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Cargill will not rebuild Booneville plant Sunday, May 4, 2008 By Roby Brock Cargill will not rebuild a beef processing plant in Booneville that was destroyed in a recent fire. Nearly 800 workers were displaced by the fire, which occurred in late March. Cargill officials cited concerns about the length of time it would take to rebulid the plant - 22 months - versus immediately moving production to other facilities. Tyson Foods loses money in second quarter Tyson Foods reported a net loss of $5 million for its second fiscal quarter ended March 29. A year ago, the Springdale-based meat giant posted profits of $68 million. Tyson's said $47 million of charges were related to plant closings during the quarter. Second-quarter sales were $6.6 billion, compared to $6.5 billion for the same period last year. Chesapeake posts quarterly loss Chesapeake Energy reported a first quarter net loss of $143 million, compared to a $232 million profit one year ago. A one-time charge related to hedge fund futures was responsible for the reversal of profitability, the company said. Chesapeake also announced plans to sell its remaining Arkoma Basin Woodford shale properties for an anticipated $1.5 billion. Chesapeake's revenues rose to $1.61 billion from $1.58 billion. Murphy Oil profits more than triple Murphy Oil Corp. announced that net income in the first quarter of 2008 was $409.0 million compared to net income of $110.6 million in the first quarter of 2007. Nearly $40 million was attributed to a one-time after-tax gain. The profit windfall was aided by escalating higher crude oil sales prices and sales volumes, which led to improved earnings in the company's exploration and production business. First quarter revenues for the El Dorado-based oil and gas company topped $6.5 billion versus $3.4 billion one year ago. P.A.M. Transportation loses $2.8 million P.A.M. Transportation Services reported a net loss of $2.8 million for the quarter ended March 31, 2008. One year ago, the Tontitown-based trucking firm posted a $1.2 million profit. P.A.M.'s revenues were $105.8 million for the quarter, up 7.1 percent from the previous year's first quarter. "The results for the current quarter are humbling, and are reflective of the continued economic weakness in truckload freight demand and upward volatility of fuel," company president Bob Weaver said. Racing Commission OKs 24-hour weekend gambling at Southland The Arkansas Racing Commission approved Southland Greyhound Park's request to expand its hours of operations to 24 hours a day on the weekends. In a unanimous vote, commissioners voted to approve a regulation that would allow Southland's electronic games of skill (EGS) section to operate on Monday through Thursday from 8 a.m. to 4 a.m., and from 8 a.m. Friday through 4 a.m. Monday. Southland officials say they will implement the new hours beginning May 12, 2008. Since their launch in November 2006, electronic games of skill at Southland in West Memphis have generated more than $295.7 million in new gambling revenues. In February, the most recent month reported, EGS revenues topped $29.1 million. |
