Garmin acquires Dynastream Innovations
Garmin has acquired Dynastream Innovations for approximately $36 million in cash. Dynastream is a provider in the field of personal monitoring technology — such as foot pods and heart rate monitors for sports and fitness products — and ultra low-power and low cost wireless connectivity solutions for a wide range of applications. These products address the needs of a broad spectrum of fitness consumers, from heath and wellness to performance athletes.
Located in Alberta, Canada, Dynastream will operate as an independent subsidiary of Garmin, retaining its name and managing its own product lines and customer relationships. The company will retain its management, R&D, and supporting staff and will continue to be located at its current Canadian headquarters. Dynastream employs approximately 50 people including more than 25 engineers and scientists.
Dynastream has developed and currently manufactures innovative products such as its patented inertial-based foot pod sensor. This device offers what the company calls superior accuracy compared to pedometer-based solutions while at the same time offering long battery life. In addition, Dynastream manufactures heart-rate sensors, which are used by Garmin and other customers. Both the foot pod and heart-rate sensor utilize the ANT ultra low power wireless interface protocol invented by Dynastream. ANT was specifically designed to address the need for low-power wireless communications for fitness-based devices, but can be used on other applications, which demand a robust yet low power wireless interface.
Garmin (Nasdaq: GRMN) said the acquisition is expected to be neutral to its earnings in 2007.
Dick’s expands distribution center
Dick’s Sporting Goods (NYSE: DKS) said it has expanded its Midwest regional distribution center in Indiana, a facility acquired in its purchase of former rival Galyan’s Trading Co.
The Plainfield, Ind., plant was expanded from 350,000 square feet to 725,000 square feet.
The expansion will allow Dick’s Sporting Goods to service up to 230 stores from this location, compared to 100 stores before the expansion, and employ up to 700 associates at full capacity.
A formal ribbon-cutting ceremony will be held on Dec. 12. Dick’s operates 294 stores in 34 states.
Finish Line’s Q3 same-store sales drop
Finish Line (Nasdaq: FINL) said its third-quarter same-store sales fell 3.3 percent and forecast a loss for the period of up to $0.08 per share.
Same-store sales at the company’s Finish Line stores fell 3.5 percent, while Man Alive stores increased 3.1 percent. Total sales for the 13 weeks ended Nov. 25 rose 2.7 percent to $281.5 million from $274 million a year ago.
The company also said it expects to post a third-quarter loss of $0.06 to $0.08 per share. Finish Line plans to report its third-quarter results on Dec. 20.
Costco and Wal-Mart report November sales
Costco’s (Nasdaq: COST) same-store sales for November increased 5 percent compared with the same period last year. Net sales increased to $4.84 billion for the period that ended Nov. 26, up from $4.45 billion the same time in 2005.
For November, Wal-Mart Stores (NYSE: WMT) reported a loss in same-store sales—down 0.1 percent compared to a 4.5 percent gain in the same period last year. Net sales for the company increased 11.9 percent to $28.5 billion versus $25.5 billion last year.
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