Transcript: Nightly Business Report – June 17, 2016

NBR-ThumANNOUNCER:  This is NIGHTLY BUSINESS REPORT with Tyler Mathisen and Sue
Herera.

SUE HERERA, NIGHTLY BUSINESS REPORT ANCHOR:  Rocky week.  But is volatility
here to stay?  If you`re looking for answers from corporate America, then you may want to hang on                                                                            tight.

TYLER MATHISEN, NIGHTLY BUSINESS REPORT ANCHOR:  A Rust Belt revival.  What
Pittsburgh is doing to reinvent itself as a center for modern technology.

HERERA:  That`s how he rolls.  Meet the entrepreneur who started a sushi
operation in his house and turned it into a fast-growing business.

Find out how he made his millions, tonight on NIGHTLY BUSINESS REPORT for
Friday, June 17th.

MATHISEN:  Good evening, everyone, and welcome.

A quiet day on Wall Street, but not a quiet week at all.  Stock market
volatility is back and it may not go anywhere any time soon.  This week`s
ups and downs were caused by all of the global uncertainties we`ve been
telling you about, including Great Britain`s vote next week whether to
leave the European Union and the Federal Reserve`s forecast of slow
economic growth.

The Dow Jones industrial average capped this rocky week with a decline of
57 points, finishing at 17,675.  NASDAQ dropped 44.  And the S&P 500 fell
6.

For the week, all of the major indexes lost more than 1 percent.  And
concerns over slow growth may not bode well for one of the most critical
forces in investing, corporate profits.

(BEGIN VIDEOTAPE)

MATHISEN:  Forget the Fed.  Set aside the vote on Britain leaving the
European Union.  In the long run, and probably the short run too, what
matters most to stock prices is, yes — corporate profits, the mother`s
milk of money-making.  And the profit outlook, weak all year long, is
getting worse.

FactSet says U.S. corporate profits will likely fall more than 5 percent
this quarter.  S&P global market intelligence thinks they`ll slide 4.7
percent.  If profits do decline this quarter, and there`s only two weeks
left to go, it will make for the fifth such quarterly decline in a row.
That will be the worst such skid since 2009 in the midst of the Great
Recession.

Make no mistake, lots of companies are earning plenty, just not as much as
a year ago.  Banks are one example.  For them, profits are simply harder to
come by in today`s highly regulated, low interest rate world.  Ditto energy
companies, likely to show the biggest earnings declines from last year.
There`s not much glitter in materials and mining either, or for that matter
in technology.

Once the driver of corporate profit growth, tech companies overall may make
less this quarter than they did last year.  One contributor to the slide,
amazingly, is Apple (NASDAQ:AAPL).  Sure, it`s making tons of money.  Just
not like it used to.

So, get ready, folks, for a lumpy, bumpy run of corporate profit reports as
summer heats up.

(END VIDEOTAPE)

HERERA:  John Butters joins us to tell us what he expects when companies
start reporting their second quarter earnings results a couple of weeks
from now.  He is senior earnings analyst at FactSet.

Welcome.  Nice to have you here, John.

JOHN BUTTERS, FACTSET SR. EARNINGS ANALYST:  Great.  Thank you for having
me.

HERERA:  So that is the question.  They`re pretty low comparisons for some
of these companies certainly.  But, you know, we left off with a bumpy
earnings season ahead.  Would you agree with that?

BUTTERS:  Exactly.  It`s interesting, if you look at how analysts have
revised their estimates, though, companies have been a little bit
pessimistic than normal coming in this earning season.  So, as you noted,
we are expecting the decline of 5 percent year over year for earnings
second quarter and that`s larger than the decline of 3 percent expected at
the beginning of the quarter, back in March 31st.

However, 2 percent drop is actually a smaller drop than normal in terms of
estimate cuts.  Typically, we see about a 3 percent cut.  The reason for
that is the energy sector, which is a little bit surprising.  In quarters
past, we`ve seen analysts slashing estimates across the board in the energy
sector.  This time around analysts have raised their expectations slightly,
a 1 percent bump in expectations for earnings.  If you look at companies
such as ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), both seeing numbers
come up during the course of the quarter.

