By Roby Brock
Tyson Foods reported a $455 million quarterly loss despite all of its segments operating profitably. The Springdale-based meat giant took a $560 million goodwill charge on its beef division, blaming a “deterioration of economic conditions.”
One year ago, Tyson Foods posted a $48 million profit. Revenue was up slightly at $7.21 billion compared to $7.2 billion in last year’s comparable quarter.
For the full fiscal year, the company reported a $537 million loss on revenue of $26.7 billion. One year ago, Tyson Foods posted an $86 million profit on revenue of $26.9 billion.
FCC chair pushes broadband
Federal Communications Commission Chairman Julius Genachowski was in Little Rock on Tuesday discussing broadband access, an issue he called “the great infrastructure challenge of our time.”
“Broadband is to us what railroads, electricity, highways and telephones were to previous generations: A platform for commerce, a platform for economic competitiveness, for helping address major national challenges like education and health care, for connecting people with each other,” Genachowski said.
He noted that nearly $7 billion had been earmarked in federal stimulus funds for broadband expansion and said that a longer-term national plan was under development.
Windstream moving stock to NASDAQ exchange
Windstream Corp. announced that it will voluntarily move its stock exchange listing to the NASDAQ Global Select Market from the New York Stock Exchange. The move will take place effective Dec. 10, 2009. Windstream stock will continue to trade under the “WIN” ticker symbol after the move.
Windstream to acquire Iowa Telecom
Windstream Corp. entered into a definitive agreement to acquire Iowa Telecommunications Services, Inc., based in Newton, Iowa, in a transaction valued at approximately $1.1 billion. The deal, Windstream’s fourth telecom acquisition in the last year, is expected to close in mid-2010 pending regulatory approval.
Iowa Telecom has approximately 800 employees. In making the acquisition announcement, company officials said they expected to achieve about $35 million in annual savings from the merger.
Garver adds Florida firm to group
Garver, LLC, the North Little Rock-based engineering firm, has opened its 11th office, this one in Destin, Florida. Garver joined with Destin, Fla. firm Jenkins Engineering, Inc. to provide full-service engineering services in Florida.
The new office will be staffed by eight professionals and will specialize in civil engineering, transportation design, water and wastewater engineering, planning and permitting, construction and inspection management, and surveying. Garver has offices in Alabama, Arkansas, Florida, Mississippi, Oklahoma, Tennessee and Texas.
LaBarge contract to add 25 jobs in Arkansas
LaBarge, Inc. secured a new $7.3 million contract with Raytheon Missile Systems, an agreement that will add jobs in Arkansas.
LaBarge will build complex wiring harnesses for an Army-based weapons system at its Berryville, Arkansas plant. A spokesperson for LaBarge said that 25 new jobs will be added to the company’s northwest Arkansas facility.
Lottery scholarship amounts predicted
House Speaker Robbie Wills told a legislative oversight committee that he expects scholarship amounts to be $5,000 for four-year colleges and $2,500 for two-year schools.
In its fiscal session next year, the Legislature will set the amounts of scholarships funded from proceeds of the state lottery that began selling tickets in September. The first scholarships are to be awarded for the fall of 2010.
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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.
