A survey by Grant Thornton LP found that nearly three of every four top financial executives at Florida companies said credit is tougher to come by now than one year ago.

Seventy-four percent of the executives said it was more difficult to get credit now, while 53 percent said credit costs have increased. However, 87 percent of the executives said they are able to access alternative financing structures and have not had to return to bank credit, a release from Grant Thornton said.

The accounting and consulting firm surveyed 37 chief financial officers and senior comptrollers from public and private companies with headquarters in Florida. The survey, conducted from Sept. 8 through Sept. 19, covered a broad array of questions.

Forty-five percent of the respondents said they expected the U.S. economy to get worse over the next six months. Twenty-one percent said they expected it to improve, and 34 percent said it would remain the same.

Among their own companies, 18 percent said financial prospects would get worse over the next six months, 37 percent said they would improve and 45 percent said they would remain the same.

One third, or 34 percent of the executives, said prices or fees charged by their companies would increase in the next six months, while 58 percent said they would remain the same and 8 percent said prices would drop.

Just under one-third of the executives, 32 percent, said they expected headcount to increase in the next six months at their company, while 42 percent said it would remain the same and 26 percent said there would be job cuts.

The CFOS and comptrollers were most concerned about pricing pressure from employee benefits with 42 percent of those responding saying that was a concern. Other pricing concerns were raw materials (39 percent), energy (37 percent), insurance (18 percent) and commercial property (13 percent). Other concerns were cited by 16 percent of the respondents.

Two key measurements of the housing market show that the sector is a long way from ending its historic slump, but the South showed slight improvement.

A new report from the U.S. Commerce Department shows housing starts reached an annual rate of 791,000 last month, the lowest level since the department began tracking starts in 1959. The October rate plunged 4.5 percent from the revised reading of 828,000 in September.

On top of that news, building permits fell 12 percent to an annual rate of 708,000 in October, breaking the previous low of 709,000 in March 1975. The annual rate for September was revised to 805,000. Building permits are an indicator of building activity in the next three to six months.

The declines last month were led by a 31 percent drop in the Northeast, where construction of single-family homes fell to a record low. Home starts dropped 13.7 percent in the Midwest, but rose 7.5 percent in the West and a 1.5 percent in the South.

Consumer prices plunged in October by the largest percentage in 61 years as gasoline costs dropped by a record amount.

The U.S. Labor Department said Wednesday that consumer prices fell by 1 percent last month, the biggest one-month decline on records that go back to February 1947. The drop was twice as large as the 0.5 percent decline analysts expected.

The drop reflected huge declines in energy costs as well as in other areas. Core consumer prices, which exclude food and energy, fell by 0.1 percent last month, the first drop in more than a quarter-century.

The big retreat in consumer prices reflects a staggering turnaround from the summer, when a surge in energy costs raised concerns that inflation could spiral out of control. Meanwhile, the nation continues to struggle with its most serious financial crisis in a generation.

Despite the historic drop in October, consumer prices have risen by 3.7 percent over the past 12 months. That’s still well below a 12-month increase of 5.6 percent recorded this summer. Core prices are up 2.2 percent over the past 12 months.

Experts say this latest reading on consumer prices gives the Federal Reserve a reason to cut interest rates again. The central bank is expected to cut the federal funds rate, interest that banks charge each other, from 1 percent, to 0.5 percent, at its December meeting. The 1 percent funds rate ties the record low for the past half-century.

Annual bonuses and stock-based awards may dry up with the economy, according to a survey released Wednesday by Pearl Meyer & Partners.

Nearly nine out of 10 respondents say market turmoil will affect corporate executive compensation over the next six months, according to the New York compensation consultancy, which surveyed 410 board members, executives and human resources professionals earlier this month for its “Executive Pay in the New Economy” online survey.

More than half say they anticipate a decline in stock options and restricted share grants that comprise much of executive compensation. Twenty percent expect to revise their companies’ severance packages or change-in-control arrangements over the next year,

In addition to declines in performance-based pay, respondents also indicated they expect salary growth to be lower next year, and nearly 18 percent were “strongly considering” a salary freeze.

“It’s appropriate that variable components of pay such as annual bonus awards and stock grants are being put at risk in executive pay programs — that is how pay for performance is supposed to work,” said David Swinford, president and chief executive officer of Pearl Meyer & Partners. “The open question is whether the reductions will be in line with the expectations of shareholders who are feeling the pain in their own portfolios.”

When it comes to the economy, few Florida business leaders are bullish on its future.

A newly released survey by Grant Thornton LLP found 45 percent believe the U.S. economy will get worse in the next six months. Just 21 percent expect it to improve, while 34 percent think it will remain the same.

The survey of 37 CFOs and senior comptrollers from public and private companies with headquarters in Florida, found 34 percent saying their company will raise prices in the next six months, but 58 percent expect they will remain the same.

Fifty-three percent said they have seen credit costs increase, and 74 percent say credit is more difficult to come by than it was a year ago.

There may be more job cuts coming, as the survey found 26 percent expect their company’s headcount to drop in the next six months. Forty-two percent expect it to remain the same, and 32 percent expect it will increase.

Among other findings:

• 42 percent are most concerned about employee benefits.
• 13 percent have had to return to bank credit because they could not access alternative financing structures.
• 77 percent felt shareholders should be given greater access to the proxy in order for them to nominate directors more easily, while 91 percent felt shareholders should be able to access the proxy online.
• 71 percent felt the average CEO was overpaid, when considering total pay and benefits. However, when it came to their own company, 60 percent felt that their CEO was being paid appropriately.

The poll was conducted Sept. 8-19.

Florida ranks 32nd in the nation when it comes to luring business and providing a high standard of living for its residents, according to a report released on Wednesday.

The report, from Boston-based Beacon Hill Institute, looked at a set of 43 indicators divided into eight subcategories: government and fiscal policy, security, infrastructure, human resources, technology, business incubation, openness and environmental policy.

Florida ranked No. 1 in the government and fiscal policy category, but ranked 47th when it comes to infrastructure and 45th in security.

The Sunshine State ranked 36th for human resources, 43rd for technology, 11th for business incubation, 13th for openness and 26th for environmental policy.

Massachusetts received an overall No. 1 ranking, while Mississippi was in last place.

Charles H. Bronson, commissioner of the Florida Department of Agriculture and Consumer Services, has taken legal action against Affordable Group Inc. dba Affordable Group Heating and Cooling Specialists in Sarasota for violating the state’s “Do Not Call” law.

