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VOL. 121 | NO. 150 | Monday, July 31, 2006

Daily Digest

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Mark Matthews Development Buys Lots in Brookemeade

     Mark Matthews Development LLC has bought 25 lots in Bartlett's Brookemeade Subdivision from Chamberlain and McCreery Inc. for $1.4 million. The purchase was financed by eight mortgages totaling $1.3 million through Trust One Bank, Wachovia Bank, Regions Bank, InSouth Bank, Paragon National Bank, Bank of Bartlett, AmSouth Bank and Trustmark National Bank. North of Old Brownsville Road west of Guffin Road, Brookemeade was approved in May for 75 lots on 40.61 acres.      

Dover Motorsports Reports Increase in Revenue

     Dover Motorsports Inc., parent company of Memphis Motorsports Park in Millington, has reported a 7 percent increase in revenue for the second quarter 2006, with $45.1 million in revenue compared to $41.9 million in second quarter 2005.
     The Dover, Del.-based company attributes the rise to the fact that it promoted seven major events in second quarter 2006 compared to six events during the same period in 2005.
     The company also saw a slight increase in net earnings, with $8.3 million compared to $8.2 million during the second quarter 2005.
     Operating and marketing expenses also increased during the second quarter, totaling $23.3 million compared to $20.7 million in the same quarter 2005.
     Aside from its Millington racetrack, Dover has tracks in Nashville, St. Louis and Dover, Del.

Beazer Homes' Second Quarter Revenues Dip Slightly

     Beazer Homes USA Inc. had second quarter revenues totaling $1.2 billion, a slight decrease of second quarter 2005 revenues, which came in at $1.29 billion.
     The Atlanta-based company had an operating income margin of 13 percent in second quarter 2006 compared to 13.8 percent during the same period in 2005.
     There were 4,156 home closings reported in second quarter 2006, down from the 4,631 home closings in second quarter 2005.
     Total home closings declined 10.3 percent from the prior year as closing decreases in the West and Florida homebuilding segments were offset partially by increases in the Mid-Atlantic, Southeast and other homebuilding segments, according to a company statement.
     Also, during the second quarter, Beazer repurchased 1.07 million shares for approximately $50.1 million. Its year-to-date total is 3.1 million shares purchased for $183.3 million.
     Including its Atlanta headquarters, Beazer has operations in 22 states including Tennessee, Mississippi and Kentucky.

Tennessee Highway Named In Honor of Coretta Scott King

     A portion of Interstate 55 has been renamed the "Coretta Scott King Memorial Highway" in honor of the long-time civil rights activist and wife of Dr. Martin Luther King Jr.
     The memorial highway runs from the Winchester Road overpass northwest to the junction with the Martin Luther King Jr. Memorial Expressway, a portion of Interstate 240.
     After her husband's assassination in Memphis in 1968, Scott King came to Memphis and finished the march he had started. She continued to work as a civil rights activist for more than 40 years, up until her death Jan. 30. She died in an alternative medical clinic in Mexico.
     This is the first highway in the nation to be named after her.
PROPERTY SALES 70 70 16,267
MORTGAGES 30 30 10,117
BUILDING PERMITS 297 297 38,841
BANKRUPTCIES 44 44 7,641