Petra names new president
EDMOND — Electronics distributor Petra Industries has appointed Tate Morgan as its new president. Morgan began his career with Petra as a buyer 19 years ago and rose eventually to become executive vice president of sales, merchandising and marketing. In his new position, Morgan will oversee all of Petra's management and operations. “Tate has been heavily involved of all areas of Petra's business over the last 19 years and has been an integral part in Petra's growth and success,” Petra CEO Bill Stewart said in a statement. Petra is a wholesale distributor of consumer electronics, installation products and accessories.
Auditor adds 8 CNG-powered cars
Oklahoma state Auditor and Inspector Gary Jones has added eight compressed natural gas cars to replace some of the office's older vehicles. Jones' office said Thursday that the eight new Honda Civics will save an estimated $20,000 in vehicle maintenance and fuel costs over the life of the cars. The auditor's office says it will add another nine compressed natural gas vehicles in the next two weeks and plans to convert more. The cars average 31 miles per gallon. The agency's auditors drive tens of thousands of miles each year conducting audits of county government and investigative audits of suspected fraud and waste. Gov. Mary Fallin has urged other states to use vehicles fueled by domestically produced compressed natural gas to move the nation toward energy independence.
PennWell Corp. adds to products
TULSA — PennWell Corp. has acquired TransmissionHub, GenerationHub and related subscription and data businesses from Colorado-based Energy Central, the Tulsa company announced Thursday. Terms of the deal were not disclosed, but the company said it adds new offerings to PennWell's growing mapping and information business for the electric power industry. “These electric power databases and intelligence services provide an exceptional fit with PennWell's growing suite of data and information products for the oil and gas and electric power industries,” CEO Robert F. Biolchini said. “TransmissionHub, GenerationHub, and Fossil Fuel Tracker provide robust data, reports and intelligence that will pair perfectly with our best-in-class geospatial data for electric power and renewable energy offered by our MAPSearch business and our innovative online and mobile mapping platform called ENvision.”
Sonic Corp. reported a 22 percent increase in earnings per share and steady same-store sales growth for the first quarter of its fiscal year on Thursday. The drive-in restaurant company posted net income of $6.1 million, or 11 cents per share, for the first quarter of the year compared to earnings of $5.5 million, or 9 cents per share, for the same period a year ago. Sonic saw same-store sales grow by 3 percent companywide for the first quarter. The company is continuing its share-repurchase program, and bought up 3 percent of outstanding stock during the first quarter of the year, worth about $18 million. “We are confident our multilayered growth strategy, which incorporates same-store sales growth, leverage from higher sales, deployment of free cash flow, increasing royalty revenues and new drive-in development, will enable us to achieve double-digit earnings per share growth in the near and long term,” Sonic CEO Cliff Hudson said in a statement.
From Staff Reports