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Kyle Petty Charity Ride Coming to Lamar May 7

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| May 01, 2015 | Comments 0

Pit Stop 1

CHARLOTTE, N.C. March 2, 2015 – The Kyle Petty Charity Ride Across America has announced the route for its 21st Anniversary motorcycle trek, taking place May 2-8, 2015. NBC Sports NASCAR analyst and former NASCAR driver Kyle Petty will lead 200 motorcyclists along the 2,500 mile-route, stretching from Santa Cruz, Calif. to Branson, Mo., to raise funds and awareness for Victory Junction – a camp created to enrich the lives of children with chronic or life-threatening illnesses.

“Each year, we select a route that’s full of breathtaking scenery, while also allowing us to spread the word and build excitement around our mission along the way,” said Petty. “Year after year, the Ride creates lasting memories for our riders, most importantly; it provides life-changing opportunities for children at Victory Junction.”

Spectators, visitors and locals along the 2015 route are encouraged to attend one of the Ride’s eight overnight stops or daily fuel stops to greet Petty and the riders, purchase Ride memorabilia or make a donation to Victory Junction.  One of the last stops, May 7, will be at the Pit Stop on North Main Street in Lamar.  The approximate times are from 9:45am to 10:15am on that day.

Other notable athletes on this year’s route include:  NASCAR racing champion Richard Petty; NASCAR racers  Matt Kenseth, Harry Gant and Donnie Allison, NFL great Herschel Walker and co-host of History Channel’s Top Gear America Rutledge Wood.

Since 1995, more than 7,500 riders have logged $11.1 million cumulative motorcycle miles and raised $16 million for Victory Junction and other children’s charities.  For more information, visit www.kylepettycharityride.com.

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SC PRT chief: State tourism in great shape, except golf

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This year could set another record for tourism revenue in South Carolina, state Parks Recreation and Tourism director Duane Parrish told members of the North Myrtle Beach Chamber of Commerce on Friday morning, with all visitor-oriented business engines firing at full throttle.

Except one.

“Golf is struggling,” Parrish said.

While the other segments of the state’s tourism industry have seen significant growth since the Great Recession, golf is headed the other way, Parrish said.

That loss is a particular blow to the Grand Strand, which has seen the number of area courses decimated in recent years and a drop in an off-season revenue stream — winter golfers — it had counted on for years.

The decline of the tax revenues from golfers is vexing to county government, as it already is struggling to keep up with the need to expand services as new residents pour into the Strand, Horry County Council chairman Mark Lazarus said after Parrish’s talk.

“We’ve got to rely on more sources,” Lazarus said. “The more people move here, the more demand for services.”

Taxes on new home construction doesn’t bring in the expanded revenue needed when the new residents arrive, he said. The county is looking at imposing an impact fee to help with the costs, but Lazarus clearly would like more than one iron in one fire.

Revenues from the area’s burgeoning sports tourism industry can help as well, and the recent opening of the Myrtle Beach Sports Complex brings a venue to attract large groups even when the weather turns icy.

North Myrtle Beach is aiming to lure visitors from the group meeting market, a segment that likes to schedule functions at times when area hotels find themselves with too many rooms to fill.

“It’s a huge business,” said George DuRant, the North Myrtle Beach Chamber’s vice president of tourism development. “They stay multiple nights. They spend quite a bit of money.”

The city hired Melissa Overbey last month as its new group sales and sports tourism manager, adding the group sales responsibility to a job that formerly had focused solely on sports tourism.

DuRant said the city is aiming at groups in what he calls the SMERF market, an acronym for social, military, educational, reunion and fraternal groups.

“Typically, they come from Sunday to Thursday and in the off season,” he said.

If that business takes off like the sports tourism market has on the Grand Strand, it like sports tourism can help to replace funds that governments previously might have seen from golf.

Tourism had a $18.1 billion economic impact statewide in 2013, the latest year for which figures are available, Parrish said. The taxes paid by tourists — accommodations, sales, gas etc. — added $1.3 billion to state and local revenues.

One in 10 jobs statewide is generated by tourism, a number Parrish conceded is higher along the Grand Strand.

Gas prices have gone up and are expected to continue on that trend through July 4. But then it is forecast to head back down, which Parrish said bodes well for fall tourism, a niche that the Myrtle Beach Area Chamber of Commerce has been working to open with impressive results.

