Saturday, February 27, 2010

“KMG Chemicals buys electronic chemicals business - BusinessWeek” plus 3 more

“KMG Chemicals buys electronic chemicals business - BusinessWeek” plus 3 more

KMG Chemicals buys electronic chemicals business - BusinessWeek

Posted: 26 Feb 2010 11:15 AM PST

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HOUSTON

Specialty chemical maker KMG Chemicals Inc. will spend approximately $24.7 million to buy the electronic chemicals business of General Chemical Performance Products LLC.

KMG said Friday the deal includes about $7 million in inventory. Including $850,000 of assumed liabilities, the deal is worth $25.5 million. It also includes a Hollister, Calif., manufacturing location that General Chemical will continue to operate for KMG after the deal.

The Houston company said the deal will close after necessary operating permits and consents are obtained, which should be before the end of March.

KMG will use cash and a revolving credit facility to fund the acquisition. Costs tied to the deal will make it "mildly dilutive" to earnings in the second half of fiscal 2010, but then accretive in the two years after that, the company said.

KMG focuses on electronic, wood treatment and agricultural chemical markets.

Its stock climbed 2.6 percent, or 33 cents, to $13.22 in Friday afternoon trading.


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InterPublic posts 38 percent drop in 4Q profit - BusinessWeek

Posted: 26 Feb 2010 08:59 AM PST

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NEW YORK

InterPublic Group posted a 38 drop in fourth-quarter profit Friday with companies still reluctant to pour money into advertising campaigns to lure shoppers still reluctant to spend.

Company executives said there are more signs of stabilization, however, and the advertising giant, among the world's largest, met Wall Street expectations.

Shares jumped 13 percent.

The recovery in spending in uneven, with the auto and tech industries hit particularly bad.

Revenue fell 5 percent to $1.8 billion, from $1.9 billion in the year-ago quarter. U.S. revenue drooped more than 7 percent, to $909.7 million, while international revenue shed just 3 percent, to $891.5 million.

InterPublic cut fourth-quarter operating expenses by 2 percent to $1.53 billion, from $1.57 billion on the 2008 fourth quarter.

"Overall, I would characterize the tone of the business as one of tempered optimism, especially for the second half of 2010," said Chairman and CEO Michael I. Roth. "But we have begun to see clients re-engage with many of our project-driven marketing service companies and there's also a greater willingness on the part of our clients to commit to annual spending plans. That wasn't the case at the end of last year."

For the last three months of 2009, InterPublic earned $129.4 million after paying preferred dividends, or 24 cents per share, compared with $209.8 million, or 39 cents per share, in the 2008 fourth quarter.

The company just beat out revenue expectations from Wall Street.

Severance charges jumped to $70.6 million, versus $48.4 million in the prior-year quarter.

For all of 2009, the company posted profit of $93.6 million, or 19 cents per share, down from $265.2 million, or 52 cents per share, in 2008. Annual revenue dropped 13 percent to $6.03 billion, from $6.96 billion in 2008.

Full-year operating expenses dropped 11 percent to $5.69 billion, from $6.37 billion.

Roth said during the call that the worst of the recession's impact on the business is past.

"Economic conditions appear to have stabilized and we believe that we should see improvement during the course of 2010," he said.

Shares of InterPublic Group of Cos. added 91 cents $7.66. Volume was more than twice normal daily trading.


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Economy rockets forward at 5.9% pace ... but don't expect this to ... - New York Daily News

Posted: 26 Feb 2010 09:59 PM PST

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THE ASSOCIATED PRESS

Friday, February 26th 2010, 10:48 AM

The economy rocketed ahead at a 5.9 percent pace in the final quarter of 2009, stronger than initially estimated. But the growth spurt isn't expected to carry over into this year.

The fresh reading on the nation's economic standing, released by the Commerce Department on Friday, was better than the government's initial estimate a month ago of 5.7 percent growth. It would mark the strongest showing in six years.

Even so, it didn't change the expectation of much slower economic activity in the current January-to-March quarter.

Adding to that picture was a separate report Friday that sales of previously occupied homes fell sharply in January for the second straight month, to their lowest point since summer. The results were far worse than forecast. They are another sign the housing market's recovery is faltering.

