Wednesday, July 29, 1998
Cincinnati Milacron Inc. posted another record quarter, with a 15 percent advance in earnings and increased sales, before a calendar adjustment.
The maker of machine-tool, plastics-technology and industrial products said earnings rose to $20.9 million, or 52 cents a diluted share, in the second quarter ended June 30. That compares with $18.2 million, or 46 cents a diluted share, a year ago.
Sales increased 8.5 percent, to $491 million from $452 million. New orders advanced to $477 million from $456 million.
After adjusting the calendar -- last year's second quarter was a week shorter than this year's -- earnings rose 6 percent and sales 4 percent.
Elder-Beerman finishes buying chain for $38M
Elder-Beerman Stores Corp. Tuesday said it had completed a lightning-fast deal to acquire a 21-store West Virginia retail chain and also to sell some of its stores.
The Dayton, Ohio-based Elder-Beerman paid $38 million for Stone & Thomas, a longstanding, privately run chain of 21 stores in West Virginia, Virginia, Kentucky and Ohio. The deal includes the assumption of debt.
Elder-Beerman expects to incur a one-time charge of at least $8 million relating to the deal.
Elder-Beerman also said it finalized the sale of five of the Stone & Thomas stores to Peebles Inc. of South Hill, Va. Three others are to be sold to Belk Stores Services Inc., in Charlotte, N.C. Two more will be closed.
None of the stores is in area markets.
Elder-Beerman announced the deal with Stone & Thomas in late June. It expects to convert the stores to Elder-Beermans by the end of the year. The acquisition brings the number of Elder-Beerman stores to 58.
LCA-Vision's revenues rise to $9M in 2Q
LCA-Vision Inc. Tuesday reported second-quarter revenues of $9 million, up from $3.8 million a year ago. LCA-Vision took a special restructuring charge of $10.5 million -- including a $9.9 million one-time, non-cash charge -- and recorded a net loss of $11.5 million, or 32 cents a share. The restructuring charge was related to the closing of seven under-performancing centers. Excluding the one-time charges, the second-quarter loss was $972,600 or 3 cents a share, down from last year's second-quarter loss of $981,800, or 5 cents a share.
LCA-Vision, which runs laser vision-correction centers, also said it produced a positive cash flow in the second quarter ahead of its third-quarter goal.
Philip Morris cutting more jobs in Louisville
Philip Morris Cos. Inc. said it will further reduce its work force in Louisville, cutting 130 jobs from a total of 2,400. The new layoffs are in addition to a reduction of 400 jobs at the Louisville plant announced in February. Those jobs are being phased out through early retirement or voluntary separation, Philip Morris spokesman Dan Ison said.
Philip Morris has been struggling to maintain profits while facing the possibility of a costly tobacco-industry settlement of health-related lawsuits.
Vencor reports loss, adds Gault to board
Vencor Inc., the No. 2 U.S. nursing home operator, reported a second-quarter loss within the range it earlier predicted as it struggles to fill beds.
The company also said it named Stanley Gault, former chairman of Goodyear Tire & Rubber Co., to its board.
Vencor said it had a loss of $8.66 million, or 13 cents a diluted share, compared with profit of $9.95 million, or 14 cents, in the year-ago period.