And while the golf segment has been pummeled in recent years, Parrish said the situation is not hopeless.

“There’s still a market out there,” he said. “What we’ve got to do is take share from other states.”

Contact STEVE JONES at 444-1765 or on Twitter @TSN_SteveJones.

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Durham’s Bennett Place re-creates Civil War’s final surrender

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The tension in the dimly lit room is thick as Gen. William T. Sherman and Gen. Joseph E. Johnston – or at least the actors portraying them – negotiate the end of the Civil War.

“I’m afraid the terms that Grant gave Lee at Appomattox are all I can offer,” says Sherman, the Union general who stood in the room exactly 150 years earlier.

Johnston, who commanded about 90,000 Confederate troops, seems resigned. “I believe that’s the best we can do here,” he replies.

The negotiations portrayed this weekend at Durham’s Bennett Place State Historic Site have taken a back seat to the Appomattox, Va., surrender in the history books.

Sure, Gen. Robert E. Lee surrendered the Army of Northern Virginia two weeks earlier, but Johnston commanded more troops. And he faced pressure from Confederates who wanted to keep fighting.

Had the Bennett Place negotiations failed, “there’s a question of when the war would have ended,” said Keith Hardison, director of the N.C. Division of State Historic Sites. “This was where the country decided to reunite.”

The re-enactment this weekend at Bennett Place marks the last major event in the Civil War Sesquicentennial – the series of 150th anniversary events that’s kept re-enactors and Civil War buffs busy for the past four years.

In Durham, about 400 re-enactors camped out amid the tall pine trees of the Bennett family’s farm – the site of negotiations due to its location between a major road and rail line. The Confederates pitched their tents a healthy distance from their northern counterparts.

Saturday’s rainy weather meant fewer visitors to the camps but didn’t deter re-enactors who spend several weekends a year outside in period-appropriate tents and costumes.

“It’s not bothering us, but it definitely cuts down on the tourism,” said Vernon Wingo of Conway, S.C., who portrays a Confederate private.

While Bennett Place drew far fewer re-enactors than the Appomattox anniversary two weeks ago, Wingo says smaller events “generally treat you better.”

“I think this event is extremely important,” he said. “We’re talking about the lives of thousands of people.”

Beer and firearms

Like many re-enactors, Wingo will have a slower schedule in the coming months with the sesquicentennial done. And while some older re-enactors are planning to hang up their wool uniforms after the 150th, Wingo said he’ll keep up the hobby that’s occupied his weekends for the past decade.

“This is like Boy Scouts with beer and firearms,” he said. “This is an opportunity to help educate the public about what the war was about and how people lived.”

And for Bennett Place, the anniversary is a chance to draw attention to the site, which is often overlooked by Civil War tourists.

“This is the most ambitious event planned here in recent years,” Hardison said. Thousands of visitors are expected over the weekend, he said.

More soldiers were at the site this weekend than the 100 or so troops there in 1865. Johnston and Sherman left their armies behind, and many Confederate soldiers learned of the surrender in the Greensboro area.

That’s why visitors to the re-enactment won’t see skirmishes. The important action took place inside the simple log farmhouse where the two generals hashed out the terms of surrender.

The Bennett Place staff has re-created those talks, giving about 20 visitors at a time an intimate look at the men and their major concerns.

History doesn’t have an exact transcript of what was said, but historians used authentic summaries of the main sticking points. “We’re trying to take a condensed slice of what went on and give people a feeling for the particulars of what was discussed,” Hardison said.

That includes the assassination of President Abraham Lincoln, which took place in the weeks between the Appomattox surrender and the talks at Bennett Place. The tragedy in Washington, D.C., meant the two generals didn’t discuss the political elements of the war’s end.

On Sunday, visitors will get one last chance during the sesquicentennial to see those negotiations re-created. And they’ll get to see an event that took place near Greensboro: Johnston’s final address to the defeated Confederate troops and the stacking of arms as soldiers turned in their weapons.

Campbell: 919-829-4698;

Twitter: @RaleighReporter

Want to go?

