Nova posts positive surprise

Nova Chemicals Corp., based in Calgary with headquarters in Moon, posted a slimmer third-quarter loss despite hefty restructuring charges, as sales jumped 25 percent and the company trimmed costs. Losses narrowed to $25 million, or 30 cents a share, from $105 million, or $1.28 a share, a year ago, while revenue rose 25 percent to $1.71 billion. The recent period included charges of $103 million, or $1.25 per share, for closing a joint venture site, North American restructuring costs and other items; excluding those costs, per-share results beat estimates. Chief Executive Officer Jeffrey Lipton expects robust results to continue in its core olefins/polyolefins business, which earned $123 million vs. $26 million a year ago.

Ampco-Pittsburgh's profits up

Strong demand from metals producers for rolling mill rolls resulted in a threefold increase in third quarter profits on a 40 percent increase in sales for Ampco-Pittsburgh. Net income totaled $6.6 million, or 67 cents per diluted share, on sales of $79.1 million, vs earnings of $2.1 million, or 21 cents per diluted share, and sales of $56.6 million in the year-ago quarter. The 2005 results reflected a $2.3 million insurance payment from flooding at the company's Carnegie plant in 2004.

Health care costs soar

Health care premiums rose an estimated 5.7 times faster than earnings for Pennsylvania's working families from 2000 to 2006, according to a report issued yesterday by the Washington, D.C.-based consumer group Families USA. Health care premiums rose by 75.6 percent during the period while median earnings rose by only 13.3 percent, the group said, citing data from the U.S. Census Bureau and other federal sources.

West Penn seeks refinancing

West Penn Allegheny Health System is trying to refinance $700 million in bond debt, a move that could reduce debt payments at a time when the health system is trying to spend more on capital improvements. "With our current debt structures and its associated high costs, we have a responsibility to evaluate potential opportunities to reduce our debt service," said spokesman Tom Chakurda. "We've improved our financial position to a point where refinancing our debt is a realistic option for us."

Refinery upgrade put on hold

United Refining Co. in Warren has delayed plans for a $450 million upgrade of its refinery. Volatility in world oil markets and difficulties in putting together a financing package prompted the delay in plans for a new coker, according to officials of the 65,000-barrel-a-day refinery, which produces gas and diesel fuel sold at Kwik Fills, Country Fairs and other gas stations and convenience stores in northwestern Pennsylvania and western New York.

Rite Aid says no to merger delay

Camp Hill-based Rite Aid Corp. yesterday said it has rejected a call by a labor-affiliated group to put off a shareholder vote on the $2.55 billion purchase of Eckerd and Brooks stores until after a regulatory review is complete. The nation's third-largest drugstore chain has said the acquisition of the mostly East Coast stores is critical to its ability to compete with the rapidly expanding CVS Corp. and Walgreen Co. chains. CtW Investment Group, in a letter to Rite Aid Chairman Robert Miller, said a vote should occur only after shareholders know how the regulatory review affects the value of the deal.

59 million ways to say bye-bye

Tom Freston, ousted as CEO of Viacom Inc. last month, will receive severance payments of $58.9 million, the media company disclosed in a regulatory filing. Mr. Freston also reached a deal with Viacom to serve as an advisor to the company for the next three years, for which he will receive an additional $1 million per year, an arrangement he can cancel with two week's notice. Mr. Freston's ouster in early September came as a surprise and appeared to signal a move by Viacom's controlling shareholder, Sumner Redstone, to reassert his influence on the company. Mr. Freston was a key architect of the runaway success of MTV, Viacom's signature property, but his efforts to win over investors were seen as coming up short.

IPods apple of Apple's eye

Apple Computer Inc. yesterday said its fiscal fourth-quarter profit rose 27 percent, well past analyst expectations, boosted by sizzling sales of its iPod music players and Macintosh computers. Apple earned $546 million in the quarter ended Sept. 30, or 62 cents per share. That compared with net income of $430 million, 50 cents per share, in the same period last year. Revenue for the quarter totaled $4.84 billion, a 32 percent jump from $3.68 billion last year. The average estimate by analysts was for earnings of 51 cents per share on sales of $4.66 billion, according to Thomson Financial.

Also in business ...

Steve & Barry's University Sportswear plans to open a new 24,000-square-foot store in Fort Steuben Mall, in Steubenville, Ohio, in the fourth quarter. ... Bayer said it expects to restart production in January at a plant in Baytown, Texas, where an explosion occurred last month. The company said 22 people were injured in the explosion at the Bayer MaterialScience facility ... Aided by increased fee revenue, Indiana, Pa.-based S&T Bancorp said its third-quarter profit rose 2.1 percent to $14.7 million, or 57 cents a share, vs. $14.4 million, or 54 cents per share, a year ago. ... Equitable Resources Inc. declared a quarterly cash dividend of 22 cents per share, payable Dec. 1 to shareholders of record on Nov. 10. ... Fidelity Bancorp Inc., the holding company for Fidelity Bank, declared a quarterly cash dividend of 14 cents per share, payable Nov. 30 to stockholders of record Nov. 15.