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Wal-Mart earnings rise Saturday, May 17, 2008 By Roby Brock Wal-Mart reported its first-quarter sales and earnings, and in the words of CEO Lee Scott, "We're off to a solid start." First-quarter sales for the retail giant were $94.1 billion, an increase of 10.2 percent over $85.4 billion for the first quarter of last year. Wal-Mart's net income rose 6.9 percent to $3.02 billion.<br/><br/>Same-store sales in the U.S. were up during the quarter by 3.3 percent. For the second quarter, Wal-Mart officials estimate that comparable store sales will be between flat and two percent. <br/><br/><br/><br/>Acxiom reports falling revenues, quarterly loss<br/><br/>Acxiom Corp. posted a $58.2 million fourth-quarter net loss, in large part due to restructuring charges and other one-time items. One year ago, the company reported a $5.7 million fourth-quarter profit. Revenues for the Little Rock database marketer topped $349.7 million during the quarter, down 2 percent from a year ago.<br/><br/>During the quarter, Acxiom closed offices in Little Rock and reduced its headcount, resulting in one-time charges of $74.5 million. The firm also restructured its information technology contracts to the tune of $34 million. Other miscellaneous items also reduced earnings by $6.7 million.<br/><br/>Acxiom also disclosed it is restating its financial statements for 2007, 2006 and prior years to correct its accounting related to accrued service revenue. The impact of the restatement reduced net income in 2006 by $2.4 million and $2.9 million in 2007. Accrued revenue, which is reflected in accounts receivable, will be reduced by a total of $52.2 million, according to a company release. <br/><br/><br/><br/>Alltel posts $125 million loss on buyout charges<br/><br/>Privately held Alltel reported a $124.9 million first-quarter loss, in large part due to accelerated increases in interest costs and depreciation and amortization expenses following its go-private deal. First-quarter revenues rose 11 percent to $2.3 billion for the Little Rock-based wireless company. One year ago, Alltel posted net income of $230.1 million on revenues of $2.1 billion.<br/><br/>The increase in merger-related costs included depreciation and amortization expenses that were $177.5 million higher than the previous year. An additional $17.5 million in integration and restructuring charges also occurred during the quarter.<br/><br/><br/><br/>AERT loses $1.4 million<br/><br/>Advanced Environmental Recycling Technologies Inc. posted a $1.4 million first-quarter loss, up from a $1.2 million loss one year ago. Sales for the Springdale-based maker and marketer of recycled deck products rose 31 percent to $29.4 million.<br/><br/>AERT officials blamed the loss on rising expenses related to the launch of a national sales and marketing campaign. That move drove up advertising expenses significantly during the quarter. AERT also recorded a one-time charge of $484,000 related to a write-off of assets at its Junction, Texas facility.<br/><br/><br/><br/>State unemployment declines<br/><br/>The state Department of Workforce Services reported that Arkansas' jobless rate fell two-tenths of a percent to 4.7 percent in April, its lowest rate since July 2001. One year ago, the state's unemployment rate stood at 5.3 percent. The U.S. jobless rate dropped one-tenth of a percentage point to 5 percent.<br/><br/><br/><br/>Feds close ANB financial of Bentonville<br/><br/>ANB Financial of Bentonville was closed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was named receiver. ANB had experienced a large amount of loan losses related to the construction and real estate industry in Northwest Arkansas. ANB's nine offices re-opened Monday as branches of Pulaski Bank and Trust Co., a subsidiary of Louisiana-based IberiaBank. <br/><br/> <br/><br/>Tyson foods cuts jobs in Virginia<br/><br/>Tyson Foods is eliminating about 190 jobs at its Glen Allen, Va., poultry processing plant. Overall production at the facility was not reduced. Tyson officials made the move as part of an effort to "optimize" its use of existing poultry plants. The changes will take effect in mid-June and the last day of work for the affected workers will be June 13. The positions being eliminated are in de-boning and packaging.<br/><br/><br/><br/>Superior Sewing expands in Salem<br/><br/>Superior Sewing is expanding its Salem, Ark., factory. Superior is a manufacturer of cheerleading uniforms, custom made jeans and bathing suits. The company plans to build a new multi-million dollar facility and add up to 70 or 80 new employees. Currently, Superior employs about 20 workers in Salem.<br/><br/><br/><br/>Ozark tenant backs out, new prospect on the way<br/><br/>American Spiritwear Jackets has decided not to expand operations into Ozark, which would have employed 40 to 60 workers and occupied a portion of a 75,000 sq. ft. facility there, but a new prospect may be on the way. <br/><br/>Terry Moore, president of the El Dorado Springs, Mo.-based company, said the decision to back out was not a reflection on Ozark or the city's work force, but rather it was a business opportunity that didn't come to fruition. <br/><br/>Ozark's mayor revealed that the Arkansas Economic Development Commission contacted his office regarding interest from an out-of-state furniture and bedding manufacturer. A visit is scheduled at the facility in the next two weeks.<br/><br/><br/><br/>UPS to build $12.5 million Springdale facility<br/><br/>United Parcel Service (UPS) announced it is opening a new 48,000 sq. ft. package sorting and delivery facility in Springdale, doubling the capacity of its older building. The new $12.5 million facility spans 13 acres. The new building can accommodate up to 108 delivery trucks and sort up to 8,000 packages per hour.<br/><br/><br/><br/>Southwest Hospital to close in July <br/><br/>Southwest Regional Medical Center in Little Rock will close its 79-bed acute care facility July 15. Southwest is owned by publicly-traded Health Management Associates (HMA) of Florida. HMA says the hospital, located in southwest Little Rock, had been operating at a loss. While a shut down of the facility was disclosed, further details of the ultimate fate of the hospital were not revealed. HMA said it is "evaluating various alternatives to divest" the hospital. <br/><br/><br/><br/>Mesa Air to close five locations in Arkansas<br/><br/>Air Midwest, which owns Mesa Air Group of Arizona, will discontinue all air service operations in five Arkansas cities effective June 30. Passenger service in Little Rock, Harrison, El Dorado, Jonesboro and Hot Springs will be affected. The company cited record high fuel prices, insufficient demand and a difficult operating environment as the main factors in its decision. <br/><br/><br/><br/>-------<br/><br/>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.<br/><br/><br/><br/><br/><br/><br/><br/><br/><br/> |
