Business briefs, Jan. 30
EMC reports 2013 financials, reveals restructuring
HOPKINTON, Mass. -- The data storage technology company EMC Corp., which opened a data center in Durham, will implement job cuts this year. They area expected to be mostly completed by the end of the first quarter.
A total charge of $100 to $120 million is expected to result from the restructuring plan, according to a company regulatory filing.
The company also released financial results for 2013 Wednesday, showing revenue growth of 7 year percent year-over-year to a total of $23.2 billion. Net income for the year was up 6 percent to $2.9 billion.
Regarding the restructuring, company spokeswoman Lesley Ogrodnick said in an email that the company has been transforming its business in the past couple years. The most recent restructuring is “roughly similar in size.”
In the first quarter of 2013, EMC implemented a restructuring plan to cut 1,004 positions. Ogrodnick said the company ended the year with about 2,000 more employees factoring in the rebalancing.
The company plans to end 2014 with the same number, or slightly more, employees than it had at the beginning of the year, she added.
The company has had a manufacturing facility in Apex.
Biogen Idec 2013 revenues up
CAMBRIDGE, Mass. – Revenues for Massachusetts-based Biogen Idec, which has operations in Research Triangle Park, grew 26 percent to $6.9 billion last year compared to the prior year, boosted by the approval of a new oral treatment for people with relapsing forms of multiple sclerosis.
The company saw profits of $1.9 billion in the year, up 35 percent, according to a company news release. Last year was the year the company received U.S. Food and Drug Administration approval for the oral treatment Tecfidera. The company saw revenues of $876 million in the year.
Yadkin financials improved in 2013
ELKIN – Yadkin Financial Corp. reported a net income of $16.9 million for 2013, compared to a net loss in the prior year of $12.6 million.
The Elkin-based bank holding company reported that its total loan balance increased 3.8 percent in the year, and that its credit quality continued to improve following the implementation of a move to dispose of troubled assets. Nonperforming loans were down 32.5 percent on Dec. 31 of 2013 compared to 2012.
According to an announcement Monday, Yadkin is planning to merge with VantageSouth Bancshares Inc. to create a Raleigh-based bank holding company under the Yadkin name with about $4 billion in assets.
Elkin-based Yadkin acquired Durham-based Cardinal State Bank in 2008.Yadkin now has two bank branches in Durham and one in Hillsborough, with 18 employees in Durham County and four in Orange County.