Daily Record Financial News &
Monday, April 20, 2015
Vol. 102, No. 111 • Two Sections
Enjoying retirement
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Railroads facing earnings pressure
Stetson spends time surfing, relaxing and family time When Brad Stetson is riding a wave, it’s about as close to flying as he can imagine. And that puts him as close to his father, his hero, as he can be. The man who taught Stetson the value of having something in his life to be passionate about that gets his adrenaline pumping. For his father, that was being a Navy jet fighter pilot with more than 1,000 aircraft landings. For Stetson, it was his legal career as a judge and trial attorney, especially the 11 years he worked for the revered Ed Austin. S t e t s o n enjoyed his 24 years as a judge, but loved his time with Austin in the State Attorney’s Office even more. Stetson, 65, retired as a Stetson’s father was a circuit judge at Navy jet fighter pilot. the end of last He died when Stetson year. Since then, was 18. he’s broken his finger while surfing in California. Driven cross-country with his secondoldest daughter. And done his version of home renovation, which means hiring two guys who let him hit one or two nails before they took over redoing a bathroom. “I hit one thing to break some plaster out and I ended up cutting myself,” Stetson laughed. “They said, ‘Get out.’” Becoming a lawyer was a decision Stetson made toward the end of the six years it took to get his undergraduate degree. And it came after his father died at age 46, leaving behind a broken-hearted 18-year-old Stetson... Continued Page A-8
Special to the Daily Record
By Marilyn Young Editor
Retired Circuit Judge Brad Stetson enjoys a cigar on his back porch.
Even before Jacksonville-based CSX Corp. lowered its earnings expectations for this year, investors last week were already seeing warning signs that 2015 could be a tough year for the railroad industry. After reporting first-quarter earnings per share growth of 13 percent, CSX on Wednesday said it would likely not achieve its goal of double-digit earnings growth for the full year, due in large part to reduced volume of coal shipments on the railroad. That wasn’t really a surprise after the other major Eastern U.S. railroad, Norfolk Southern Corp., announced Monday that continued reduction in coal volumes and other factors are reducing its revenue. Norfolk Southern said it expects its firstquarter earnings to be 15 percent lower than last year. Also on Monday, Cowen & Co. railroad analysts said its first-quarter survey of shippers produced a “mild negative” for the industry. “Pricing, employment outlook, confidence, recent business trends, and shippers’ growth expectations all declined somewhat,” the Cowen analysts said. “While we continue to remain positive on the rail industry over the longer term, 2015 could prove to be one of the more difficult years for rail stocks in quite some time,” they said. After CSX gave its earnings forecast, Raymond James analyst Patrick Tyler Brown also expressed concern about coal, which is CSX’s biggest business segment. Basch... Continued Page A-11
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Florida Coastal grads above average
By Max Marbut Staff Writer For graduates of Florida Coastal School of Law, February was a good month to take the Florida Bar examination. Florida Coastal ranked third among the state’s law schools, with 74.5 percent of its 51 grads taking the test for the first time passing. The University of Florida’s Levin College of Law topped the list, with 82.4 percent of its students passing, followed by Ave Maria School of Law at 83.3 percent. (See passing rates since 2010 for all Florida law schools on
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Page A-10.) It’s not the first time Florida Coastal graduates have performed better than the state average. In the 23 Florida Bar examinations administered since February 2004, the school has equaled or bettered the average passing percentage 10 times. Florida Coastal President Dennis Stone said while it’s notable to better the average first-time pass percentage, it’s more notable that 88 percent of the law school’s graduates eventually pass the Bar examination. What’s most important, he said, is the school has maintained its mission since it was founded
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20 years ago: Serving the underserved and developing practiceready graduates who otherwise might not have been able to seek a career in the legal profession. “We made the commitment to be a school of opportunity,” he said. Part of that commitment is offering the Alternative Admissions Model Program for Legal Education. It’s designed for students who don’t meet the academic entrance requirements of other law schools, but have a desire for a legal career. By taking two modified courses from Florida Coastal’s curriculum — Introduction to the FCSL... Continued Page A-10
Special to the Daily Record
74.5 percent pass Bar exam in February on first try
Florida Coastal School of Law President Dennis Stone.
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