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State's IT job market edges ahead

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The information technology job market across North Carolina rose a smidgen in April compared to March, the fourth consecutive month that demand has increased.

But the IT job openings posted in the state in April were down 28.1 percent from a year earlier, according to new data from the N.C. Technology Association.

The 3,960 job openings in April were up eight-tenths of a percent, or 30 jobs, from March.

In the first three months of this year, actual hiring -- which lags job postings -- led to an increase of 3,400 IT-related jobs since the beginning of the year.

Postings for IT jobs nationwide were up 1.3 percent in April compared to March. The report was prepared for NCTA by SkillPROOF, which focuses on job market data and research.

First Citizens posts higher profit

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The corporate parent of First Citizens Bank reported a 57 percent increase in net income in the first quarter.

Raleigh-based First Citizens BancShares posted $55.6 million in net income thanks to a lower provision for loan losses and higher noninterest income.

The provision for loan losses benefitted from a $22.6 million credit stemming from loss-share agreements with the Federal Deposit Insurance Corp. that protects First Citizens against losses arising from banks it acquired after they were taken over by the federal agency.

Noninterest income was bolstered by a net pre-tax gain of $5.5 million from the sale of a portions of its business processing deposits and loans for other banks.

First Citizens has a network of 412 branches and assets of $21.4 billion.

First Citizens shares closed Thursday at $193.55, up $2.18. Its shares have risen 18 percent this year.

RN Rouse is now Danis

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Construction firm RN Rouse has changed its name to Danis and has consolidated its North Carolina operations at its Raleigh office.

The business was acquired by Ohio-based Danis in 2009 but continued to operate under the RN Rouse name until recently. Danis employs more than 300 workers and generated more than $250 million in revenue last year.

"This name change is a more accurate representation of what the company has become -- an organization with significant North Carolina roots, but one that has evolved and adapted to meet the needs of the clients and markets we serve," Steve Sefton, president of Danis' North Carolina operations, said in a statement.

The company also closed its Goldsboro office and transferred eight employees to Raleigh after deciding it would be more efficient to operate from a single North Carolina office. The Raleigh office now has 45 workers.

Judge converts Offices at Wade's bankrutpcy case to Chapter 7

Lichtin Corp., which entered bankruptcy in an attempt to renegotiate the debt on two prominent office buildings it owns near the PNC Arena, has lost control of the properties.

Lichtin/Wade LLC, the Lichtin entity that owns the two buildings, has had its bankruptcy case converted from Chapter 11 to Chapter 7, meaning its assets will be liquidated.

A bankruptcy judge approved the conversion last week after an equity investor Lichtin had lined up backed out of the deal, according to court filings.

Lichtin/Wade owns two 100,000-square-foot buildings, known as the Offices at Wade, which were built in 2008. It also owns adjacent land where three more buildings could be built.

Cornerstone acquires U.S. rights to another cystic fibrosis drug

Cornerstone Therapeutics has acquired the U.S. rights to another cystic fibrosis drug that has been approved by the Food and Drug Administration.

Cornerstone acquired the U.S. rights to Pertzye from Digestive Care. The drug is a type of pancreatic enzyme replacement therapy, which Cornerstone says about 90 percent of all cystic fibrosis receive at some point.

Cornerstone also announced Thursday that its net revenue increased 71 percent in the first quarter to $38 million.

PowerSecure reports record 1Q earnings, hints at big deals ahead

PowerSecure International, the Wake Forest energy services company, reported a record first quarter as the company appears on course to double its sales every few years.

First-quarter sales rose 35.5 percent, to $45 million. Per share earnings increased to 4 cents, up from a loss of 3 cents a year ago.

The 700-employee company also reported a record backlog of $206 million, an indication of future sales. PowerSecure, which reported annual sales of $162 million last year, has set a goal for itself of reaching $300 million in annual sales by 2015.

"It's unbelievable the number of big opportunities we're blessed to be chasing," CEO Sidney Hinton told investors Wednesday as he described the give-and-take of heavy industry negotiations.

