Tuesday, November 02, 1999
TRISTATE SUMMARY
Lease revenues up for lottery machine maker
Interlott Technologies Inc., the Blue Ash manufacturer of instant lottery machines, reported lower earnings but a 32 percent increase in lease revenues for the third quarter.
For the three months ended Sept. 30, Interlott said net income was $182,381, or 6 cents a share, vs. $225,453, or 7 cents a share, a year ago.
Revenues for the quarter were $4.9 million vs. $5.6 million a year ago. Interlott, which is repositioning its business from machine sales to leases, said the year-to-year comparison also was affected by a large sale to New York last year.
Interlott also announced a potential $1.4 million order from the Rhode Island Lottery for 16-game instant ticket vending machines. The agreement calls for the machines to be delivered starting next month and includes a service and maintenance agreement.
Senior vice president of appliances at Roberds
Roberds Inc. has appointed a new senior vice president of appliances and electronics, replacing a former executive who left the retailer to launch an online retail distribution network.
Steven S. Klug, 48, replaces Charles Palko, who left Dayton-based Roberds in September to become president of an online appliance and electronics distributor. Mr. Klug last served as senior vice president-general merchandise manager at HomePlace in Cleveland. Previously, he held merchandising positions at Montgomery Ward, Ames Department Stores, Burdines, Sanger-Harris and Macy's.
Mr. Palko's venture, 24/7 Showroom.com, organizes appliance and electronics retailers that sell products through the site. Roberds plans to get involved with the venture.
Midland to buy back up to 500,000 shares
The Midland Co. announced recently that it will buy back up to 500,000 shares — or more than 5 percent of its outstanding stock — in the next six months.
The specialty insurance company, based in the Amelia area, will fund the program through existing cash reserves and existing lines of credit.
“With our common stock trading at a discount to our book value, the board felt it was appropriate to be able to affirm our confidence in the company's prospects by authorizing repurchase of common stock when market conditions warrant,” Joseph P. Hayden, chairman and chief operating officer, said in a statement.
Firm to offer seminar on employment law
Roetzel & Andress, one of Ohio's largest law firms, plans a seminar “Employment Law: Navigating the Minefield,” from 9 a.m. to 5 p.m. Friday at Wetherington Golf & Country Club.
Sexual harassment, workers' compensation, transitional work programs and controlling employee attendance will be some of the topics presented.
The seminar costs $25 a person with proceeds to be donated to charity. For more information, contact Chris Jenkins at (800)783-0019.
Eaton Corp. to close Omaha pump-motor plant
Cleveland-based Eaton Corp., the world's second-largest maker of hydraulic equipment, tentatively plans to close a pump and motor plant in Omaha, Neb., eliminating 750 jobs, because of slowed sales and excess capacity created by its acquisition of Aeroquip-Vickers Inc.
Eaton will decide in 60 days whether to close the Vickers plant.
Kroger to buy 74 stores from Winn-Dixie
Welch to exit GE very carefully
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