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VOL. 132 | NO. 157 | Wednesday, August 9, 2017

Daily Digest

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Mahaffey Acquires $24M In Tent, Structure Assets

Memphis-based Mahaffey Fabric Structures, which rents temporary structures ranging from tents for festivals to temporary airplane hangars and blast shelters, has bought $24.2 million in assets from Classic Party Rentals.

The purchase, which includes tents, structure frames, fabric pieces and specialty structures, follows California-based Classic Party Rentals’ decision to exit the third-party event rental services business.

Founded in 1924, Mahaffey serves customers throughout North America, Mexico, the Caribbean and beyond, installing as many as 400 temporary structures in a typical year.

With the purchase, the company says it will have an expanded network of personnel and products to cover large-scale activations, corporate events, festivals, sporting events, film productions and other special events nationwide.

George Smith, executive vice president at Mahaffey Fabric Structures, called the addition of more than 3.1 million square feet of tent and structure inventory “an industry game-changer.”

“It is a unique opportunity, not only to purchase high-end assets that rarely become available, but also to expand our coverage of the special events industry – both for rentals and sub-leasing,” Smith said in a statement.

The company added that while it’s looking forward to increasing its special event coverage, it’s also open to subleasing for selling surplus inventory.

– Daily News staff

Grizzlies’ McLemore Breaks Foot, Will Miss Season Start

The Memphis Grizzlies are expected to be without guard Ben McLemore for a minimum of 12 weeks following surgery for a non-displaced fracture of the fifth metatarsal in his right foot. The Grizzlies said the injury occurred when he landed on another player’s foot after driving to the basket during a pick-up game in Los Angeles.

The Grizzlies signed McLemore to a two-year, $10.7 million contract this summer. The seventh overall pick of the 2013 NBA Draft, McLemore averaged 9.4 points and 1.2 assists over four seasons with the Sacramento Kings. His role diminished last season under Kings coach Dave Joerger.

McLemore was penciled in as the starter for Memphis at shooting guard. Now Wayne Selden, who started in the playoffs last season as a rookie, and free agent signee Tyreke Evans figure to fight for the job.

The injury to McLemore also could open up minutes for Troy Daniels and perhaps even clear a patch for veteran Tony Allen to return to the team on a contract at or slightly above the veterans’ minimum salary.

– Don Wade

FedEx Says It Fixed Outage That Disrupted Tracking

FedEx says a power outage at a technology center caused problems that customers say included loss of their ability to track packages.

A FedEx spokeswoman said Tuesday that a power interruption at the company’s technology center in Memphis affected online-support functions. She said the company was talking to affected customers but didn’t know how many there were.

Downdetector, a Dutch web-monitoring firm, said complaints started to rise sharply early Monday morning and declined just as suddenly Monday afternoon. Some customers tweeted about intermittent problems in package tracking on the company website.

– The Associated Press

In2Bones Gets FDA Approval For 2 Orthopedic Systems

In2Bones USA LLC, a subsidiary of Memphis-based medical device maker In2Bones Global Inc., has received U.S. Food and Drug Administration clearance for its new fracture and correction system, which will be marketed under the 5MS Fracture Repair System and the CoLag Locking Compression Screw System brand names.

The company says the 5MS system is a plate and screw system that addresses fractures and deformities of the fifth metatarsal bone in the foot. The CoLag system, meanwhile, is a new concept in orthopedic bone fixation that creates a compression lock between the bone fragment and fracture.

In2Bones USA LLC and In2Bones SAS of Lyon, France, merged in August 2016 to form In2Bones Global Inc., headquartered in Memphis.

Since the merger, and in addition to the two new systems cleared by the FDA, the company has launched several products used in extremity surgeries.

– Daily News staff

Tenet Healthcare Reports $55 Million Loss in Q2

Tenet Healthcare Corp. on Monday, Aug. 7, reported a loss of $55 million in its second quarter.

The Dallas-based company, whose local operations include Saint Francis Hospital-Memphis and Saint Francis Hospital-Bartlett, said it had a loss of 55 cents per share. Losses, adjusted for one-time gains and costs, came to 17 cents per share.

The results met Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was also for a loss of 17 cents per share.

The hospital operator posted revenue of $4.8 billion in the period, which did not meet Street forecasts. Eight analysts surveyed by Zacks expected $4.9 billion.

For the current third quarter ending in October, Tenet expects its results to range from a loss of 20 cents per share to a loss of 35 cents per share.

The company said it expects revenue in the range of $4.6 billion to $4.8 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $4.91 billion.

Tenet expects full-year earnings in the range of 69 cents to 99 cents per share, with revenue ranging from $19.1 billion to $19.4 billion.

Tenet shares have increased 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 11 percent. In the final minutes of trading on Monday, shares hit $16.69, a decline of 39 percent in the last 12 months.

– The Associated Press

Arkansas Task Force To Study Dicamba Weed Killer

Arkansas Gov. Asa Hutchinson has directed Secretary of Agriculture Wes Ward and Plant Board director Terry Walker to convene and co-chair a task force to review the dicamba technology, investigate current problems with its use and application, and make long-term recommendations for the future.

Dicamba is a widely used herbicide for soybeans, but in certain areas of the Mid-South, including West Tennessee (https://bitly.im/LdOPw), dicamba can convert into a vapor and drift from plants it is sprayed on through the air to neighboring farmlands, damaging soybean crops that are not resistant to dicamba.

Individuals selected to serve on the 19-member task force include farmers and representatives of 10 different associations that operate in support of agriculture and soybean farmers statewide, as well as technical experts serving as non-voting advisory members.

Task force meetings will be facilitated by the Winthrop Rockefeller Institute on Petit Jean Mountain, with the first meeting scheduled for Thursday, Aug. 17.

The task force will attempt to reach consensus on a set of recommendations for the use of dicamba products in Arkansas as quickly as possible in order to provide certainty for the 2018 growing season.

Task force findings will be provided to Hutchinson, the Arkansas Agriculture Department and the State Plant Board.

– Daily News staff

FedEx Sends 173 Drivers To Driving Championships

FedEx is being represented by 173 drivers hailing from all 50 states at this year’s National Truck Driving Championships, which began Tuesday and continue through Saturday, Aug. 12, in Orlando, Florida.

This is the second consecutive year FedEx will be represented by a driver from each state.

In order to compete at the National Truck Driving Championships, drivers must meet qualifying safety standards and have an accident-free driving record for at least one year prior.

“This demonstrates that the FedEx commitment to safety and excellence permeates our entire organization, and we are proud to have these men and women represent FedEx,” FedEx Corp. chairman and CEO Fred Smith said in a release.

At the competition, drivers vie for national titles in nine classes of vehicles in addition to the title of the National Grand Champion by accumulating points through a written exam, pre-trip inspection and driving-skills challenge.

– Patrick Lantrip

PROPERTY SALES 57 94 2,713
MORTGAGES 16 37 1,820
BUILDING PERMITS 303 621 6,322
BANKRUPTCIES 138 138 1,115