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.

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