Thursday, November 11, 1999
TRISTATE BUSINESS SUMMARY
Federated reports profitable quarter
Cincinnati-based Federated Department Stores Inc., the owner of Lazarus, Bloomingdale's, Macy's and other chains, said fiscal third-quarter profit rose 12 percent as it sold more clothing and kept costs in check.
Net income rose to $123 million, or 56 cents a share, up from profit from operations of $110 million, or 50 cents, a year earlier. Sales in the quarter ended Oct. 30 rose 16 percent to $4.24 billion from $3.65 billion.
“We are entering the fourth quarter with our inventories in good shape, and we remain optimistic that it will be a good retail Christmas season,” Chairman and Chief Executive James Zimmerman said in a statement.
Federated shares rose $1.433/4 to $43.061/4 on the New York Stock Exchange.
Pomeroy up 20 percent in revenues, earnings
Pomeroy Computer Resources Inc., the Hebron supplier of computer hardware and services, reported 20 percent gains in revenues and earnings for the third quarter.
For the three months ended Oct. 5, Pomeroy reported net income of $6.5 million, or 56 cents a share, vs. $5.4 million, or 46 cents a share, a year ago.
Revenues increased to $197.1 million from $163.8 million a year ago. Pomeroy, which operates 32 offices, is one of the nation's five largest computer network integrators, according to Network VAR magazine.
Hamilton bank names Immelt to presidency
Mark W. Immelt, who helped expand First National Bank of Southwestern Ohio's trust unit, has been named chairman, president and chief executive of the Hamilton bank.
He will succeed Richard L. Blossom effective Dec. 3. Mr. Blossom will retire to become president and chief executive at Second National Bank in northeastern Ohio.
Mr. Immelt, 54, was senior vice president and senior trust officer of First Southwestern's trust business, which grew to more than $3 billion in assets and made a big contribution to the bank's profits.
He also will remain a senior vice president of First Financial Bancorp., the $3.9 billion-asset parent company of First Southwestern.
Union: AK Steel balks at redoing contract
The union representing production employees at AK Steel Corp.'s Middletown Works is hoping for early agreement on a new labor contract despite a setback Tuesday, the union's president said.
AK Steel negotiators told the Armco Employees Independent Federation that the company doesn't want to renegotiate provisions in a proposed 51/2-year contract that the union's members rejected in August, the union president, Ed Shelley, said. That deal would have become effective Sept. 1 and continued through Feb. 28, 2005, he said.
Mr. Shelley said union members who rejected that contract demanded improvements in wages and provisions covering seniority, benefits for new hires and contracting work to outside companies.
Last week, the company presented a contract proposal that would extend the pact by an additional year, through February 2006. Company representatives said they are willing to negotiate issues raised in the new contract proposal, but not in the one rejected in August, Mr. Shelley said.
AK Steel spokesman Alan McCoy declined to comment.
Reps. call for Internet tax ban
LensCrafters chief steps down
Minority- owned firms make contacts
Changing market led to Gibson acquisition
P&G loses ruling in noncompete case
Bankers striking back: No ATM fee, no service
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: REAL ESTATE
TRISTATE MARKET SPOTLIGHT
