VOL. 11 | NO. 9 | Saturday, March 3, 2018
Jernigan Capital CEO Çalls 2017 ‘Outstanding Year’
Memphis-based Jernigan Capital Inc., a capital partner for self-storage entrepreneurs, has closed the books on what chairman and CEO Dean Jernigan described as “an outstanding year for the company.”
“We closed 32 new investments in state-of-the-art Generation V self-storage development projects in some of the best submarkets in the country,” Jernigan said about the company’s performance. “We matched those commitments with dedicated sources of capital funding, including a new revolving credit facility.”
Jernigan said the company has launched a bridge investment program. The first bridge investment transaction, totaling around $82 million, is set to close at the end of the week.
And, he said, over the past three quarters the company has acquired from developers their 50.1 percent interests in five newly developed facilities, “fulfilling our oft-stated goal to ultimately own self-storage developments we financed.”
Highlights of Jernigan Capital’s fourth quarter and full-year earnings included:
Total revenue for the quarter ended Dec. 31 was $3.9 million.
For year-end, revenue hit $12.2 million. That’s up 82.1 percent and 86.6 percent, respectively, over the same periods in 2016.
Net income attributable to common stockholders for the three months ended Dec. 31 was $2.7 million, or 19 cents per share, and adjusted earnings was $3.3 million, or 23 cents per share. That compares to net income of $3.5 million, or 53 cents per share, for the same period in 2016.
Net income attributable to common stockholders for full year 2017 was $13.1 million, or $1.10 per share. That compares to net income of $15 million, or $2.42 per share, for full year 2016.
– Andy Meek
Tigers’ Raynere Thornton AAC Player of the Week
University of Memphis junior forward Raynere Thornton was named American Athletic Conference Player of the Week for his contributions in the Tigers’ league wins over No. 23 Houston and UConn.
Thornton scored a career-high 21 points on 4-of-5 shooting (all 3-pointers) and 9-of-9 free throws in the U of M’s 91-85 upset of the Cougars at FedExForum. He followed with 16 points in the 83-79 win at UConn and made a career-high five 3-pointers on six attempts.
Thornton – who came off the bench in both games – joined teammate Jeremiah Martin as the only Tigers who have been selected conference players of the week. Martin earned his Jan. 15.
Thornton scored his 21 points in 19 minutes against Houston and grabbed five rebounds, allowing the Tigers to offset the loss of Martin, who broke his left foot in the first half.In the second half, Thornton scored 16 of his points and helped the Tigers overcome a six-point halftime deficit. Back-to-back 3-pointers by Thornton trimmed the Houston lead to 58-57 with 13 minutes left and his two free throws a few minutes later gave the Tigers a 63-62 lead. During a 17-6 run that gave the Tigers a 76-68 advantage with 6 1/2 minutes to go, Thornton had eight points.
Against UConn, Thornton shot the Tigers back into the game in the first half. With Memphis trailing by 10 (23-13) with nine minutes left, Thornton knocked down 3-pointers on consecutive possessions to trigger a rally.
– Don Wade
Child Services Meetings In Shelby County March 8
As part of an ongoing effort to raise the quality of child care services, the Tennessee Department of Human Services is planning eight focus group meetings across the state, two held each day in Shelby, Davidson, Knox and Hamilton counties.
These events will give TDHS an opportunity to discuss the various needs of stakeholders who provide or support child care in Tennessee and benefit from a federal program called the Child Care and Development Fund. Information gathered during these meetings will be used to help develop the state’s CCDF plan.
In Shelby County, the focus group meetings will be held Thursday, March 8, at Christ Church in Bartlett, 5955 Yale Road, from 9 a.m. to 1 p.m. and again from 6:30 p.m. to 8:30 p.m.
CCDF provides funding to state programs that offer assistance to low-income families through subsidized child care, activities and services to improve the quality and availability of child care, and to the regulation of child care agencies throughout the state. Services are provided either directly by the state or through contracts with local governments and nonprofit agencies. Visit tn.gov/humanservices/topic/child-care-services to learn more about the CCDF plan.
– Daily News staff
SCS Board OKs I-Zone Plans For Middle School
Shelby County Schools board members signaled their intent Tuesday, Feb. 27, to make American Way Middle School an Innovation Zone school instead of following a state recommendation to turn it over to the state-run Achievement School District or a charter school organization.
State education officials have recommended the different course for American Way in the 2019-2020 school year and closing another school, Hawkins Mill Elementary, citing poor student achievement over several years at each school.