What: 150th anniversary of the Civil War surrender at Bennett Place

When: 10 a.m. to 5 p.m. Sunday

Where: 4409 Bennett Memorial Road in northwestern Durham

Parking: Available offsite for $5 at Triangle Day School, 4911 Neal Road, and other nearby locations

Sunday highlights: Surrender negotiations begin at 11:30 a.m.; Confederate soldiers turn in their weapons at 2 p.m., followed by a farewell address from Gen. Joseph Johnston

Admission: $10

For more information: bennettplacehistoricsite.com

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LendingTree Reports Record First Quarter Results; Increasing Full-Year Outlook

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CHARLOTTE, N.C., April 30, 2015 /PRNewswire/ — 

  • Record Revenue of $50.9 million; up 27% over first quarter 2014
  • Record Variable Marketing Margin of $21.2 million; up 39% over first quarter 2014
  • Net Income from Continuing Operations of $5.4 million
  • Record Adjusted EBITDA of $8.9 million; up 98% over first quarter 2014
  • Net Income per Diluted Share from Continuing Operations of $0.44; Adjusted Net Income per Share of $0.65
  • Revenue growth from non-mortgage products continued to accelerate, up 140% over first quarter 2014; fifth consecutive quarter of triple-digit year-over-year growth
  • Increasing full-year 2015 guidance

LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online loan marketplace, today announced results for the quarter ended March 31, 2015.

“Continuing our momentum from the fourth quarter, we once again achieved new record levels of revenue, variable marketing margin and adjusted EBITDA in the first quarter,” said Doug Lebda, Chairman and CEO.  “Revenue growth from our non-mortgage products continued to accelerate, increasing a record 140% versus the prior year.  Helping fuel that acceleration, revenue from our personal loans marketplace was up more than 11 times compared to the first quarter 2014, and in the month of March, exceeded $3.1 million.  More broadly, we saw year-over-year growth in each of our non-mortgage lending revenue streams.  Based on our performance in the first quarter, we are increasingly optimistic about our prospects for the rest of the year.”

Alex Mandel, Chief Financial Officer, added, “We’re particularly focused on ramping our emerging lending categories over the next several quarters, including small business loans, credit cards and student loans; and promoting our brand, emphasizing LendingTree as ‘the place to shop for money’. We anticipate debuting new TV spots late in the quarter in support of our full suite of loan and credit categories and the compelling value proposition offered by My LendingTree enrollment.  Notwithstanding the investment contemplated in these marketing efforts, our platform and selective additions to our team, which we anticipate will reflect in our second quarter results, we are increasing our full-year 2015 outlook.”

First Quarter 2015 Business Highlights

  • Record revenue from mortgage products of $37.0 million represents an increase of 8% over first quarter 2014 and reflects our highest growth rate since annualizing the launch of our national brand campaign in Q2 2014. Our mortgage results benefitted, in part, from an influx of refinance volume which was well absorbed by our network of lenders.
  • Record revenue from non-mortgage products of $13.9 million in the first quarter represents an increase of 140% over the first quarter 2014 and our fifth consecutive quarter of triple-digit year-over-year growth. Revenue from non-mortgage products now comprises 27% of total revenue, up from 14% in the prior year’s quarter.
  • Enrollment growth in My LendingTree continued to accelerate, as more than 900 thousand consumers have now joined the My LendingTree personalization platform, up from 600 thousand in late February.

 

First Quarter 2015 Financial and Operating Highlights

  • Record revenue in the first quarter 2015 of $50.9 million represents an increase of $10.9 million, or 27%, over revenue in the first quarter 2014.
  • Record Variable Marketing Margin of $21.2 million represents an increase of $6.0 million, or 39%, over first quarter 2014 and, at 42% of revenue, reflects the decline in interest rates in late December, which led to an influx of lower cost, higher margin consumer traffic in the quarter.
  • Adjusted EBITDA of $8.9 million, also a record, increased $4.5 million, or 98%, over first quarter 2014.
  • Adjusted Net Income per Share of $0.65 represents an increase of $0.34, or 110%, over first quarter 2014.
  • Working capital was $86.4 million at March 31, 2015, compared with $81.0 million at December 31, 2014. Working capital is calculated as current assets (including unrestricted and restricted cash) minus current liabilities (including loan loss reserves).

