Saturday, October 11, 2003

Business Summary



From staff reports

GE sees drop in engine earnings

Operating earnings and revenues declined at Evendale-based GE Aircraft Engines in the third quarter.

The parent General Electric Co. said Friday that net income for the three months ended Sept. 30 slipped 11 percent to $3.65 billion, or 36 cents a share, from $4.09 billion, or 41 cents a share, in the year-ago period, after a charge for an accounting change. Excluding the $372 million one-time cost, earnings were $4 billion, or 40 cents a share.

GEAE, struggling with the slump in commercial airline travel, said operating earnings declined 5 percent to $484 million from $512 billion a year ago. Jet engine revenues declined 7 percent to $2.5 billion from $2.7 billion a year ago.

Bedding company seeks tax cushion

Hamilton County Commissioners will be asked Monday to approve a tax break for a company planning to move from Evendale to Forest Park.

Illinois-based National Bedding Co. seeks a seven-year enterprise zone that would abate half of all personal and property taxes. The company says it will invest $4.9 million in a new building as part of a move that will keep 132 full-time jobs and add five more positions. The company also will transfer $2.4 million in equipment between the two factories and purchase another $250,000 in new equipment.

National Bedding makes Serta mattresses and box springs.



House of metal helps keep couple healthy
Comair numbers may bring strife
New scam by Fiorini alleged
Cincinnati tech supporters invest in businesses' future
Time ripe for high dividends
The Buzz
Business Summary
Business digest
Rate report