Park Place Technologies, a Mayfield Heights-based provider of data-center services, is among the middle market companies offering perspective for this Wall Street Journal article about expectations for a rebound in 2021.
The Journal notes that 56% of chief financial officers at publicly traded and privately held midsize companies "predict revenue will increase over the next 12 months," according to a recent survey by BDO USA LLP. That's encouraging, though the percentage is down from last January, when 81% of CFOs forecast higher revenues before the onset of the pandemic in the United States.
Expectations for better times ahead follow "a year during which middle market firms sought to preserve cash, dial back investments and pause hiring plans amid economic uncertainty caused by the pandemic," the Journal says.
The newspaper notes that Park Place "saw revenue growth weaken last year." The privately owned company, which generated roughly $600 million in revenue in 2020, hired new staff and spent money on acquisitions that could help propel sales this year, CFO Andrew Gehrlein told the Journal.
"We continue to invest in the groundwork that we've laid, to really lead us to a higher performance level and higher growth in 2021," Gehrlein said.
The Journal says middle market companies "reported median revenue growth of 2.9% in October and November, down from 8.3% in the prior-year period, according to a report by Golub Capital, a lender to more than 150 of these companies." Still, they reported higher profits, as finance chiefs "executed emergency cost cuts in addition to planned long-term reductions," the Journal says. Earnings growth in the first two months of the fourth quarter rose to 14.9% from 10% a year before, according to Golub.
The U.S. economy "will continue to require support from both monetary and fiscal policy as it recovers from the crisis caused by the pandemic and overcomes the challenges caused by a surge in infections," Federal Reserve Bank of Cleveland president Loretta Mester said in a presentation on Tuesday, Jan. 12, according to this article from Reuters.
"Both monetary and fiscal policy have supported the recovery in the U.S. thus far, and in my view, both will continue to be needed to limit lasting damage to the economy from the pandemic," Mester said in remarks prepared for an event organized by the European Economics and Financial Centre. (You can go here to read the text of Mester's prepared remarks.)
Reuters notes that Mester said the arrival of effective vaccinations and some stronger than expected improvements suggest the economy "is more resilient than initially thought." She also "repeated her view that no changes to monetary policy will be needed if the economy slows down in the first half of the year and then rebounds in the second half of the year, as expected," according to Reuters.
But she also noted that the economic outlook remains "highly uncertain" and said policymakers stand ready to adjust policy if the outcome is either worse, or better, than expected.
• A movie distributed by Gravitas Ventures of Cleveland is considered one of 15 front-runners in the Best International Film race for the Academy Awards, according to this piece from The Hollywood Reporter. The trade publication profiles all 15, which "tell stories of struggle, crisis and celebration from a variety of cultural perspectives," that are vying for nominations in the race formerly known as foreign language film. The Gravitas film is "The Mole Agent," from Chile. Here's the Hollywood Reporter's description: "This extraordinary investigative work from director Maite Alberdi, which follows a private investigator in Chile who hires someone to work as a mole at a retirement home where his client suspects the caretakers of elder abuse, is one of the few films anywhere to deal seriously with the issues of old age by allowing the elderly to speak for themselves."
• A big-budget biopic filmed in Cleveland also is getting Oscar attention. Warner Bros. is giving that movie, "Judas and the Black Messiah," from director Shaka King and producer Ryan Coogler, an unusual (for the big studio) push for Academy Award consideration by debuting it at the upcoming Sundance Film Festival, according to this piece from IndieWire. Sundance, which launches Jan. 28, "serves as a marketing launch for the biopic, which will open day and date in theaters and HBO Max on Feb. 12, well before the Feb. 28 Oscar eligibility cutoff." The movie tells the true story of Illinois Black Panther Party chairman Fred Hampton (Daniel Kaluuya), who was only 21 when the FBI shot and killed the charismatic activist, aided by informer William O'Neal (LaKeith Stanfield), who infiltrated the Black Panthers. "Judas and the Black Messiah" was filmed in Cleveland from October to mid-December 2019.
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January 13, 2021 at 11:48PM
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Park Place Technologies and other middle market companies see better times ahead in 2021 - Crain's Cleveland Business
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