Tuesday, April 20, 1999
TRISTATE BUSINESS SUMMARY
Newport Steel's hourly workers OK 3-year deal
Hourly employees of Newport Steel Corp. in Wilder ratified a three-year labor contract with the company Monday.
Ron Noel, president of the subsidiary of NS Group Inc., confirmed that members of United Steelworkers of America Local 1870 approved the agreement but said the company and union weren't disclosing terms of the contract, which replaces a five-year agreement that expired April 15.
Newport Steel and another NS Group subsidiary, Koppel Steel Corp. in Pennsylvania, have been hit hard by the decline in oil prices, which has cut prices and demand for the oil and gas drilling pipe that both companies produce.
About 85 of the more than 500 employees represented by Local 1870 at Newport Steel remain laid off because of a slowdown in business, Mr. Noel said.
Revenue up 19% amid flat earnings at SDRC
Structural Dynamics Research Corp. (SDRC) on Monday reported a 19 percent gain in revenues and basically flat earnings for the first quarter.
The Clermont County-based software developer said net income for the three months ended March 31 was $10 million, or 27 cents a share, vs. $10.3 million, or 28 cents a share, a year ago. The company said non-operating income bolstered last year's earnings.
Operating income increased 31 percent to $14.4 million vs. $11 million a year ago, SDRC said. Revenues rose to $108.1 million from $91.1 million a year ago.
SDRC said it will also begin shipping the latest version of its I-DEAS design automation software in the second quarter.
Managed-care company buying 2 others in Ohio
Sheakley UniComp Inc., a managed-care organization specializing in workers' compensation, self-insurance and unemployment compensation, announced two Ohio acquisitions Monday, adding more than 7,000 clients.
One of the deals, to buy Total Care Management, a managed-care organization (MCO) for workers' compensation, is scheduled to take effect Oct. 23. The other deal, to acquire CoreSource Business Health Services, went into effect April 6.
UniComp did not disclose the amount it paid for the businesses.
Sheakley UniComp operates under the Sheakley Group of Cos. and was developed jointly with the Greater Cincinnati Chamber of Commerce.
With the acquisitions, Sheakley UniComp's client base involves more than 23,000 employers.
General Cable Corp. income slips for quarter
Highland Heights-based General Cable Corp. Monday reported first-quarter net income of $8.1 million, or 22 cents a share, down from $13.5 million, or 36 cents a share, reported a year ago.
The decline of 14 cents a share was better than than the 15 cents to 17 cents a share drop the company anticipated in mid-March. Revenues adjusted for fluctuations in copper prices slipped 1 percent to $262.8 million from $265.5 million a year ago.
Ohio Casualty raises dividend 2Ä a share
Ohio Casualty Corp. has raised its quarterly dividend to 46 cents a share from 44 cents, payable March 10 to shareholders of record March 1.
The new dividend raises the Hamilton-based property and casualty insurer's annual rate to $1.84 from $1.76.
EU concedes on banana rules
Convergys' Wiztec bid may be low
Comair to break ground on corporate building
Tent-renter branching out
GM-Toyota link start of merger?
Nasdaq plunges on tech sell-off
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