Business Outlook – 2015

LendingTree is providing revenue, Variable Marketing Margin and Adjusted EBITDA guidance for the second quarter 2015 and increasing its full-year 2015 outlook, as follows:

For second quarter 2015:

  • Revenue is anticipated to be in the range of $51 – $53 million, a 21% – 26% increase over second quarter 2014.
  • Variable Marketing Margin is anticipated to be $19 – $20 million, an increase of 20% – 27% over second quarter 2014.
  • Adjusted EBITDA is anticipated to be in the range of $7.0 – $7.5 million, up 27% – 36% over second quarter 2014.

For full-year 2015:

  • Revenue is now anticipated to be $202 – $208 million, or 21% – 24% over full-year 2014, an increase from previous guidance of 15% – 20% growth.
  • Variable Marketing Margin is now anticipated to be in the range of $78.0 – $82.0 million, an increase of 20% – 26% over full-year 2014 and up from previous guidance of $76.0 – $80.0 million.
  • Adjusted EBITDA is now anticipated to be in the range of $30 – $31 million, implying year-over-year growth of 37% – 42%, an increase from previous guidance of $27.0 – $29.0 million.

Quarterly Conference Call

A conference call to discuss LendingTree’s first quarter 2015 financial results will be webcast live today, April 30, 2015 at 11:00 AM Eastern Time (ET). The live audiocast is open to the public and will be available on LendingTree’s investor relations website at http://investors.lendingtree.com/. The call may also be accessed toll-free via phone at (877) 606-1416. Callers outside the United States and Canada may dial (707) 287-9313. Following completion of the call, a recorded replay of the webcast will be available on LendingTree’s investor relations website until 11:59 PM ET on Tuesday, May 5, 2015. To listen to the telephone replay, call toll-free (855) 859-2056 with passcode #31085817. Callers outside the United States and Canada may dial (404) 537-3406 with passcode #31085817.

 

 

LENDINGTREE’S PRINCIPLES OF FINANCIAL REPORTING

LendingTree reports Earnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below (“Adjusted EBITDA”), Adjusted EBITDA % of revenue, adjusted net income and adjusted net income per share as supplemental measures to GAAP.

Adjusted EBITDA and Adjusted EBITDA % of revenue are primary metrics by which LendingTree evaluates the operating performance of its businesses, on which its marketing expenditures and internal budgets are based and, in the case of adjusted EBITDA, by which management and many employees are compensated. LendingTree believes that investors should have access to the same set of tools that it uses in analyzing its results. LendingTree believes that adjusted net income and adjusted net income per share are useful financial indicators that provide a different view of the financial performance of the Company than adjusted EBITDA (the primary metric by which LendingTree evaluates the operating performance of its businesses) and the GAAP measures of net income (loss) from continuing operations and GAAP income (loss) per diluted share.

Adjusted net income and adjusted net income per share supplement GAAP income (loss) from continuing operations and GAAP income (loss) per diluted share by enabling investors to make period to period comparisons of those components of the nearest comparable GAAP measures that management believes better reflect the underlying financial performance of the Company’s business operations during particular financial reporting periods. Adjusted net income and adjusted net income per share exclude certain amounts, such as non-cash compensation, non-cash asset impairment charges, gain/loss on disposal of assets, restructuring and severance, litigation settlements, contingencies and legal fees for certain patent litigation, and acquisition expenses, which are recognized and recorded under GAAP in particular periods but which might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. LendingTree provides and encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures set forth above. LendingTree is not able to provide a reconciliation of projected adjusted EBITDA to expected reported results due to the unknown effect, timing and potential significance of the effects of the wind-down of discontinued operations and tax considerations.

Definition of LendingTree’s Non-GAAP Measures

EBITDA is defined as operating income or loss (which excludes interest expense and taxes) excluding amortization of intangibles and depreciation.

Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash asset impairment charges, (3) gain/loss on disposal of assets, (4) restructuring and severance expenses, (5) litigation settlements, contingencies and legal fees for certain patent litigation, (6) adjustments for acquisitions or dispositions, and (7) one-time items.

Adjusted net income is defined as net income (loss) from continuing operations excluding (1) non-cash compensation expense, (2) non-cash asset impairment charges, (3) gain/loss on disposal of assets, (4) restructuring and severance expenses, (5) litigation settlements, contingencies and legal fees for certain patent litigation, (6) adjustments for acquisitions or dispositions, and (7) one-time items.

