Thursday, February 10, 2000
TRISTATE BUSINESS SUMMARY
Tax credits expected to add 148 new jobs
An estimated 148 jobs will be created in Greater Cincinnati as result of tax credits approved this week by the Ohio Tax Credit Authority.
A 55 percent credit for seven years was approved for Baerlocher Production USA's plans for a $12 million chemical plant and office in Winton Place, employing 35 to start.
A 65 percent, five-year credit was approved for Giage Ltd., a Cincinnati company that develops software to help companies navigate and manage e-mail. It plans a $750,000 investment in equipment and expanded office space expected to add 60 jobs. Giage now employs 26.
A 60 percent, five-year credit was approved for Computer Associates International Inc., a New York-based software company that plans to expand and move its southwest Ohio office from Cincinnati to Mason. The $350,000 investment is expected to create 53 new jobs. The company now employs 110.
Developer paid $4M for McAlpin's building
Retail developer Madison Marquette Realty paid $4 million last week for the former McAlpin's building on Fourth Street, downtown, county records show.
According to Hamilton County Auditor Dusty Rhodes' office, Madison Marquette — operating as Fourth & Race Limited Partnership — paid cash for the building. The site had been owned by Dillard's Inc., which acquired McAlpin's parent Mercantile Stores Co. Inc, in 1998.
John Boorn, chairman of Cincinnati-based Madison Marquette, said earlier this week that specific plans for the historic building are pending, depending on results of extensive research of the site. But he said he definitely wants retail along Fourth Street.
Mr. Boorn also is not sure whether all or part of the building can be redeveloped to include residential and office space.
The 144-year-old McAlpin's store closed Feb. 3, 1996, after losing money for several years.
Cintech reports higher earnings, revenue
Cintech Tele-Management Systems, the Norwood developer of contact center solutions and services, reported sharply higher earnings and revenues for the second fiscal quarter.
For the three months ended Dec. 31, Cintech said net income increased 120 percent to $828,000, or 6 cents a share, compared with $377,000, or 3 cents a share, a year ago. Revenues increased 72 percent to $3.8 million from $2.23 million a year ago.
Cintech, which introduced NetVIA, a multichannel electronic contact center product in November, said earnings from its telephone contact center products are expected to continue to increase but will be offset in the short term by investments to grow the NetVIA product line.
Omnicare Inc. reports 58% decline in profits
Covington-based Omnicare Inc. reported a 58 percent decline in fourth-quarter profits, although sales at the company, which distributes drugs to nursing homes and other long-term health-care centers, rose 12 percent.
Net income for the quarter was $11.1 million, or 12 cents a share, compared with net income of $26.1 million, or 29 cents a share, last year. Sales climbed to $487.6 million from $435.3 million.
The latest results include a charge of $4.1 million for restructuring and other related costs associated with its productivity and consolidation initiative. Excluding the charge, Omnicare said it would have posted earnings of $15.2 million, or 17 cents a share.
— From staff and wire reports
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