Despite recent volatility in the wire and cable market, Highland Heights-based General Cable Corp. Wednesday reported record third-quarter and nine-month results.
For the three months ended Sept. 30, General Cable reported net income of $22.1 million, or 59 cents a share, vs. $17.3 million, or 46 cents a share, a year earlier.
Sales, on a copper-price-adjusted basis, rose 9 percent to $304.5 million, up from $278.6 million a year ago.
For the nine months, General Cable reported net income of $53.7 million, or $1.43 a share, vs. $37.9 million, or $1.03 a share, a year ago. Copper-adjusted sales rose 17 percent to $889.8 million.
Ohio National buys stake in investment adviser
Ohio National Financial Services Inc. Wednesday said it has agreed to buy 51 percent of the shares of Fiduciary Capital Management Inc.
The deal would bring Cincinnati-based Ohio National interest in a Connecticut-based investment adviser with $1.3 billion of assets under management. Fiduciary Capital primarily provides investment management and advisory services to sponsors of corporate retirement plans.
Cincinnati Bell to sell new debt securities
Cincinnati Bell Inc. plans to raise up to $350 million through the sale of new debt securities, the company said in a Securities and Exchange Commission filing.
The company said the debt, some of which might be issued by its Cincinnati Bell Telephone subsidiary, will be used to repay existing borrowings and other general corporate purposes. An underwriter for the proposed offering hasn't been selected.
At the same time, Standard & Poor's, the credit rating agency, said it raised its opinion on Bell and its telephone unit's outstanding $420 million in debt after the spinoff of $755 million in debt with Convergys Corp., the new company consisting of its unregulated telemarketing and customer billing subsidiaries.
S&P said it assigned its preliminary single "A" - double"A minus" rating on the proposed new $350 million debt offering.
Convergys to provide services to Compaq
Convergys Corp., the spinoff of Cincinnati Bell Inc. that provides customer care and billing services, said it will provide services for Compaq Computer Corp. in Europe that will be worth at least $18 million in the next three years.
Under the three-year agreement, Convergys will work with Compaq's general business group to identify sales opportunities, qualify sales leads and track sales progress.
Convergys will open call centers in Sweden and Belgium in addition one it already operates for Compaq in France.
Verity Inc., Cincom enter agreement
Verity Inc., a leading supplier of knowledge retrieval software for applications developers, has signed an agreementwith Springdale-based Cincom Systems Inc.
Terms weren't announced, but Cincom said Verity would integrate its comprehensive search-and-retrieval technology into Cincom's Aurora document management software.
"This partnership certainly now positions Cincom as a leader in the document creation, production and management arena," Thomas Nies, Cincom president, said.
