September date set for Redwire merger | Jax Day by day Report | Jacksonville Daily Record

Table of Contents Duos Technologies impacted by COVID-19 delaysGEE Team earnings surges 43.1%Cannabinoid firm LFTD Partners sees gross

Genesis Park Acquisition Corp. established Sept. 1 as the date for its shareholders conference to vote on its merger with Jacksonville-based place technologies organization Redwire.

Houston-primarily based Genesis Park is a particular purpose acquisition company that agreed in March to merge with Redwire.

The merger, which must be accomplished shortly right after the shareholders meeting, will make Redwire Corp. a public business.

Immediately after reporting to start with-quarter earnings of $36 million, Genesis Park reported in a information release last 7 days it is self-assured Redwire will meet up with its projection of $163 million in income for all of 2021.

It explained Redwire has $280 million in buy backlog and $220 million in bids submitted that are awaiting a selection.

Duos Technologies impacted by COVID-19 delays

Although moving forward with strategies for a new Jacksonville headquarters, Duos Systems Group Inc.’s enterprise has been impacted by COVID-19 pandemic-associated delays.

Duos, which provides technologies largely for railroads, has found organization slow not only because of deal delays with shoppers but also the international pc chip scarcity, which affects its techniques.

“We are encountering delays in acquiring vital factors for our rail car inspection portals, such as superior cameras and superior-pace servers, which are significant to our inspection portals,” CEO Chuck Ferry claimed in Duos’ quarterly convention contact final week, according to a enterprise transcript.

“In response, we are taking specified steps to mitigate some of these concerns this kind of as obtaining extended guide moments in advance of official recognize to move forward in buy to cut down the general deployment time for technological innovation techniques,” he reported.

Duos explained second-quarter earnings fell 67% to $649,000 and the firm does not hope to attain its income concentrate on of $18 million for the yr. It now expects $8 million to $9 million in profits this calendar year.

The organization is optimistic about 2022.

“To be obvious, these challenges have impacted our money success for the duration of the interval, but are not expected to influence our lengthy-phrase development ideas,” Ferry explained.

GEE Team earnings surges 43.1%

Jacksonville-dependent staffing organization GEE Team Inc. described a significant maximize in profits last 7 days for its third quarter ended June 30, in contrast with past calendar year when the pandemic shut down functions of lots of of its clientele.

The enterprise also stated earnings rose from the 2nd quarter this year.

Profits of $38.1 million was 43.1% better than the past year and 9.6% larger than the next quarter.

GEE Group said modified earnings in the quarter were being $1.6 million, or 2 cents a share.

“There is no issue that demand is returning to all our companies considering the fact that the lows of last 12 months and we have now seen regular quarterly revenue advancement and total improving upon base line outcomes considering the fact that past year’s June quarter,” CEO Derek Dewan reported in a information launch.

Dewan explained GEE Team is on the lookout for growth.

“With a powerful stability sheet, positive earnings momentum and increased cash flow, we also are getting ready for long term acquisitions and will keep on being accurate to our disciplined M&A technique,” he claimed.

Cannabinoid firm LFTD Partners sees gross sales bounce

Cannabinoid solutions enterprise LFTD Companions Inc. documented a big increase in second-quarter revenue as it grows it business enterprise.

Earnings jumped from $1.3 million a calendar year back to $6.7 million, and revenue doubled from the initially quarter this calendar year.

LFTD reported earnings of 14 cents a share, 6 cents better than the 1st quarter and reversing a decline from a 12 months in the past.

LFTD moved its headquarters in January from Lake Forest, Illinois, to a household office house in Jacksonville delivered by CEO Gerard Jacobs.

It also modified its identify in the course of the next quarter from Obtained Profits Corp. to LFTD to replicate the identify of its key subsidiary, Lifted Built.

Lifted Designed produces hemp-derived merchandise from its facility in Kenosha, Wisconsin.

“Having moved into our new facility in Kenosha in March, we have automated production and greater capacity to meet escalating demand though expanding seller relations to cut down charges, a excellent problem in this enterprise climate,” LFTD Vice Chairman Nicholas Warrender claimed in a news release.

LFTD announced a $44 million offer in June to purchase Irvine, California-dependent Savage Enterprises.

Although the offer is not concluded, LFTD stated Savage is escalating quickly with revenue soaring from $5.3 million in the 1st quarter to additional than $10 million in the next. It additional $5 million in sales in July, the enterprise mentioned.

COVID not hurting Tegna marketing

The modern spike in COVID-19 instances in states these types of as Florida is not influencing advertising need at Tegna Inc.’s television stations, its CEO explained previous 7 days.

“It’s a booming promotion financial state for Tegna right now,” CEO David Lougee stated in response to an analyst’s problem all through the company’s quarterly conference get in touch with.

“The irony is where by the variant is obtaining the most hospitalizations are the similar spots that the nearby governments have saved issues the most open up,” Lougee claimed.

“Let’s decide on a condition, Texas, Florida, Georgia,” he mentioned. 

“Those economies are undertaking very nicely inspite of the traits of the variant in those people states.”

Tegna owns WTLV Tv set-12 and WJXX Television set-25 in Jacksonville. It has a single other Florida station in the Tampa-St. Petersburg market place.

The organization owns 64 stations in 51 U.S. markets.

Tegna noted next-quarter profits rose 27% to $733 million and modified earnings rose to 50 cents a share, from 12 cents a year back.

VTrips gets equity financial investment

Ponte Vedra-based VTrips, a family vacation rental supervisor, stated Aug. 16 it gained a considerable minority expense from personal equity business Hudson Hill Funds.

VTrips did not announce the sizing of the financial investment but reported it now has a lot more than $250 million out there to go after acquisitions.

VTrips, founded in 2002, stated it manages about 3,000 holiday vacation rental houses mainly in the Southeast.

“This substantial expenditure represents another critical milestone for our company as the holiday rental vacation resort marketplace in North The usa proceeds to increase, specifically in push-to marketplaces, and there is far extra desire than offer,” CEO Steve Milo reported in a information release.

ParkerVision reports reduction

ParkerVision Inc. described a 2nd-quarter net loss of $4.4 million, or 6 cents a share, as the Jacksonville-primarily based firm carries on with quite a few patent infringement lawsuits towards significant electronics manufacturers.

ParkerVision claimed it reached a settlement settlement with a Japanese business referred to as Buffalo Inc., but it has not but recognized any earnings from that settlement.

The company has no existing business enterprise functions and no income. It is focused on pursuing authorized motion alleging businesses are illegally utilizing its patented wi-fi technological innovation.

Kaman building new aircraft in Jacksonville

Kaman Corp. said last week it will construct a new aircraft at its Jacksonville facility for Transcend Air Corp.

The Vy 400 Higher Speed Vertical Takeoff and Landing plane will be utilized by regional air vacation enterprise Transcend to offer quick journey amongst towns.

For instance, it reported the plane will be capable of touring from Manhattan to Boston in 36 minutes.

Kaman did not announce the size or duration of the agreement.

Newfold acquires Website positioning company

Newfold Electronic claimed last 7 days it acquired Yoast, a search engine optimization plug-in service provider for WordPress.

Jacksonville-primarily based Newfold was created in February by a merger involving World-wide-web.com.

The firm stated the acquisition is aspect of its tactic to connect its prospects with further net presence tools.

Phrases of the offer had been not introduced.