MATHISEN:  So, maybe not as bad as earlier in the quarter, in part because
oil prices have gone up.  Give me some good news here, John.  Are we
anywhere near sort of the bottom of this trough in corporate earnings?  In
other words, might this be the worst and might it start to improve
afterwards?

BUTTERS:  Well, based on analyst expectations, this will be the last
quarter of year over year declines in earnings.  As you noted, this quarter
if we do finish with a decline, it will be the fifth straight year of year
over year declines.  But starting next quarter in Q3, analysts are looking
for growth at 1 percent.  And on fourth quarter, that jumps to 8 percent.
And second half of 2017, we`re looking at for double-digit growth.

And again, the main reason for that is the energy sector.  And there are
two reasons, one, comparisons for earnings get a lot easier as we move into
the second half of this year and then next year.  Energy earnings have been
week the last year.

HERERA:  Absolutely, yes.

BUTTERS:  So, the comparisons get easier.

The second factor is analysts are expecting the price of oil to increase
over the next year or so.  And earnings estimates typically correlate with
oil prices so analysts are calling for higher earnings.

So, again, higher earnings estimates, easier comparisons, and energy is
really a driver of the expected growth going forward in the second half of
this year into early next year.

HERERA:  So, let`s sectors that you`re expecting to see the highest
earnings growth for the second quarter.  Telecom is one of them, and
basically a couple of companies in there that have done deals?

BUTTERS:  Exactly.  So overall, just for the ten sectors, they`re expecting
growth this quarter.  As you said, the telecom service sector is expecting
the highest growth at 8 percent.  That sector, AT&T (NYSE:T) is driving
growth and that company is benefitting from its acquisition of DirecTV from
last year.  If we take AT&T (NYSE:T) out of the sector, that 8 percent
growth drops to a decline of 4 percent.  You can see AT&T (NYSE:T) really
the driver of growth in the telecom services sector.

HERERA:  Can we go through the laggards?

MATHISEN:  Yes, go through the laggards and I was going to asking, what`s
tripping technology?

BUTTERS:  So, if we look at the sectors expecting the lowest growth, again,
energy sector, we`ve talked about that.  A significant decline of 75
percent.  And although as I said the estimates have come up on a year over
year basis, you`re still looking at a significant decline.

The sector expecting the second-highest decline is materials, down 11
percent.  Weakness in metals and mining there.

And the third is technology as you mentioned.  That`s expected to be down 7
percent.  A lot of the weakness there can be attributed to Apple
(NASDAQ:AAPL) and the reason for that is lower iPhone sales.

As we know, iPhone is one of the main drivers of revenue growth for Apple
(NASDAQ:AAPL).  IPhone sales expected down 20 percent.  So, Apple
(NASDAQ:AAPL) expecting to see a decline in earnings overall.  We take
Apple (NASDAQ:AAPL) out, that`s 7 percent decline for tech improved to a
decline of 2 percent.

Again, energy, materials, and tech, the weakest sectors.

HERERA:  On that note, John, thank you.  John Butters with FactSet.

Ty?

MATHISEN:  A Fed official today made a significant shift in his outlook for
the economy.  St. Louis Fed President James Bullard says low economic
growth will likely remain in place through 2018.  And he forecast just one
interest rate hike between now and then.

This is a reversal in thinking for Bullard who previously said growth would
pick up and rates would rise.  He now says the long run outcome or outlook
for the U.S. economy remains uncertain.

HERERA:  We`ve been reporting on the risk of the U.K. referendum and what
it poses for the market and the economy.  In an interview today, the head
of the International Monetary Fund said the outcome of the vote is a
concern for the entire world.