Furiex, boosted by milestone payments, beats Wall Street estimates

Furiex Pharmaceuticals reported first quarter earnings that beat Wall Street estimates on Wednesday, as the Morrisville company recorded $30 million in milestone revenues.

Furiex had net income of $9 million in the quarter, or 82 cents per diluted share, compared to a net loss of $9.8 million, or 98 cents per diluted share, for the same period in 2012.

The consensus among analysts who cover the company was net income of $8 million and 79 cents per diluted share.

Furiex's revenues for the quarter totaled $39.3 million, compared to $2.64 million during the first quarter of 2012.

Dex Media CEO sees improved results ahead

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The CEO of the new Dex Media isn't satisfied with the recent performance of the two yellow pages companies that merged last week to create the business -- but he remains upbeat about the future.

"We're not at all satisfied with where we are, but we know what we have to do to stabilize and improve revenue -- and we have a plan to do so," CEO Peter McDonald said during a conference call Tuesday.

Cary-based Dex One and SuperMedia, which is headquartered in Dallas, merged last week as they each exited from bankruptcy. The combined business, Dex Media, is headquartered in Dallas and is headed by the former CEO of SuperMedia.

In the first quarter, SuperMedia's revenue declined 17 percent while Dex One's revenue fell 16 percent. Both companies posted gains in digital advertising sales that were outpaced by the decline in print ad dollars.

Many of the new company's small-and-midisized business customers "are focused on day-to-day survival rather than marketing," McDonald said. "Many are still hurting following the recent economic recession."

McDonald said the merger will help accelerate the transformation of the business. Each company has been moving aggressively into selling digital ads that aren't limited to online directories. Dex One, for example, aligned itself with partners such as Google, Yahoo and Yelp to offer an array of online and mobile ad products.

Last year Dex and SupeMedia generated a combined $2.7 billion in revenue, including $460 million in digital ad revenue. They entered into bankruptcy earlier this year because they were unable to win the support of 100 percent of their lenders for restructuring their debt as part of their merger deal.

The new Dex Media has more than 5,000 employees, including about 225 in the Triangle. It publishes yellow pages directories in 43 states.

Homeowners insurance bill gets some tweaks

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A bill designed to make the state's ratemaking process for homeowners insurance more transparent and more understandable has been tweaked to address issues raised by industry and the state Insurance Department.

One of the primary sponsors of HB 519, Rep. Paul Tine, a Democrat from Kitty Hawk, suggested the amended version that was adopted by the House Insurance Committee on Tuesday. The bill, which has bipartisan support, wasn't put up for a vote.

Lurking in the background is simmering resentment among coastal residents, whose homeowners insurance premiums have been rising steeply -- and, many say, unfairly. The industry contends that the specter of catastrophic damages from hurricanes justifies the increases, which were approved by state regulators.

The original bill was interpreted as requiring the N.C. Rate Bureau, which represents the insurance industry on rate issues, to use at least two computer models to calculate potential losses from hurricanes and other catastrophes. Computer models are no longer required under the amended bill, but if the Rate Bureau chooses to use a computer model it must use more than one.

The Pantry shares fall after company misses Wall Street estimates

The Pantry's stock dropped more than 10 percent early Tuesday after the Cary convenient store chain's second quarter earnings missed Wall Street estimates.

Excluding the impact of impairment charges and the loss on extinguished debt, The Pantry's net loss for the quarter was $6.3 million, or 28 cents per share.

The consensus among Wall Street analysts who cover the company was a loss of 21 cents per share.

The Pantry saw s 4.6 percent decline in same-store traffic compared to the second quarter last year.

On a conference call with analysts Tuesday, CEO Dennis Hatchell attributed the decline to colder temperatures in its markets, particularly in March.

Hatchell also said the company was hurt by economic uncertainties and a lack of consumer confidence, as well as the higher payroll taxes that took hold at the beginning of the year.

The Pantry has 1,567 stores throughout the Southeast, primarily under the Kangaroo Express brand.