Saturday, May 24, 2008

Redbox Brings on Former JetBlue CFO

Redbox, the largest U.S. movie-rental kiosk maker, said today that it named former JetBlue Airways chief financial officer John Harvey as its financial chief as the company prepares for an initial public offering.

Harvey, a one-time Ernst & Young accountant, also held finance positions with America West Airlines and Southwest Airlines, Oakbrook Terrace, Ill.-based Redbox said today in a statement. With the exception of a one-year stint at SkyWorks Capital, Harvey had been with JetBlue since 1999 and was promoted to chief financial officer in May 2006, according to regulatory filings. Last year, the low-cost carrier boosted revenue 20% to $2.84 billion and had an $18 million profit, compared with a $1 million loss a year earlier.

“Harvey brings to Redbox a proven track record of growing companies, extensive leadership experience and strategic financial skills,” said Redbox CEO Gregg Kaplan in the statement. “We will rely on Harvey to lead our financial team and support our corporate growth strategy.”

Closely held Redbox earlier this month said it would file for an IPO by the end of June. Coinstar, which had split 95% of Redbox’s ownership with McDonald’s, said earlier this month that it paid $5.1 million to boost its stake to 51% from 47.3%, valuing Redbox at about $140 million.

Movie-kiosk operators, which typically charge $1 per DVD, are quickly expanding as chains such as Blockbuster and Movie Gallery are reducing their bricks-and-mortar store count. Redbox more than doubled its kiosks to 7,900 as of March 31 from about 3,000 a year earlier, Coinstar said. The company in February announced agreements with Walgreens and Wal-Mart that will bring its kiosk total to more than 11,000 by the end of next year.

by Danny King

Video Business, May 21,2008

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Friday, May 23, 2008

Whistler's Mother Discovers Mother's Day

When we think of our mothers, we think of the sweet, caring, selfless women who raised us and nearly drove themselves crazy putting up with us. Who would have thought that the mother of Mother's Day actually did?

"She was kind of a loon," said Michael Fahrquar, who profiled Mother's Day founder Anna Jarvis in his Treasury of Foolishly Forgotten Americans.

She never married and never had any children, but was as devoted a daughter to her mother Ann as any woman who ever lived. In fact, her devotion earned the ire of her younger sister Lillie.

"It has been your aim to render me virtually motherless," she wrote in a letter to Anna. "Nothing would help and encourage me like your death."

Perhaps Anna wasn't quite as good a sister as she was a daughter.

When Ann Jarvis died in 1905, Anna worked tirelessly to honor her memory with a service at the church at which Ann taught Sunday school. On the second anniversary of her death, Anna passed out 500 carnations, her mother's favorite flower, to each member of the congregation.

The annual celebration caught on in her home state of West Virginia, and in 1910 it became the first state to officially recognize Mother's Day. Four years later, President Woodrow Wilson signed a joint resolution of Congress establishing the second Sunday of May as a national holiday.

"Sometimes you hear the first part of the Mother's Day story, where this woman was so devoted to her mother that she started this effort to build a memorial to her," Fahrquar said. "But the second half of the story is more interesting to me."

Because that's when Anna got angry.

"Mother's Day took off and she went ballistic because it was over-commercialized and so she spent every bit as much energy destroying the monument she created as she had in making it."

She hated the greeting card makers, hated the candy makers, but hated the florists most of all, since they were making a fortune off of her mother's beloved carnations.

"A printed card means nothing except that you're too lazy to write to the woman who has done more for you than anyone in the world," Anna once said. "And candy? You take a box to Mother and then eat most of it yourself--a pretty sentiment!"

By the 1930s the U.S. Postal Service announced a commemorative Mother's Day stamp with a portrait of Whistler's Mother on it, and Anna went ballistic.

She even called fellow anti-Mother's Day crusaders (assuming there were any) to action in a press release that asked, in part, "what will you do to rout charlatans, bandits, racketeers, kidnappers, and other termites that would undermine with their greed one of the finest, noblest, and truest movements and celebrations."

After decades of fighting against her mother's holiday, including an arrest at an American War Mothers carnation sale, Anna died penniless in a sanitarium in 1948. Although she never knew, the bill for her treatment was paid in part by florists who were grateful for all her work had done for them.

While the latter part of her life is something history (perhaps mercifully) forgot, Anna Jarvis' legacy will forever.

"It's one of those things you take for granted of Mother's Day," Fahrquar said. "But without her, there's a small part of the American fabric that wouldn't have existed."

Thursday, May 22, 2008

Georgian Named Best Teen Chef

A Georgia teenager is the winner of a culinary school scholarship and the title "Best Teen Chef 2008." Jonathan Miller of Windsor Forest High School in Savannah took the title in a weekend competition in Las Vegas sponsored by the International Culinary Schools at the Art Institutes. Thirty-one high school seniors from across North America sliced, diced, and sauteed their way through the two-hour competition.Competitors were given two hours to prepare three dishes from an Italian inspired menu of Braciole Calabresi - Stuffed Pork Bundles; Peperonata - Peppers Sauteed with Olive Oil and Capers; and Orechietti con Carciofl - Orechietti Pasta with Artichokes. The teens were judged on cleanliness, taste and presentation.Aldo Sandoval of Emporia, Kansas, earned second-place, while Joaquin Gaytan of Mesa, Arizona, took third. The 18-year-old Miller won a full scholarship worth more than $40,000 to study at the International Culinary School at The Art Institute of Atlanta. He also will have a chance to intern for a day at the Food Network kitchens. Miller credits his mother as his inspiration for cooking. While he was growing up, "every day we would sit together and watch 'Great Chefs of the East' and 'Great Chefs of the West,'" said Miller. Officials say more than $250,000 in tuition scholarships were awarded in the Saturday event, which has been held since 2000.