The statute protects residents on the “Do Not Call” list against unsolicited calls from most commercial telemarketers.

Bronson’s suit alleges that Affordable Group has made at least seven calls to Florida residents on the “Do Not Call” list since July 2007. It is seeking an injunction that would prohibit the company from future infringements of the law as well as fines of up to $10,000 for each prohibited call.

A call for comment to Affordable Group was unsuccessful. A person answering the phone was not cooperative.

FDACS has collected or obtained more than $1.5 million in judgments against companies that have violated the “Do Not Call” list. Other legal actions are ongoing throughout the state.

Winn-Dixie Stores Inc. said all of its retail grocery locations are now selling a prepaid card from nFinanSe Inc.

Winn-Dixie customers can buy the nFinanSe reloadable prepaid cards at the company’s 521 grocery stores and load funds onto them at their discretion, a release from the companies said. The cards, part of the Discover network, can be used to make purchases at merchant locations nationwide, including online and over the telephone, and to access cash at ATMs, the release said.

The cards cost $5.95 to purchase and have a $2.95 monthly maintenance fee, the release said.

Winn-Dixie (NASDAQ: WINN), based in Jacksonville, has stores in Florida, Alabama, Louisiana, Georgia and Mississippi.

nFinanSe (OTCBB: NFSE), headquartered in Tampa, provides stored value cards and operates a network of load locations.

Tampa Bay is feeling the sting of the economic downturn. The proof is in the results of the Tampa Bay Partnership’s latest economic scorecard, which ranks the region last among six similar metropolitan areas.

Jacksonville, Atlanta, Dallas, Charlotte, N.C., and Raleigh/Durham, N.C., all ranked higher than Tampa Bay based on the sum of scores in areas of employment and workforce, income and productivity, housing, innovation, education and transportation.

Tampa Bay’s last-place ranking continues a trend that began with the Partnership’s May scorecard.

Still, the 25 indicators show some positive signs, said Larry Henson, business intelligence officer with the Partnership.

In the May report, decliners led improvers four to one. This time around, more indicators have improved than declined. Of 19 indicators that reflect new data, eight remained unchanged, six improved and five declined.

The rankings are analogous to the stock market in terms of gainers and losers, Henson said. “Maybe in this business cycle we have seen the bottom.”

After losing more than 33,500 jobs since the third quarter of 2007, Tampa Bay ranked sixth, or last, in employment and workforce.

In terms of income and productivity, Tampa Bay’s ranking moved from fourth to third with improvements in the relative growth rates of average wage, median household income and per capita personal income.

Tampa Bay still ranked last in housing, although Henson noted that since the May report the region’s housing is no longer the most expensive of the six metropolitan areas.

In the category of innovation, which measures patents, National Science Awards, venture capital and university research and development, Tampa Bay remained fifth.

With no new data for the education category, Tampa Bay remained third.

Tampa Bay’s rank fell from fourth to last in the category of transportation. Although its metrics strengthened for every indicator, so did the metrics of the other cities.

“It’s not enough for us to just improve,” Henson said. “We have to improve more than they do.”

Stuart Rogel, president and chief executive of the Tampa Bay Partnership, said that the region could work its way out of the cycle by maintaining its diverse economy and by creating more higher-paying jobs and more jobs in general.

“What we’ve learned is that we have a lot of work to do in this region,” Rogel said.

Fannie Mae could lose its listing on the New York Stock Exchange if it doesn’t boost its per-share price above $1.

The Washington, D.C.-based mortgage giant (NYSE: FNM) said Wednesday its stock price has fallen below the exchange’s price requirements for too long, according to a regulatory filing.

The average closing price of Fannie Mae’s stock for the 30 consecutive trading days ending Nov. 12 was less than $1 per share.

As a result, the company’s common stock and each of its listed series of preferred stock are subject to suspension and delisting unless the company notifies the NYSE by Nov. 26 of its plans to cure the deficiency.

If it does, it will have six months from Nov. 12 to bring its stock price up to required levels above $1 for 30 consecutive days.

In its first quarterly report since being seized by the government, Fannie Mae reported a record third-quarter loss of $29 billion last week.

Fannie Mae said it is working with its conservator, the Federal Housing Finance Authority, to explore options to up its per-share closing price but has not yet determined its response or any specific action that it will take as a result of the exchange’s notice.

Fannie Mae stock closed up 4 percent at 47 cents a share on Tuesday — about $40 less than the price it was trading at a year ago.

Gift card purchases are predicted to suffer this holiday season as consumers continue to monitor the current economy and their wallets.

The National Retail Federation's annual gift card survey projects that gift card sales will fall nearly 6 percent this holiday season, to $24.9 billion, down from $26.3 billion last year.

Only 53.5 percent of consumers plan to purchase gift cards this year, compared to 56.6 percent last year, with average spending of $147 on the cards this year versus $156 in 2007.

“Since gift cards never go on sale, some price-conscious shoppers will be passing up gift cards in favor of holiday bargains," said Tracy Mullin, president and CEO of the trade group. “Retailers may need to make minor adjustments to holiday plans as fewer people may be hitting the stores in January to redeem gift cards.”

Men plan to spend the most on gift cards this year – an average of nearly $157 – with consumers over the age of 45 spending the most, $168 on average, according to the survey.

The trade group reported that many consumers say that gift cards are impersonal and that they would rather buy merchandise on sale this season.

But despite the projection, more people will be asking for gift cards this year, according to a survey released by the trade group last month. Nearly 55 percent of consumers want to receive gift cards this year, up from nearly 54 percent last year, said the report.

The flagship rating system for green buildings is getting a major upgrade next year to make climate change and energy efficiency even higher priorities.

The U.S. Green Building Council will soon roll out its new Leadership in Energy and Environmental Design (LEED) guidelines, updated for 2009 and newly approved by the USGBC membership.

Described as some of the most significant changes to the LEED system, LEED 2009 has re-weighted certain actions, based on scientific research, in favor of increasing energy efficiency and reducing carbon emissions in new and existing buildings. It also entails a new set of regional credits, which are points tailored to match environmental priorities in certain geographic areas.

The USGBC will also introduce new processes for amending its LEED standards, including a pilot period for individual credits that can be tested and incorporated on their own.

Since May, the organization had received more than 7,000 comments on how to update its 8-year-old, much-used green building rating system before LEED 2009 passed through its 18,000-member voting ballot last week.

