Lower revenue and higher expenses left LanVision Systems Inc. with a loss of $12.7 million, or $1.44 a share, for its fiscal year ended Jan. 31, the company said Tuesday.
The loss was deeper than the Cincinnati-based company's loss of $4.7 million, or 56 cents a share, the previous fiscal year.
Revenue fell to $8.7 million for the year, compared with revenue of $10.3 million the previous fiscal year.
LanVision attributed part of the loss to increased spending on development of its software products. The company spent $5.9 million on development in fiscal 1997, compared with $1.8 million in its fiscal 1996.
For the fourth quarter, LanVision said it lost $3.6 million, or 41 cents a share, on revenue of $2.7 million. It lost $2.6 million, or 29 cents a share, on revenue of $1.8 million in the fourth quarter of fiscal 1996.
LanVision, which released the earnings report after the stock market closed, saw its shares rise 18 3/4 cents to $5 Tuesday. head,14:Hillenbrand shows $43M profit in 1Q body:Hillenbrand Industries Inc. reported a profit of $43 million, or 64 cents a share, for its fiscal first quarter ended Feb. 28, compared with net income of $39 million, or 56 cents a share, for the same period last year.
Revenue increased to $479 million in the quarter, compared with $446 million for the same period of 1997, the company reported Tuesday.
Hillenbrand, based in Batesville, Ind., makes caskets, electric hospital beds and security locks. Other operations include specialized therapy products and funeral planning services.
Hillenbrand shares rose $1.93 3/4 to $61.56 1/4 Tuesday.
Wine Racks Unlimited will receive a subsidized loan of $400,000 to expand its operations in Cincinnati, the Ohio Department of Development said.
The 15-year loan will have an interest rate of 4 percent. The money will be used to buy land and a 345,809-square-foot building.
The $1 million project is expected to create 100 jobs within three years.
Wine Racks Unlimited makes custom wine cellars and wine racks.
Kroll-O'Gara to buy video surveillance firm
Fairfield-based Kroll-O'Gara Co. intends to acquire a video surveillance investigation company -- its second purchase in two days.
Kroll-O'Gara Tuesday said it agreed in principle to buy Kizorek Inc. of Naperville, Ill., for 800,000 of its shares -- a deal valued at $14.8 million based on Tuesday's close of Kroll-O'Gara stock at $18.50 apiece. The shares closed up $1.12 1/2 Tuesday.
Kizorek reported revenue of $14.5 million in its most recent fiscal year.
Kroll-O'Gara Monday reached an agreement in principle to buy Toronto-based General Commercial Services Ltd., parent of Lindquist Avey Macdonald Baskerville Inc., a corporate investigations business.
Loewen Group will pay antitrust penalty
A U.S.-based owner and operator of funeral homes and cemeteries and its Canadian parent agreed to pay a $500,000 civil penalty to settle charges that they violated a federal antitrust law.
Loewen Group Inc., based in Philadelphia but once based in Covington, and its parent failed to file notification with antitrust regulators before acquiring stock in a competitor, Prime Succession, of Batesville, Ind., in 1996, the government alleged. Dave Laundy, a vice president, said the omission that led to the penalty was inadvertent.