The SCS board approved a resolution Tuesday that specifically endorses the plan by SCS superintendent Dorsey Hopson to put American Way in the I-Zone program, which offers new school leadership as well as extra resources for quicker intervention with students who are behind.
The board didn’t release a specific plan for Hawkins Mill but opposes its closing.
The resolution states the board supports “efforts to turn around low-performing schools without intervention or takeover by the state of Tennessee.”
SCS’ decision and the plans still to be made for both schools are a test of new rules of engagement for a state takeover of schools under the federal Every Student Succeeds Act, or ESSA, that makes an ASD takeover a last resort.
– Bill Dries
Youth Villages Expanding to Ohio
Youth Villages, a Memphis-based provider of children’s mental and behavioral health services, has expanded services to Franklin County in Ohio, which includes the Columbus metro area.
Youth Villages Ohio will provide the YVIntercept intensive in-home services program to an average of 40 children and families on any given day in Franklin County through a partnership with Franklin County Children Services.
The organization was awarded a contract for the initial one-year pilot program through a competitive procurement process. Youth Villages will collaborate with FCCS and other local providers to help safely reduce the number of youth in state custody by moving them into permanency.
Youth Villages Ohio began helping children and families in January and will employ about 13 staff members; most will be family intervention specialists working with families of troubled children in their homes multiple times per week, with 24/7 on-call availability and face-to-face interventions to help families deal with crisis situations when needed.
Founded in 1986, the organization helps more than 25,000 children annually through programs that involve intensive work with the child and family. With the expansion into Ohio, Youth Villages now has locations in 15 states.
– Daily News staff
PRIZM Ensemble Hosts MLK Concert
PRIZM Ensemble is presenting “A Concert For The Next 50 Years” next month at Clayborn Temple.
The event, set for April 5, will honor the legacy of Dr. Martin Luther King Jr. 50 years after his assassination in Memphis and reflect on what the next 50 years can look like.
The concert is made possible by the support of John Riley, in remembrance of his brother and civil rights attorney George Riley, who was from Memphis and died in San Francisco in 2016.
The concert will feature the PRIZM Chamber Orchestra, an ensemble whose membership reflects the demographic diversity of the city, alongside the PRIZM Celebration Chorus.
The latter is a volunteer community chorus assembled to sing for special projects with PCO whose members are also diverse, in reflection of the city.
Tickets, which are available through Eventbrite, are $19.68 for general admission, with a limited number of $50 VIP tickets available.
The VIP experience will include a reception and a behind-the-scenes look at the making of the concert.
– Andy Meek
Delta’s Memphis Ops Earn Statewide Safety Award
Memphis-based Delta Air Lines-Memphis Technical Operations has received the Volunteer STAR (Safety Through Accountability and Recognition) award, according to Tennessee Department of Labor & Workforce Development Commissioner Burns Phillips.
Patterned after the OSHA Voluntary Protection Program, the nationally recognized Volunteer STAR award is the state’s highest honor for workplace safety and health.
This is the second time Delta Air Lines-MTO, the aircraft maintenance and support wing of Delta’s Memphis air fleet, has received a Volunteer STAR award.
Currently, there are 36 Volunteer STAR sites statewide.
“Delta Air Lines-MTO has met the evaluation standards required to receive this award by proving their ability to uphold an excellent safety record,” TOSHA manager David Blessman said in a statement. “It is evident that Delta is extremely dedicated to maintaining a safe and healthy workplace.”
Participation in the STAR program is affirmation of a company’s safety and health program, and allows employers to be removed from programmed compliance inspection lists for a period of three years.
“Delta Air Lines-Memphis Technical Operations is pleased to receive the Volunteer STAR award for a second time” said James Eagens, station manager, MEM TechOps. “Delta Air Lines believes it is vital that we always conduct our business in safe, healthful workplaces. We continuously look for ways to improve our safety and health program.”
– Patrick Lantrip
Grizzlies Set April 6 As Faith and Family Night
The Memphis Grizzlies will celebrate Faith and Family Night on April 6 with a postgame performance by California-based band For All Seasons following the Grizzlies’ matchup against the Sacramento Kings. Christian group The Young Escape had been scheduled to perform after the game, but is now unable to attend due to scheduling conflicts.
Comprised of Emily Hamilton (lead vocals, guitars, keys), Johnny Hamilton (drums) and Jeff Luckey (guitars, keys, vocals), For All Seasons desires to cultivate an atmosphere of hope through their just-released album “Clarity,” no matter what season of life listeners may find themselves enduring.
