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Vought revenues rise with boost from Boeing
By Dan McCue , Staff Writer
Vought Aircraft Industries Inc. announced that its first-quarter profits rose 49% from $19.2 million in the first three months of 2007 to $28.7 million for the same period in 2008.
The Dallas-based aircraft parts manufacturer attributed the growth largely to its work with the Boeing Co. on the 787 Dreamliner program.
The company’s first-quarter revenue grew 12% to $425.4 million from $380.7 million a year earlier.
Vought builds two sections of the rear fuselage of the 787 in North Charleston. The facility adjacent to Charleston International Airport directly employs 333, with 268 additional contract workers on site.
Vought has been widely blamed for delays in the 787 program that have pushed test flights of the new aircraft back to the third quarter of this year. Vought officials said the company’s performance on the 787 program continues to improve.
In April, the company agreed to sell its ownership interest in Global Aeronautica to Boeing and expects the transaction to close later this year. The planned sale has allowed Vought to refocus its efforts in North Charleston, retooling production to match Boeing’s new schedule for the Dreamliner.
“As we slow down production to meet Boeing’s revised schedule, we will continue to closely monitor our program performance and cash flow,” said Joy Romero, Vought’s vice president of its 787 program, in an earnings conference call Monday.
While Vought officials sought to emphasize the positive, they also acknowledged the company had a negative cash flow of $34.2 million in the first quarter of this year, compared with a positive cash flow of $2.3 million last year.
The change was due primarily to the timing of payments received from customers and increased working capital requirements for the 787 program, officials said.
Last month, Vought arranged $200 million in loans to finance its continued investment in the 787 Dreamliner development program.
In a filing with the U.S. Securities and Exchange Commission, Vought said the loans would bring its total secured debt to $883 million.
Vought spent $276 million on the 787 last year as it completed facilities, installed machinery and began ramping up production of 787 components for Boeing.
The SEC filing said Vought would not realize a profit on its 787 work until 300 aircraft have been produced, several years from now.
“Vought’s performance for the first quarter of 2008 confirms sustained growth in our programs, supported by ongoing operational excellence initiatives,” said Elmer Doty, Vought’s president and CEO. “Additionally, by taking actions to improve our liquidity, we are able to support the required investments for program development and ongoing manufacturing operations.”
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J.P. Morgan Chase expands Lowcountry presence
By Scott Miller , Staff Writer
J.P. Morgan Chase, the nation’s third-largest bank, opened its second mortgage office in the Charleston area last week and plans to hire an additional five to 10 loan officers.
After opening its first local office in North Charleston in September, Chase opened an office on Daniel Island last week. The bank also plans to open an office in downtown Charleston, though plans aren’t finalized, said spokesman Mike Fesco.
Chase has 11% of the national market share, Fesco said. The bank won’t discuss its local market expectations, but currently, the plan is to have 10 to 15 loan officers, he said. The bank now has seven locally.
“We believe the mortgage business is a good one, and we continue to invest in people,” he said. “We’ve increased our mortgage originations while many of our competitors have pulled back or disappeared.”
With $1.64 trillion in assets, J.P. Morgan Chase comes in behind only Citigroup Inc. and Bank of America Corp.
At this point, Chase doesn’t plan to open bank branches in the Lowcountry, just mortgage offices, Fesco said.
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Roseburg Forest invests in Orangeburg County
By Daily Journal Staff
An Oregon-based wood products manufacturer is purchasing Georgia Pacific’s Holly Hill fiberboard manufacturing facility and Decolam Inc.’s specialty laminating plant in Orangeburg. It will make improvements to both facilities for a total investment of $49 million.
Roseburg Forest Products, based in Roseburg, Ore., is a family-owned manufacturer of lumber, particleboard, softwood plywood, engineered wood products and specialty panels. The company, which owns land and facilities in the Northwestern and Southeastern United States, was established in 1936.
Roseburg is a supplier to furniture manufacturers and big-box retailers. The company also exports 15 containers per week through the Port of Charleston to a variety of other countries. Roseburg employs approximately 110 employees in its Holly Hill facility and 80 at the Orangeburg laminating plant.
