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VOL. 121 | NO. 246 | Thursday, December 21, 2006

Daily Digest

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Elvis Presley Enterprises Buys Chinese Restaurant

     Elvis Presley Enterprises Inc. has bought China Buffet, a restaurant at 3641 Elvis Presley Blvd., from CNL APF Partners LP for $1 million.
     The 5,200-square-foot restaurant was built in 1991 and sits on .8 acres on the west side of Elvis Presley Boulevard south of Bluebird Road. The Shelby County Assessor in 2006 appraised it at $490,100.
     CNL Income Fund VIII Ltd., the predecessor company of CNL APF Partners, bought the property in August 1991 for about $877,000.
     The restaurant will remain in operation as is, said Todd Morgan, spokesman for Elvis Presley Enterprises (EPE). Morgan said EPE saw this as an opportunity to invest near other EPE-owned properties. The restaurant is adjacent to the driveway of Elvis Presley's Heartbreak Hotel at 3677 Elvis Presley Blvd.
     In February 2005, Sports Entertainment Enterprises Inc. doing business as CKX Inc., a company owned by Robert F.X. Sillerman, bought an 85 percent interest in EPE. A year later, CKX announced plans to enhance Graceland visitors' experiences in the Whitehaven area around Graceland, while preserving the integrity of the mansion itself.
     CKX Inc. is traded on Nasdaq under the symbol CKXE.

FedEx Second Quarter Revenue up 10 Percent

     FedEx Corp. has reported second quarter revenue of $8.9 billion, up 10 percent from $8.1 billion the previous year. The company had an operating income of $839 million and net income of $511 million for the period ended Nov. 30.
     The quarter's results included costs associated with a new pilot labor contract at FedEx Express.
     Earlier this year, pilots ratified a contract that called for a 9 percent pay increase the first year and 3 percent for each of the following three years, an 18 percent overall increase in pilots' salary. The new contract becomes amendable in 2010.
     "FedEx continues to deliver outstanding financial results and I am confident about our business going forward," said CEO, chairman and president Frederick W. Smith in a statement. "Package volumes are solid this holiday season and we see continued global economic growth in 2007."

Davis, Grizzlies Deal Gone Afoul?

     A deal for former NBA player Brian Davis, Christian Laettner and a group of unnamed investors to buy the Memphis Grizzlies appears to be falling apart at the seams.
     Grizzlies majority owner Michael Heisley is planning to file a notice to terminate the contract of Davis and his group of investors to buy the team, an unnamed source is quoted as saying in a Commercial Appeal news story.
     The notice of termination, the source said, is prompted by the inability of Davis to honor the purchasing agreement with Heisley.
     The majority share of the team had a price tag of $360 million.
     Earlier this month, NBA league officials announced that they would not consider the sale of the Grizzlies to Davis and his group of investors because the application the group submitted was incomplete.
     Reportedly, Davis doesn't have enough time to move forward with the deal to meet a Jan. 15 deadline.

Primacy Relocation Buys English Company

     Primacy Relocation has bought Foursquare Relocation of London, England, for an undisclosed price.
     The Memphis-based company provides employee relocation and global assignment management services.
     Primacy will expand its presence in the European market, where it now has offices in London, Geneva, Paris and Amsterdam.
     The deal adds 35 employees and increases the company's business unit revenues by nearly 40 percent in Europe, Middle East and Africa.
     Foursquare's London office opened in 2002, employs 12 and has 20 corporate clients.
     Primacy already has an office in London that handles inbound, outbound and in-country relocation services for the England and Ireland, employing 14.

Lego to Ship From Memphis

     Beginning in April, online orders from Connecticut-based LEGO Brand Retail Inc. will be filled from its partner company's Memphis location.
     The company announced Wednesday that it will form a partnership with PFSweb Inc. to fulfill LEGO's online orders from its Web site store, www.shop.lego.com, and its shop-at-home catalog in North America.
     PFSweb, which has its corporate headquarters in Dallas, provides Web commerce and business solutions. PFSweb operates a super hub in Memphis at its distribution facility and call center at 4638 E. Shelby Drive. The company also operates two other distribution centers in Southaven, Miss.
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 74 196 20,828
MORTGAGES 86 244 23,989
FORECLOSURE NOTICES 0 31 3,078
BUILDING PERMITS 138 453 43,046
BANKRUPTCIES 64 174 13,354
BUSINESS LICENSES 21 56 6,678
UTILITY CONNECTIONS 0 52 7,841
MARRIAGE LICENSES 14 59 4,702