Wednesday, August 07, 2002

Tristate Summary




Tax amnesty topic of speech

        Kentucky Secretary of the Revenue Cabinet Dana Mayton will speak Friday at the Northern Kentucky Chamber of Commerce's Government Forum.

        Ms. Mayton will address the importance of Kentucky's tax amnesty program — whereby state residents and businesses who failed to pay income taxes incurred between December 1987 to December 2001 can pay up without penalties, interest or prosecution.

        Kentucky hopes to collect $30 million through the program, which started last week and runs until Sept. 30.

        More information about tax amnesty is available at www.amnesty.ky.gov or by calling 1-877-ONLY-TAX (1-877-665-9829).

        The forum, which will include Sen. Jim Bunning, is noon to 1:30 p.m. at the Metropolitan Club on the 19th floor of the RiverCenter office tower in Covington. The cost is $30 for chamber members, $60 for non-members. For more information or to make reservations, call 578-8800, extension 355.

Smucker profit exceeds forecast

        Orrville, Ohio-based J.M. Smucker Co. Tuesday said its share earnings for its first quarter will be about 10 percent higher than expected, helped by its recent acquisition of Jif and Crisco from Cincinnati's Procter & Gamble Co.

        Analysts surveyed by Thomson First Call had expected the family-operated producer of jams and jellies to report a profit of 40 cents a share for the quarter that ended July 31.

        Smucker shares were up 7.3 percent, or $2.39, to $35.37 in late morning trading Tuesday on the New York Stock Exchange. The company's first-quarter earnings are to be released Aug. 15.

        Smucker acquired the Jif peanut butter and Crisco shortening and oil brands in June.

        “As we further integrate the Jif and Crisco brands into our business and are able to begin to take advantage of the sales and marketing opportunities that we believe exist for those brands, we look forward to continued good results,” Chairman Tim Smucker said.

        The company also said it plans to reduce the price of Jif by about 6 percent beginning in January because peanuts are expected to cost less next year.

— From staff and wire reports

       

       



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