Wednesday, May 05, 1999
TRISTATE BUSINESS SUMMARY
Retired Bell CEO will lead California company
John T. LaMacchia, retired chief executive at Cincinnati Bell Inc., on Thursday will become president and CEO of CellNet Data Systems Inc., a California-based provider of telemetry for electric and water meter reading.
Mr. LaMacchia, who retired in March, will succeed John M. Seidl, who remains CellNet's chairman.
Mr. Seidl said Mr. LaMacchia's telecommunications expertise “should serve CellNet well as it continues to expand its wireless data communications network capabilities.”
In an interview earlier this year, Mr. LaMacchia said he hoped to join a high-tech company after leaving Bell. He continues to serve as a director of Bell, the Kroger Co. and Burlington Resources Inc.
Lottery machine maker reports gain for quarter
Interlott Technologies Inc., the Blue Ash manufacturer of instant-lottery machines, reported first-quarter net income of $654,361, or 20 cents a share, vs. $290,868, or 9 cents a share, a year ago.
The quarter ended March 31 included a one-time pretax gain of $625,000, or 12 cents a share. Revenues were $4.96 million vs. $5.86 million a year ago.
The company said year-to-year revenue comparisons suffered because of unusually high machine sales in last year's first quarter. Operating earnings were $661,211 in the latest quarter vs. $686,320 a year ago, the company said.
General Cable deal gets initial shareholder OK
General Cable Corp.'s $440 million acquisition of the global cable business of BICC Plc moved a step closer Tuesday when shareholders of BICC, a British-based holding company, approved the deal.
Highland Heights-based General Cable said it expects to complete the acquisition, which would make it the world's third-largest wire and cable company and second-largest in North America by the end of June.
A spokeswoman said regulator approvals in the United Kingdom and United States are still pending, but “we don't anticipate any issues.”
Another potential hurdle was cleared last week when Wassall Plc, a British conglomerate, said it was dropping its bid to acquire all of BICC. BICC's board rejected a revised takeover offer from Wassall, which the board said didn't reflect the company's full value.
Clear Channel purchase of Jacor set at $6.5B
Clear Channel Communications Inc. Tuesday said it completed its purchase of Covington-based Jacor Communications Inc. for $6.5 billion in stock and assumed debt, putting the No. 2 radio-station chain in twice as many markets.
Clear Channel said it swapped 1.1573 of its shares for each Jacor share, for a total value of $5.3 billion. It's also assuming $1.2 billion in debt.
The price is $2 billion more than first projected, as Clear Channel's shares have risen about 90 percent since the purchase was announced Oct. 8. Jacor also has made several acquisitions, increasing its debt.
Wendy's cuts, promotions raise profit 34 percent
Wendy's International Inc. on Tuesday said fiscal first-quarter profit rose 34 percent as it boosted sales with more promotions and cut costs, especially in its money-losing UK hamburger and U.S. doughnut-shop businesses.
Net income rose to $32.0 million, or 25 cents a share, from $23.8 million, or 18 cents, a year earlier.
P&G cited for Internet ad campaign
New Jif peanut butter flavors to go national
Renting becomes workable option
Middletown fixture seeking new office space
Midwest Payment Systems lands supermarket account
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MEDIA & MARKETING
Limited Inc. shares up 11 percent
PEOPLE ON THE MOVE