(BEGIN VIDEO CLIP)

CHRISTINE LAGARDE, IMF DIRECTOR:  It`s going to cost, it`s going to be
negative for income purposes.  It is going to be reduced trade, most likely
as a result of uncertainty.  Those are blatant facts.

(END VIDEO CLIP)

HERERA:  Lagarde went on to say being a member of the European Union has
enriched the United Kingdom`s economy.

MATHISEN:  So, which U.S. companies have the most at stake should the U.K.
vote to leave the European Union?

Wilford Frost has our report.

(BEGIN VIDEOTAPE)

WILFRED FROST, NIGHTLY BUSINESS REPORT CORRESPONDENT:  There`s already been
a clear effect on U.S. bonds, the yield on the 10-year declining from over
1.9 percent to below 1.6 percent in the space of a couple of weeks.  But
while European equities have declined sharply the last 10 days, the DAX
down around 5 percent, U.S. equities have been more resilient.  The Dow
down just under 1 percent.

What about U.S. companies with high U.K. exposure?  Some big names like
Ford, eBay (NASDAQ:EBAY), PPL (NYSE:PLV) Corps appear in the top U.S.
companies based on U.K. sales and that will be affected by U.K. growth
slow-downs, as well as falls in sterling as they report earnings in
dollars.

However, most of this top ten, their sales are predominantly within the
U.K.  So we`d not really be affected by renegotiations of trade deals
between the U.K. and the E.U. and thus not face a potential collapse in
sales.

What about a sector basis?  Well, banks are likely to be the worst hit.  As
a whole, the U.K. has a trade deficit with the rest of Europe, making
retaliation less likely.  Within just financial services, it has a big
surface, making it the area most likely to see tough and vindictive
response in future trade negotiations.

Of the top five U.S. banks, Goldman Sachs (NYSE:GS) has the highest
exposure to EMEA at 27 percent.  Bank of America (NYSE:BAC) the lowest at 7
percent.  But, of course, the biggest impact on Brexit on banks has already
happened, delayed rate hikes and lowered yields.

For NIGHTLY BUSINESS REPORT, I`m Wilford Frost.

(END VIDEOTAPE)

HERERA:  Still ahead, big changes coming to Costco (NASDAQ:COST), and
millions of shoppers will be affected.

(MUSIC)

MATHISEN:  The Justice Department has reportedly abandoned its case against
former head of Countrywide Financial.  As first reported by Bloomberg,
prosecutors have decided not to pursue charges against Angelo Mozilo, a
pioneer in the risky subprime mortgages that were at the center of the
financial crisis.  The decision draws to a close a two-year quest to bring
a civil suit against him.

HERERA:  Beijing`s patent regulators have ordered Apple (NASDAQ:AAPL) to
stop selling its iPhone 6 and 6-plus in that city.  The ruling says the
design violates patents held by a Chinese company.  But Apple (NASDAQ:AAPL)
is appealing that ruling, and the company says it will continue to sell
those iPhone model in the world`s second-largest economy until the appeal
makes its way through the system.

MATHISEN:  A big switch about to take place for millions of credit
cardholders.  If you plan of heading to Costco (NASDAQ:COST), you`ll need
to check your wallet to make sure you have what you need.

Kayla Tausche explains.

(BEGIN VIDEOTAPE)

KAYLA TAUSCHE, NIGHTLY BUSINESS REPORT CORRESPONDENT:  Planning to use a
credit card at Costco (NASDAQ:COST)?

Well, starting Monday, you`ll need a new piece of plastic.  For the first
time in nearly two decades, Costco`s 11 million credit cardholders will be
bearing a Visa (NYSE:V) card issued by Citigroup (NYSE:C), replacing the
American Express (NYSE:EXPR) (NYSE:AXP) card that Costco (NASDAQ:COST)
exclusively accepted before a bitter fallout.  While customers aren`t shy
about their brand loyalty, most seem unfazed by the switch.

UNIDENTIFIED FEMALE:  Well, I prefer American Express (NYSE:EXPR)
(NYSE:AXP).

