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Catch up on this week’s top business news here. For daily information, subscribe to our free newsletter, Gulfshore Business Daily, and find archived newsletters at GulfshoreBusiness.com.
Friday, Oct. 30
FLORIDA BUSINESS COALITION BACKING AMENDMENT 2 GROWS TO MORE THAN 150 BUSINESSES
A growing coalition of more than 150 business owners across Florida is calling for passage of Amendment 2, which would gradually raise the minimum wage to $15 by 2026. Florida Business for a Fair Minimum Wage, which includes restaurants, retail, manufacturers, tourism, personal services, construction, and more, says minimum wage increases will boost consumer spending, strengthen Florida’s workforce and help the economy. If passed – with a 60% majority required for approval – Amendment 2 will increase Florida’s minimum wage from $8.56 to $10 per hour effective Sept. 30, 2021, and then by $1 each year until it reaches $15 on Sept. 30, 2026. For perspective on Amendment 2 from Southwest Florida business leaders featured in the October issue of Gulfshore Business, click here.
Thursday, Oct. 29
NEOGENOMICS REPORTS RECORD THIRD-QUARTER REVENUE INCREASE
Lee County-based NeoGenomics Inc., a leading provider of cancer-focused genetics testing services, announced record third-quarter results Tuesday for the period ending Sept. 30. “Third-quarter results were strong as we bounced back nicely from a challenging second quarter and set new company records for quarterly consolidated revenue and pharma services revenue and backlog. Importantly, test volume in our core clinical oncology business continued to trend higher on what looks to be a V-shaped recovery,” said Douglas M. VanOort, chairman and CEO of NeoGenomics. Consolidated revenue for the third quarter of 2020 was $125 million, an increase of 20% over the same period in 2019. Gross profit was $54.1 million, an increase of 6.4%, compared to the third quarter of 2019. Net income for the quarter was $3 million compared to net income of $2 million for the third quarter of 2019. The company reports making strategic investments, even during the pandemic, to put it in a stronger position for growth. Its new state-of-the-art laboratory and global headquarters are under construction in Fort Myers.
Wednesday, Oct. 28
Video courtesy of WINK News
ENCOMPASS HEALTH PLANS REHAB HOSPITALS IN CAPE CORAL AND NORTH NAPLES
Encompass Health plans new rehabilitation hospitals in Cape Coral and North Naples. The company provides in-patient rehab for people recovering from strokes, brain injuries and other orthopedic injuries. “We do believe there is an underserved market in an opportunity to provide that level of care,” said David Clementz, chief strategy officer for Encompass Health. Hospitals planned on Pine Island Road in Cape Coral and on Collier Boulevard in North Naples are still in the design stages, but Encompass Health has purchased more land than needed for its rehab hospitals so space for future expansion is available, WINK News reports.
Tuesday, Oct. 27
UNITED AIRLINES EXTENDS NONSTOP FLIGHTS BETWEEN FLORIDA, OTHER STATES
United Airlines is continuing its nonstop direct flights between Florida airports and others in the country, including flights at Southwest Florida International (RSW). United is extending its point-to-point service between Florida and Boston, Cleveland, Columbus, Indianapolis, Milwaukee, New York City/LaGuardia and Pittsburgh through April 2021. It’s an update to its August announcement about United’s largest-ever expansion of point-to-point/non-hub flying. For a list of flights and dates, see this WINK News report.
Monday, Oct. 26
HERTZ TEMPORARILY CLOSES CAR SALES LOCATIONS
Hertz temporarily closed its car sales locations nationwide as of Thursday, Oct. 22. “As part of our Chapter 11 process, Hertz has been working to right-size our fleet to align with current demand and meet the requirements of our lenders. Hertz has recently met its target to sell approximately 180,000 vehicles, and as a result, is pausing the car sales program including temporarily closing retail locations. Hertz has maintained the licenses for these locations and will evaluate its car sales program as it replenishes its fleet with new vehicles in 2021,” Hertz said in a statement to Gulfshore Business. As Gulfshore Business reported on Oct. 19, Hertz Global Holdings Inc. has secured commitments for debtor-in-possession (DIP) financing totaling $1.65 billion and has filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware. The proposed DIP financing will support the company as it moves through the next stage of its Chapter 11 process. For more information, click here.
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