Our daily business briefs are the best way to stay up to date on what’s developing around Chester County. This morning:
Local Students Given Papal Honor
Members of the Cardinal O’Hara and Bishop Shanahan high school’s marching bands got an unexpected surprise over the weekend as they were waiting to depart for band camp.
The Cardinal O’Hara marching band was first to hear they have the privilege of performing on the airport tarmac, when the Pope departs at the end of his Philadelphia visit on September 27th.
The news was quickly followed by every teenager’s worst nightmare as they were instructed not to post, tweet, or even breathe a word about this news for five hours.
This allowed time for the Bishop Shanahan marching band to find out they would be playing for the Pope when he first touches down, for his visit supporting the World Meeting of Families event on September 26th. Bishop Shanahan is located in Downingtown.
“I can’t stop shaking,” said Jennie McIntyre, a senior flute player, “It’s just so amazing. I was talking with a friend today about how I didn’t think we’d make it, but now we’re going to be right there, it’s amazing.”
Genesis Posts a Second Quarter Loss but Remains Upbeat
After just celebrating its thirtieth anniversary, Genesis Healthcare has reported a Q2 loss of $19.2 million which, as it turns out, is actually a positive result.
This translates to unadjusted earnings of $-0.22 per share. However, after adjustments for non-recurring costs and other one-time expenses, earnings bounced to $0.14 per share, beating Wall Street analyst expectations by $0.06 per share.
As a result, both Deutsche Bank and UBS have revised their rating from a buy to a hold. Genesis also announced its full-year earnings forecast at between 34 and 39 cents per share.
“Second quarter earnings exceeded our expectations as we executed a smooth integration of the Skilled Healthcare business,” said George V. Hager, Jr., Chief Executive Officer of Genesis. “With our performance to date, we are already on a trajectory to exceed the mid-point of our earnings guidance for 2015.”
Wyeth Honored by Welling in an Evocative Exhibition
Chadds Ford, hometown of Andrew Wyeth, is showcasing his, and the work of up and coming artist, James Welling, at the Brandywine River Museum of Art over the next few months.
Welling, who never met Wyeth, describes the artist as his primary visual influence, spent five years after Wyeth’s death working on the Things Beyond Resemblance exhibition on display opposite the gallery containing the paintings by his inspiration, Wyeth.
Welling began traveling to Chadds Ford and Cushing, Maine, to record images of places where Wyeth worked and lived. The museum’s director, Thomas Padon, said that some of the photos are images inspired by Wyeth’s “subdued palette of color, textural contrasts and ethereal effects of light.”
The regular exhibition will run until November 15th. Admission is $15 with discounts for seniors, students and children. There is also free entrance on Sunday mornings from 9:30 a.m. to noon until November 24th.
Balfour Beatty Communities Foundation Names New Director and Officers
Malvern-based Balfour Beatty Communities Foundation, has appointed a new director and two officers.
The new director for the non-profit organization, focused on achieving the post-secondary educational goals of Balfour Beatty residents, is Gordon Daniels. He brings 30 years of experience in the industry not least as the Chief Executive Officer of Land Services, USA, one of the nation’s largest independent national title insurance agents.
The new officers are Raul Martinez, Area Community Manager for Balfour Beatty Communities, and Josh Smith, Senior Vice President for Balfour Beatty Campus Solutions.
“We look forward to the diverse experience, knowledge and enthusiasm Gordon, Josh and Raul will bring to the Foundation,” noted Chris Williams, president of the Foundation. “These individuals share a firm commitment to the Foundation’s mission to support the residents who call our communities home.”
SAFE’s First Place for Momentum Dynamics
Momentum Dynamics has won the Securing America’s Future Energy’s (SAFE) 2015 Energy Security Prize.
Momentum Dynamics battled it out through an online poll and two panels of independent judges before the award was announced live on CNBC’s ‘Power Lunch’ program on July 31. The winner was chosen from four semifinalists that have developed technologies to improve America’s energy security by reducing its dependence on oil.
“Ninety-two percent of America’s transportation sector is powered by oil, and this monopoly leaves our economy and national security dangerously exposed to an increasingly volatile and unpredictable global oil market,” commented SAFE Founder, President and CEO, Robbie Diamond. “Congratulations to Momentum Dynamics for the creation and advancement of their electric vehicle wireless charging technology and for winning this year’s Energy Security Prize.”
Learn more about their innovative technology from the video below.