Friday, April 16, 1999
TRISTATE BUSINESS SUMMARY
Newport's NS has loss for quarter
The slump in oil drilling activity continues to sink results at Newport's NS Group Inc.
The holding company, whose subsidiaries make pipe for the drilling market, reported a loss of $14.7 million, or 67 cents a share, for the second quarter vs. a profit of $5.7 million, or 23 cents a share, a year ago.
Revenues for the three months ended March 27 declined 54 percent to $56.5 million from $123.6 million a year ago.
Although the oil rig count, a proxy for new drilling activity, is below 500 rigs, compared with an average of 966 in the second quarter last year, NS Group said there were indications that the market could soon improve. The increase in oil prices and a decline in oil tubular goods inventory are positive signs, the company said.
“We are optimistic ... (that) will encourage oil and gas drillers to reactivate their exploration and production programs in the near future,” said Clifford Borland, NS Group chairman.
Skilcraft has deal for sale, reopening
Businessmen Wayne Carlisle and Jim Bushman have a tentative agreement to acquire Skilcraft Security Equipment, a supplier of bank security equipment at 3015 Garrard Ave., Camp Washington.
Mr. Bushman said the partners hope to complete the purchase by the end of the month. As part of the sale of the business assets, Skilcraft notified state officials that it plans to close its operations April 30, eliminating 98 jobs. Mr. Bushman said the new company, Security Systems Equipment Corp., expects to rehire most of the employees of Skilcraft, formed in 1989 as a sister operation to Skilcraft Sheetmetal, a Northern Kentucky metal fabricator.
NationStaff grows and changes name
NationStaff Inc., a Cincinnati-based medical staffing service with offices in five cities, has announced the fourth acquisition of its short history and will change its name.
The company, formed in 1997, said Thursday that it is acquiring Health Personnel Options Corp. of Minneapolis-St. Paul and will use that name for all operations. The company also has offices in Milwaukee; Irvine, Calif.; and Fairfax, Va.
No price was disclosed. The combined NationStaff/HPO company will serve health-care organizations, including local per-diem, travel and crisis staffing, executive search and permanent placement.
Hillsdale acquires Michigan machine firm
The Hillsdale Division of Cincinnati's Eagle-Picher Industries Inc. has acquired Carpenter Enterprises, a Traverse City, Mich., company that produces precision-machined engine, chassis and suspension parts, for an estimated $71.5 million.
Carpenter, which employs 324 and has plants in Traverse City and Mount Pleasant, Mich., has annual sales of $130 million. The acquisition increases the number of plants operated by Hillsdale to 12.
Revenue increases for Linc Network
Linc Network Systems Inc., a Blue Ash-based regional network integrator, reported revenue of $7.9 million for its fiscal year ended March 31, a 38.6 percent increase over the previous year.
Linc said annual revenue has grown an average 52 percent a year since its founding in 1987. Linc, a privately held company, didn't provide earnings information for the period.
Gibson earnings lower than expected
Vanguard in for the long haul
P&G unloads Hawaiian Punch for $203M
British firm coming to N.Ky., sources say
Day-trade firm changing
Fees help push bank profits up
Post office at midnight: Time to party
Web ad sites go to top
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INDUSTRY NOTES: MANUFACTURING
PEOPLE ON THE MOVE
TRISTATE BUSINESS SUMMARY