Adjusted net income per share is defined as adjusted net income divided by the adjusted weighted average diluted shares outstanding.  In cases where the Company reported GAAP losses from continuing operations, the effects of potentially dilutive securities are excluded from the calculation of net loss per diluted share from continuing operations because their inclusion would have been anti-dilutive.  In such instances where the Company reports GAAP net loss from continuing operations but reports positive non-GAAP adjusted net income, the effects of potentially dilutive securities are included in the denominator for calculating adjusted net income per share.

LendingTree endeavors to compensate for the limitations of these non-GAAP measures by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures.  These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

One-Time Items

Adjusted EBITDA and adjusted net income are adjusted for one-time items, if applicable. Items are considered one-time in nature if they are non-recurring, infrequent or unusual, and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. For the periods presented in this report, there are no adjustments for one-time items.

Non-Cash Expenses That Are Excluded From LendingTree’s Adjusted EBITDA and Adjusted Net Income

Non-cash compensation expense consists principally of expense associated with the grants of restricted stock, restricted stock units and stock options. These expenses are not paid in cash and LendingTree includes the related shares in its calculations of fully diluted shares outstanding. Upon settlement of restricted stock units, exercise of certain stock options or vesting of restricted stock awards, the awards may be settled on a net basis, with LendingTree remitting the required tax withholding amounts from its current funds.

Amortization of intangibles are non-cash expenses relating primarily to acquisitions. At the time of an acquisition, the intangible assets of the acquired company, such as purchase agreements, technology and customer relationships, are valued and amortized over their estimated lives.  Amortization of intangibles are only excluded from Adjusted EBITDA.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates; willingness of lenders to make unsecured personal loans and purchase leads for such products from the Company; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network lenders; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain customers in a cost-effective manner; ability to develop new products and services and enhance existing ones; competition; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network lenders or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2014 and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

LendingTree, Inc. (NASDAQ: TREE) operates the nation’s leading online loan marketplace and provides consumers with an array of online tools and information to help them find the best loans for their needs.  LendingTree’s online marketplace connects consumers with multiple lenders that compete for their business, empowering consumers as they comparison-shop across a full suite of loans and credit-based offerings.  Since its inception, LendingTree has facilitated more than 35 million loan requests.  LendingTree provides access to lenders offering home loans, home equity loans/lines of credit, reverse mortgages, personal loans, auto loans, small business loans, credit cards, student loans and more.

LendingTree, Inc. is headquartered in Charlotte, NC and maintains operations solely in the United States. For more information, please visit www.lendingtree.com.

SOURCE LendingTree, Inc.

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South Carolina’s largest peach gets a fresh coat of paint

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A South Carolina landmark that’s both loved and lampooned is under renovation. You can’t miss it driving on I-85 near the North Carolina border: it’s a massive peach-shaped water tower.

The Peachoid, as it’s called, has gained national attention through the show House of Cards. But the peach’s bright paint has soured over the years, so the Gaffney Board of Public Works is giving it a makeover.

When maintenance crews sandblasted all of the paint off the giant peach water tower recently, people were furious.

“We have actually had a lot of people call and via social media complain to us that we are taking down the Peachoid, and we do not need to do that because it’s a landmark,” said Claire Huminski, a communications intern for the city of Gaffney. “They were really upset, tweeting angry tweets at me. I’m like, we’re not taking it down! I promise!”

In Gaffney, the Peachoid is more than a water tower.

The city’s tourism director says she’s talked to people from Canada, Germany and Japan who stopped through this city of less than 13,000 people just to see it.

The longtime publisher of the local paper, Cody Sossamon, says when he tells people where he’s from, “they don’t know where Gaffney is, and then I say if you’ve ever been on Interstate 85 and seen the peach-shaped water tank – the Peachoid – they say, oh, now I know what you’re talking about.”

But the tower has never had a thorough repainting. So this week, Eric Henn climbed into a construction lift with a heavy steel door.

“I’m going to hook up my safety harness and crank her up,” he said.

Henn then rose more than 100 feet with paint rollers and a few shades of orange and yellow.

The renovation costs about $130,000. The original project cost about $950,000 and was finished in 1981.

Sossamon, The Gaffney Ledger’s publisher, said the idea was to create a landmark for an area with a large peach farming community.

“I loved it and still do even though it’s, to use the term loosely, the butt of a lot of jokes,” he said with a laugh. “I think it’s great.”

