Friday, January 07, 2000
TRISTATE BUSINESS SUMMARY
Rex Stores Corp. shares plummet 49 percent
Shares of Dayton, Ohio-based Rex Stores Corp. fell 49 percent Thursday after the retailer said same-store sales rose just 1 percent in November and December because of lower prices and sales for older products.
The shares fell $15 to $15.871/2 in trading of 3.84 million shares, more than 32 times the three-month daily average. It had the second-biggest percentage decline in U.S. markets.
The electronics and appliance retailer said strong holiday sales of videodisk players and TVs with screens of 35 inches or more couldn't make up for declining demand for older analog equipment, such as 20-inch TVs and videocassette recorders.
Rex, which has 239 stores in 35 states, said it plans to focus more on digital products including satellite systems and camcorders.
Instant lottery machine firm gets order for 2,400
Interlott Technologies Inc., the Blue Ash manufacturer of instant lottery machines, has received one of its largest contracts from a company operating the Pennsylvania Lottery.
Automated Wagering Inc., which operates the lottery for the Pennsylvania Department of Revenue, ordered 2,400 instant-ticket machines to be delivered this year. The order also is Interlott's first for the Pennsylvania Lottery.
Interlott declined to reveal financial terms. But Denny Blazar, chief financial officer, confirmed it was one of Interlott's largest orders. By comparison, he said, Interlott produced about 3,300 instant-ticket machines last year.
Mr. Blazar said Interlott, which can produce about 100 machines a week, doesn't expect to increase employment as a result of the order, which includes 1,800 12-game machines and 600 16-game machines.
Lone Star Steakhouse to close area restaurant
Lone Star Steakhouse & Saloon said it would close 24 of its underperforming stores, including one in Cincinnati, effective immediately.
The store at 7991 Beechmont Ave. is one of four Ohio restaurants scheduled to close. The others are in the Cleveland and Columbus areas.
Lone Star operates other area restaurants in Florence, Mason and Montgomery.
Calif. investor ups stake in Gibson Greetings
California millionaire Joseph Harrosh has increased his stake in Gibson Greetings Inc., though apparently not for purposes of influencing operations at the card maker.
Mr. Harrosh raised his stake to 6.4 percent from 5.3 percent. Gibson has agreed to be acquired by American Greetings Corp. in Cleveland. That deal is pending.
Mr. Harrosh, a sporting goods retailer and investor, reported his 5.3 percent stake in September. He did not report his intentions, if any, in that filing.
Milacron chief named to board of AK Steel
Daniel J. Meyer, chairman and chief executive of Milacron Inc., has been named to the board of directors of AK Steel, the Middletown-based integrated steel maker.
Mr. Meyer, 63, and Donald V. Fites, 65, retired chairman and CEO of Caterpillar Inc. were elected to AK Steel's board effective Jan. 1, increasing its size to 11 directors.
— From staff and wire reports
Developer pitches site to Nordstrom
Clinton fights cyber-terrorism
Holiday spending eased via Internet
Retailers had merry season
SDRC acquires two related firms for $12M
New-home sales fall, as prices climb 5.3%
New marketing firm speeds growth plan
TRISTATE BUSINESS SUMMARY
INDUSTRY NOTES: MANUFACTURING
PEOPLE ON THE MOVE
TRISTATE MARKET SPOTLIGHT
