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VOL. 121 | NO. 187 | Friday, September 22, 2006

Daily Digest

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Cabot Properties Buys Mendenhall Warehouse

     Cabot II-TN1W07 LLC has bought a one-story, 107,500-square-foot warehouse at 4105 S. Mendenhall Road from Boyle Investment Co. for $3 million.
     The warehouse was built in 1997 and includes 102,500 square feet of warehouse space and 5,000 square feet of warehouse office space. It sits on 6.82 acres on the west side of Mendenhall Road north of East Raines Road.
     The Shelby County Assessor's 2006 appraisal was $2.8 million.
     For more information on Cabot Properties Inc.'s recent return to the Memphis area, see The Daily News' April 4 Real Estate Recap at www.memphisdailynews.com.

FedEx Revenues, Earnings Up in First Quarter

     FedEx Corp.'s first-quarter revenue was $8.5 billion, up 11 percent from the previous year, the company reported Thursday.
     The Memphis-based company also reported earnings of $1.53 per diluted share for the first quarter ended Aug. 31, compared to $1.10 per diluted share a year before. However, last year's first quarter included a one-time $79 million charge to adjust the accounting for certain facility leases, mostly at FedEx Express. Without that charge, last year's first-quarter earnings would have been $1.25 per diluted share.
     The term "diluted shares" refers to a process by which a company adds more shares to the pool of stock that is already trading in the open market.
     Net income for FedEx Corp. was up 40 percent, with $475 million for fiscal first quarter compared to $339 million during the same period last year.
     "We remain confident in our ability to achieve solid profitable growth by taking advantage of strong international trade trends, increased demand for fast-cycle logistics and the expansion of online purchasing," said Frederick W. Smith, chairman, president and CEO, in a company statement. "The global economy is growing at a healthy pace with the U.S. economy growing at a moderate, sustainable rate."
     In August, FedEx Express and the U.S. Postal Service entered into a new agreement for domestic air transportation of mail, a deal company officials predicted would generate more than $8 billion in revenue for FedEx Express over the life of the seven-year contract. The new contract goes into effect Monday.
     Also in August, FedEx Express and the Air Line Pilots Association International (ALPA), the collective bargaining representative for FedEx Express pilots, jointly announced they had reached a tentative agreement on a new labor contract.
     The new contract calls for a 9 percent increase in pilots' pay the first year and 3 percent in the following three years of the agreement.
     Under the new deal, the highest paid captain would earn $224 per hour, up from $206 per hour. The tentative agreement still must go before the more than 4,000 FedEx pilots for a vote. The ratification vote will take place during the fiscal second quarter.
     For more information on the tentative agreement between FedEx and its pilots, see The Daily News' Sept. 12 Daily Digest at www.memphisdailynews.com.
     Among segments of FedEx business, revenues for FedEx Express, FedEx Ground and FedEx Freight were up over the same period last year, while revenues for FedEx Kinko's dropped by 3 percent from $517 million to $504 million. FedEx blamed the decrease on lower copy product revenues attributed to decreased demand, along with competitive pricing from other copy-service companies.

August Commercial Sales Fall 30 Percent

     Commercial sales in Shelby County fell 30 percent to 102 sales in August compared to 146 sales during the same time last year, according to real estate information company Chandler Reports, www.chandlerreports.com.
     The 38016 ZIP code had the highest average sale price for commercial property in August with $10.15 million. The highest average price per square foot was in the 38138 ZIP code in Germantown, where the one commercial property sold in that ZIP code in August for an average price of $1,575 per square foot.
     The 38115 ZIP code in Hickory Hill had the next highest average sales price in August with seven properties selling for an average of $5.42 million. That number was up more than 200 percent from August 2005, when the average selling price was $1.73 million.
     The 38107 ZIP code in North Memphis had the lowest average sales price. The one commercial property in that ZIP code sold in August went for $30,000. That average price is up 4 percent from $28,750 in August last year.

Eat Chili's, Raise Funds for St. Jude

     On Monday, Chili's Grill & Bar will donate 100 percent of the day's profits to St. Jude Children's Research Hospital as part of its campaign to raise more than $3 million for the pediatric cancer research center.
     The September campaign honors National Childhood Cancer Awareness Month.
     "If you go to Chili's only once in September, please go on Sept. 25," said Jeff Probst, host and producer of the CBS series "Survivor."
     "Chili's is not going to make a dime that whole day because it's donating all profits to St. Jude to help some of the sickest kids in the world to be the ultimate survivors."
     Probst is serving as the campaign spokesperson for the third year.
     To date, Chili's has raised more than $5.5 million for St. Jude through participating company-owned and franchised locations.
     Beginning with this year's campaign, Chili's embarks on a 10-year plan to raise more than $50 million for the construction of the new research and clinical care building on the St. Jude campus.
     In June, Chili's announced it would raise $50 million over a 10-year period to have corporate naming rights of the new building.
     The new building will be named the Chili's Care Center. The six-story, 325,000 square-foot building is currently under construction and is expected to open in fall 2007.
PROPERTY SALES 69 357 17,741
MORTGAGES 66 403 20,438
BUILDING PERMITS 208 696 36,641
BANKRUPTCIES 52 210 11,374