Daily Record Financial News &
Monday, April 27, 2015
Vol. 102, No. 116 • Two Sections
35¢ www.jaxdailyrecord.com
Cathedral complex gets $27M makeover
Catching their big break
‘Most ambitious renovation’ since 1974 for building
Photo by Karen Brune Mathis
By Max Marbut Staff Writer
Chris Diedrich started Pura Bean Coffee Company in early 2014. This month, his coffee blends are on the shelves of 61 Winn-Dixie stores. He roasts small batches of beans at a Downtown restaurant but ordered a larger roaster for his own location.
Local vendors win shelf space at Winn-Dixie stores
Chris Diedrich knew the day was brewing. On April 7, the one-man coffee roasting company stopped by his neighborhood Winn-Dixie around noontime to pick up some sour cream for dinner. There it was — validation of his hard work and his willingness to take an entrepreneurial risk. Bags of his Pura Bean Coffee Company blends were being stocked on a shelf of a major U.S. grocery chain, after more than a year of testing, roasting, tasting and marketing. “It’s just cool. There’s no other way to describe it,” Diedrich said. “It’s hard to imagine that something I created is on the shelf of a grocery store, especially Winn-Dixie.” Just 15 months ago he became official with the state as Pura Bean Winn-Dixie... Continued Page A-8
The Winn-Local Florida product display at the Fleming Island Winn-Dixie.
Photo special to the Daily Record
By Karen Brune Mathis Managing Editor
The Cathedral Terrace Apartments complex is slated for a $27 million renovation. The project is part of the $35.5 million Renew Jax partnership between the city and LISC Jacksonville to improve lowincome housing. The city will contribute $803,000 from the State Housing Initiatives Partnership Program. Other funding sources include $4 million in loans from the Florida Housing Finance Corp., mortgage revenue bonds and private tax credit financing. It is the first major renovation of the 240-unit, 21-story urban core high-rise at 701 N. Ocean St. since it opened in 1974, said Teresa Barton, CEO of Aging True, the local nonprofit that sponsors the property. “We have repaired the roof and done the usual maintenance. This is the most ambitious renovation we’ve ever done,” she said. Upgrades include plumbing, electrical service, exterior and common area lighting and a new security system. The roof will be replaced, as will the elevators and HVAC system. New windows will be installed throughout the building. Each of the 700-square-foot, one-bedroom apartments will have a completely renovated kitchen, including new appliances. New bathroom fixtures, flooring, lighting, door handles and locks will be installed. Cathedral... Continued Page A-2
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Libya pullout results in big loss at APR Energy APR Energy PLC increased revenue by 58 percent last year, but the company’s withdrawal from its business in Libya resulted in a huge loss for 2014. Jacksonville-based APR last week said it took a $717.4 million write-off related to its operations in Libya, resulting in an operating loss of $702.5 million for 2014. Its final net loss for the year was $750.6 million, or $7.96 a share. APR said its adjusted net loss for the year, excluding the impact of the Libya write-off and other items, was $7.4 million, or 8 cents a share. APR builds interim power plants on a fast-track basis mainly in overseas markets. The com-
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pany in December said it was pulling out of Libya because of turmoil there, and in March it said that would cause 2014 earnings to be “significantly below current market expectations.” In an analyst presentation Tuesday at the London Stock Exchange, where APR’s stock trades, CEO Laurence Anderson said the company still made progress last year. “2014 was a significant as well as challenging year for APR Energy,” said Anderson in the presentation, which was broadcast over the Internet. Revenue grew from $308.3 million in 2013 to $485.7 million in 2014, the company’s fourth
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straight year of double-digit percentage growth, he said. But he also said the company suffered from “short-term setbacks,” particularly the situation in Libya. “We realize that for shareholders as well as management, this has been a painful outcome of what was once a very promising opportunity,” Anderson said. “While there were many risks for which we were compensated, no one predicted the complete
breakdown of the government and the country,” he said. Anderson said the company intends to continue working on projects in “emerging and frontier markets” around the world. “While these markets have a greater level of risk associated with them, they’re also where the greatest opportunities exist,” he said. Anderson said APR takes security of its people in those markets very seriously. APR also recently announced a pullout of its operations in Yemen as problems mount in that country. “We’ve learned from this experience (in Libya) and looking forward we will focus on diver-
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sifying our project portfolio to mitigate risk,” he said. APR is projecting 2015 earnings to be “at or slightly below market expectations,” Anderson said, but he didn’t give any figures. According to Thomson Financial, analysts are projecting APR’s 2015 results to be anywhere between a profit of 51 cents a share to a net loss of 50 cents. APR’s stock moved little Tuesday after the financial report, with investors already anticipating losses from the Libya pullout. The stock has been trading at range between about 360 and 390 pence recently, but it’s down from highs above 1,000p in late 2013. Basch... Continued Page A-7
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