UNIDENTIFIED FEMALE:  I have multiple AmEx cards but benefits are becoming
less and it`s better with other cards.  So, I`m looking more to using my
Visa (NYSE:V) card.

UNIDENTIFIED MALE:  I think more people carry the Visa (NYSE:V) card.
American Express (NYSE:EXPR) (NYSE:AXP) is a little pricey.

UNIDENTIFIED FEMALE:  I don`t like it at all because I use American Express
(NYSE:EXPR) (NYSE:AXP) for everything.

UNIDENTIFIED FEMALE:  My son is happy about it because he only holds a Visa
(NYSE:V) or MasterCard (NYSE:MA) so he`s happy about it, because he`d
always go in with cash.

UNIDENTIFIED MALE:  I don`t think it will affect spending one way or the
other.  I think it`s just a matter of probably Costco (NASDAQ:COST) having
negotiated a better deal for their customers with Visa (NYSE:V).

TAUSCHE:  That`s exactly it.  The new card gives customers much more cash
back.  Citi executive said Costco (NASDAQ:COST) executives were involved in
everything down to the graphics.

JUD LINVILLE, CITI CARDS CEO:  As we talked about how do you construct
something like this, they were willing to go in and say, hey, we`re in this
with you, we want to make this product the best.  So, you can imagine that
can make negotiations and some of the financials perform a little bit
different.

TAUSCHE:  American Express (NYSE:EXPR) (NYSE:AXP) called those new terms
uneconomical.  And the two companies can`t decide who exactly broke up with
whom, but breakups can be messy when they`re with your single-biggest
customer, in AmEx`s case.  It`s trying to get Costco (NASDAQ:COST) shoppers
to sign up for a new AmEx card and former customers still owe the company
around $12 billion in Costco (NASDAQ:COST) card balances.

But all spending from Monday forward goes to Citigroup (NYSE:C) and Visa
(NYSE:V), whose other Visa (NYSE:V) credit cards will be accepted at Costco
(NASDAQ:COST) too.  That is a first.  If you`ve been wanting to sign up in-
store for a new Costco (NASDAQ:COST) card, maybe wait until after next week
once the dust settles.

For NIGHTLY BUSINESS REPORT, Kayla Tausche in New York.

(END VIDEOTAPE)

HERERA:  Viacom (NYSE:VIA) lowers its earning guidance for the first time
since 2008.  And that`s where we begin tonight`s “Market Focus.”

The media company expects earnings for the current quarter to fall well
below Wall Street targets.  This is due to the disappointing performance of
the latest Teenage Mutant Ninja Turtle movie.  The media company blamed the
ongoing management dispute for a delay in completing an on-demand video
agreement.  Shares of Viacom (NYSE:VIA) down more than 1 percent to $44.42.

Government regulators have closed their investigation into Lumber
Liquidators Chinese-made laminate flooring.  The Consumer Products Safety
Commission said no unsafe formaldehyde levels were found in the flooring
during its tests conducted in thousands of homes.  In addition, the company
has agreed to not sell any remaining inventory of that product.  Shares
surged 19 percent to $15.78.

MATHISEN:  Satellite TV provider Dish Network has dropped two channels
owned by the National Football League.  The two companies failed to reach a
new distribution agreement.  The NFL Network said this is the first time a
service provider has blacked out the network to subscribers.  Shares of
Dish little changed, ending the day down a tick at $53 even.

Synaptics (NASDAQ:SYNA), which makes touch screen parts for Apple`s
iPhones, plans to lay off 9 percent of its workforce and shut down some of
its offices.  This according to the regulatory filing.  In addition, the
company`s CEO has requested a temporary reduction in his base later of 20
percent.  Also when the last time you heard that?  Shares plunged nearly 11
percent to $53.85.

HERERA:  This week`s market monitor likes strong growth companies he says
can do well in any macro economic environment.  This is his first time
joining us on the program.  He is Joe Dennison, portfolio manager at
Zevenbergen Capital Investments.