Homebuilders’ confidence that there will be a resolution to the housing crisis anytime soon is at an all-time low, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index.

As the financial crisis worsens, the job market weakens and an overwhelming uncertainty hangs over the economy, builders fear it will take major incentives to bring homebuyers back to the table.

“Today’s report shows that we are in a crisis situation. If there’s any hope of turning this economy around, Congress and the administration need to focus on stabilizing housing,” NAHB Chairman Sandy Dunn said. “Beyond the work that is being done to help reduce foreclosures, Congress must immediately incorporate such incentives for qualified buyers in a new economic recovery package.”

The housing downturn has already resulted in about 3 million jobs lost in construction and related industries.

The index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.”

The Mid-Florida Chapter of the National Institute of Governmental Purchasing will hold its third annual reverse trade show from 9 a.m. to 1 p.m. Dec. 5. at the W.H. Stuart Center, 1702 U.S. 17 S., Bartow.

“Racing to build winning relationships” is the theme of the event, which will unite businesses with purchasing professionals from various government agencies including the Tampa Port Authority, University of South Florida, Hillsborough County Regional Transit Authority, Pinellas County Government and Pinellas County Justice & Consumer Services.

The event will include networking opportunities and two breakout educational sessions, a release said.

The cost to attend is $75 if paid before Nov. 21, $85 before the day of the show and $90 the day of the show. There is no charge for government agencies to participate.

A nonprofit organization based in Herndon, Va., the National Institute of Governmental Purchasing Inc. has 69 active affiliate chapters. Its members are professionals involved in the purchasing functions of the public sector, including purchasing officers, agents, buyers and managers.

Existing home sales in the Tampa Bay area went up in the third quarter compared to a year ago, as home sales statewide experienced an upswing.

Tampa, St. Petersburg and Clearwater had 6,502 existing single-family homes close through the third quarter, up 10 percent from the 5,913 sold in 2007. That was double the state average of 5 percent, although its median value drop of 19 percent to $169,700 was more in line with the drop through the rest of Florida of 20 percent, said the Florida Association of Realtors.

Lakeland-Winter Haven remained mostly flat in sales, edging up just 1 percent with 634 homes closed in the quarter, while median prices fell 19 percent to $137,700.

Sarasota-Bradenton went in the other direction. Home sales in that market fell 16 percent to 1,758, while median home prices dropped 23 percent to $217,500.

Existing condominium sales continue to remain on the decline in the third quarter with Tampa dropping 9 percent to 1,363 units, compared to the statewide average loss of 2 percent. Median values are going with that, falling 15 percent to $142,800,

Sarasota-Bradenton lost 39 percent in condo sales in the quarter, however, its median stayed well above the state average at $202,600, despite falling 16 percent. Florida’s median value of existing condos in the third quarter was $160,000, an 18 percent drop from where it stood a year ago.

Existing condo sales in Lakeland fell 35 percent to 24 units, however, the median price was up 21 percent from $99,400 in 2007 to $120,000 this past quarter.

“Despite lending restrictions and the difficulties of finding affordable credit, we’re seeing buyers take advantage of home ownership opportunities in the current market,” said Chuck Bonfiglio, FAR’s president, in a release.

The economic crimes division of the Florida attorney general’s office has reached a settlement with two individuals and two companies formerly associated with a debt elimination scheme.

Thomas Spiller, who lives in Pinellas County, his wife Linda Spiller and two companies will pay $240,000 to the AG’s office, which will hold the funds in escrow until victim restitution can be made available, a release said.

The debt elimination scheme was orchestrated by New Leaf Associates LLC and victimized more than 2,000 individuals, the release said. New Leaf is one of 10 companies Florida Attorney General Bill McCollum has been investigating as part of a consumer protection initiative.

Thomas Spiller, who was national marketing director for New Leaf, promised consumers that a process would eliminate their credit card and student loan debt and improve their credit scores, the release said. Victims paid thousands of dollars to enroll in nonexistent programs, while Spiller transferred proceeds of the scheme into annuities and with his wife created a shell company to hide additional profits, the release said.

Under the settlement, the Spillers will pay $240,000 to the attorney general’s office to be placed in escrow for victim restitution.

Thomas Spiller also agreed to refrain from marketing certain consumer financial services, including any such services similar in nature to what he purported New Leaf would provide. The AG’s office will contact victims to determine their eligibility. If the Spillers do not comply with the terms of the settlement, the AG’s office may pursue enforcement of the consent judgments for $1.8 million and $1.2 million against Thomas Spiller and Linda Spiller, respectively, the release said.

The settlement with the Spillers is the largest of several settlements the attorney general has reached with participants in the New Leaf scheme. Litigation is still being pursued against other perpetrators of the scheme, the release said.

Bhuller Marshall Enterprises Inc. has acquired Corporate Interiors Inc., a 25-year-old office furnishing company based in St. Petersburg, for an undisclosed price.

Corporate Interiors, which markets its products to mid- and large-sized companies, has reported double-digit growth over the past few years, said Drew Marshall, co-partner and president of BME. This year, it projects revenue of $15 million, up from $12.6 million in 2007.

“We had an extraordinary opportunity to come in and acquire assets at what we think is a very reasonable valuation,” Marshall said.

The local office furniture industry is fragmented and many supply firms are reporting flat sales, especially since so many companies are continuing to downsize, he said. Yet Corporate Interiors continues to grow.

Marshall and partner Manny Bhuller plan to provide the capital to continue that growth. Marshall, a disabled veteran, intends to strengthen the firm’s ties with the federal government and to grow business at its other location in South Florida.

The sellers of Corporate Interiors, Bob and Marilyn Frank, are expected to remain at the company, as are the 25 full-time employees, Marshall said. The majority of the employees work at 1723 Commerce Ave. N., St. Petersburg. Several employees work in the firm’s Deerfield Beach office.

Marshall, a former executive of Mattel Inc., and Bhuller, a longtime businessman, incorporated BME, a business and consumer products company, over the summer to invest in high-quality companies for sale at low multiples.

Corporate Interiors is BME’s first acquisition.

Andrew Walker, a former executive for The Nature Conservancy, has been named president of the New College Foundation.

Walker succeeds John Cranor, who left the foundation in July after a five-year tenure as president, a release said.

Walker previously was international director of trustee programs for The Nature Conservancy in Arlington, Va., where he also had been executive director of Conservancy chapters in New York and Tennessee.

