BACK TO TOP |
MAINLAND
Tenet profits soar, but company warns
LOS ANGELES >> Profits at Tenet Healthcare, the nation's second-largest hospital chain, more than tripled in the second quarter, although the company warned investors not to expect similar results in the future as Tenet adopts stricter Medicare reimbursement guidelines.Net income at the troubled company was $315 million, or 64 cents per share, compared to $89 million, or 18 cents per share in the same quarter last year, Tenet said today.
Not counting a one-time loss and adjusting for a stock split, operating income was $355 million, or 72 cents per share, compared to $279 million, or 56 cents per share in the same quarter last year. Financial analysts surveyed by Thomson First Call had been expecting 69 cents per share.
Tenet chief executive Jeffrey Barbakow said the results show continued strength of the company's core business.
Tenet's stock has plunged nearly 70 percent since late October, when questions arose over the company's reliance on supplementary Medicare payments to boost revenue.
Toy retailer FAO files bankruptcy
NEW YORK >> FAO Inc., which owns toy retailers FAO Schwarz, Zany Brainy and The Right Start, filed for Chapter 11 bankruptcy protection today, pinched by tightening credit policies by a key lender.The company, known for its storied FAO Schwarz flagship on Fifth Avenue, said it has reached an agreement with lenders that will allow it to continue to operate without interruptions.
FAO, based in King of Prussia, Pa., said it expects to meet with major creditors and file a formal reorganization plan soon, with the expectation of emerging from bankruptcy in the second quarter.
In the filing with the U.S. Bankruptcy Court in Delaware, FAO Inc. listed assets of $257.4 million and liabilities of $238.4 million.
Lean year likely for job searches
People who are looking for work expect their task to become even harder this year.Sixty-seven percent of the 1,600 people who phoned a job search advice center during December said it would be tougher to find work in 2003 than it was last year, according to Challenger, Gray & Christmas Inc., an outplacement firm.
Additionally, 80 percent of the callers said they'd prefer to join a small- or medium-sized firm of 500 or fewer people because large companies are more likely to hand out pink slips when times turn lean, Challenger Gray said.
The results were from the Chicago-based company's 17th annual advice call-in, which was conducted over two days. Most callers (68 percent) were unemployed, with the average length of joblessness 8.3 months.
Counselors offered the callers advice about interviewing techniques, how to find job opportunities and other career matters.
"This may be the most discouraged we have seen callers in the 17-year history of the call-in," said Rick Cobb, a Challenger Gray executive vice president.
Longshoreman finish voting on West Coast
LOS ANGELES >> Members of the International Longshore and Warehouse Union finished voting today on a contract covering West Coast ports, but results were not expected for another week.The 10,500 longshoremen covered under the agreement have been voting since Jan. 6 through the mail or at local union halls, said union spokesman Steve Stallone.
The six-year contract would provide no-cost health insurance, a 60 percent pension increase and a raise that would allow the average longshoreman to earn $90,000 a year.
Ballots will be collected at the ILWU's headquarters in San Francisco, where they will be tallied Jan. 22. The contract only needs a simple majority to be approved.
The agreement with shipping companies ended a dispute that shut down West Coast ports for 10 days last year.
SEC investigating Raytheon unit
NEW YORK >> Defense contractor Raytheon Co. today said regulators are investigating accounting practices at its struggling commercial aircraft unit, the third probe into Raytheon's operations in recent years.The Securities and Exchange Commission inquiry relates to Raytheon Aircraft's foundering commuter aircraft business, which produces airplanes such as the Hawker and Beechcraft, and covers the years 1997 to 2001. Raytheon already has restated revenue from the unit for three years of that period to better reflect the timing of aircraft sales.
The SEC probe represents another blow to Raytheon, a leading military contractor whose non-defense businesses have kept it from growing the way its rivals have since the Sept. 11 attacks on the United States.
BACK TO TOP |
[ HAWAII INC. ]
NEW JOBS
>> Melanie Mito May and Christopher S. Yeh have been named partners at the labor and employment law firm of Marr Hipp Jones& Pepper. They have both been members of the Hawaii bar since 1996.>> George Sinclair is the new executive director of Hawaii Opera Theatre. He will be responsible for the company's day-to-day management, marketing, financial health and planning in this newly created position. He was most recently Sacramento Opera executive director.
>> Atlas Insurance Agency Inc. has appointed Linda J. Posto to financial services group senior vice president. She will lead the new division's offerings in long-term care, life, disability income protection, employee benefits and pension plans tailored to Hawaii's small businesses and individuals. She was previously Pacific Financial Group Hawaii director where she recruited and trained insurance and financial professionals.
>> Jean Coppers has joined Ruby's Diner Maui as restaurant manager. In addition to the usual restaurant management duties, Coppers will coordinate the restaurant's community relations programs, in-store promotions and special events. She has worked in food and beverage for five years on Maui. The Kahului eatery is the first in Hawaii for the mainland restaurant chain.
>> American Savings Bank has appointed Lance Ming to assistant vice president and retail deposit product manager. He will be responsible for managing the bank's retail deposit product development, marketing and pricing.
