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WebLog--ROBY'S BIZBLOG
- WAL-MART PARTNERS WITH CONTACT FIRM
Touting the alliance as an effort to drive down health care costs, Wal-Mart and 1-800-CONTACTS announced a long-term agreement today to offer contacts through the retailer?s nearly 3,000 outlets.
The two firms say their partnership will create efficiencies across their call centers, websites, purchasing, and distribution efforts, a series of moves aimed at reducing costs by $400 million over the next three years. The companies expect to integrate store, web, and phone service this fall to improve customer service.
- SIMMONS FIRST REPORTS Q4, FULL YEAR RESULTS
Simmons First National Corp. announced its fourth quarter and full year 2007 operating results.
The Pine Bluff-based bank holding company posted earnings of $6.9 million for the fourth quarter, an increase of $186,000 versus the same period in 2006. Simmon?s net interest income for the fourth quarter of 2007 increased 5.6% to $23.5 million. Non-interest income rose 9.3% to $11.8 million during the fourth quarter.
For the twelve month period ended December 31, 2007, Simmons reported net income of $27.4 million, roughly the same as one year ago.
?Considering the challenges of our national economy, we are very pleased with our quarterly and annual operating earnings performance,? commented Tommy May, Simmons Chairman and CEO.
- HUCKABEE GETS PAGE ONE ON WSJ
Mike Huckabee gets front-page treatment in today?s Wall Street Journal. The article centers on Huckabee?s struggles to run a national campaign on a shoestring budget.
?The demands of logistics, policy, press and fund raising are swamping a campaign powered by an inner circle with little experience. Thin policy positions, an unorganized press operation and a lack of long-term planning have all posed problems,? notes the report.
The WSJ also suggests that while Huckabee?s communications skills and evangelical support have carried him so far, he lacks the infrastructure for a major push on Super Tuesday, February 5. The Huckabeecampaign has no staff or offices in any of the 21 primary states slated for that day except his headquarters in Little Rock.
Click here for access to the WSJ.
- NELSON FILES SEVERANCE TAX PROPOSAL (UPDATED)
Former natural gas company executive Sheffield Nelson has submitted his proposal for raising the severance tax in Arkansas to the state?s Attorney General and he expects the PR battle to be brutal.
?You?re going to have threats. You?re going to have innuendo and otherwise these people saying they?re going to leave Arkansas, essentially like a spoiled kid - they?re going to take their toys and go home. Let me tell you something, when you?ve invested a billion dollars in an area, you don?t turn and run because of an increase in severance tax,? said Nelson.
His proposed initiated act would change the way Arkansas collects severance tax from a production basis to one based on market value. Nelson?s effort would increase the severance tax to 7%, similar to severance tax rates in Texas and Oklahoma.
Under his calculations, Nelson sees the state of Arkansas collecting anywhere from $60 million to $100 million in new revenues annually from a higher severance tax.
The measure maintains that existing revenues collected from the severance tax on natural gas ? roughly $619,000 - would continue to be used in the same manner now set out in law. The increased revenues from a higher severance tax would be used for state and local roads, cities and counties, and higher education.
Nelson?s proposal would dedicate 56% to the state highway and transportation department fund; 12% to county aid; 12% to municipal aid; and 20% to public institutions of higher education.
The 56% of the funds dedicated to state highways would be split according to an existing formula where the state keeps 70% of that amount for its road needs and the remaining 30% is split evenly between city and county road funds. He did not include any special language that would earmark road funding for counties where the greatest shale exploration activity is currently taking place.
Nelson declared that ?there isn?t any agreement at all? between Governor Mike Beebe and himself, although he said he had altered his proposal to reflect what he thought the Governor would support based on a number of private conversations.
Nelson admitted that he could abort his effort if industry leaders and state policymakers offer an alternative.
?There could be a compromise,? said Nelson. ?Now if in fact if they want to get with the Governor and get more serious, that?s up to them.?
The measure must be approved by Arkansas Attorney General Dustin McDaniel, who has 10 days to make a decision. Once that hurdle is cleared, Nelson will need to collect roughly 62,000 valid signatures from voters to qualify for the November 2008 ballot. His campaign committee ? the Committee for a Fair Severance Tax ? is expected to be represented in all 75 counties, and Nelson says he?ll be relying on volunteers to collect signatures at the polls versus hiring paid workers. He expects to raise and spend as much as $1 million for a potential campaign.
By sponsoring an initiated act and if approved by voters, Nelson?s effort could leave future changes to the law in the hands of legislators. He said that would be the only way to handle incentives, exemptions or tax credits similar to how surrounding states have structured their severance tax laws.