Wednesday, October 13, 1999
TRISTATE BUSINESS SUMMARY
Portfolio of loans helps boost Firstar
Loan growth helped Firstar Corp. post a 20 percent gain in third-quarter profits from a year earlier, before merger-related charges.
The successor to Cincinnati's Star Banc Corp. on Tuesday reported net income of $320.3 million, or 32 cents a share, up from $266.4 million, or 27 cents a share, in 1998's third quarter.
Including merger charges totaling $362.5 million for the past three months, Firstar had third-quarter profits of $28.4 million, or 3 cents a share, down from $192.8 million, or 19 cents a share, in 1998's third quarter.
Firstar's merger-related charges cover its acquisition of St. Louis-based Mercantile Bancorporation Inc.
Bell Wireless will offer prepaid cell calls
Cincinnati Bell Wireless will soon launch a prepaid calling option for its customers and has picked Boston Communications Group Inc. to provide software and monitoring.
A number of cellular telephone providers offer prepaid calling, which allows customers to buy a predetermined amount of calling time rather than pay monthly charges.
A Bell spokeswoman said the new service was in response to customer demand, but the company was not prepared to discuss when it will launch the service or pricing options. Cincinnati Bell Wireless is a unit of Cincinnati Bell Inc.
Payment processor has deal with Saks
Midwest Payment Systems Inc. (MPS) has signed a deal with Saks Inc. that could raise its annual volume by about 40 million transactions and add up to $2 million to its parent company's revenue.
MPS, the data processing arm of Cincinnati-based Fifth Third Bancorp, won an agreement to provide credit-card processing and Internet-based services to Saks, including Saks Fifth Avenue.
The Birmingham, Ala.-based Saks has annual revenues of $6 billion and operates 350 stores, including Saks Fifth Avenue, Proffitt's, Carson Pirie Scott and Parisian. The deal could bring $800,000 to $2 million in fee income to MPS.
Two local firms bought by Internet provider
Voyager.net Inc., a full-service Internet provider focused on the Midwest, this week agreed to acquire three companies, including Cincinnati-based Choice.Net LLC and ComNet LLC.
The acquisitions will add 25,000 customers, bringing the total to more than 300,000. Voyager.net, based in East Lansing, Mich., also said it is buying Monroe, Mich.-based TDI Internet Services Inc.
The acquired companies provide services to businesses and individuals in cities including Cincinnati, Columbus, Mount Vernon, Athens, Mansfield and Coshocton, Ohio, and Monroe, Mich.
Planet Hollywood in bankruptcy court
Planet Hollywood filed for Chapter 11 bankruptcy protection Tuesday, a day after the movie-themed restaurant chain closed nine of its 32 U.S. restaurants — including one in Indianapolis.
The Orlando-based company and 25 of its subsidiaries sought protection from creditors while it reorganizes its finances with the filing in U.S. Bankruptcy Court in Wilmington, Del.
Other restaurants closed Monday were in Chicago, Costa Mesa, Calif.; Fort Lauderdale, Fla.; Gurnee, Ill.; Houston; Maui, Hawaii; Miami and Phoenix. The company also operates a restaurant in Columbus.
P&G unveils nutrition drink
P&G looks within to grow
Retailers list top toys for Christmas
Eatery casts line in river
TRISTATE BUSINESS SUMMARY
Blue Ash firm's shares lose 5.5%
INDUSTRY NOTES: RETAIL
Losses rise for FDIC