Discounted group tickets are available for parties of 15 or more and start at $17 per ticket. Fans can purchase group tickets by calling 901-888-HOOP. Single-game tickets start at $20, and are available at all Ticketmaster locations, Ticketmaster.com, the FedExForum Box Office, by calling 800-4NBA-TIX or online at grizzlies.com.
– Don Wade
State Lawmakers Propose Ban on Child Marriages
Two Democratic lawmakers are proposing a ban on child marriages in Tennessee.
During a news conference Monday, Sen. Jeff Yarbro of Nashville and Rep. Darren Jernigan of Old Hickory discussed legislation to require people getting married to be at least 18.
Yarbro said Tennessee lets children under 18 get married, often to adults and in situations that could be characterized as statutory rape or rape of a child. He says some girls as young as 10 married adult men.
The Pew Research Center says 5.5 of every 1,000 15- to 17-year-olds in Tennessee were married from 2010 to 2014, ranking in the top 10 nationally.
Yarbro says only parental consent is enough for 16- and 17-year-olds to marry, while younger children need approval of a county judge or elected official.
– The Associated Press
AutoZone Misses Earnings Forecast in Q2, Shares Sink
AutoZone Inc. on Tuesday, Feb. 27, reported fiscal second-quarter net income of $289.5 million.
The Memphis-based auto parts retailer reported net income of $10.38 per share. Earnings, adjusted for pretax gains, were $4.23 per share.
The results did not meet Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $8.81 per share.
AutoZone posted revenue of $2.41 billion in the period, surpassing Street forecasts. Nine analysts surveyed by Zacks expected $2.39 billion.
AutoZone shares were trading down nearly 12 percent on Tuesday afternoon to under $650 per share.
Shares had increased slightly more than 3 percent since the beginning of the year.
– The Associated Press
Helen Brett Opening Jewelry Fair to the Public
Helen Brett Enterprises will open the Mid-South Jewelry and Accessories Fair to members of the general public for the first time in the fair’s 44-year history.
While next month’s show at the Landers Center will remain open exclusively to documented business owners on Friday, March 2, and Saturday, March 3, from 10 a.m. to 6 p.m., the show will also be open to the public on Sunday, March 4, from 10 a.m. to 4 p.m.
Public tickets can be purchased at the Landers Center Box Office for $16.
Admission will be free for children ages 12-16, but they must be accompanied by an adult.
Normally attracting more than 40,000 buyers and vendors to the Memphis market from across the South each year, Helen Brett Enterprises officials expect the attendance to increase as the show opens its doors to the public for the first time.
“Opening our doors to the public for the first time since 1974 is an amazing opportunity for people from all over the South to get their hands on merchandise at great prices,” Helen Brett Enterprises president Robert Kolinek said in a release.
More information on the Mid-South Jewelry and Accessories Fair can be found at helenbrettexhibits.com.
For the past 70 years, Helen Brett Enterprises has been bringing buyers and sellers of gifts, jewelry and general merchandise together by hosting semi-annual trade shows that are widely known in the marketplace as providing some of the largest, most diverse selection of home and lifestyle products, including the top brands.
– Patrick Lantrip
SNAP Program Enrollment Plummets in January
January enrollment numbers published by the Tennessee Department of Human Services show that the number of individuals receiving benefits from the state’s Supplemental Nutrition Assistance Program (SNAP), formerly known as food stamps, went under 1 million people for the first time in more than a decade.
The number of people receiving food stamps steadily increased during the Great Recession both in Tennessee and nationwide. The number of people receiving SNAP benefits peaked in July 2013 when Tennessee reached an all-time high of 1.35 million people.
Taxpayers are now spending approximately $57 million less per month than at the height of SNAP participation.
Beacon Center executive vice president Stephanie Whitt, a former assistant commissioner of the state Department of Human Services, praised the accomplishment.
“This is a huge deal for the state of Tennessee and a great indicator that what we have been doing as a state has been working,” Whitt said in a release.
“These numbers are extremely encouraging. Not only are we trending in the right direction, but we should see even more able-bodied Tennesseans move from the SNAP program to job or education opportunities, as work requirements for able-bodied adults went into effect in February,” Whitt said.
The Beacon Center will continue to make it a key priority to help people move out of poverty through effective work programs like the SNAP program, Whitt added.
– Daily News staff
FedEx Express Files $8M Permit for Hub
FedEx Express has filed a $7.8 million building permit application with the Office of Construction Code Enforcement. The project description simply lists “mezzanine and conveyor system” for the FedEx SuperHub, 2903 Sprankle Drive.
