FAB Universal, a Shadyside-based digital media and entertainment company, announced second quarter net income of $5.7 million, or 28 cents per share, up from a net loss of $300,000, or 6 cents per share, the same period last year. Company revenue for the quarter jumped to $25.9 million, a 14.6 percent increase from $900,000 the same period last year. CEO Chris Spencer credited the strong quarter to gains in the company's digital segment, particularly its Intelligent Media Kiosk business.
Changes for Priority Mail
The U.S. Postal Service is revamping its priority mail program to better compete with rivals FedEx and UPS in the increasingly lucrative area of shipping products purchased from online retailers. The agency is now offering free online tracking for priority mail shipments, free insurance and date-specific delivery. Postal officials said Wednesday they expect the changes to generate more than $500 million in new annual revenue. The changes are effective immediately.
Auto recall search required
Federal regulators said Wednesday that they will require automakers to provide a free, online means of searching for recall information by punching in vehicle identification numbers by Aug. 14, 2014. Detroit's three automakers -- General Motors, Ford and Chrysler -- already offer such a service, but theirs will be linked along with others' via a Web portal on the National Highway Traffic Safety Administration's site, Safercar.gov.
Wholesale prices stay flat
The Labor Department reported Wednesday that wholesale prices showed no change last month compared with June, when they rose 0.8 percent. That was the most in nine months. Energy costs fell 0.2 percent, after June's 2.9 percent surge. Excluding volatile food and energy costs, so-called core prices rose just 0.1 percent.
Steinway agrees to sale
Steinway has been sold for about $499 million and will again become a private company. The company struck a deal with Paulson & Co., the investment firm founded by John Paulson, for $40 per share. That topped an earlier $35 per-share offer from Kohlberg & Co. Steinway will discard its sales agreement with Kohlberg and pay a termination penalty of about $6.7 million. The deal is expected to close in late September.
Strike is on at Hyundai, Kia
Hyundai and Kia workers agreed to strike for a second straight year to demand higher wages. The strike may begin as soon as Aug. 20. Seoul-based Hyundai workers have gone on strike in 22 of the past 26 years.
-- From staff and wire reportsbusinessnews