MYR 2Q revenues decline

ROLLING MEADOWS — MYR Group Inc. reported a 5.3 percent drop in revenues in the second quarter of 2016, but the electrical infrastructure contractor said the company’s profit margin was better due to company improvements. Revenues for the second quarter were $261.9 million, a decrease of $14.6 million, or 5.3 percent, compared to second-quarter 2015, the company reported. While revenue from large, multiyear transmission projects declined during the period, the company said they were partially offset by organic and acquisitive growth. “Although our revenues were down compared to second quarter of 2015, our backlog increased and margins improved due mainly to improved project execution,” said MYR’s President and CEO Bill Koertner. “Our organic growth markets contributed to our results for the quarter, and we made steady progress on integrating the two acquisitions we made last year.” Revenues for the first half of 2016 were $515.6 million, a decrease of $5 million, or 1 percent, compared to first-half of 2015.

Makerspace Fox.Build opens

ST. CHARLES — A new collaborative makerspace, Fox.Build, has opened in downtown St. Charles. Tim Allen and Rick Carlino started Fox.Build after seeing a need for a space that would allow collaboration and a sense of community in the Fox Valley. It allows for all forms of creativity, including writing code, carving wood, building machines, or solving a problem. “Makerspaces are still an up-and-coming idea for communities,” Allen said. “We want to partner with as many schools, libraries and community groups to allow for easy access to a creative atmosphere that helps foster the makers, inventors, hackers, and learners to continue, in whatever medium.” Bosch Tools and Dremmel are sponsors for the space.

Career Education Q2 down

SCHAUMBURG — Career Education Corp. reported second quarter 2016 revenues were down 15 percent as the for-profit education company works to rebuild student enrollment. Second quarter revenue was $182.6 million, a decrease of 15.8 percent compared to $216.8 million for the same period in 2015. Revenue for the company’s University Group was $142.3 million, up 3 percent from the same period in 2015. For the first six months of 2016, the group’s revenues were up 3.9 percent to $287.3 million. Student enrollments for the University Group during the quarter were 31,600, compared to 31,300 as of the prior year quarter end, primarily driven by improved student retention at Colorado Technical University and new enrollment growth at American InterContinental University.

Products drive Akorn growth

LAKE FOREST — Generic pharmaceutical company Akorn Inc. reported second quarter 2016 revenues increased 27 percent on the strength of the company’s product portfolio. Revenues were $281 million for the second quarter 2016, the company reported. Net income for the second quarter 2016 was $62 million, or 50 cents per diluted share, compared to $33 million, or 27 cents per diluted share, in the same quarter of 2015. “The record second quarter results reflected the strength of our differentiated product portfolio and the efforts of every Akorn associate around the world,” said Akorn Chief Executive Officer Raj Rai, Chief Financial Officer Duane Portwood said the company will “remain focused on investing in growth through organic initiatives and business development activities.