Wabtec reaffirms guidance

Wabtec Corp. said yesterday that it expected second-quarter sales of about $175 million and reaffirmed its 2003 guidance. In April, the company said it continued to expect quarterly earnings between 13 cents and 16 cents a share for each of the remaining quarters of 2003. The company also said it planned to privately place $150 million of senior notes. Proceeds from the offering will be used to repay debt and for general corporate purposes, Wabtec said.

CVS to end ephedra sales

Effective Aug. 1, CVS Corp. will stop selling all diet products containing the controversial herbal supplement ephedra. The drugstore chain, which said its decision was based in part on community pressure, follows the lead of other retailers, including Pittsburgh-based General Nutrition Centers. The state of Illinois banned ephedra sales after the supplement was linked with the death of a Major League Baseball player earlier this year.

Franklin Covey closing stores

Franklin Covey Co., which publishes planners and holds seminars to help people improve productivity, will close 40 of its 160 stores as fewer customers buy its products. The Salt Lake City company, whose co-founder Stephen R. Covey wrote "Seven Habits of Highly Effective People," plans to close and combine stores in markets where there are more than one. Specific locations haven't been decided. The company has stores at Ross Park Mall and the Mall at Robinson.

Forbes to address Venture Fair

Steve Forbes, president and chief executive officer of Forbes Inc. and editor-in-chief of Forbes magazine, will be the keynote speaker at the 3 Rivers Venture Fair in September, the Pittsburgh Venture Capital Association announced yesterday. The Venture Fair will be held Sept. 9-10 at the David L, Lawrence Convention Center, Downtown. More information can be found at www.3riversventurefair.com.

Earnings

PHSB Financial Corp., Beaver Falls, reported second-quarter net income of $665,905, or 24 cents per diluted share, vs. $725,026, or 23 cents per diluted share, a year ago.

Also in business ...

Pittsburgh-based ALung Technologies would receive $2.5 million to develop equipment to treat battlefield casualties from chemical and biological warfare under a defense appropriation bill approved this week by the U.S. House of Representatives. The bill now goes to the Senate for its consideration ... US Airways said its dividend miles can now be redeemed and earned on flights operated by Caribbean Star Airlines.