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Charles Morgan resigns from Acxiom Sunday, Nov 18, 2007 By Roby Brock Acxiom Corp. announced on Tuesday that Charles Morgan would retire, effective immediately, from the board and as company leader. Morgan entered into a transition agreement with the company and agreed to serve as interim company leader until his successor is selected. In addition, Morgan agreed to serve as a consultant to the company for up to three years, focusing on technology and innovation. In the wake of the fallout from its failed $3 billion go-private sale, Morgan had announced that he would step down as company leader after a successor was appointed, but would remain as board chairman. Tuesday's announcement short-circuited that plan. Wal-Mart earnings growth outpaces sales Wal-Mart Stores third quarter earnings were better than expected. The Bentonville-based retailer posted a profit of $2.86 billion, up 7.9 percent from $2.65 billion one year ago. Earnings per share were 70 cents compared to 63 cents one year ago. Sales for Wal-Mart climbed to $90.9 billion, an increase of 8.8 percent over the third quarter of last year. "During the Christmas and holiday season, our price leadership position will benefit both our customers and the company," said CEO Lee Scott. "We have set the stage for a successful fourth quarter." Tyson Foods continues profitable swing Tyson Foods swung to a fourth quarter profit posting net income of $32 million in the period ending Sept. 29. One year ago, the protein giant reported a $56 million loss. Revenues rose to $6.9 billion compared to $6.5 billion for the same period last year. All segments of the Springdale-based meat company showed a profit. For the fiscal year, Tyson Foods recorded sales of $27 billion. The company also announced intentions to expand overseas. Tyson will acquire a Brazilian poultry business and has reached preliminary deals for two joint venture poultry operations in China. In addition, it is exploring ways to expand its chicken operations in Mexico as part of a move to increase international sales from $3 billion in 2007 to $5 billion in 2010. Site near Baton Rouge lands jet fuel plant A site in Geismer, La., near Baton Rouge will be the location of a new $126 million alternative jet fuel plant as part of a joint venture between Tyson Foods and Syntroleum Corp. Arkansas was on the short list for the plant, but a lack of access to hydrogen ruled out The Natural State. Tyson and Syntroleum announced a joint venture earlier this year known as Dynamic Fuels, which will combine the two companies' resources to convert animal fat into synthetic jet fuel - an alternative fuel product with commercial and military applications. Oklahoma AG asks for poultry waste injunction Oklahoma Attorney General Drew Edmondson asked a federal judge on Wednesday to prohibit any further land application of poultry waste in the Illinois River Watershed. Edmondson cited an "imminent and substantial endangerment" to public health if the prohibition is not allowed. The legal maneuver is the latest chapter in the ongoing saga between Oklahoma environmental regulators and a group of 14 poultry companies, many of which are based in Arkansas. Edmondson said the state is seeking the injunction now so the court will have time to rule on the issue before the winter and spring waste disposal seasons. Technisource of LR sells for $140 million Technisource of Little Rock announced that it will combine its operations with Spherion Corp., one of the largest providers of information technology staffing and services in the U.S. The transaction is valued at $140 million. The combined IT unit will offer staffing and recruiting, integration and support services, and management services, serving large and mid-sized companies. It will continue to operate under the Technisource brand as a division of Spherion. Technisource is a privately held company whose majority investor is Charlesbank Capital Partners, a private equity investment firm that manages assets of more than $1.5 billion. Completion of the transaction is subject to customary regulatory conditions. SW Energy sells Arkansas Western Gas Southwestern Energy Co. has signed an agreement for the sale of all capital stock of its natural gas distribution business, Arkansas Western Gas Co., to SourceGas LLC, an affiliate of GE Energy Financial Services and Alinda Investments LLC for $224 million plus working capital. The transaction is subject to certain closing conditions and regulatory approvals and is expected to close by midyear 2008. Arkansas Western Gas Co. serves approximately 151,000 residential, commercial, and industrial customers in northern, western, and parts of Northeast Arkansas. Southwestern Energy, through its SEECO subsidiary, is the largest leaseholder of mineral rights in the Fayetteville Shale region. The move allows Southwestern to become a pure play exploration and drilling operator. Chesapeake to up acreage in Fayetteville Shale In a recent conference call, Chesapeake's CEO Aubrey McClendon told investors, "We have really hit our stride in this play. Our well results keep getting better." McClendon revealed that the Oklahoma City-based company will expand its lease holdings in the Fayetteville Shale play from its current level of 420,000 net acres to 500,000 net acres within the next year. Fort Smith goes to the dogs Fort Smith will be home to a new $80 million state-of-the-art pet food manufacturing complex. Mars Petcare announced on Tuesday it will locate the plant on Fort Chaffee. The 250,000 square-foot facility will employ up to 200 workers and produce a line of Cesar Canine Cuisine products for small dogs. The factory should be in production by April 2009. Home sales fall statewide in September The latest report from the Arkansas Realtors Association (ARA) shows that the state's housing slump is worsening, but industry advocates argue for context in analyzing the numbers. Home sales fell 22.5 percent statewide in September compared to one year ago. There were 610 fewer units sold during the month in the markets represented by the ARA. Despite the sales decline, statewide average home prices rose 3.9 percent during the month. For the year, prices are up 1.6 percent across the state and home sales are down 8.5 percent. Ethan Nobles with the ARA noted, "We're comparing numbers to the second best year in sales in Arkansas. In essence, we're returning to a more normal market statewide." ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
