Force Protection dodges a Nasdaq bullet

GRAPEVINE

Wade Spees
The Post and Courier/File

Force Protection had to revise some of its financial statements because of accounting errors uncovered this year.

Stock market regulators apparently are satisfied that Force Protection Inc.'s latest batch of financial filings are in order. The Nasdaq Listing Qualifications Hearings Panel sent the Ladson-based armored-vehicle manufacturer a letter last week to say it will continue to list the company's shares on the Nasdaq Stock Market. Earlier this year, the panel threatened to delist the securities, which would hurt their liquidity and availability. But Force Protection was able redeem itself with Nasdaq by recently filing its long-delayed 2007 annual report with the Securities and Exchange Commission, as well as two late 2008 quarterly reports. The original financial statements had to be postponed after new management uncovered accounting discrepancies.

Powering down

After looking at ways to conserve electricity and, in turn, save money throughout its company buildings, state-owned electric and water utility Santee Cooper is powering down its use of power.

The Moncks Corner-based agency is installing sensors that automatically shut off lights in unoccupied rooms. The utility recently upgraded lighting to energy-efficient, compact fluorescent bulbs to lower usage and help heating and air conditioning systems run more efficiently with less heat from lighting being emitted.

It also is replacing older heating and air conditioning systems with more efficient units, and it is instructing employees to turn off computers, monitors, fax machines and printers when they are not in use. Other energy-saving practices include programmable thermostats and proper use of window blinds to maintain comfort and efficiency.

Separately, Santee Cooper has launched a new promotion to increase retail customer participation by giving away two reusable shopping bags to residential customers who sign up for its "Green Power" program through Dec. 31. The bags are made from recycled material and are designed to replace the disposable plastic variety that are made from petroleum products.

Green Power is electricity generated by renewable resources like solar power and decomposing garbage in landfills. Santee Cooper offers its customers blocks of renewable power in 100-kilowatt-hour increments for an extra $3 a month. That's equal to about 10 percent of a typical household's monthly energy use.

On its Web site, Santee Cooper said the purchase of two blocks a month has the same environmental impact as planting an acre of trees, not driving for nearly three months and recycling 320 pounds of aluminum cans or 1,777 pounds of newspaper.

Good cause; low return

The stars poured out onto the red carpet. Attendees paid $125 a pop for tickets. Most everyone ate and drank, and a good time was had by all.

Unfortunately, the cost chewed up much of the bottom line.

The Sept. 27 fund-raiser featured cast members from the hit Lifetime TV cable series "Army Wives," who had hoped to raise tens of thousands of dollars for North Charleston's proposed $3.6 million, 148-bed homeless shelter for women and children.

While the event pulled down about $40,000 from ticket sales and sponsors, it cost $36,000 to put it on, said North Charleston grants administrator Shannon Praete, who organized the event.

"We had to bring everything into that building," she said of the venue. "There was nothing in there."

The building, Quarters H and I on the old Navy base, serves as the headquarters for the fictional Army post on the Sunday night TV series.

Everything from curtains and pictures to toilet paper and hand soap had to be brought in to make the place presentable for the star-studded occasion, Praete said.

Food and drinks accounted for about $20,000 of the tab, she said. The rest went to tent rental, tables, chairs, linens, flowers, cups, plates, cleanup and everything else needed to put on a first-class cocktail party where the stars were, well, stars.

"The stars were wonderful and extremely gracious," Praete said. "While we didn't make a lot of money, it was a good public awareness thing for the facility. We will just have to build on it. Hopefully, we will have it again next year."