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VOL. 128 | NO. 80 | Wednesday, April 24, 2013

Daily Digest

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Cypress Realty Pays $1.7 Million for Office Condos

Memphis-based realty investment fund Cypress Realty Holdings has paid $1.7 million for a trio of office condominiums at 717 White Station Road.

The company, operating in the transaction as Cypress Realty Holdings Co. II LLC, bought Units A, E and F in an April 19 warranty deed from PPM XI LP.

David S. Wolfe signed the warranty deed as president of Public Properties Management Inc., the general partner in PPM XI, which bought the property in December 2005 for $2.8 million.

The three condos sit on the west side of White Station north of Poplar Avenue. Girl Scouts Heart of the South bought three condos (Units B, C, and D) in the development in 2010 for its headquarters.

As for the units sold to Cypress Realty ­– whose fund managers are Price Ford and Joseph Jarratt – all three are Class A office condos with 2,728 square feet and appraised values of $405,900, according to the Shelby County Assessor of Property.

Unit A was built in 2010 and Units E and F were built in 1991, according to the assessor’s website.

Cypress Realty Holdings filed a $1.2 million loan in conjunction with the purchase; Ford signed the trust deed as chief manager of the borrower.

Source: The Daily News Online & Chandler Reports

– Daily News staff

Delta Posts Small First-Quarter Profit

Delta Air Lines said government spending cuts and weak demand from vacationers are hurting revenue this month.

Lower fuel prices should help to offset the decline, the airline said on Tuesday.

Automatic government spending cuts that took effect last month have been cutting into air travel at some airlines. Delta said demand from last-minute travelers – a category that can include people flying on government business – began to fall in the last part of March, and that demand from leisure travelers is softer, too.

Delta said per-seat revenue will fall 2 percent to 3 percent this month.

In response, the airline has been keeping a lid on flying, aiming to charge more for the seats that it does offer to passengers. During the first quarter, it cut flying capacity by 3 percent. It said capacity will be flat to up 1 percent in the second quarter.

The world’s second-biggest airline earned $7 million, or a penny per share, for the quarter that ended March 31. Not counting special items, it would have earned $85 million, or 10 cents per share – better than analysts had been expecting. The company reported net income of $124 million in the year-ago quarter, but excluding special items it lost $39 million, or 5 cents per share.

Revenue rose 1 percent to $8.5 billion, matching analyst expectations.

The first three months of the year are often money-losers for airlines. Delta says this was its best first-quarter operating profit in more than a decade.

Yield, which is one way to measure fares, rose 2.1 percent.

Delta’s oil refinery near Philadelphia lost $22 million because of ongoing supply disruptions from Superstorm Sandy and an outage in its gasoline production unit.

– The Associated Press

UTHSC Professor Receives $1.6 Million to Study Hepatitis C

Kui Li, an associate professor with The University of Tennessee Health Science Center, received two grants worth $1.6 million to study Hepatitis C and antiviral innate immunity.

Hepatitis C is a virus that infects more than 130 million worldwide. The RNA virus damages the liver slowly, causing chronic hepatitis in most people infected, putting patients at risk of cirrhosis and liver cancer. A patient’s natural immune response is the first line of host defense against invasive pathogens, like Hepatitis C. But it’s still not clear how a patient’s natural immune response defeats Hepatitis C and other RNA viruses.

Li’s research, funded by the National Institute of Allergy and Infectious Diseases, will study virus-host interactions that regulate pathogenesis of Hepatitis C and innate immune responses to RNA virus infections.

– Jennifer Johnson Backer

FedEx Lets Customers Pick Delivery Time for Fee

FedEx will let recipients leave detailed instructions for their driver or reschedule a delivery to their home.

FedEx Corp. said Tuesday it will charge $5 to reschedule the delivery day or location and $10 to request a 2-hour delivery window.

Other services are free, including putting a 14-day vacation hold on deliveries or making a request such as “Please leave the package at the back door.”

Raj Subramaniam, a marketing executive for the company, said FedEx Delivery Manager was inspired by the boom in online shopping.

Customers can sign up – that’s free – on the FedEx website to be notified of pending deliveries by email, text or phone without a tracking number or FedEx account.

– The Associated Press

MERI Earns Accreditation Renewal

The Medical Education and Research Institute, a nonprofit medical training facility in Memphis, said Tuesday it had received renewal of accreditation by the American Association of Tissue Banks.

The voluntary assessment helps ensure that the whole body donation program and anatomic services provided by the medical training facility are consistent with AATB standards, according to Elizabeth Ostric, MERI executive director.

MERI trains physicians, nurses, paramedics and other medical personnel from around the world. At MERI, health care professionals use unembalmed anatomical donors and human patient simulators to train and try new techniques, technologies and medical devices.

– Jennifer Johnson Backer

Regions Financial First-Quarter Income Climbs 76 Percent

Regions Financial Corp. said Tuesday its net income climbed in the first quarter as it set aside less money to cover losses on loans.

The big regional bank said its net income after dividends jumped 76 percent compared with a year ago. Regions Financial reported a much smaller provision for loan losses, and its results from last year also included a loss of $40 million from discontinued operations.

Regions Financial said its net income rose to $325 million, or 23 cents per share, from $185 million, or 11 cents per share. Revenue fell 4 percent, to $1.3 billion from $1.35 billion. Net interest income and noninterest income both fell 4 percent.

Analysts were forecasting net income of 20 cents per share and $1.33 billion in revenue, according to FactSet.

The company said its net interest income fell to $798 million. Net interest income combines interest on loans that the bank collects and interest on deposits and debt that the bank pays out. It is a measure of the bank’s ability to profit from its lending. Noninterest income, which comes from sources like fees, insurance and gains on securities, fell 4 percent to $501 million.

Regions Financials’ provision for loan losses decreased to $10 million from $117 million.

Regions Financial has 1,700 offices and 2,000 ATMs in 16 states in the South, Midwest, and Texas.

– The Associated Press

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