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VOL. 44 | NO. 32 | Friday, August 7, 2020

Bridgestone donates 10,000 face coverings

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Bridgestone Americas Inc. has donated 10,000 face coverings to Boys & Girls Clubs of Middle Tennessee.

The face coverings, which were donated as part of the “TN Strong Mask Movement” initiated by Gov. Bill Lee’s Economic Recovery Group in June, are child-sized to accommodate the more than 57,000 youth who participate in Club services across the state each year.

The masks will be distributed statewide as part of the Club’s back-to-school readiness program to ensure Club kids have a well-fitting mask while engaging in daily activities.

Bridgestone began its nationwide partnership with Boys & Girls Clubs of America in 2015 and has donated more than $10.5 million to the organization through 2019.

In April, Bridgestone announced all Q1 customer donations would go directly to the Boys & Girls Clubs COVID-19 Relief Fund, a total of $840,000. The funds are helping support immediate Club needs during the ongoing pandemic.

Since the launch of the Economic Recovery Group’s “TN Strong Mask Movement” in June, more than 70 flagship brands including businesses, universities, sports teams and communities across the state have joined the movement to create and distribute nearly 700,000 masks to Tennessee residents.

Zayo expands fiber network in Nashville

Zayo Group Holdings Inc. has recently completed 340 miles of new fiber network in the Nashville area, supporting mobile infrastructure and enterprise connectivity for multiple customers.

The company has expanded its infrastructure across Tennessee, increasing its fiber network footprint by nearly 50% during the past two years.

Zayo also has invested in expanding its connections to buildings and data centers in Tennessee cities, bringing expanded high capacity connectivity to public and private sector customers, including carriers, content providers, education, health care and data-driven enterprises.

As part of the project, hundreds of buildings have been brought on-net to support growing demand. A leading Nashville-based health system recently selected Zayo for a dark fiber ring to connect the central campus with its satellite facilities.

Zayo is also completing and lighting a new long-haul fiber route from Nashville north to Kentucky and up to Chicago. This unique, 100G route will complement Zayo’s two other routes out of Nashville, connecting the city with major commercial and financial centers across the country. Zayo also recently deployed a coherent wavelength system over its fiber route from Nashville to Dallas via Memphis.

Cat reports decreased revenue

Nashville-based Cat Financial has announced second quarter 2020 revenues of $641 million, a decrease of $116 million, or 15%, compared with the second quarter of 2019.

Second quarter 2020 profit was $59 million, a $20 million, or 25%, decrease from the second quarter of 2019.

The decrease in revenues was primarily due to a $60 million unfavorable impact from lower average financing rates and a $48 million unfavorable impact from lower average earning assets.

Second quarter 2020 profit before income taxes was $89 million, a $52 million, or 37%, decrease from the second quarter of 2019. The decrease was primarily due to a $25 million decrease in net yield on average earning assets, a $23 million unfavorable impact from lower average earning assets and a $15 million increase in provision for credit losses. These unfavorable impacts were partially offset by a $22 million decrease in general, operating and administrative expenses primarily due to lower short-term incentive compensation and employee benefit expenses.

Envision to aid Florida in pandemic

Nashville’s Envision Healthcare is sending additional clinicians to Florida to provide care and support to patients impacted by COVID-19.

Teams consisting of registered nurses, certified registered nurse anesthetists and emergency physicians will deploy to a large South Florida health system and to hospitals in the Orange, Pinellas and Duval counties.

“Clinicians’ heroic and relentless efforts during these unprecedented times are inspiring,” says Jim Rechtin, president and chief executive officer of Envision. “Envision’s partnership with the Florida Division of Emergency Management will provide much needed relief to clinicians working tirelessly to care for patients when they need it most.”

Auto supplier to expand in Rutherford County

MAHLE, an international automotive supplier based in Stuttgart, Germany, is expanding its operations in Rutherford County.

The company says it will add approximately 300 jobs. Expansion will include adding 140,000 square feet to its operations at 906 Butler Drive in Murfreesboro.

The majority of the new business for Murfreesboro will be reallocated from other MAHLE locations.

MAHLE supplies automotive OEMs and other Tier 1 auto suppliers throughout North America. The company’s product portfolio addresses all the crucial issues relating to the powertrain and air conditioning technology – both for drives with combustion engines and for e-mobility.