About those jokes: The 135-foot tower has the colors – and curves – of an actual peach. Looking up at it, Gaffney native Leonard Wyatt says the crease is hard to miss.

“Because when you see the crack right here, you’re going down the interstate, that’s one of the first things you’ll see, and people say it’s a baby’s butt with a rash,” Wyatt said.

The Netflix hit House of Cards played up that idea. Kevin Spacey’s character, Frank Underwood, is the subject of an attack ad about the Peachoid that includes these lines: “It’s vulgar. It’s an embarrassment to the county. But time and time again Frank Underwood has fought to keep it standing.”

The episode brought the Peachoid into people’s living rooms across the country. It’s the reason James Burroughs pulled over on his way from Atlanta to Raleigh.

“I decided to take a picture today so I can show some of my friends that yeah, see, the big peach does exist,” he said.

Burroughs said his friends in Georgia (the Peach State) are confused by it. But South Carolina actually produces almost twice as many tons of peaches as Georgia, according to the U.S. Department of Agriculture.

The water tower doesn’t quite look like a peach again yet. City tourism director Leighann Snuggs says sandblasting, covering and priming it have resulted in some odd sights.

“It’s been called a cupcake, an ice cream, molded when they stripped it down to bare metal, to being a lemon when they put the base coat of yellow on it,” Snuggs said.

The guy painting it into a peach again, Eric Henn, came down from Ohio. He’s painted water tanks for more than 20 years.

“I have a couple hundred under my belt,” Henn said. “They range from dolphins down in Tampa, Fla., to horses in Kentucky to apples in Virginia.”

But he said this is his favorite project. He’s aiming to finish it by the end of May.

Some have wondered if the renovation will make the Peachoid look less like a human backside. Nope, said Kim Fortner of the Gaffney Board of Public Works.

“You know it’s kind of like, I’m sure you’ve heard the phrase, ‘I don’t care what you call me as long as you call me?'” she said. “A lot of people know where Gaffney is by this tank.”

Even if it is on occasion the butt of a joke.

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WCU study shows huge impact from tourism – Asheville Citizen

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The industry supported 47,070 jobs that paid a total of $589.03 million in wages. State and local governments collected $271.31 million in taxes.

The data came from the N.C. Division of Tourism, Film and Sorts Development. It was analyzed by students of Steve Morse, director of the Hospitality and Tourism Program at Western Carolina University.

Granted, a lot of the spending ($901.28 million), jobs (9,790) and income ($190.21 million) went to Buncombe County. Still, there was a lot in the rural counties. Even in Clay County, which had only $12.51 million in direct tourist spending, the industry created 60 jobs that paid $1.33 million and contributed $1.87 million in state and local taxes.

Not surprisingly, tourism was strongest in the region’s two most populous counties, Buncombe and Henderson. In Henderson, tourist spending of $233.25 million created 2,050 jobs that paid $40.52 million and generated $20.22 million in state and local taxes.

In rural counties the impact varied widely. It was especially strong in Swain, home to the Great Smoky Mountains Railroad and Nantahala River sports and next door to the Cherokee casino. Tourists spent $187.99 million, producing $51.75 million income and $15.44 million in state and local taxes. The 2,110 jobs created represent more than 10 percent of the county’s population.

Every dollar state or local government raises from tourists is one less dollar it must raise from its residents. In Swain, for example, residents would pay $1,768 more per year in state and local taxes if they had no tourism, the greatest amount of any of the 26 counties. In Buncombe the savings was $646, in Henderson $368.

All of this is a long way of saying tourism is important to the economy. The corollary is that we must protect and enhance those things that draw the tourists. In Asheville, that mans maintaining a vibrant cultural life. Everywhere, it means keeping the air and water clean.

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Bush talks Baltimore police charges during NC visit

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Monday – Friday:
5:30-7am – Good Morning Carolina
5, 5:30, 6 11pm – WWAY News

Sunday:
6pm 11pm – WWAY News

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Grotech Ventures and Route 66 lead $4.2M Series A investment in Payzer

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CHARLOTTE, N.C., April 30, 2015 /PRNewswire/ — Payzer, a mobile and cloud based financial technology platform, today announced a $4.2M Series A financing round led by Grotech Ventures and Route 66 Ventures. The investment will allow the company to accelerate its sales and marketing growth and to expand its product development team.

