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Lee posts $1.97 million profit in 3rd quarter; stock climbs above $3 per share

on Tue, 07/23/2013 - 21:07   by Editor

Shares of Lee Enterprises, Inc. – owner of the Quad City Times – climbed to a 52-week high Tuesday (7/23) after reporting positive earnings for the third quarter ended June 30.

The company announced earnings of $1.97 million, 3 cents a share, for the quarter, compared with a loss of 3 cents per share for the same period a year ago.

Lee stock has risen nearly $2 a share since April, about the same time that investor Warren Buffett disclosed his conglomerate – Berkshire Hathaway – had accumulated 1.6 million shares in the Davenport-based company. Buffett purchased the Omaha World-Herald last year and now owns 68 daily newspapers under his BH Media subsidiary. Just last week, Buffett's media group announced plans to acquire the Press of Atlantic City, N.J.

Bettendorf flushes 200 million gallons of diluted sewage into Mississippi River

on Thu, 07/18/2013 - 19:33   by Editor

With the Davenport Wastewater Treatment Plant unable to handle the inflows, the city of Bettendorf has been forced to pump more than 200 million gallons of diluted untreated sewage into the Mississippi River so far this year.

Five times this spring and summer the wastewater treatment plant has been unable to handle the sewer flows and crews have partially closed the riverfront interceptor lines between Bettendorf and Davenport. Then, to prevent sewage from backing up into homes and businesses along the riverfront, Bettendorf runs six to nine large pumps to flush the wastewater into stormwater pipes, which discharge into the Mississippi River.

A total of 201 million gallons of "sanitary sewer overflows" has been dumped into the river so far this year, according to reports filed with the Iowa Department of Natural Resources (IDNR). Between April 17 and April 27, 98 million gallons of sewage was pumped into the river, and another 68 million gallons of sewage was dumped between May 26 and June 3. Between May 3 and May 5, 16 million gallons of sewage was pumped into the river, 9.4 million gallons was flushed into the river from April 10 through April 12, and 8.8 million gallons went into the river on March 10.

All the pumping – "sewage overflow events" as they are termed by the IDNR – must be reported by the city to the state.

Admissions at Iowa riverboat casinos fall nearly 6 percent, revenues off 1.5 percent in fiscal 2013

on Thu, 07/11/2013 - 01:51   by Editor

Revenues at Iowa gambling parlors – race tracks and riverboat casinos – declined 1.5 percent during fiscal 2013 to $1.44 billion, reflecting a nearly 6 percent drop in admissions at the state's 15 riverboats and flat admissions at the four state-licensed race tracks.

The decline in admissions and adjusted gross revenues at Iowa gambling parlors is sure to add to the debate over whether the state should issue additional gambling licenses. A Cedar Rapids group, after getting voter approval for gambling in Linn County, is expected to submit a request for a license in the coming months.

The race tracks and riverboat casinos posted record revenues of $1.466 billion in fiscal 2012, but the strong showing didn't carryover during the past 12 months despite improved economic conditions in the region.

Hotel group seeks $1.675 million in tax rebates for redevelopment of Middle Road property

on Fri, 06/21/2013 - 00:38   by Editor

UPDATE 6/27: Developers of the new hotel and two commercial businesses are seeking Tax Increment Financing (TIF) rebates totaling $1.675 million over a 10-year period. Taxes on the property are now $82,530 per year and the new hotel and commercial businesses are expected to have "incremental" taxes of $148,720 a year. The property has a current assessed value of $2.35 million. The proposed development is projected to increase the assessed value to $9.25 million.

A North Liberty, Iowa hotel group and a local developer are seeking property tax rebates from the city, school district and county to redevelop the HomeRidge Inn & Suites property along Middle Road, Bettendorf, into a new Hilton Garden Inn and two additional commercial businesses.

Kinseth Hospitality Companies and First Equity Management L.C. have been negotiating with the city over Tax Increment Financing (TIF) for the project. Bettendorf School District and Scott County officials have been invited to a meeting with the city Friday, June 28 where the TIF request will be discussed.

Isle of Capri Casinos, Inc. signs option to sell Davenport Rhythm City Casino for $51 million

on Wed, 06/19/2013 - 19:20   by Editor

Isle of Capri Casinos, Inc. told shareholders today (6/19) it has signed an option agreement to sell its Davenport Rhythm City Casino for $51 million, subject to the new owner – Kehl Development-Scott County, LLC – obtaining "applicable gaming licenses and approvals and other customary closing conditions."

The Isle – owner of four Iowa casinos including the Bettendorf Isle of Capri Casino – reported in its filing with the U.S. Securities and Exchange Commission (SEC) that Kehl Development Corporation has until September 15 to exercise the option to buy the riverboat casino. The exercise period can be extended until October 15, or can be extended or terminated early by mutual agreement "upon occurrence of certain other circumstances."

Pleasant Valley school tax rate to exceed Bettendorf school levy for first time

on Wed, 06/12/2013 - 23:28   by Editor

For the first time, Pleasant Valley School District property owners will be paying a higher tax rate in the coming fiscal year than their Bettendorf school district counterparts.

The tax rate for Pleasant Valley homeowners will be $14.74 per $1,000 assessed valuation for fiscal 2013-14, up from $14.64 last year. Meanwhile, the Bettendorf School Board lowered the district's tax rate to $14.55 per $1,000 assessed valuation for the coming fiscal year, down from $15 last year.

Isle of Capri Casinos report loss of $47.6 million for fiscal 2013; 4th quarter revenues off 8 percent

on Sat, 06/08/2013 - 00:58   by Editor

The Isle of Capri Casinos, Inc. – owner of four gambling casinos in Iowa – reported Thursday (6/6) it lost $47.6 million during the fiscal year ended April 28 as company executives blamed the poor results on bad economic conditions, higher payroll tax rates and delays in gamblers getting income tax refunds.

On a per share basis, the fiscal 2013 loss amounted to $1.21 per share, which was an improvement over fiscal 2012 when the company lost $3.35 per share after writing down the value of two casinos it sold during that period.

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