Let's drink to the future

Pittsburgh Brewing could end its 16-month stay in bankruptcy June 5, when a federal judge considers an amended reorganization plan filed this week by investors led by Connecticut businessman John Milne. U.S. Bankruptcy Court Chief Judge M. Bruce McCullough also approved an additional $250,000 in financing the brewery needs to maintain operations until Mr. Milne's group takes ownership. The plan was submitted after Mr. Milne's group struck a deal with the Pittsburgh Water and Sewer Authority, the secured creditor who precipitated the bankruptcy by threatening to terminate service over $2.6 million in unpaid bills.

Ansys posts strong quarter

Ansys Inc. yesterday raised its earnings outlook for the fiscal year after reporting first-quarter results that beat Wall Street's expectations. The Cecil-based engineering and software maker said it earned $16.2 million, or 40 cents per diluted share, on sales of $87.9 million, vs. $12.9 million, or 38 cents, on sales of $46 million a year ago. Results for the most recent quarter include a stock-based compensation charge of about $2.2 million, or 4 cents a share. Analysts had forecast earnings of 32 cents a share on sales of $86.9 million. The company now says it expects to earn between $1.46 and $1.53 per share on sales of $363 million to $366 million.

Can you dig this hot line?

The Federal Communications Commission has designated 811 as a national hot line for property owners who plan a landscaping or construction project. In Pennsylvania, the number will redirect residents to the Pennsylvania One Call system, which then will alert utility companies that may have underground lines on the site. State law requires advance notification of three business days to Pennsylvania One Call before a project can begin.

Job fair for Sony employees

The Sony Technology Center in Mount Pleasant today will host a job fair for Sony employees who have been laid off or will be laid off as the company shifts television production to Mexico. The Westmoreland/Fayette Workforce Investment Board is sponsoring the fair, which will be held from 10 a.m. to 4 p.m. A Sony spokesman yesterday said about 800 workers would be laid off as a result of the shift of production of rear-projection television sets to Mexico. In March, Sony said as many as 900 would lose their jobs as a result of the move.

Mylan to market cancer drug

Mylan Laboratories said it received tentative approval from the Food and Drug Administration to market Letrozole, the generic version of Novartis AG's Femara tablets. The drug is used in the treatment of breast cancer. The tentative approval covers the 2.5 milligram dose.

FirstEnergy profits jump

FirstEnergy Corp. said first-quarter net income rose 31 percent, helped by higher retail sales and reduced costs. Earnings totaled $290 million, or 92 cents per share, up from $221 million, or 67 cents, a year ago. Results for the most recent quarter include a 5-cent-per-share gain from new regulatory assets authorized by the Pennsylvania Public Utility Commission and a 1-cent charge related to the impairment of securities held in trust for future nuclear decommissioning activities. Analysts polled by Thomson Financial expected net income of 83 cents per share. Revenue climbed 10 percent to $2.97 billion.

Dutch grocer selling unit

Dutch supermarket owner Royal Ahold has agreed to sell distributor U.S. Foodservice to a consortium of private equity firms for $7.1 billion. The sale cuts ties between Ahold and the subsidiary whose accounting scandal caused it to overstate earnings by around $1 billion from 1999 through 2002. The transaction with Clayton, Dubilier & Rice Fund VII LP and Kohlberg Kravis Roberts & Co. is expected to close in the second half of 2007. The foodservice division operates a number of facilities, including a distribution center in Greensburg.