He has undergraduate degrees in physics and English literature from Washington and Jefferson College and a master’s degree in journalism and mass communications from the University of Georgia, the release said.

Walker will take over as foundation president Dec. 1.

Rebuilding the economy with innovation and education was the theme of an open house hosted by IBM, Ernst & Young LLP, Evolution Advisors LLC and Elevation Brand Monday afternoon at the Tampa IBM office.

The companies scheduled speakers and networking as part of Global Entrepreneurship Week taking place Nov. 17-23, which is an initiative of Ewing Marion Kauffman Foundation of Kansas City, Mo., and United Kingdom-based Make Your Mark campaign.

Entrepreneurialism, invention and innovation are important to advancing living standards, said Ken Evans, regional director for Entrepreneur Week in his introduction. Evans raised the issue of the challenging economic climate and cited the examples of FedEx, Apple and Microsoft as now prosperous companies founded in down economies.

Mike Brennan, a partner with Ernst & Young, discussed the Ernst & Young Entrepreneur of the Year Award. The judges, he said, look for candidates who have taken risks and who display resilience.

“A true entrepreneur is someone who [has] the bug, they don’t want to stop,” Brennan said.

Commissioner Mark Sharpe discussed how Hillsborough County has encouraged economic development through housing, transportation and education.

Sharpe stressed the importance of infrastructure in supporting business. “We should be partnering with you to create that strong, positive business climate,” he said.

Laura Ellis, central Florida executive for IBM, presented the keynote speech of the afternoon, an overview of Entrepreneurship Week with a focus on how technology has changed the way we interact. Its goals, Ellis said, are to inspire, connect, inform, mentor and engage entrepreneurs.

Global Entrepreneurship Week was founded to encourage entrepreneurial ideas and opportunities among young people and involves activities in more than 75 countries, a release said.

Citizens have the opportunity to provide insight and express preferences about how and where a future public transportation system would operate in the Tampa Bay area.

The Tampa Bay Area Regional Transportation Authority is currently in the third phase of its master planning for a regional transportation network. It has now created an online survey to capture input on three versions of a proposed transportation plan.

Input now will be important to the Bay area business community later, said Dave Sobush, business development manager for the Pinellas Economic Development department, in an e-mail this week encouraging survey participation.

“It is important that Pinellas (and other area) businesses are represented and participate in the selection of any proposed regional transportation network,” Sobush wrote. “I encourage you to take a few minutes to examine the maps and provide your comment.”

At the TBARTA Web site, visitors will find detailed and intuitive maps showing all the proposed routes, service ideas and planning processes.

The Tampa Bay Super Bowl Host Committee has launched its “Presence Program,” a line of Super Bowl XLIII banners that businesses, hotels and restaurants can purchase.

The banners utilize official colors and marks of the game and will be sold until Dec. 12. They are designed to provide Super Bowl décor to businesses so they can better attract traffic from 100,000 visitors expected to visit the region at the end of January, a release said.

There are seven different banners of various sizes available that could be displayed in hotel lobbies, bars and restaurants, checkout lanes, employee areas, building exteriors and public spaces, the release said.

Prices for the banners range from a 3-foot by 4.5-foot vertical banner for $40 to a 12-foot by 2-foot horizontal for $70, a downloadable order form shows.

The effort is the first phase of a coordinated campaign to create a great visual impact during game week, said Reid Sigmon, executive director of the Host Committee, in the release. “Each year the NFL partners with the local host community to develop and implement a regional decorations program,” Sigmon said.

The nonprofit Host Committee serves as the liaison between the National Football League and local efforts and has the ongoing responsibility for implementing Tampa Bay’s plan for Super Bowl XLIII culminating with the game on Feb. 1, 2009, at Raymond James Stadium.

More details are available online at the “Host Shop” on the Host Committee’s Web site.

Also new to the Web site, the Host Committee said this week it now is providing an online calendar of public events for Super Bowl XLIII. The information source will continue to evolve in the days leading up to the game, a release said.

There is information on the site for event organizers interested in adding public events to the calendar.

Disruptions in financial markets, including the subprime mortgage crisis and the bankruptcy and restructuring of key financial institutions, pose challenges to OSI Restaurant Partners LLC.

For the three months ended Sept. 20, the large Tampa-based company reported a loss of $46.63 million on revenue of 948.53 million, a steeper loss than the $16.68 million on revenue of $1.01 billion in Q3 2007.

Restaurant sales decreased by 3.2 percent or $99.97 million during the first nine months of 2008 as compared with the same period in 2007. This decrease was primarily attributed to decreases in sales volume at existing restaurants and was partially offset by additional revenues of about $65.17 million from the opening of 42 restaurants after Sept. 30, 2007.

Consumer confidence and spending, availability of credit, interest rates, foreign currency exchange rates and other items are adversely impacted, the company said in a Securities and Exchange Commission quarterly filing. Despite being privatized last year in a $3.1 billion acquisition, OSI still holds public debt and is required to make a certain amount of public disclosure.

The current global financial crisis may limit OSI’s access to liquidity as well as its ability to borrow under revolving credit facilities, it said in the filing.

While none of its institutional lenders on senior secured credit facilities have failed, OSI borrowed $30 million from its working capital revolving credit facility during Q3 2008 plus $20 million in October to “ensure the availability of these funds,” it said.

It has invested the entire $50 million in short-term investments, public filings show.

Declines in consumer confidence and diminished spending patterns are reducing revenues and cash flow from operations, OSI said. It is working to mitigate that impact with cost-saving efforts including food cost decreases via waste reduction and supply chain efficiency, labor efficiency initiatives, and reductions to general and administrative expenses.

“We have also developed new menu items to appeal to value-conscious consumers and have used marketing campaigns to promote these items,” the company said in its filing.

The restaurant industry “is highly competitive and fragmented and subject to changes in the economy, trends in lifestyles, seasonality and fluctuating costs,” OSI said. Operating margins for restaurants are susceptible to fluctuations in prices of commodities. They include beef, chicken, seafood, butter, cheese, produce and other necessities to operate OSI restaurants, such as natural gas or other energy supplies.

Additionally, the restaurant industry is characterized by a high initial capital investment coupled with high labor costs, the OSI filing said. Those conditions drive increased sales at existing restaurants in order to raise margins and profits. The company has begun to offer “off the menu” daily specials at Outback Steakhouses that reflect a range of entrées and price points.