"Orangeburg County is a wonderful place to do business for our company," said Darrel Keeling, Roseburg’s vice president for composite manufacturing. "We appreciate our excellent work force and the support of the community that we have in this area."
The company did not disclose the purchase price for either plant.
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Maritime credential deadline pushed to April 2009
By Dan McCue , Staff Writer
Maritime industry workers who were rushing to comply with a September 2008 deadline for securing a new mandatory credential for port access have received some additional breathing room from the U.S. Department of Homeland Security.
The new deadline for compliance with the Transportation Worker Identification Credential program is April 15, 2009. This is the second time the agency has pushed back the deadline.
In a written statement, the agency said the new compliance date is a result of collaboration with port officials and others in the maritime industry. The agency pushed back the first deadline because it was having difficulty getting everyone signed up for TWIC.
To date, more than 3,500 maritime workers in Charleston have enrolled in the program, and 1,451 have activated their ID cards. All S.C. State Ports Authority employees have secured their cards and the ports authority has been a local leader in trying to foster wider compliance.
Enrollment has been taking place locally since Nov. 28, 2007. It is estimated that between 10,000 and 15,000 locally will need to secure a TWIC card by the new deadline.
TWIC was established through the Maritime Transportation Security Act and the SAFE Port Act to serve as an identification program for all Coast Guard-credentialed mariners and personnel requiring unescorted access to secure areas within a port.
Workers can pre-enroll and find further information at the Transportation Security Administration’s Web site or at the U.S. Coast Guard’s Homeport site. An enrollment center is located at 4600 Goer Drive, Suite 112, in North Charleston.
Nationwide, more than 250,000 workers have enrolled in the program.
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Innovators 2008 nominations being accepted
By Daily Journal Staff
The Charleston Regional Business Journal is accepting nominations for Innovators 2008.
The Innovators 2008 awards program honors people with imagination, vision and the ability to execute on their ideas.
Companies and individuals who have created new products, services, programs or processes that have had a positive effect on their business, industry or community are eligible for the recognition.
The innovation must have been created or introduced in South Carolina, and nominated companies must be located in South Carolina. Individuals and companies can nominate themselves.
To nominate an individual or company, go online and complete a short form. The nominee will receive an entry form that asks for details on the innovation.
For more information, contact Ruthie Sullivan at 849-3131 or rsullivan@scbiznews.com.
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On the Menu
On Tuesdays, On the Menu provides the latest news from the Charleston area’s extensive culinary community, including new restaurants, new menu items and upcoming events as well as details about local chefs. Submissions should be sent to dailyjournal@charlestonbusiness.com.
Like a little floral scenery with your wine? Head over to the Restaurant at Middleton Place on Wednesday, where the 2008 Summer Garden and Wine Stroll Series takes place from 5:30 to 7 p.m. every Wednesday through September.
The series is bigger and better this year, the restaurant says, because it includes two tasting tables and international cheeses. Reservations are not required for the strolls, but are recommended if you would like to enjoy dinner afterwards.
The location of each week's tasting will be determined that day on the basis of weather considerations. Stop in at the restaurant when you arrive and inquire about where the tasting will be held. Attendance is $10 in cash per person.
Middleton Place is at 4300 Ashley River Road. For information call 843-266-7477.
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Ted’s Butcherblock has spring fever. In preparation for al fresco dining and local outdoor festivals, the business is featuring a small-bites picnic and party menu this month, plus a variety of homemade spreads, dips, hors d’oeuvres and sweets.
Check out these offerings.
Soups include vegetable miso with squash, zucchini, carrots, mushrooms and soba noodles in a blond miso broth
Salads include primavera cole slaw with cabbage, broccoli, carrots, zucchini and peppers; potato salad with gherkin pickles and fresh tarragon; and three-bean salad with fresh herbs and a champagne vinaigrette.
The panini for May is pulled pork with house-smoked pork, Big Mike's BBQ sauce and cheddar cole slaw.