“The City of Murfreesboro is excited to welcome this major investment by a Tier 1 automotive supplier,’’ says Murfreesboro mayor Shane McFarland. “We look forward to a continued successful partnership with MAHLE as our community helps provide the skilled workforce to the thriving automotive sector in Middle Tennessee.”

Tractor Supply aids minority advancement

The Tractor Supply Company Foundation has committed $125,000 to organizations advancing opportunities for minorities in the agriculture, education and civic fields.

The donation comes as part of Tractor Supply’s ongoing commitment to promoting diversity and inclusion in its workforce and the communities it serves.

Earlier this year, the rural lifestyle retailer launched the African Americans on the R.I.S.E. (Relationships, Inclusion, Support and Education) Team Member Engagement Group. The group’s mission is to engage, empower and facilitate the growth of African American team members.

In light of the recent national focus on racial and social justice, the Foundation worked with the R.I.S.E. group to identify organizations that are uniquely working to achieve these goals. The donation recipients are:

• MANRRS (Minorities in Agriculture, Natural Resources and Related Sciences) - $25,000

• Congressional Black Caucus Foundation - $20,000

• Farms to Grow, Inc. - $20,000

• Fisk University - $20,000

• Tennessee State University College of Agriculture- $20,000

• 100 Black Men of Middle Tennessee - $20,000

These donations from the Foundation come in addition to the Company’s support of Nashville-native Shawn Dromgoole’s neighborhood walks to promote safety and inclusion.

HealthStream releases second quarter results

Nashville’s HealthStream, Inc., a leading provider of workforce and provider solutions for the health care industry, has announced its second quarter results.

Highlights of the report:

• Revenues of $60.6 million in the second quarter of 2020, down 5% from $63.8 million in the second quarter of 2019.

• Operating income of $4.3 million in the second quarter of 2020 compared to $2.3 million in the second quarter of 2019.

• Net income of $3.4 million in the second quarter of 2020, up 43% from $2.4 million in Q2 of 2019.

• Earnings per share of $0.11 per share (diluted) in the second quarter of 2020 compared to $0.07 per share (diluted) in the second quarter of 2019.

• Adjusted EBITDA1 of $12.0 million in the second quarter of 2020, up 2% from $11.8 million in Q2 of 2019.

Brookdale, Ventas reach agreement

Nashville-based Brookdale Senior Living Inc. has entered into definitive agreements with Ventas, Inc. to restructure its 120 community, 10,174 units, triple-net master lease arrangements.

Brookdale also has sold to Ventas five assets formerly collateralizing Ventas loan financing in full satisfaction of the loan, and will manage the communities following the close of the asset sale.

“We are pleased to complete another positive transaction with Ventas,’’ Lucinda Baier, Brookdale’s president and CEO says. “These agreements represent a significant step forward toward improving our long-term financial position. The lease amendment transaction provides a permanent rent reduction, which will help mitigate the business impact of COVID-19, significantly improves our cash flow and lease coverage over the remaining lease period, and eliminates financial covenants.’’

Brookdale receives an expected aggregate rent reduction of approximately $500 million over the remaining and unchanged lease term, ending Dec. 31, 2025.

Effective July 1, 2020, cash rent decreased to $100 million per year through December 2021:

For second half of 2020, results in cash rent reduction of approximately $42 million. For calendar year 2021, results in cash rent reduction of approximately $90 million.

Beginning January 2022, annual rent increases by 3.0% per annum over the reset rent amount through the Dec. 31, 2025 lease maturity.

TERRA welcomes Texas recycler

Elite Supply Chain Solutions has joined Nashville-based TERRA’s Done with IT information technology program to provide mail-in electronics recycling options for businesses and individuals from their Certified R2 facilities in Irving, Texas.

With the addition of Elite, Done with IT is now supported by 25 certified recycling facilities and provides access to simple, secure and sustainable e-waste recycling options for individuals, businesses and local governments across the U.S. and Canada.

“While the electronics recycling industry has been deemed essential, many e-waste recycling programs have been suspended,” says Steven Napoli, president & CEO of TERRA. “Done with IT offers e-waste recycling and ITAD services from nation’s best recyclers for both businesses and consumers without the need for physical contact.”

According to The Global E-waste Monitor 2020, a record 59 million tons of electronic waste was generated worldwide in 2019, up 21%in just five years.

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