“We believe they provide new reasons for customers to come back to Outback Steakhouse more often,” the company said in filings. OSI now has a multi-year plan to refresh and update its Outback Steakhouse restaurants.

“A new look delivers an experience that we believe reaches beyond the existing interpretation of Australia and the Outback in our restaurants, and it is expressed in updated fabrics, textures, art, lighting, props and murals,” the company’s filing with the SEC said. “Our marketing strategy of getting people to visit frequently and also recommending our restaurants to others complements what we believe are the fundamental elements of success: convenient sites, service-oriented employees and flawless execution in a well-managed restaurant,” the filing said.

Interest expense has increased substantially since the acquisition because of its new financing arrangements, the company said.

OSI now comprises eight restaurant concepts for nearly 1,500 system-wide restaurants. It operates in 49 states and in 20 countries internationally, predominantly through company-owned restaurants but also through a variety of partnerships and franchises. Its primary concepts include Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar.

Our other non-core concepts include Roy’s, Cheeseburger in Paradise, Lee Roy Selmon’s, and Blue Coral Seafood and Spirits. Its long-range plan is to exit these non-core concepts, but the company said there is no established timeframe for that.

In the fourth quarter of 2007, OSI began marketing the Roy’s concept for sale. In May 2008, it determined that the Roy’s concept would not be marketed for sale due to poor overall market conditions. The company is still marketing the sale of its Cheeseburger in Paradise concept.

OSI “went private” last year.

Kangaroo Holdings Inc., controlled by an investor group comprised of Bain Capital Partners, Catterton Partners, OSI Restaurant Partners Inc. founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon, and some company managers acquired OSI on June 14, 2007, for $3.1 billion. Borrowings under new senior secured credit facilities, proceeds from the issuance of senior notes, proceeds from a Private Restaurant Properties LLC sale-leaseback transaction, investment made by Bain Capital and Catterton, rollover equity from the founders and investments made by certain managers financed the deal.

That company was then converted into a Delaware limited liability company named OSI Restaurant Partners LLC, public filings show.

In its filing Monday, financial statements did not include all the information and footnotes required by generally accepted accounting principles for complete financial statements. But the filing said, “All adjustments necessary for the fair presentation of the company’s interim results of operations, financial position and cash flows for the periods presented have been included.”

The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year, the company said.

Poor performance in its credit-card business and a slowdown in consumer spending pushed Target Corp.’s earnings down nearly 24 percent in the third quarter.

The Minneapolis company on Monday reported third-quarter earnings of $369 million, or 49 cents per share, down almost 24 percent from a profit of $483 million, or 56 cents per share, during the year-ago period.

Target’s total revenue rose about 2 percent to $15.1 billion, up from $14.8 billion during the same period last year. Retail sales climbed 1.7 percent to $14.6 billion, up from $14.3 billion.

Revenue from new retail outlets helped offset lagging performance at existing stores. Same-store sales fell 3.3 percent during the quarter.

Earnings from Target’s retail business increased nearly 8 percent to $772 million, up from $715 million during the year-ago period.

Analysts polled by Thomson Financial had projected revenue of $15.24 billion and third-quarter earnings of 49 cents per share.

Target CEO and President Gregg Steinhafel said in a press statement the company plans to focus heavily on bolstering sales during the holiday season by “delivering exceptional value, a broad assortment of outstanding merchandise and a superior store experience.” Target (NYSE: TGT) said in a conference call last month that it will ramp up marketing of the “pay less” portion of its tag-line, in part to compete better with Wal-Mart Stores Inc., which so far has better weathered the economic downturn.

Target’s credit-card business emerged from the third quarter battered. Profits fell sharply, slipping 83 percent to $35 million. Lower interest rates and an overall decline in the performance of its portfolio fell to 4.3 percent, down from 18 percent.

In the seven county Tampa Bay region, there are 25 Target stores.

In May, Target sold almost half of its credit-card receivables to JPMorgan Chase & Co.

The company said in a statement it plans to scale back capital investment and “temporarily suspend” the repurchase of shares.

“The current environment and our financial outlook have naturally reduced our appetite for investment in our business,” said Doug Scovanner, executive vice president and chief financial officer, in a statement.

The U.S. Postal Service will increase its shipping service rates Jan. 18.

The following services will increase:

• Express Mail, by an average of 5.7 percent
• Priority Mail, by 3.9 percent
• Parcel Select, by 5.9 percent
• Parcel Return Service, by 5.3 percent
• International Shipping Services, by 8.5 percent.

According to the announcement, price changes on mailing services, including stamps, will be announced in February and go into effect in May 2009.

More information on the new prices is available at the Postal Service Web site.

Nearly all economists surveyed recently by a national trade organization say the U.S. economy is in a recession and their expectations for economic growth next year are meager at best.

The National Association for Business Economics said Monday that 48 of 50 economic forecasters it surveyed said the recession – traditionally defined as two or more consecutive quarters with a shrinking gross domestic product – is under way. Half of the economists indicated the downturn started in the fourth quarter of 2007 or first quarter of this year, months before the freezing of credit markets spilled over into the general economy.

The forecasters, who were questioned Oct. 28 through Nov. 7, generally expect inflation-adjusted GDP to shrink 2.6 percent in the fourth quarter, putting total economic growth for the year at 0.2 percent. Looking ahead, economists expect the nation’s GDP to grow 0.7 percent in 2009.

If those projections are on target, it would mark the slowest two-year period of U.S. economic growth in nearly 30 years, the Washington, D.C.-based association said.

“Business economists became decidedly more negative on the economic outlook for the next several quarters as a result of the intensification of credit market stresses and evidence of a spillover to the real economy,” association President Chris Varvares wrote in a release.

The economists also expect the nation’s unemployment rate to reach 7.5 percent by the end of 2009. The U.S. unemployment rate has jumped more than a percentage point since the beginning of 2008, hitting 6.1 percent in September. If the economists’ projections come to pass, it would represent the highest jobless rate since 1992, when the average rate was 7.5 percent.

For more information about the survey, click on the group’s Web site here.

In a move to preserve cash amid a downturn in the market for recreational vehicles, Lazy Days RV Center Inc. said it elected not to make an interest payment due to holders of its senior notes.

The company plans to talk with the note-holders to restructure its long-term debt to improve liquidity or modify its requirements for liquidity, a release from Lazydays said.

Lazydays said it has a 30-day grace period before the failure to pay interest becomes an event of default. The company said it has talked to its lenders about the plan, and they’ve agreed to honor their credit agreements with the company. Lazydays currently is in compliance with all covenants associated with its lenders, the release said.

