Traverse City Record-Eagle

Archive: Wednesday

January 23, 2013

Business in Brief: 01/23/2013

Small business nominations sought

TRAVERSE CITY — Nominations are being accepted for the Traverse City Area Chamber of Commerce's annual Small Business Celebration.

The Chamber's Small Business Celebration, which culminates in late May with the presentation of the 2013 Hagerty Small Business of the Year Award, is open to for-profit companies in business for at least three years and with up to 150 employees in the five-county Grand Traverse region. Last year's winner was Plascon of Traverse City.

Each year, nominees are trimmed to 10 finalists who are visited and evaluated by a team of judges. Following the nomination process, a Candidate's Showcase will be held April 10 from 5 -7 p.m., followed by a Meet the Top 10 Breakfast May 8 from 7:30-10 a.m.

The 2013 Hagerty Small Business of the Year Award will be presented at the SBC Awards Ceremony May 29 from 4:30-6 p.m. All SBC events are held at Northwestern Michigan College's Hagerty Center.

Nomination forms are available on the Chamber's website at www.tcchamber.org at the Events and Programs tab. The deadline for nominations is Feb. 8.

Google's 4Q earnings rise 7%; stock rises

SAN FRANCISCO — Google's fourth-quarter earnings rose 7 percent as online advertisers spent more money in pursuit of holiday shoppers.

The financial results announced Tuesday were a mixed bag. While the company's earnings topped analyst estimates, an accounting quirk caused net revenue to fall below the projections that guide investor expectations.

Wall Street still liked what it saw. Google's stock climbed $30.78, or 4.4 percent, to $733.65 in extended trading.

The most recent quarter didn't provide an apples-to-apples comparison to the previous year because the latest results included Motorola Mobility. Google didn't own Motorola Mobility in 2011, having completed its $12.4 billion acquisition of the handset maker eight months ago.

Things were further complicated by Google's recent agreement to sell a part of the Motorola Mobility division that makes cable TV boxes. That division is now accounted for as a discontinued operation.

Google earned nearly $2.9 billion, or $8.62 cents per share during the final three months of last year. That compared to net income of $2.7 billion, or $8.22 per share, at the same time last year.

If not for the costs of employee stock compensation and certain other accounting items, Google said it would have earned. $10.65 per share. On that basis, Google exceeded the average earnings estimate of $10.54 among analysts surveyed by FactSet.

Revenue surged 36 percent from the previous year to $14.4 billion.

After subtracting advertising expenses, Google's revenue totaled $11.3 billion. That figure was well below the average analyst estimate of $12.1 billion, according to FactSet.

But many of the analyst forecasts included revenue from Motorola Mobility's set-top division, which Google didn't include in its fourth quarter revenue. Had the set-top division been included, Google's net revenue would have matched analyst estimates.

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