Last Monday, Springdale-based Tyson Foods reported earnings of $76 million on sales of $8.3 billion. In last year’s third quarter, Tyson Foods reported profits of $196 million on revenue of $8.25 billion. The company also took a $167 million one-time charge for the early extinguishment of debt.
Tyson saw improvement in its chicken and prepared foods segments. CEO Donnie Smith said that drought conditions impacted its beef and pork segments and he warned that it could "pressure earnings" later in the year.
Dillard’s net income rises in second quarter
Dillard’s Department Stores nearly doubled its second quarter profit in route to another stellar quarter of financial performance. The Little Rock-based mall and online retailer reported second quarter 2012 net income of $31 million on revenue of $1.525 billion. One year ago, Dillard’s reported net income of $17.6 million on sales and income of $1.476 billion. The company also posted a 3 percent gain in same-store sales in the quarter ended July 31.
Reorganizaiton costs affect Windstream earnings
Windstream Corp. posted higher revenues and lower profits from a year ago as the Little Rock-based telecom and broadband provider continued its metamorphosis from a traditional landline carrier.
Windstream reported second-quarter net income of $54.2 million on revenues of $1.538 billion. One year ago, the company reported $96.7 million on revenues of $1.03 billion in the second quarter. Nearly $30 million in quarterly costs were attributed to merger, integration and restructuring expenses.
Windstream announced earlier this year that it would trim its management ranks by up to 400 workers, a move that could eventually save $40 million annually. The reorganization is expected to be complete in the third quarter, the company said.
Drought assistance not just for farmers
The extreme drought conditions Arkansas has been experiencing have led to a federal disaster declaration that could help the state’s farmers. Other businesses may also qualify for assistance, says the U.S. Small Business Administration (SBA).
SBA officials say any businesses that have been impacted by heat and drought conditions should consider applying for Economic Injury Disaster Loans (EIDL). These are direct loans from SBA at a 4 percent interest rate for terms up to 30 years and amounts up to $2 million. Also, existing SBA loan holders may qualify for deferring payments while seeking an SBA EIDL loan or until cash flow is back to necessary levels.
Businesses that may qualify include companies doing business with farmers and ranchers, timber harvesters, marinas, tour guides, fireworks stands, and industrial operators affected by scarce water resources.
Google, ASBTDC partner to offer small business website services
For the next year, Google is providing free website and free web training resources for small business owners in Arkansas. Google and the Arkansas Small Business and Technology Development Center (ASBTDC) are partnering on the project known as ArkansasGetOnline.com.
According to statistics provided by Google, 60% of small businesses in Arkansas do not have an online presence. As many as 97% of Americans go online to look for local products and services. For an entire year, participating Arkansas businesses can go to www.ArkansasGetOnline.com to get a free website as well as free tools, training and resources.
PSC puts conditions on Entergy move to MISO
The Arkansas Public Service Commission issued a report late last week that enumerates more than a dozen concerns regarding Entergy Arkansas’ potential move to regional transmission coordinator, Midwest Indpendent System Operator.
The finding says that Entergy Arkansas "has not filled out certain qualitative conditions required by the commission," which has been meeting for more than a year to study the possible move. It also concluded that the potential partnership was not "in the public interest," although the PSC said that if conditions are met it could grant conditional approval.
Entergy Arkansas wants to join MISO’s transmission operations group to coordinate its electricity purchases and deliveries. MISO, headquartered in Carmel, Ind., coordinates electricity movement across an 11-state grid.