Memphis-based planning and design firm A2H is listed as the project’s architect.
Fives Intralogistics Corp. is also mentioned in the permit. The Louisville, Kentucky-based company, which is part of the international industrial engineering group Fives, “designs and supplies machines, process equipment and production lines for the world’s largest industrials including the aluminum, steel, glass, automotive, aerospace , logistics, cement and minerals, energy and sugar sectors,” according to the company’s website.
– Patrick Lantrip
Vaughan Sponsors Bill On Violent Custody Disputes
Republican state Rep. Kevin Vaughan of Collierville is sponsoring a bill that would allow a parent or legal guardian who is the victim of attempted murder to petition the courts to terminate the parental rights of the person convicted of the offense.
The bill also increases punishment guidelines for judges hearing such cases.
“It is my hope that this measure acts as an additional deterrent in these specific instances while also protecting the safety of our children and surviving parents,” Vaughan said in a written statement.
The ability to petition for termination of parental rights applies to another parent convicted or found civilly liable for “attempting to cause the intentional and wrongful death of the child’s other parent or legal guardian.”
– Bill Dries
Howell Tackles Parenting In 4th ‘High Gear’ Book
Amy Howell, CEO of Memphis-based Howell Marketing Strategies, delves into “high gear parenting” in her latest book, “Be the Parent, Not the Pal: High Gear Parenting Tips in a Crazy, Digital World.”
The book bills itself as a call to action for parents to help set boundaries and expectations that will help children navigate the information saturation of the digital-focused world, where bullying, cyber-stalking, oversharing and selfie obsessions are growing concerns for many parents.
“Be the Parent, Not the Pal” highlights the importance of fundamentals like good values, decision making, confidence builders and other things children need to grow up successfully.
Howell draws on experience gleaned from her career and as a mother to offer tips for parents who are entering the “crossing-over points” – getting smartphones and driving.
This is Howell’s fourth book. She and Anne Deeter Gallaher, also a small-business owner, co-authored “Women in High Gear: A Guide for Entrepreneurs, On-Rampers, and Aspiring Executives” in 2013 and “The Future Belongs to Students in High Gear: A Guide for Students and Aspiring Game Changers in Transition from College to Career” in 2015. Her third book, “Healing in High Gear: Surviving Sepsis: A Guide for Families, Patients, Caregivers and Healthcare Providers,” was released in 2016.
“Be the Parent, Not the Pal” and Howell’s other books are available on Amazon and at howell-marketing.com.
– Daily News staff
U of M Offering Rides For Spelling Bee Participants
With the Memphis-Shelby County Spelling Bee taking a year off, the University of Memphis is offering rides for Shelby County participants in the Regional Spelling Bee in Nashville on March 10.
Free bus transportation will be provided for participants and a family member or other responsible adult at no charge. Seats are limited and available on a first-come, first-served basis through March 7.
“We feel it is important for students in Shelby County to have a chance to compete in the Regional Spelling Bee and serve as our local representatives,” U of M president M. David Rudd said in a statement. “With the spelling bee moving from Memphis to Nashville, the University of Memphis wanted to provide transportation for those who do not have the ability to get there on their own.”
The U of M and the Tennessee Titans are partnering to present the spelling bee, which is being held at Nashville’s Nissan Stadium.
The winner will receive an expenses-paid trip to the Scripps National Spelling Bee in Washington, D.C.
The Memphis-Shelby County Spelling Bee was canceled this year after failing to land a local sponsor. In late January, the U of M announced it would bring the bee back to Memphis in 2019.
For more information, email email@example.com or call 901.678.3119.
– Don Wade
UPS Sues EU For $2B Over Blocked TNT Merger
U.S. delivery giant UPS is suing the European Union’s antitrust regulator for blocking a merger with Dutch firm TNT Express, which later was snapped up by Memphis-based FedEx Corp., a UPS rival.
United Parcel Service Inc. is seeking 1.742 billion euros ($2.14 billion) in compensation.
In a company release Monday, UPS said its proposed acquisition of TNT would have helped consumers. The Atlanta company said its compensation request was based on estimates of lost business made by independent experts.
UPS dropped its $6.9 billion bid in early 2013 after pushback from the European Commission, which feared that the tie-up would reduce choices for customers and drive up prices.