Welcome.  Nice to have you here.

JOE DENNISON, ZEVENBERGEN CAPITAL INVESTMENTS PORTFOLIO MANAGER:  Thank
you.  Great to be here.

HERERA:  Joe, you also mentioned that you want founder-led company-centric
business models, correct?

DENNISON:  Yes, that`s correct.

We love strong growth companies, customer-obsessed, founder-led.  Founders
have a much longer-term vision and over the long-terms, revenue and
earnings growth that drives stock prices.

MATHISEN:  Let`s start with your first pick and that`s Netflix
(NASDAQ:NFLX).  Why do you love it?

DENNISON:  Sure.  Netflix (NASDAQ:NFLX), we think it`s clear all TV is
moving toward on-demand streaming.  Millennials like myself are not going
to schedule our lives around primetime viewing windows.  Netflix
(NASDAQ:NFLX) is the clear global leader.  They`ve got the largest, most-
compelling content library and a differentiated economic model that doesn`t
rely on advertising.

U.S. business proves the model can work profitably, and now launched in 130
countries this year, we think subscribers and material profits will follow.

HERERA:  OK.  Founder-led kind of defines your next pick, which is Tesla —
to put it mildly.  You`ve owned it since the IPO?

DENNISON:  That`s correct.  We`ve owned Tesla since the IPO in 2010.
Skeptics at the time didn`t think they could build a single car from the
ground up and here we are today.  They`re a clear technology leader in
electric vehicles in a market where we haven`t seen a competitor bring a
compelling product to market yet.

Just this year, the company launched their Model 3 mass market vehicle and
saw preorders vastly outpace any expectations.  The $17 billion in revenue
potential from that is more than double the best iPhone release weekend in
history.  So, it comes down to execution.  And we continue to put our faith
in a management team that`s hit all our targets so far.

MATHISEN:  You know, you can go ahead and not schedule your life around
television, except for NIGHTLY BUSINESS REPORT, OK?

HERERA:  That`s right.

DENNISON:  There you go.

MATHISEN:  Just do that.

DENNISON:  It`s on the DVR.

MATHISEN:  Your third is XPO Logistics.  Not a company I know much about.

DENNISON:  Yes, XPO Logistics, is another example of strong management team
applying technology to an old industry.  They`re a third-party logistics
provider, consolidating a very fragmented market, layering their technology
to rapidly take market share.

CEO Brad Jacobs has proven success with a similar business plan, rolling up
United Ways, United Rentals (NYSE:URI).  Key driver for the company is the
shift of shopping online as more and more goods are sold online, the
shipping complexity and demand has risen significantly.

HERERA:  We`ve got to go.  Thank you so much for joining us.  Great to have
you on the program.

Joe Dennison with Zevenbergen Capital Investments.

MATHISEN:  Coming up, it`s no fish tale.  Meet the entrepreneur who started
with nothing and built a sushi empire.  It`s tonight`s episode of “How I
Made My Millions.”

(MUSIC)

HERERA:  Oregon wants to ban trains from carrying oil through its state.
Though there were no injuries in this Union Pacific (NYSE:UNP) train
derailment last month which was transporting North Dakota crude oil, it did
spill into the Columbia River and people had to evacuate their homes.
Oregon`s Department of Transportation has asked the federal railroad
administration for a moratorium.  Oregon is the first state to ask for such
a ban.

MATHISEN:  Philadelphia became the second American city to suit institute a
tax on soda.  The city council yesterday passed a 1.5 cents per ounce tax
on sugar-added and artificially-sweetened soft drinks.  That adds 18 cents
to the cost of a can of soda.  The new tax will go into effect January 1
and it is expected to raise $91 million a year in revenue.

HERERA:  Well, across the state in Pittsburgh you might expect to find
steel companies.  But instead, there are startups, a growing number of
them.

And as Kate Rogers (NYSE:ROG) reports, businesses large and small are
helping to reinvent the Rust Belt.