Payzer, originally founded as Just Push Pay, is the All-in-One Financial tool that helps fleet based businesses such as contractors grow their business by enabling mobile payments, instant loans via mobile devices, easy management of recurring payments, and simplified customer management.

“There’s a lot to be excited about at Payzer,” said Joe Giordano, Payzer CEO and Founder.   “We’ve built a strong team, our product is proven to deliver real value, and we’re acquiring customers rapidly. Now, we’ve also got great investors. Grotech and Route 66 have complementary backgrounds that will help us manage growth wisely and build a winning strategy in the payments and fintech markets.”

“Grotech invests in companies with strong founding teams and significant opportunities for success in large, high-growth markets,” said Grotech Ventures’ General Partner Don Rainey. “We believe that Payzer is at a pivotal point in its growth trajectory, and are excited about the momentum the company has experienced so far.”

“Route 66 is committed to finding winning products and exceptional teams that are focused on financial technology solutions,” said Ben Britt, Route 66 Vice President. “Payzer has chosen great markets, built fantastic products and put together a solid team.”

Both Rainey and Britt have joined Payzer’s Board of Directors as has Charlotte technology investor Mark McDowell of Acta Wireless. Scale Finance of Charlotte assisted with and was a participant in the Series A funding as well.

Prior to this financing, Payzer had received angel investments from several esteemed executives including Tommy McCulley of Prepaid Technologies and Tom McCarthy of Toronto, Canada.

The company is currently hiring both inside business development representatives and LAMP stack developers. Interested parties can email the company at jobs@payzer.com.

About Payzer

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Founded in 1984, Grotech Ventures is a leading early investor in high-potential technology companies. Grotech seeks innovative, early-stage investments across the IT landscape and continues to invest and add value throughout the life cycle of each portfolio company. The firm has a strong combination of financial backing, industry relationships, and deep domain and operational expertise to accelerate growth. With more than $1 billion in committed capital, Grotech supports early-stage companies through investments starting at $500,000. For more information, visit: www.grotech.com.

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Route 66 Ventures are investors driving big ideas. For emerging financial services companies, the firm provides early and growth stage venture capital (VC), growth stage private equity (PE), debt, and liquidity through loan acquisitions. These companies include FinTech disruptors, financial services incumbents, and service providers to incumbents in the financial services space. Our goal is to be the leading global FinServ and FinTech investment firm. We are committed to making life easier for the end-user and determined to help our portfolio companies succeed.

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Carbon monoxide trial postponed for Best Western where Rock Hill boy died (+ …

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The criminal case against the former manager of the Best Western in the carbon monoxide poisonings of four hotel guests was unexpectedly postponed Tuesday.

Damon Mallatere, 51, was supposed to be arraigned and enter a plea. He drove 13 hours from his home in Florida to do it. The prosecution announced “the state and defense are still in the process of discussing this case,” and rescheduled it for July 6.

Mallatere was charged in the 2013 deaths of Daryl and Shirley Jenkins and Rock Hill’s Jeffrey Williams, and the poisoning of Jeannie Williams. The Jenkinses died at the hotel in April 2013. Two months later, in the same room, 11-year-old Jeffrey died and his mother suffered severe injuries.

If and when he is arraigned, Mallatere said he would plead not guilty.

“We had no visit from any authorities after the Jenkinses’ deaths,” Mallatere said. “Not from the fire department. Not from the health department. Not the building department. To my knowledge, the police never came back to the scene. Based on their lack of concern and inspections done for me by B.J.’s Heating and Air, I did not believe there was any issue in that room.”

Mallatere said he was told by a police detective that authorities suspected the Jenkinses died of heart attacks.

Everybody involved should feel some responsibility, Mallatere said, but added he didn’t think anybody did anything criminal.

After the second poisonings, investigators discovered deadly levels of carbon monoxide spewing from the swimming pool water heater on the floor below. The gas seeped through holes in a corroded exhaust pipe and up into Room 225 through the fireplace, and possibly also through the heating and air conditioning unit.

An Observer investigation uncovered a series of errors and decisions that led to the tragedies – from the actions of maintenance workers to the inaction of the local medical examiner.