Roughly two-thirds of last quarter's GDP growth came from a burst of manufacturing - but not because consumer demand was especially strong. In fact, consumer spending weakened at the end of the year, even more than the government first thought.

Instead, factories were churning out goods for businesses that had let their stockpiles dwindle to save cash. If consumer spending remains lackluster as expected, that burst of manufacturing - and its contribution to economic activity - will fade.

The signs aren't hopeful. Consumer confidence took an unexpected dive in February. Unemployment stands at 9.7 percent. Home foreclosures are at record highs. And many Americans are still having trouble getting loans.

Forecasters at the National Association for Business Economics predict the economy will expand at only a 3 percent pace in the first quarter of this year. The next two quarters should log similar growth, they predict.

Unlike past rebounds driven by the spending of shoppers, this one is hinging more on spending by businesses and foreigners.

Stronger spending by businesses and foreigners contributed to the bump-up in economic growth in the fourth quarter. So did the fact that companies stopped slashing their stockpiles of goods. During the worst of the recession, companies cut inventories at record rates.

Businesses boosted spending on equipment and software at a sizzling 18.2 percent pace, the fastest in nine years. Foreigners snapped up U.S.-made goods and services, which propelled exports to grow at 22.4 pace, the most in 13 years.

And the slower drawdown in businesses' stockpiles accounted for nearly 4 percentage points of the fourth-quarter's overall growth, even more than the government first estimated.

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Business events and economic reports scheduled for the coming week - Minneapolis Star Tribune

Posted: 26 Feb 2010 10:39 AM PST

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WASHINGTON — Commerce Department releases personal income and spending for January, 8:30 a.m.; Commerce Department releases construction spending for January, 10 a.m.

NEW YORK — The Institute for Supply Management releases its manufacturing index for February, 10 a.m.

ENGLEWOOD, Colo. — Dish Network Corp. releases quarterly financial results.

KANSAS CITY, Mo. — H&R Block Inc. releases quarterly financial results.

ARMONK, N.Y. — MBIA Inc. releases quarterly financial results.

GENEVA — Carmakers from around the world showcase their latest models and new technologies at the Geneva auto show. Through March 3.

TUESDAY, March 2

DETROIT — Major automakers report U.S. auto sales for February.

WASHINGTON — Senate Commerce, Science and Transportation Committee hearing on the Toyota recalls; Senate Banking, Housing and Urban Affairs Committee hearing on problems to address small business borrowing and lending problems.

MEMPHIS, Tenn. — Autozone Inc. releases quarterly financial results.

RED BANK, N.J. — Hovnanian Enterprises Inc. releases quarterly financial results.

FRAMINGHAM, Mass. — Staples Inc. releases quarterly financial results.

TOKYO — Japan reports data on jobless, household spending.

WEDNESDAY, March 3

NEW YORK — The Institute for Supply Management releases its service sector index for February, 10 a.m.

WASHINGTON — Federal Reserve releases Beige Book, 2 p.m.; Senate Environment and Public Works Committee hearing on transportation spending and job creation; Senate Finance Committee hearing on the 2010 trade agenda.

NATICK, Mass. — BJ's Wholesale Club Inc. releases quarterly financial results.

ISSAQUAH, Wash. — Costco Wholesale Corp. releases quarterly financial results.

THURSDAY, March 4

WASHINGTON — Labor Department releases weekly jobless claims, 8:30 a.m.; Labor Department releases fourth-quarter productivity, 8:30 a.m.; National Association of Realtors releases pending home sales index for January, 10 a.m.; Commerce Department releases factory orders for January, 10 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates.

NEW YORK — Retailers report sales results for February.

ATLANTA — Wendy's/Arby's Group Inc. releases quarterly financial results.

FRANKFURT — European Central Bank's governing council meets to set interest rates for the 16-nation euro zone.

LONDON — Bank of England meets to set interest rates.

FRIDAY, March 5

WASHINGTON — Labor Department releases employment data for February, 8:30 a.m.; Federal Reserve releases consumer credit data for January, 3 p.m.

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