The outstanding balance on the senior notes as of Sept. 30 was $138.7 million, Lazydays said in a filing with the Securities and Exchange Commission.

The SEC filing showed that for the third quarter, ended Sept. 30, Lazydays reported a net loss of $6.3 million, compared to a net loss of $2.1 million in the third quarter of 2007. Revenue for the just-ended quarter was $90.1 million, a 41 percent drop from revenue of $152.2 million in the same quarter a year earlier.

For the first nine months of 2008, Lazydays reported a net loss of $4.1 million on revenue of $450.9 million. The company had net income of $424,783 on revenue of $594.6 million in the year-earlier period.

Lazydays said in the release that it had taken a number of steps to cut its operating costs in response to the persistent downturn in the RV industry and the overall economy. Those measures included reducing employee headcount by 200 people, or 30 percent, as well as eliminating all non-essential spending and implementing efficient purchasing processes across the business. Those measures had a positive impact on cash flow, the release said.

Lazydays, based in Seffner, is the largest single-site dealer of recreational vehicles in the United States. The company is privately owned but files reports with the SEC stemming from its May 2004 issuance of $152 million in public bonds as part of the transaction in which Bruckmann Rossser Sherrill & Co. LLC purchased majority control.

TECO Peoples Gas has joined roughly 190 other energy organizations to create the Council for Responsible Energy.

The CRE was formed to promote the use of clean-burning natural gas as an environmentally friendly energy choice through a national education campaign, a release said.

Members of the non-profit association include natural gas suppliers, natural gas marketing companies, transmission companies, distributors and appliance manufacturers and distributors, the release said.

TECO Peoples Gas, which bills itself Florida's largest natural gas distribution company, serves nearly 334,000 customers and is based in Tampa. It is one of four core businesses of TECO Energy Inc. (NYSE: TE).

The NCAA Division I Women’s Basketball Committee has selected Tampa Bay, and the University of South Florida, to host the 2015 NCAA Division I Women’s Final Four Championship. It will be the second time the event will be played in Tampa Bay.

“Hosting an event like this is usually a once-in-a-lifetime opportunity,” said Tampa Bay Sports Commission Executive Director Rob Higgins in a release. He credited the efforts of numerous organizations and volunteers, and the region’s hospitality industry for the award.

After submitting an intent-to-bid form in November 2007, representatives of 12 cities attended a pre-bid seminar in January 2008, and met with NCAA staff for individual planning and progress updates in April and June 2008, a release said. After selecting eight finalist cities in August 2008, women’s basketball committee members made site visits to each finalist city in September and October. Following the site visits to each city, potential host-city representatives made final presentations to the committee Nov. 11-12 in Indianapolis.

When evaluating prospective host cities, the committee reviewed each city’s venue, convention center, hotel community, transportation plans, legacy programs and financial commitment, as well as the community’s and prospective host institution/conference’s overall commitment to the event, the release said.

The Women’s Final Four has become one of the NCAA’s premier championship events. Just as with the 2008 event in Tampa Bay, the 2015 Women’s Final Four will be played at the St. Pete Times Forum in downtown Tampa.

In addition to Tampa Bay in 2015, the committee also chose host cities for the 2012 to 2016 championships. They include Denver in 2012, New Orleans in 2013, Nashville, Tenn. in 2014 and Indianapolis in 2016. Denver and Nashville will be hosting the event for the first time, the release said.

The Grand Prix Family Thrill Park in Tampa is one of 11 family entertainment centers just acquired by PARC Management LLC.

A company spokesperson declined to reveal details of the transaction, including purchase price. CNL Lifestyle Properties Inc., a real estate investment trust based in Orlando was the seller of Grand Prix.

With these latest acquisitions, PARC, based in Jacksonville, now owns and operates 25 entertainment parks in North America, 16 of which are in its family entertainment division. No immediate operational changes are planned at the properties, said spokesperson Debbie Evans.

“It was a good business opportunity for us,” she said. “These properties fit with our organization and our current portfolio of properties.”

Grand Prix, located at 14320 N. Nebraska Ave. The deal marks the company’s first acquisition in Florida, the spokesperson said.

No other local purchases are planned, the company said. PARC’s portfolio includes theme parks, water parks, and other entertainment properties, including Frontier City and White Water Bay, Darien Lake Theme Park Resort, Elitch Gardens, Wild Waves Theme Park, Waterworld California, Splashtown, Magic Springs & Crystal Falls, Myrtle Waves, NASCAR SpeedParks North America and eleven family entertainment centers.

The Florida Agency for Health Care Adminstration has collected a $1.4 million Medicaid rebate.

This recovery was a collaborative effort of several groups within the agency, according to a release by state agency. Medicines administered in a provider’s office are billed to Medicaid differently than prescriptions filled at a pharmacy. By reviewing billing histories, agency investigators were able to identify the amount the state was owed.

Secretary Holly Benson said the agency’s Medicaid program integrity team took the lead by researching the billing history and working with Takeda Pharmaceuticals. She said the money collected will be redirected to Medicaid services.

The agency administers Florida’s Medicaid program, licenses and regulates more than 32,000 health care facilities and 37 health maintenance organizations and publishes health care data and statistics.

A business development event focused on the business of seniors is slated to feature 280 exhibitors at Tropicana Field starting Wednesday.

Senior Connection Magazine and Mature Lifestyles Magazine, published by Seffner-based News Connection USA Inc., will present a Senior Friendly Extravaganza Nov. 19 – 20 in St. Petersburg.

There is no charge for the event that is slated to include exhibitors and a classic car show, live music, free health screenings and a scheduled guest appearance from celebrity fitness instructor Richard Simmons, a release said.

Sponsors include CVS/pharmacy, Bright House Networks, Blue Cross and Blue Shield of Florida Inc., Walgreens, WellCare Health Plans Inc., Citrus Health Care, the Tampa Tribune and a lead sponsor Humana Inc.

The event is one of several Senior Friendly Extravaganzas scheduled for locations around Florida including Fort Myers, Tampa, Sarasota, Clearwater and Port Charlotte, the company said.

A similar event last year attracted more than 13,500 attendees, the company said.

Brown & Brown Inc. said it has signed an agreement to acquire the small business insurance unit of Conner Strong Cos. Inc.

Financial terms of the deal were not disclosed in a release announcing the planned acquisition.

