Tyson Foods named Donnie Smith as its permanent chief executive officer, replacing interim chief Leland Tollett.
Smith, 50, recently headed Tyson’s Poultry and Prepared Foods. He joined Tyson Foods in 1980 after graduating from the University of Tennessee with a degree in Animal Science. He has held a number of jobs with the company during his 29-year career with Tyson. His stints include working in live poultry production, purchasing, food safety and quality, information services and logistics.
Jim Lochner, head of the company’s fresh meats division, has been named chief operating officer. Lochner, 57, is a former IBP executive with more than 25 years of industry experience. Tyson Foods acquired IBP, a beef processing company, in 2001.
Layoffs on Verizon campus
Verizon Wireless cut the work force at its Little Rock regional headquarters on Thursday, a move that has long been anticipated to create the synergies it wanted with its $28 billion buyout of Alltel.
A spokesperson for Verizon Wireless confirmed that the work force reduction was occurring but said a total number would not be released.
The job cuts included employees in finance, marketing, information technology and legal divisions. Verizon said it was ending those jobs to avoid “work force redundancies.”
The company is still hiring for certain positions related to its call center and customer support operations in Arkansas.
Dillard’s turns $8 million quarterly profit
Belt tightening at Dillard’s resulted in lower sales and fewer stores, but more importantly greater profitability. The Little Rock-based mall retailer reported third-quarter net income of $8 million compared to a net loss of $56 million one year ago. The company was boosted by a $10.6 million income tax benefit during the quarter.
Last year, Dillard’s was dealing with impairment costs related to store closings and hurricane-related expenses. Revenue for Dillard’s was $1.36 billion in this year’s third quarter versus $1.51 billion one year ago. Total sales declined 11 percent during the quarter, while same store sales averaged 9 percent lower.
First Federal posts $23 million loss
First Federal Bancshares of Harrison reported a third quarter loss of $23.4 million compared to a $218,000 profit one year ago. The savings and loan thrift blamed its woes on problem real estate loans in Northwest Arkansas that resulted in the company boosting its loan loss reserves by more than $30 million during the quarter.
“Our results are disappointing and continue to reflect the difficult and turbulent operating environment for banks in general and the economy as a whole,” said First Federal CEO Larry Brandt.
Arvest Bank raising capital, eyeing acquisitions
Arvest Bank recently injected $105 million into its already well-capitalized coffers and company leaders say the bank is positioned to act quickly on acquisition opportunities.
“We have always been well capitalized and plan to stay there. But given the troubled economy in our markets and nationwide, we feel regulators are more confident in banks with higher than normal levels of capital,” said David Short, president of Arvest Bank Bentonville.
Simmons First closes public offering
Simmons First National Corp. closed its recent public offering raising $64.9 million in new common stock. Minus expenses and commissions, the Pine Bluff-based bank holding company will net about $61.4 million. Simmons said it would use the money for potential acquisitions of troubled banks or for other corporate purposes.
Car-Mart posts another strong quarter
America’s Car-Mart posted another quarter of strong gains in revenue and profit. The Bentonville-based used car retailer reported second-quarter earnings of $6.3 million on revenue of $82.6 million. One year ago, Car-Mart earned $3.9 million in profit on revenue of $72 million.
State home sales up in September
Home sales in Arkansas bounced 9.8 percent higher during the month of September compared to one year ago. The Arkansas Realtors Association reported that 2,298 units were sold during September 2009 compared to 2,092 in September 2008.
Among the top five performing markets in terms of sales volume, Pulaski County home sales jumped 7.1 percent for the month, followed by Benton (-4.2 percent), Washington (+35.7 percent), Faulkner (up 43.4 percent) and Saline (up 20.8 percent) counties.
Average statewide home prices declined 5 percent.
Arkansas unemployment leaps in October
Arkansas’ unemployment rate jumped five-tenths of a percentage point in October to 7.6 percent. September’s state jobless rate was 7.1 percent and one year ago, unemployment in Arkansas stood at 5.4 percent. The U.S. jobless rate pushed higher to 10.2 percent.
Unemployment in Arkansas is at its highest level since September 1988, according to the latest report from the state’s Department of Workforce Services.
St. Vincent Health, Walmart partner on health clinics
Walmart and St. Vincent Health System partnered to locate an in-store health clinic in a west Little Rock Walmart store. It is the fourth clinic that Walmart has launched in state, but the first with St. Vincent.
The clinic will be staffed with St. Vincent physicians and prices for procedures are posted on the wall. The clinic will handle minor medical problems such as flu shots, check-ups and treatment of minor injuries.
Peter Banko, CEO of Little Rock-based St. Vincent, said that more in-store clinics are planned within his hospital’s footprint, including locations in Bryant, Sherwood and Maumelle.
