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Southwestern to spend $153 million more in Arkansas Saturday, May 10, 2008 By Roby Brock The increased state severance tax will not deter Southwestern Energy from investing more heavily in the Fayetteville Shale play. This week, the Houston-based energy company said it would up its capital investment program by $245 million to $1.7 billion for 2008. An additional $153 million will be dedicated to the company's Fayetteville Shale operations. Southwestern will use the capital investment increase to participate in approximately 520 wells in 2008, up from 475 wells. Dillard's same-store sales off Dillard's reported a 4 percent drop in same-store sales in April as the mall retailer continues to struggle in a tough economy. Dillard's overall monthly sales topped $476.8 million, down 3 percent compared to one year ago. The Little Rock-based retailer singled out sales in the home and furniture categories as "significantly below trend." Wal-Mart same-store sales rise 3.2 percent Wal-Mart reported a stronger-than-expected 3.2 percent rise in April same-store sales at its U.S. stores. Wal-Mart had previously suggested a 1 percent to 3 percent increase in those figures. The world's largest retailer posted overall sales in the month of April of $29.18 billion, up from $26.57 billion one year ago. Earlier in the week, Wal-Mart also announced plans to expand its low-priced drug program, offering certain 90-day generic prescriptions for $10. The retail giant will also now sell more than 1,000 over-the-counter medicines for $4 or less. Home sales fall in March, prices appreciate The housing market in Arkansas continued a recent trend as unit sales fell and home prices increased during March. The latest statistics from the Arkansas Realtors Association show that total units sold in March 2008 tumbled 22.8 percent statewide. Average home prices appreciated 3.2 percent during the month compared to one year ago. The average statewide price for a home equaled $153,812. State projects $94 million budget surplus Arkansas finance officials predicted that the state would end its fiscal year on June 30 with a $94.8 million budget surplus. Fiscal officers also expect a carryover of nearly $70 million from leftover, unspent funds in the state's past fiscal year. Still, budget officials anticipate a future drop in income tax and sales tax collections that will eventually lead to a $107 million shortfall next fiscal year. Lawmakers argued that Department of Finance & Administration officials are being too conservative and too pessimistic. First Security buys Union Bank of Benton First Security Bancorp announced its purchase of Union Bank of Benton for an undisclosed sum. The purchase includes all six Saline County branches of Union Bank. Privately-owned First Security has $2.35 billion in assets, 900 employees and 65 locations throughout Arkansas. Windstream profits up Windstream Corp. posted a strong first quarter despite tough economic conditions and an increasingly competitive communications environment. The Little Rock-based telecom reported net income of $124 million, a 24 percent increase from a year ago. Revenues were $812 million, up 4 percent versus the previous year's first quarter. Data growth was strong for Windstream, which added 40,000 broadband customers during the quarter, while losing 42,000 landline customers. American railcar profits lower American Railcar Industries, which has major operations in Paragould and Marmaduke, reported first quarter earnings of $10.1 million, down 25 percent from a year ago. Revenues for the Missouri-based railcar manufacturer also declined to $184 million. State & truckers partner on jobs training initiative Gov. Mike Beebe announced a pilot initiative to train displaced workers and other eligible Arkansans to qualify as truck drivers. The recruits will be trained through programs at ASU-Newport and Mid-South Community College. The program will use about $1 million of existing funds to train as many as 300 Arkansans. It will take four to five weeks for qualified applicants to go from enrollment to job placement, say state workforce officials. Starting salaries range from $35,000 to $50,000. |