Sides and entrees include a grilled veggie platter with marinated seasonal vegetables; goat cheese-stuffed mushroom caps with fresh herbs; mini twice-baked potatoes with bacon, cheddar and chives; bacon-wrapped barbecue shrimp stuffed with cheddar cheese; and a house-smoked salmon platter with egg, red onion and capers.
Dips and spreads include house-smoked salmon with fresh dill and capers; Michael's Green Goddess Dip with fresh herbs, citrus and spices; and homemade pimiento cheese.
Carrot cake cupcakes with cream-cheese icing are the month’s dessert special.
Ted’s is at 334 East Bay St. in downtown Charleston. Call 843-577-0094 for information.
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Driving to the beach can be stressful and is environmentally unfriendly. The "green" thing to do would be to walk or ride a bike to the beach, but that’s not an option from downtown, a fact that has inspired restaurateurs Justin Broome and Trevor Whitmire to create FUEL: Charleston, a beach cantina in the middle of downtown Charleston.
Located on the corner of Rutledge Avenue and Cannon Street in an abandoned gas station, FUEL: Charleston will have a huge outdoor patio with an indoor/outdoor bar and a bocce ball court. On a sunny day, customers can get a tan while drinking a margarita and eating fish tacos.
Broome owns and operates The Trusted Palate on King Street.
FUEL, which is scheduled to open later this month, is modeled after a Caribbean cantina and will offer local, organic products, fresh-caught seafood and great service.
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Support the Sustainable Seafood Initiative and relish a fab-u meal at the same time at a special event tonight at The Red Drum Gastropub in Mount Pleasant.
The Sustainable Seafood Initiative’s Megan Westmeyer and Executive Chef Patrick Johnson pair up at 6:30 tonight at The Red Drum Gastropub for an evening highlighting local, sustainable seafood. Chef Johnson’s six-course meal will feature a selection of seasonal sustainable seafood and specially selected wine pairings. Get the catch on sustainable seafood straight from the source with local fishermen Mark Marhefka and Toby Van Buren and learn how your choices today can ensure healthy fish for the future.
The evening’s meal will feature grouper ceviche with lime, mango and a splash of tequila paired with Alpha Domus Sauvignon Blanc from Hawke’s Bay, New Zealand; house cold-smoked red porgy and a salad of local organic greens; Lowcountry bouillabaisse featuring Van Buren’s clams and mussels, local shrimp and Marhefka’s grouper and triggerfish paired with a Perrin Reserve Cotes du Rhone Rose of Rhone Valley, France.
There will also be wood-grilled triggerfish served with white corn masa and pumpkin seed mole paired with Hess Suskol Vineyard Chardonnay of Napa Valley, Calif.; local grouper with White Marble Farms pork belly, local beets and turnips paired with Cono Sur Sustainable Pinot Noir of Casablanca Valley, Chile; and Boone Hall strawberries served with hot-milk cakes drizzled with dulce de leche cream and a dab of sea salt paired with Melsheimer Riesling of Spatlese Mosel, Germany.
Dinner reservations are $65 per person inclusive. Reservations are required and may be made by contacting the restaurant at 843-849-0313. Red Drum Gastropub is at 803 Coleman Blvd. in Mount Pleasant.
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Summer’s bounty takes center stage on the new seasonal menu at Charleston restaurant Circa 1886. Executive Chef Marc Collins gives a modern nod to traditional Southern summer favorites like butter and fava beans, tomatoes, cucumbers, melons and fresh tropical fruits, including mango, pineapple and banana.
Alongside menu mainstays like spicy grilled shrimp and Carolina crab cake souffle, Chef Collins brings a variety of interesting new dishes to the table. New first-course selections include organic chicken with butter bean custard and molasses barbecue sauce, as well as foie gras with banana gelato, peanuts, bittersweet chocolate bread and Myer’s rum glaze.