(BEGIN VIDEOTAPE)

KATE ROGERS, NIGHTLY BUSINESS REPORT CORRESPONDENT:  I`m charging with
every step that I take right now?

UNIDENTIFIED FEMALE:  Yes.

ROGERS:  While devices from tablets to cell phones improve constantly, the
thing can`t be for their battery life, something 25-year-old Hahna
Alexander and her startup SolePower are out to change.

HAHNA ALEXANDER, SOLEPOWER CO-FOUNDER & CEO:  We make energy harvesting in
soles, for charging portable electronics like cell phones, radios, GPS
while you walk.

ROGERS:  SolePower has raised half a million and is being tested by the
U.S. Army.

But Alexander isn`t alone in her desire for change.  Other startups
designed to solve some of the world`s big problems are doing so not from
Silicon Valley or alley but Pittsburgh.  The city, once a booming steel
town, turned around post-industrial collapse but never lost its spirit of
innovation.  Pittsburgh is already home to offices for Google
(NASDAQ:GOOG), Apple (NASDAQ:AAPL), and most recently Uber.  But in the
past decade, its startup scene bolstered by tech company has taken hold.

The Iron City is also one of the most affordable places to live and work in
America.  That`s part of the reason why the Kaufman Foundation has ranked
it a top ten metro for established mainstream business activity with more
than 1,100 small businesses for every 100,000 resident in the area.

Innovation Works, a nonprofit with two nationally ranked accelerator
programs, have invested $65 million since 1999 in 300 local companies.
They`ve gone on to raise more than $1 billion.  More broadly in the past
two years, Pittsburgh tech companies have raised nearly $500 million in
V.C. funding.

RICHARD LUNAK, INNOVATION WORKS PRESIDENT & CEO:  We track entrepreneurs
that come to us for help, and that number has literally gone up over 400
percent or five-fold increase just in the last eight years.  So, a lot of
momentum.

ROGERS:  One of those startups was launched by native Ian Rosenberger who
started his company, thread in 2010.  They take recycled plastics from
Haiti and Honduras and turn them into sustainable fabric.  The company`s
raised $2.8 million and has a deal with Timberland (NYSE:TBL).

IAN ROSENBERGER, THREAD FOUNDER & CEO:  We could have started a business
anywhere in the world and we chose Pittsburgh.  We care about who we are as
a city.  We care about our uncles and dads and grandfathers lost their jobs
in the mills in the `70s and `80s.  In the ashes of that an incredible
ecosystem of businesses that are starting that means something.

ROGERS:  For NIGHTLY BUSINESS REPORT, I`m Kate Rogers (NYSE:ROG) in
Pittsburgh.

(END VIDEOTAPE)

HERERA:  To read more about America`s new Rust Belt, head to our website
NBR.com.

MATHISEN:  And now an entrepreneur who`s on a roll.  He immigrated to the
United States with little money.  When he got here he found a nation
hungering for sushi.  He figured a way to feed it.  Building a franchise
operation that is a multi-million dollar enterprise.

His rags to riches story is tonight`s “How I Made my Millions”.

(BEGIN VIDEOTAPE)

MATHISEN:  Charlotte, North Carolina, miles from the sea, is not exactly
the place you`d expect to find a sushi empire.  That`s exactly what you
will find inside this 46,000 square foot warehouse.  It`s the home of
Hissho Sushi, a dynamic food service and distribution company that manages
884 locations in 39 states and the District of Columbia.

UNIDENTIFIED FEMALE:  Don`t forget your napkin, soy sauce —

MATHISEN:  The big fish in the operation, Philip Maung, the founder and CEO
of Hissho Sushi.

PHILIP MAUNG, HISSHO SUSHI, FOUNDER & CEO:  People say I`m a workaholic.
But I don`t feel like it`s work.

MATHISEN:  Whatever he`s doing, he`s got Hissho on a roll.

MAUNG:  I like it.  Spicy.

MATHISEN:  Bursting with 372 employees and more than 360 franchisees across
the country, most immigrants like Maung himself.

