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Tuesday, October 5, 2004

Business digest


$22M for Cintas retirement plan

Wire/staff reports

Cintas Corp. said Monday that it was contributing a record $22.2 million to its Cintas Partners' Plan, the retirement plan for Cintas employees.

This year's contribution, up 10.2 percent over last year, brings the Mason uniform supplier's total contribution to $135 million over the last decade. The plan includes profit sharing, matching 401(k) contributions and a stock ownership plan. Individual employee contributions are based on length of service and salary.

Va. company buys Omni of Blue Ash

Omni Material Handling Services in Blue Ash has been acquired by Jungheinrich Lift Truck Corp., a Richmond, Va.-based lift- truck supplier. No purchase price was disclosed. Omni will become a factory store for Jungheinrich, part of Hamburg, Germany's Jungheinrich AG, one of the world's largest lift-truck makers. Robert L. Crandell, Omni's former owner, remains as general manager.

Armor Holdings acquires vest firm

Armor Holdings Inc., parent of Fairfield's O'Gara-Hess & Eisenhardt, has agreed to acquire a leading supplier of personal protection gear to the Defense Department. Jacksonville, Fla.-based Armor has agreed to buy Specialty Group Inc., which makes the outer tactical vest that holds protective ceramic plates produced by Armor. The purchase was valued at $92 million, including debt assumption. Armor said it would add $90 million to its 2005 revenues.

Visitor bureau group bestows awards

The Greater Cincinnati Convention and Visitors Bureau won three first-place finishes and one second-place finish in the Ohio Association of Convention and Visitors Bureaus' annual Middie Awards. The awards, honoring excellence in tourism marketing, were a record for the local bureau. The first-place awards were for the 2004 Official Visitors Guide (done in conjunction with Cincinnati magazine), a promotional video called "Now is the Time" and its 2004 Travel Industry Sales Manual. The second place award was for "Fast Forward," the bureau's member newsletter.

Hurricanes take bite of cruise line profits

MIAMI - The recent slew of hurricanes disrupted Royal Caribbean Cruises Ltd. sailings, and will cut into profits in both the third and fourth quarters of 2004, the cruise company said Monday.

The hurricanes will cost the company 10 cents per share in the third quarter, and 2 to 3 cents in the fourth quarter, Royal Caribbean said. The company had earlier said Hurricane Frances would cost 7 to 9 cents in the third quarter.

Strong bookings for the summer partly mitigated the hurricanes' impact. In the third quarter, net revenue yields - a key performance gauge measuring revenue from cabin berths after cost of air transportation and travel agent commissions - were expected to increase slightly more than the company's earlier forecast of 10 to 11 percent, Royal Caribbean reported.

Krispy Kreme assigns pair to look at books

WINSTON-SALEM, N.C. - Krispy Kreme Doughnuts Inc. said Monday it has hired two independent directors to head a new special committee to investigate matters raised by the Securities and Exchange Commission.

In July, the federal agency began an informal inquiry into Krispy Kreme's lowered earnings outlook and the way the company buys back franchises. Officials at the doughnut chain have defended their accounting methods and handling of franchise buybacks. The company said it is fully cooperating with the SEC.

High court declines Indian casino dispute

WASHINGTON - The Supreme Court on Monday sidestepped a dispute over tribal gambling, a victory for California tribes and their new high-profile supporter, Gov. Arnold Schwarzenegger.

Justices refused to consider whether states could let tribes operate casinos while barring others. More than 20 states allow tribes to run gambling businesses, but not private companies, the court was told.

The appeal had been filed this spring by four San Francisco-area card clubs and some charity organizations. They contended that California tribes were wrongly given a $6 billion a year monopoly on gambling.

Since then, Schwarzenegger has banked on an expansion in Indian gambling to help the state's ailing finances. In August, he announced agreements with five Indian tribes to add thousands of new slot machines statewide and create one of the world's largest casinos in the heart of the Bay Area.

RadioShack expects kiosks to boost sales

FORT WORTH, Texas - RadioShack Corp., the third-largest U.S. electronics chain, said sales next year will rise as much as 8 percent as the company gains from wireless kiosks at Wal-Mart Stores Inc.'s Sam's Club chain.

The earlier forecast was for a sales gain of as much as 6 percent, RadioShack said. A multiyear agreement to sell at Sam's Club, which has 542 warehouse stores, will add to earnings in 2006 and not affect earnings in 2004 and 2005, RadioShack said.

Chiquita hires P&G veteran to run unit

Chiquita Brands International Inc. has hired Tanios Viviani as vice president of its fresh-cut fruit unit. Viviani, a 15-year veteran of Procter & Gamble Co., will run the unit that started last fall in the Midwest with a plant near Chicago.




BUSINESS HEADLINES
Kroger resumes talks as contract nears end
Analysts' opinions, market outlook send AK Steel up
Tower Place gets a tax break
Triathlon: $96M for startups
Condo tower coming to Ky.
Business digest
Office Depot CEO quits; search on
Telemarketers lose free-speech complaint
Military orders lighter armor to shield Humvees
Playing lottery online a loser



 

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