Conner Strong provides property and casualty insurance and employee benefits products and services. The privately held firm, based in Cherry Hill, N.J., ranks as the 31st largest insurance brokerage in the United States, according to its Web site.

The small business insurance unit, with annualized revenues of about $9.3 million, provides commercial insurance and employee benefits to small businesses, Brown & Brown said in its release.

As part of the transaction, Joseph P. Morrissey Jr. will join Brown & Brown as leader of the acquired commercial lines operations, the release said. Additionally, Brown & Brown will have two new mid-Atlantic locations as a result of the transaction.

The deal is expected to close in January of 2009.

Brown & Brown (NYSE: BRO), based in Tampa and in Daytona Beach, offers a range of insurance and reinsurance products and services.

Akerman Senterfitt added three lawyers to the firm’s healthcare practice, bringing to 25 the number of its lawyers in the practice.

J. Everett Wilson, Michael Gennett and Marisa Rodriguez – all formerly of Shutts & Bowen – joined Akerman’s Miami office, a release said.

The firm has more than 400 lawyers in Florida, including 39 in its Tampa office.

In the last three months, Akerman has added more than 25 lawyers in key practice areas, the firm said.

The Pinellas County Development Authority has completed the offering of a $4 million industrial revenue bond that will finance expansion at Bovie Medical Corp.

Bovie (NYSE Alternext US: BVX), a manufacturer and marketer of electrosurgical products, bought the former Harland Clarke check printing facility in Largo and plans to move there from its current location in the Tyrone Industrial Park.

Bovie used a line of credit with Royal Bank of Canada to buy the Largo building. Proceeds of the bond substantially satisfied the balance on Bovie’s line of credit with RBC, a release from the company said.

The bond sale, especially in the current credit market, “demonstrates investor confidence in Bovie’s future,” Gary Pickett, chief financial officer, said in the release. The bond offers long-term financing at interest rates below conventional financing and eliminates short-term debt, Pickett said.

The company said in the release that it plans to sell its current manufacturing plant over the next several months.

Bovie is based in Melville, N.Y., but manufactures its products in St. Petersburg.

Bank of America Corp. plans to exercise an option to purchase additional shares in China Construction Bank, giving it a 19.1 percent stake in the company.

BofA is exercising the remainder of an option to buy shares in the Chinese bank, which one of that country’s largest financial institutions. Financial terms of the purchase weren't disclosed.

Charlotte-based BofA (NYSE:BAC) initially bought a 9 percent stake in the bank in 2005 for $3 billion, and it currently owns 10.75 percent of the company’s shares after increasing its stake earlier this year. BofA is the market share leader in Tampa Bay at nearly 20 percent at 168 offices and more than $15.25 billion in assets locally.

The shares it is acquiring cannot be sold until Aug. 29, 2011, without China Construction’s consent.

BofA says it plans to remain a “long-term and significant strategic investor” in the company. Both companies will continue to pursue partnership projects under a strategic assistance agreement formed in 2005, BofA says.

The companies have launched more than 20 such projects, including a leasing business in Beijing and no-fee cash withdrawals from BofA’s ATMs in China.

When its purchase of the option shares is completed by the end of the month, BofA will hold about 44.7 billion “H-shares” of China Construction.

Some analysts have speculated that BofA might liquidiate part of its China Construction investment to free up capital. While not ruling anything out, BofA CEO Kenneth Lewis has repeatedly said the company plans to maintain a significant stake in the bank.

The National Council on Compensation Insurance, as promised, has proposed a significant rate increase in Florida’s workers’ compensation rates, the result of a recent state Supreme Court ruling.

The ruling, Emma Murray v. Mariner Health Inc., essentially struck down a cap on fees to lawyers who represent injured workers.

The NCCI, which proposes rates for insurers in Florida, is asking for an 18.6 percent rate hike over a two-year period. If approved, the hike would apply to new and renewed policies effective on or after March 1.

The request comes two weeks after Florida Insurance Commissioner Kevin McCarty approved an 18.6 percent rate cut, the most recent in a series of six rate cuts totaling 60.5 percent.

The Florida Chamber of Commerce said if approved the impact to Florida employers would be in the hundreds of millions of dollars.

“This rate increase reflects what the business community has said all along: The Murray decision allows plaintiffs' trial lawyers to drive up their hourly fees through drawn out litigation and frivolous claims,” the chamber noted in a press release.

The chamber is asking the legislature to take action in response to the Florida Supreme Court’s ruling. It said it was partnering with other organizations to work on legislative solutions.

A public hearing on the rate hike request is tentatively set for Dec. 16.

Citigroup said Monday it will cut about 53,000 more jobs in the near future as part of its wide cost-cutting efforts.

The New York-based company's chief executive officer, Vikram Pandit, is meeting Monday with employees to explain the cuts, which come on the heels of four straight quarterly losses -- one of them reaching $2.8 billion.

Citigroup (NYSE: C) said its staff will be 20 percent smaller than it was at the end of 2007, when it had about 375,000 employees.

Earlier this month, Citigroup announced 10,000 job cuts and said it would raise credit-card interest rates for many of its customers.

Expenses will be reduced by 20 percent, as well, the company said.

Citigroup shares were down 44 cents -- about 4.6 percent -- to $9.08 in morning trading. The 52-week high was $35.29 on Dec. 11. The 52-week low was $8.27 on Thursday.

Sears Holdings Corp. plans to close another of its Tampa Bay area stores, this one on Gulf to Bay Boulevard in Clearwater.

Close to 90 people are expected to be displaced by the Feb. 22 closure, a spokesperson said Friday.

Sears Essential at 2130 Gulf to Bay Blvd. is the third store closure announced by the company for the Bay area in the past month.

Eighty-nine workers will be laid off when the Sears store on Ninth Street in St. Petersburg closes Jan. 11. And a Kmart store on Tamiami Trail in Sarasota will let go 50 employees on Dec. 29.

All three stores are closing due to underperformance, said Kimberly Freely, spokeswoman for Sears Holdings (NASDAQ: SHLD).

Sears Holdings will offer severance to employees who qualify, and positions are also available at other nearby Sears and Kmart locations.

With about 3,800 full-line and specialty retail stores in the United States and Canada, Sears Holdings has about $50 billion in annual revenue. The company formed after Kmart and Sears merged in 2005 and is based in Hoffman Estates, Ill.

United Insurance Holdings Corp. reported net income of $8.9 million, or 75 cents a share, for the third quarter ended Sept. 30, compared to net income of $11 million, or 94 cents a share, in the third quarter of 2007.

