Business News & Notes
Phoenix International Ventures Inc. posted a loss for the third quarter, but the company’s top executive says an Air Force contract has boosted its order backlog.
The publicly held company, an aerospace defense contractor headquartered at Mound House, said last week that it posted a loss of $25,814 on revenues of $746,137. This compares with a loss of $309,784 on revenues of $77,912 a year earlier.
Zahir Teja, the company’s president and chief executive officer, said a $2.4 million contract the company landed from the Air Force pushed the company’s backlog to $5.6 million on Sept. 30 ” the highest it’s ever been.
The company will make engine trailers for the Air Force, and the original contract has an option for an additional $2.9 million in work.
The owner of Stockman’s Casino at Fallon says the property earned approximately $800,000 in the third quarter, a decline of 20 percent from year-earlier figures.
Resorts Inc. of Las Vegas said revenues at Stockman’s during the quarter were $2.4 million, down about 7 percent from a year ago.
The company blamed general economic weakness and consumer worries for the declines. But the company said the Churchill County gaming market appears to be leveling off after recent declines.
Dewey Struble of Sperry Van Ness in Reno in cooperation with Mike Miyagishama of Sperry Van Ness in San Francisco represented a private family group buyer from California in their purchase of the Montebello at Summit Ridge. Sperry Van Ness is one of the largest and most diverse commercial real estate brokerage firms in the United States. Montebello at Summit Ridge sold for $56,000,000, and is a 450-unit luxury apartment community situated on over 54 view acres at 5200 Summit Ridge Drive in Reno.
Granite Construction, which has offices in Reno and Sparks, won a $43 million contract from the California Department of Transportation for reconstruction of five miles of Interstate 80 between Floriston and the Nevada state line. The work, which includes replacement of 80,000 cubic yards of concrete paving along with drainage improvements and barrier rails, is scheduled to begin in May. Completion is set for September 2011.
Carl Pescio of Elko and Ernestine Chan of Vancouver, British Columbia, have resigned from the board of directors of Reno-based Tornado Gold, the company said in a filing with the Securities and Exchange Commission last week.
Events this week
– Old-fashioned Christmas at the Brewery Arts Center, 449 W. King St. 5 p.m. to 8 p.m. Hosted by the Brewery Arts Center, the Nevada Rural Development Council, the Northern Nevada Development Authority, the Rural Nevada Development Corporation and the Western Nevada Development District. For more information, call 883-4413.
– Carson City Chamber of Commerce breakfast club. 7:30 a.m. at Colonial Bank, 901 N. Stewart St.
Carson City Chamber of Commerce open house, 1900 S. Carson St. 4:30 p.m. to 7:30 p.m.