MAUNG:  When I came here, I had no one to help me out.  So I decided to
help out the newly immigrant.

So, how`s the training go?

MATHISEN:  Before putting them behind a counter, Maung makes sure his
managers and sushi chefs to-be learn the subtleties of perfect preparation.

MAUNG:  Practice more, you will get it.

MATHISEN:  It`s the type of specialized training he never received as a
young boy, living in a country shattered by war.

MAUNG:  I was born and raised in Burma.  They treated us like a second
citizen.

MATHISEN:  So he set sights on more fertile ground.

MAUNG:  I decided I like to come here and look for the American dream.

MATHISEN:  In 1989, at the age of 22, his parents staked him to an airline
ticket to Los Angeles, with only $13 in his pocket and a wealth of
ambition.  He stayed with a friend, worked overnights at a gas station, and
then became a real estate agent.

Before landing a job with a sushi distribution company in the 1990s.  He
learned the business from the inside out and after just one year, Maung and
his wife moved east.  They borrowed $100,000 from family and friends and
took cash advances on credit cards to start their own sushi business
headquartered in their home.

MAUNG:  We started office here, and with one computer and one tiny printer
about a year before we get into the office.

MATHISEN:  They partnered with local retail locations to offer fresh food
daily to grocers and cafes.  Then in 2002, their first big break.  A
partnership with Minnesota-based supermarket chain Lund Food Holdings.
Together, they placed sushi kiosks in 21 locations.

Three years later, Hissho was able to move into its headquarters, with a
freezer that holds up to $1 million worth of frozen product that`s shipped
across the country every single day.

It`s also the home of Hissho University, the exclusive training ground for
the company`s managers, chefs, and franchisees.

UNIDENTIFIED FEMALE:  Train your chefs to use only one ounce of rice —

MATHISEN:  After finishing the program, the company partners with trained
chefs and places them in locations across the country and splits the profit
three ways — the chef or franchisee, the retail landlord, and Hissho
Sushi.

MAUNG:  Which one the most popular?

UNIDENTIFIED FEMALE:  They really love this one.

MATHISEN:  The formula seems to be working big-time.  Company revenues were
close to $100 million in 2015.

MAUNG:  That`s the most beautiful sushi I`ve ever seen.

MATHISEN:  Philip Maung, Burmese immigrant turned sushi magnate, has
clearly learned the lesson of American business.

MAUNG:  Listen to the customer, do what it takes to make the customer
happy.

(END VIDEOTAPE)

MATHISEN:  The customer`s always right, the customer`s always hungry.

Hissho sushi kiosks can be found in especially markets, hospitals,
airports, universities.  About 80 percent of the employees are immigrants
and the company says they are all in the U.S. legally.

And I`m hungry.

HERERA:  And we both are.  But it`s beautiful food.

MATHISEN:  Beautiful, a piece of art.

HERERA:  So pretty.  It`s nice to have you back.

MATHISEN:  Good to be here.  You`re going on vacation, have a great
vacation.

HERERA:  I`m going on vacation.  It`s fun to see you for one day.

That does it for NIGHTLY BUSINESS REPORT for tonight.  I`m Sue Herera.
Thanks for watching.

MATHISEN:  And I`m Tyler Mathisen.  Have a great weekend, everybody.  Have
a great Father`s Day.

HERERA:  Absolutely.  Happy Father`s Day.

MATHISEN:  Thank you.

We`ll see you Monday.

END

Nightly Business Report transcripts and video are available on-line post
broadcast at http://nbr.com. The program is transcribed by CQRC
Transcriptions, LLC. Updates may be posted at a later date. The views of
our guests and commentators are their own and do not necessarily represent
the views of Nightly Business Report, or CNBC, Inc. Information presented
on Nightly Business Report is not and should not be considered as
investment advice. (c) 2016 CNBC, Inc.

This entry was posted in Transcripts. Bookmark the permalink.

Leave a Reply