Revenue for the third quarter of 2008 was $26 million, compared to $29 million in the year-ago period.

Gross written premiums, its primary source of revenue, increased during the just-ended third quarter, the company said in a release. But the premium revenue was affected by a decrease in policies written in Miami-Dade, Broward and Palm Beach counties, and an increase in policies written in other parts of Florida that have lower average written premium, the release said.

The company said another factor was new wind mitigation credits implemented by the Florida Office of Insurance Regulation in the fourth quarter of 2007. Those credits also reduced the average premium during the three months ended Sept. 30, compared to the same period in the prior year, the release said.

The impact was a decline in the average premium rate per policy to $1,784 at Sept. 30 compared to $2,368 on the same day a year earlier, the release said.

The company’s larger policy base and claims resulting from Tropical Storm Fay also increased the loss and loss adjustment expense for the third quarter, the release said.

For the nine months ended Sept. 30, United Insurance reported net income of $26.6 million, or $2.26 a share, on revenue of $77.4 million. The company had net income of $31.7 million, or $2.70 a share, on revenue of $84.4 million in the first nine months of 2007.

United Insurance Holdings Corp. (OTC BB: UIHC), based in St. Petersburg, underwrites homeowners insurance and selected small business insurance in the state of Florida.

Bright House Networks has entered the online video market, and is now offering more than 3,000 movies and television shows through its new online video store.

The cable provider opened the Road Runner Video Store at videostore.rr.com, and offers new movies for $18, older titles for between $10 and $14, and television series at $2 for each episode. Movies also can be rented for $4 to run directly on computers.

The move will help Bright House, through its continued affiliation with the Road Runner from Time Warner Inc. (NYSE: TWX), compete with other online entities offering similar service like the iTunes Store from Apple Inc. (NASDAQ: AAPL). That service, which has offered video downloads since 2005, had sold 2 million feature-length films by July 2007 and more than 200 million television episodes as of Oct. 16, according to the company.

Bright House hopes to soon offer content in high definition, as well as a DVD shipping service, similar to that made popular by Netflix Inc. (NASDAQ: NFLX) and Blockbuster Inc. (NYSE: BBI).

In the interest of disclosure, Bright House shares common ownership with the Tampa Bay Business Journal.

Syniverse Holdings Inc. is not aware of any unsolicited attempts to takeover its operations, but it’s adopting a stockholder rights plan designed to make sure its shareholders are “treated fairly” if there ever is an unsolicited takeover.

On Nov. 28, each common share of Syniverse (NYSE: SVR) stock will be given a preferred stock purchase right as a dividend valid until November 2011, or redeemed by the company. The right can be redeemed if there is a takeover to buy a fraction of a share of a new series of junior participating stock of Syniverse for $33, said a release issued by the Tampa technology and business services provider for the telecommunications industry.

If any person or group becomes the beneficial owner of 15 percent or more of the Syniverse common stock, then each shareholder right not owned by the person or organization buying such a large share will become available for purchase in lieu of preferred shares.

If Syniverse then becomes involved in a merger after someone acquires at least 15 percent of stock, then the right will allow its holder to purchase a number of common shares of the acquiring company.

Despite the economic slowdown, Synivese has remained profitable. Its third quarter, which ended Sept. 30, netted the company $25.5 million, or 38 cents a share, on revenue of $137.2 million. That was up from $16.5 million, or 24 cents a share, Syniverse earned the year before on revenue of $100.3 million.

Syniverse shares were trading at $8.83 Monday after closing at $8.66 on Friday. Shares for Syniverse had been trading as high as high as $22.33 last May. Shares, however, plummeted more than 51 percent from $18.27 on Nov. 4 to $8.92 on Nov. 7.

The Tampa Bay Technology Forum has named Debra Curtiss as chair of its 2009 board of directors.

Curtiss is vice president and general manager of Peak 10 in Tampa, which specializes in data center operation and managed services. The appointment is effective Jan. 1, 2009.

In addition, Anand Pallegar, founder and president of atLarge Inc. in Sarasota, was appointed vice-chair for 2009. Kathy Killingsworth, chief operating officer at Tribridge in Tampa, and Greg McLaughlin, director of corporate strategy for Bright House Networks, will be secretary and treasurer, respectively, a release said.

Curtiss succeeds George Gordon, chairman and chief executive officer of Enporion. Gordon had been chairman since 2004 and was preceded by founding President Tom Wallace, chief executive officer of RedVector in Tampa.

Founded in 2000, TBTF is a professional association that aims foster growth in the technology community of Tampa Bay. It currently has more than 450 member organizations, the release said.

Thomas James, chairman and chief executive of Raymond James Financial Inc., was named the Ernst & Young Entrepreneur of the Year 2008 national award winner in the financial services category.

James was recognized for helping to pioneer the use of independent contractors in financial services and for overseeing growth at Raymond James, a release from Ernst & Young said. Raymond James (NYSE: RJF), a financial services company headquartered in St. Petersburg, is among the largest public companies in the Tampa Bay area.

James was honored Saturday at the Entrepreneur of the Year gala in Palm Springs, Calif., the culminating event of the Ernst & Young Strategic Growth Forum, the release said.

Awards were given in nine additional categories, and winners were selected by an independent panel of judges from about 400 regional award recipients.

Matthew Szulik, chairman of Red Hat Inc. (NYSE: RHT), was named the overall Ernst & Young Entrepreneur of the Year 2008 national winner.

Avantair Inc. said it would begin a warrant retirement program that would allow the company to raise additional capital to fund its growth.

The program also will simplify the company’s capital structure and provide more liquidity for its common stock, Avantair said in a release.

Under the program, Avantair (OTC BB: AAIR), a Clearwater company that provides fractional shares in private aircraft, has offered holders of all 13.8 million outstanding, publicly traded warrants the chance to exercise the warrants on amended terms for a limited time.

The company is reducing the per-share exercise price from $5 to $2.75. Each warrant exercised by a holder at the reduced exercise price gives the holder the option to exchange ten additional warrants for one additional share of stock, the release said.

The offer will continue until Dec. 12 at 5 p.m. eastern standard time, unless extended or withdrawn, the release said.

Directors and executive officers, who hold a combined 499,626 publicly traded warrants, have the same opportunity to exercise the warrants on the same terms as other holders. The directors and officers are expected to exercise all their warrants, the release said.