Business news briefs: HHS-Heritage Valley contract

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HHS-Heritage Valley contract

Highmark Inc.'s insurance division, Highmark Health Services, has agreed to a multiyear contract with Heritage Valley Health System, meaning Highmark customers will have continued in-network access to Heritage Valley Beaver and Heritage Valley Sewickley hospitals, as well as affiliated doctors.

Price index inches forward

The consumer price index rose a seasonally adjusted 0.2 percent in September, the Labor Department said Wednesday. In the past year, consumer prices have increased 1.2 percent. That's the smallest 12-month gain since April.

New Nook to be released

Barnes & Noble Inc. is releasing a new e-reader, the $119 Nook GlowLight, for the holidays. The move comes as research firm IDC says the market for dedicated electronic-book readers is declining in favor of tablets.

Earnings

* Education Management Corp. on Wednesday reported a net loss of $9.5 million, or 8 cents per diluted share, for the first quarter that ended Sept. 30. In the same quarter last year, the Downtown-based for-profit higher education provider posted a loss of $13 million, or 11 cents a share. Net revenue dropped by 4.8 percent to $580.4 million from $609.6 million for the same quarter last year.

EDMC also reported an average enrollment of 116,790 students across its four university systems for the quarter, a decline of 9.3 percent from last year when it had an average enrollment of 128,710 students.

* WVS Financial, parent company of West View Savings Bank, said profit for the three months ended Sept. 30 sunk 45 percent, to $210,000 from $385,000 a year earlier as net interest income, essentially profit on loans, fell 15 percent to $1.1 million. Earnings per share were 10 cents, down from 19 cents.

* Range Resources Corp. reported net income of $19 million, or 12 cents per share, for the third quarter, a swing from its loss of $54 million, or 34 cents per share, during the same period last year. The Texas-based oil and gas firm whose regional headquarters is in Southpointe reported revenue of $442 million for the quarter. Range told investors Wednesday that its southwestern Pennsylvania acreage lies at the heart of the richest Marcellus and Upper Devonian shale spots, and sits on top of a large reserve of Utica Shale gas. The company plans to drill a Utica well in Washington County next year.

* Comcast Corp. on Tuesday posted a drop in third-quarter earnings. The Philadelphia company reported net income fell 18 percent to $1.73 billion, or 65 cents per share. Revenue dropped 2 percent to $16.15 billion.

From staff and wire reports


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