Blackbaud Inc. will mark its 10th anniversary as a publicly traded business in true Wall Street fashion.
Top officials from the Daniel Island-based software company will ring the opening bell for the Nasdaq MarketSite in N.Y.'s Times Square on Monday.
The honors go to CEO Mike Gianoni and Blackbaud finance chief Tony Boor. The Nasdaq trading day begins at 9:30 a.m.
Blackbaud, which sells software and services designed for nonprofit organizations, raised about $65 million in its initial public offering on July 21, 2004.
For the year before the IPO, the company posted a loss of $478,000 on revenue of $118 million. For all of 2013, Blackbaud's sales were $503 million and earnings came in at about $30.4 million. The company's market value as of Friday was about $1.56 billion.
The technology firm is the second Daniel Island software business to ring the Nasdaq opening bell within the past year: Benefitfocus Inc. had its turn in the spotlight after launching its IPO in September.
A lot for a lot
Kiawah Island turned out to be quite the profitable investment for the South Carolina family that owned it for more than 20 years, starting in 1951.
It was that year that the Vanderhorsts, who had owned the 10,000-acre seaside oasis for two centuries, sold it for $125,000 to Aiken lumberman C.C. Royal. His heirs, in turn, sold it in 1974 to Kuwaiti investors who paid $18.2 million in cash with the vision of developing a world-class resort.
Last week, an asset management company associated with a late member of the Royal family sold an undeveloped 7-acre oceanfront lot on Flyway Drive for an eye-opening $22 million, or 21 percent more than what the Kuwaiti developers paid for the entire spread 30 years ago.
Customers aren't too happy with South Carolina Electric & Gas Co.
In the latest J.D. Power 2014 Electric Utility Residential Customer Satisfaction Study released last week, the Cayce-based utility ranked in the bottom tier of the South region large utility segment, or those that serve more than 500,000 customers. Of the 13 utilities in the group, SCE&G came in 10th. Only two Duke Energy divisions and Tampa Electric scored lower. SCE&G's score: 638 on a 1,000-point scale.
One possible reason: the seemingly endless round of price hikes to pay for the utility's 55 percent portion of the $10 billion expansion of the V.C. Summer Nuclear Station in Fairfield County north of Columbia. The average annual 2.36 percent price hikes continue for 10 years through 2019, a year after the two units come online. SCE&G says the annual spikes are meant to help defray construction costs as the reactors are built rather than springing the hike on ratepayers after they are completed.
State-owned utility Santee Cooper is SCE&G's partner in the nuclear project. It scored in the top tier of 24 midsized utilities in the South region, coming in seventh with a score of 702.
Another wave of condos could be washing up at Tides. Expansion plans for the high-profile Mount Pleasant condominium community have received permit approval.
Town Council recently gave the OK for developers to construct a fourth building at the upscale waterfront community on Charleston Harbor, near the base of the Ravenel Bridge.
The addition will spring from a 1.8-acre site adjacent to the three existing six-story buildings.
The 55-unit structure will include its own concierge, lobby, fitness center and marshfront swimming pool. Construction is expected to start by March and the first residents could move in by mid-2016, according to a spokesman for property manager East West Partners.
The fourth building is being proposed on the heels of strong sales at Tides. In the first five months of this year, 14 units sold for an average of roughly $950,000, officials said.
Pilots might find it easier to navigate their way in and out of Charleston International.
The Charleston County Aviation Authority accepted a $397,000 grant recently from the Federal Aviation Administration to reconstruct three taxiways and improve lighting at the state's busiest airport. The authority must pitch in 10 percent of the total cost or roughly $44,000.
A second grant for about $176,000 will pay for apron re-habilitation and perimeter fencing extension at Charleston Executive Airport on Johns Island. The authority must chip in 10 percent of the project as well.
Three new advanced technology projects targeting Navy shipyards are on the way to SCRA's South Carolina-based Center for Naval Shipbuilding Technology.
Managed and operated by SCRA Applied Research and Development, the Navy ManTech Center of Excellence is chartered by the Office of Naval Research to keep the Navy up to date on the latest technological developments.
The first project is a partnership with General Dynamics' Electric Boat unit and the Institute for Manufacturing and Sustainment Technologies. The 18-month plan will try to determine the feasibility and cost-effectiveness of new measurement systems to support submarine making at the Connecticut Electric Boat facilities.
For the other two projects, SCRA and the Center for Naval Shipbuilding Technology are teamed with Newport News, Va.-based Huntington Ingalls Industries. They recently started a pair of complementary projects focused on using electronic data to improve the way ships are built.
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