Melons dominate the season’s popular trio of soups, with choices such as cantaloupe, watermelon cucumber and honeydew. Maine lobster highlights a new summer salad dressed with avocado, tomato, candied bacon, popcorn shoots and bee pollen vinaigrette.
Chef Collins continues to introduce diners to “boutique” cheeses this summer, with offerings that include White Top, a raw cow’s milk cheese from Meadow Creek Dairy served with raspberry preserves and almond butter; and Blue Log, a pasteurized goat’s milk cheese from Westfield Farm served with apple chip, sweet ’n’ sour mustard sauce and bulls-blood greens.
The new menu offers eight featured entrees, including fresh catches like striped bass with artichoke potato cake, watercress, crawfish hollandaise and black olive cucumber pimento piccalilli, as well as grouper served with lobster butter sous vide, fennel pollen grits, grilled okra, red grapefruit and toasted coriander salad. The antelope loin is served with stewed Southern beans, cast-iron Vidalia onion, merlot peach jus lie and white cheddar waffle. Chef Collins is also offering a tomato tasting that includes yellow tomato pie, “mac n’ cheese,” bell pepper-stuffed plum tomato and an orange tomato shooter.
Fresh summer fruits, like strawberries, peaches and Key limes, inspired five new desserts. Some of the selections include strawberry shortcake created with pound cake, vanilla bean mascarpone mousse and strawberry coulis; peaches and cream soufflé served with toasted almond ice cream, amaretto anglaise and peach compote; and the tropical sampler, which lets guests enjoy Key lime torte, passion fruit pot au crème, coconut sorbet and island fruit relish. The menu also gives a nod to chocolate lovers with the chocolate hot and cold that includes warm flourless chocolate espresso cake, “hot” chocolate semifreddo, double chocolate cookie, ganache and espresso anglaise.
Circa 1886 is at 149 Wentworth St. in Charleston. For more information and reservations, click here or call 843-853-7828.
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Woodlands Resort & Inn in Summerville will host its monthly “Wines of the World” wine tasting and pairing dinner on May 20 featuring “The Best of Australia.” Australia has had vineyards since the late 1700s, and is the world’s sixth largest wine producer and fourth largest exporter; its wines are enjoyed in more than 100 countries.
Guests are invited to taste a series of wines from some of the top names from classic wineries to exclusive boutiques. Australian wine enthusiasts will have an opportunity to enjoy a menu designed to compliment these premium wines.
Executive Chef Tarver King and his award-winning culinary team will present the following special dinner menu:
- First course: Salt cod, potato gnocchi, brown butter and garlic, served with Verdelho, Marquis Philips, Holly’s Blend, Southeastern Australia 2005.
- Second course: Rosemary-smoked quail, crispy Anson Mills polenta and wild Oregon huckleberries served with Shiraz, 3-Rings, Barossa Valley, South Australia 2006.
- Main course: Painted Hills flat-iron beef with roasted olives and braised broad beans served with Cabernet Sauvignon, Cape d’Estaing, Kangaroo Island, South Australia 2003.
- Dessert: Pistachio mille-feuille with orange curd and Acacia honey ice cream, served with Botrytis Semillon, Hardys, Southeastern Australia 2002.
The tasting begins at 6:30 p.m. followed by the four-course pairing dinner at 7:30; the evening ends about 9:30. Attendance is $88 per person, exclusive of tax. Reservations are required and can be made by calling 843-308-2115.
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Job of the Week
Each week, Job of the Week will feature one employment opportunity from the Charleston JobMarket, a service of SC Biz News LLC, publisher of the Charleston Regional Business Journal.
Somerby of Mount Pleasant, a full-service active retirement rental community, is seeking a full-time restaurant manager to start in June at its Chateau Restaurant.
The restaurant manager oversees all aspects of the main and private dining rooms. The manager also supports the dining and catering departments’ mission of delivering quality service. Furthermore, the manager is responsible for supervising, training and scheduling the restaurant staff and for performing other assigned duties as required. The manager must also have an outstanding guest service philosophy.
Candidates must have a high school education or its equivalent and must have two to five years’ experience.
To apply, click here.
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