Business Briefs for May 8
Geothermal firm posts loss
Ormat Technologies, a geothermal company headquartered in Reno, lost $9 million on revenues of $82.8 million in the first quarter. This compares with earnings of $1.8 million and revenues of $67 million a year ago. The problem: Operational difficulties at a plant in California’s Imperial Valley.
– Northern Nevada Business Weekly
retailer announces distribution center
Philadelphia based Urban Outfitters, Inc, has plans to construct and open an Internet Fulfillment Center in Reno. The expansion, as well as the construction project, is expected to create about 655 jobs. The facility will employ about 150.
The 462,000 square foot facility is expected be completed by June 2012.
Economic indicators from the Department of Commerce
March new orders for manufactured goods rose 3.0 percent to $462.9 billion. Shipments increased 2.7 percent to $461.4 billion. Unfilled orders rose 0.8 percent to $844.0 billion and inventories increased 1.1 percent to $572.3 billion.
to address NNDA
Nevada State Treasurer Kate Marshall, who announced her candidacy for Rep. Dean Heller’s soon to be vacated congressional seat last week, will address the Northern Nevada Development Authority on May 25.
She will discuss Senate Bill 75, which seeks to establish a $50 million investment fund for K-12 education and new businesses, and SB 64, which would allow the state to invest up to $20 million of the state’s general portfolio into qualified lending firms in Nevada that could in turn lend the funds to small businesses at a reduced rate of interest.
The event starts at 11 a.m. in the Gold Dust West, 2171 Highway 50 E.
Cost is $25 for members and $40 for guests.
Call 883-4413 for more information.
Insurance officials urge earthquake insurance
The Nevada Division of Insurance is reminding Nevada consumers that most homeowner’s insurance policies do not cover earthquakes.
Consumers can protect themselves from substantial financial burdens in rebuilding or repairing their homes by purchasing earthquake insurance.
Consumers are urged to contact their homeowner’s insurance agent or insurance company to inquire about earthquake insurance. Policies vary, so consumers should ask their insurance agent or insurance company to fully explain the earthquake insurance policy’s coverage and exclusions.
The Nevada Consumer’s Guide to Earthquake Insurance is available at the Division’s website at http://www.doi.state.nv.us/scs/doc/EarthquakeInsurance_B.pdf
The division’s consumers services staff can be reached at 687-0700.
Trade group sponsoring World Trade Day luncheon
The Nevada World Trade Council is hosting its 16th Annual World Trade Day Luncheon on May 26.
The keynote speaker will be Won-Sok Yun, the director general and chief trade commissioner of the Korean Trade-Investment Promotion Agency.
Mr. Yun’s topic will address “Trade with Korea and the Impact of the New Free Trade Agreement with Korea.”
The event is at the Grand Sierra Hotel and Casino in Reno from 12-2 p.m.
Cost for the luncheon with paid reservations is $35 for NEWTRAC members, $45 non-members, and $15 for students.
There will be a limited number of tickets available at the door for $50. Call 775-238-3038 for reservations or email firstname.lastname@example.org.