Mallatere was indicted in January 2014. If his case goes to trial, it would be up to a jury to decide whether his actions overseeing maintenance workers rose to the level of what is known as culpable negligence – in other words, that he acted recklessly, putting another person at risk.

Mallatere is also a defendant in a civil lawsuit filed in February by the Jenkins family. Other defendants include Best Western International as well as a gas company and a local heating technician who worked on the swimming pool heating system. The Williams family is expected to file its own lawsuit.

Both families have advocated for detectors in every guest room in every U.S. hotel. Best Western International now requires them in all rooms. Most hotels do not.

In North Carolina, a law passed after the deaths in Boone requires alarms in certain places in hotels with fossil-fuel-burning appliances.

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McCullough named MDA chief

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Glenn McCullough Jr. is the new executive director of the Mississippi Development Authority.

The announcement from Gov. Phil Bryant came during the Mississippi Economic Council’s PowerPlay annual meeting in Jackson.

McCullough succeeds Brent Christensen. Christensen, whom Bryant appointed in 2012, will leave by June 1 to take over the Greensboro Partnership in North Carolina.

“Glenn McCullough is an outstanding and accomplished leader, and I am very pleased to appoint him to lead the Mississippi Development Authority,” Bryant said in a press release his office issued. “He shares my passion for economic development, and he has a proven record of achieving results. He can build a consensus and get things done. We have great momentum in Mississippi, and Glenn will take that success to the next level.”

McCullough, 60, was mayor of Tupelo from 1997-1999. That ended when former president Bill Clinton appointed him to the board of the Tennessee Valley Authority. Former president George W. Bush appointed him chairman of that board in 2001.

“Gov. Bryant is Mississippi’s chief economic developer, and his relentless focus on job creation and business recruitment is generating tremendous results. I am very honored by this appointment,” McCullough said in Bryant’s release. “MDA plays a pivotal role in fostering an environment where businesses can reach their goals and expand economic opportunities, and we will ratchet up the success the state is already experiencing. We have tremendous resources in Mississippi—from our workforce and our training programs to our partnerships with regional and local economic developers and our higher education network. I look forward to showcasing these strengths to local companies and international corporations.”

His TVA chairmanship expired in 2005. In 2008, McCullough sought Mississippi’s First District congressional seat, losing in the Republican runoff to former Southaven mayor Greg Davis.

McCullough is now chairman and CEO of GLM Associates and a partner in Ardillo, McCullough and Taggart, LLC, consulting firms specializing in business development, government relations and executive counsel. He serves as chairman of the board of directors of NuVision Engineering, Inc., based in Pittsburgh and Mid-Columbia Engineering, based in Richland, Washington.

Bryant appointed McCullough to the state College Board earlier this year. He was confirmed by the Senate before the legislative session ended in early April. He will give up that spot, Bryant spokeswoman Nicole Webb said.

McCullough has a degree in agricultural economics from Mississippi State University, where he graduated in 1977.

Bryant told The Clarion-Ledger in early April that there was “a good possibility” the search for Christensen’s replacement would be a national one. But, he said then, “there are individuals within Mississippi that can certainly do a good job and I don’t want to automatically pass over those people. We may, but we don’t necessarily have to go outside Mississippi to find the right person.”

McCullough’s salary is set by law, with the public money portion capping at 150 percent of the governor’s salary. Bryant makes $122,160, putting that figure at $183,000. Under a 2012 state law, the MDA director’s salary can be supplemented, though the total amount cannot exceed $250,000. Last year, Christensen’s salary was $230,000, with a consortium of private businesses contributing $47,000.

“Governor Bryant has made an excellent choice to position Mississippi for the next generation of economic development success, building on the strong base that has already been established over the last three years,” said Blake Wilson, president of the Mississippi Economic Council. “Glenn McCullough is the gold standard. He has the proven career management know-how to focus MDA’s marketing programs with laser precision. He also has the experience to deploy resources wisely to boost workforce development, existing business and industry expansion and tourism, while continuing to put Mississippi in the place of greatest opportunity.”

Said Lt. Gov. Tate Reeves: “Glenn McCullough is a good man and dedicated public servant, and I’m proud for him and his wife Laura. I look forward to working with him and other Mississippi leaders to grow our economy.”

Contact Clay Chandler at (601) 961-7264 or cchandler@jackson.gannett.com. Follow @claychand on Twitter.

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