But the EU’s General Court annulled the commission’s decision in March 2017. The commission is appealing the court ruling to the European Court of Justice, Europe’s highest court, and a decision is expected later this year. The UPS claim, filed in December but not publicly disclosed until this week, is suspended until the Court of Justice rules on the European Commission’s appeal.
UPS has claimed that European Commission unfairly changed its economic analysis of a UPS-TNT combination without telling UPS.
“We feel strongly that the proposed acquisition would have constituted a good deal for logistics customers as well as ... consumers,” UPS spokesman Gregg Svingen said. “UPS continues to remain bullish on Europe,” which accounts for half of UPS’ international revenue.
Svingen declined to discuss specifics of the legal proceedings.
FedEx bought TNT in 2016 for about $4.8 billion to expand its presence in Europe but has struggled with the acquisition.
Last year, the TNT division was affected by a cyberattack that slowed deliveries and proved costly. FedEx estimated that it cut third-quarter 2017 earnings by $300 million.
DHL Express, a unit of Germany’s Deutsche Post AG, is also a major player in Europe’s package-delivery business.
– The Associated Press
Sherra Wright Pleads Not Guilty to Murder
The ex-wife of former NBA player Lorenzen Wright pleaded not guilty Monday to murder charges in his death more than seven years ago.
Sherra Wright’s lawyers entered the plea in Shelby County criminal court in Tennessee. Wright wore an orange jail uniform and responded “no sir” when asked by Judge Lee Coffee if she had any questions about the case.
She was arrested in December in Riverside County, California, more than seven years after Lorenzen Wright’s decomposing body was found in a suburban Memphis field. He was missing for 10 days before his body was found on July 28, 2010. He was shot multiple times – an autopsy report showed bullet fragments were lodged in Wright’s skull, chest and right forearm.
Lorenzen Wright played for 13 seasons as a forward and center in the NBA, including several for the Grizzlies in Memphis, where he was born and raised.
Another person charged with first-degree murder in the case, Billy Turner, has pleaded not guilty. They are scheduled to appear in court on March 19. Turner, a landscaper, and Sherra Wright attended the same church.
Prosecutors could announce at the next hearing whether they plan to seek the death penalty.
Turner was indicted Dec. 5, and Wright was indicted less than two weeks later. The seven-year investigation into his death has been one of the Memphis Police Department’s most high-profile unsolved cases.
Blake Ballin, one of Wright’s attorneys, said he visited her this past weekend and she “was not in the best of moods, was a little depressed about things.” She was in higher spirits Monday, Ballin said.
“It’s going to be that kind of a roller coaster,” Ballin said.
– The Associated Press
Frase Protection Buys Assets of Stop Alarms
Memphis-based Frase Protection has acquired the remaining assets of Stop Alarms, a locally-based home and small business security company.
Frase completed the purchase on Feb. 6 and is integrating all assets into its operations. Financial terms of the deal were not revealed.
The purchase expands Frase Protection’s services in the Mid-South, allowing the company to better serve new and current customers with updated technologies, an additional fleet and experienced service technicians, according to a press release.
The acquisition is part of Frase Protection’s long-term plan of growth in the Mid-South. The company is preparing for additional growth and finalizing plans to build new offices off Walnut Run and Germantown Parkway in Cordova.
Stop Alarms filed bankruptcy last year after being in business for more than 40 years. It provided and serviced security alarms, fire alarms, access control and security camera systems to residential and commercial customers in Tennessee and Mississippi. Stop Alarms was sold to Josh Nichols, principal of Georgia-based Nichols Security, in 2014.
Frase Protection is the largest privately owned provider of smart-home security systems in the greater Memphis area that is family owned and also been in business for more than 40 years.
– Daily News staff
S2N Offers Free Website For Local Nonprofit
Branding and digital agency S2N will provide a free, mobile-responsive website to a local nonprofit organization in celebration of the agency’s 10-year anniversary.
Beginning Monday, Feb. 26, any nonprofit interested in participating in the giveaway should submit their community mission, along with an explanation of how a new website would help further their mission, to www.s2ndesign.com/non-profit-website-giveaway.
The winning organization will be selected and notified this spring.
“We understand that most nonprofit organizations work with slim budgets, and we want to provide one of our well-designed, mobile-responsive websites to help a deserving organization fulfill its mission,” S2N chief operating officer Michael Newsome said.
Originally starting out as a design company the Emerge Memphis incubator program in 2008, S2N eventually outgrew its Emerge Memphis space as it transitioned into a full-service agency and settled into to its current location at 456 Tennessee St. in the South Main Historic Arts District of Downtown Memphis.
– Patrick Lantrip