News & notes

Third-quarter profit for Providence Service

Providence Service Corp., a Tucson-based social services provider, achieved a third-quarter profit on a 24 percent increase in revenue and a one-time tax benefit.

On Wednesday, Providence reported net income of $4.4 million, or 34 cents per share, for the quarter ended Sept. 30.

That compares with a net loss of $140.8 million, or $11.17 per share, in the third quarter of 2008, which included a one-time impairment charge of $141 million for a major write-down of the company's assets.

The most recent quarterly results included a one-time tax benefit of $1.4 million, or 11 cents per share, from a recent adjustment of the company's 2008 income-tax provision.

The earnings of 23 cents per share without the tax benefit beat Wall Street analysts' average estimate of 21 cents for the quarter.

Providence posted third-quarter revenue of $206.8 million, up from $167 million a year earlier.

Raytheon is offered lease at 5.7% hike

Raytheon Missile Systems would pay about 5.7 percent more to lease airport land used as a parking lot, under a lease offer from the Tucson Airport Authority.

The authority board agreed Tuesday to offer Raytheon a new five- year lease for $73,327 a year, with two five-year options to renew.

The old lease expired May 1, after 15 years.

The new rent for the 436,470 square feet of land southeast of South Nogales Highway and East Aero Park Boulevard is based on a fair market value determined by Southwest Appraisal Associates Inc., which was hired jointly by the authority and Raytheon.

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Originally published by ARIZONA DAILY STAR.

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