 million, deposits of $21.8 million and equity capital of $3.7 million, the bank reported.
Northwest Bancorp (Nasdaq: NWSB) has assets of $7 billion at 167 banking locations in five states, including Rochester, Greece and Penfield. It has local deposits of $16.6 million.

Xerox subsidiary to acquire ComDoc

Florida-based Global Imaging Systems Inc., a Xerox Corp. company, plans to acquire ComDoc Inc. for an undisclosed sum.
The acquisition will expand Global Imaging’s coverage into four states, gaining access to more than 14,000 new customers in the small and midsize business markets, company leaders said.
ComDoc sells products from various suppliers, none of which currently include Xerox. In addition to its existing offerings, ComDoc will start selling Xerox document management products after the close of the acquisition.

FROM THE ONLINE ARCHIVE

Five years ago

A company started by former executives at Bausch & Lomb Inc., Rochester Telephone Corp. and Paetec Communications Inc. was chosen to commercialize Torvec Inc.’s technology.
The automotive technology firm hired CXO on the Go LLC to develop and implement a strategic plan to manufacture and market Torvec’s Full Terrain Vehicle. The tracked vehicle incorporated Torvec’s proprietary and patented automotive technology.
“We are putting together a full business commercialization for the FTV,” said Richard Ottalagana

02/06/2009 (C) Rochester Business Journal