Seagate posts strong quarter

Hard-drive maker Seagate Technology posted fiscal first-quarter net income of $355 million, or 64 cents a share, on sales that climbed 18 percent to $3.29 billion. Excluding items, the company earned 69 cents a share, besting Wall Street estimates by 5 cents a share. Seagate has a research facility in the Strip District.

Movie Gallery in bankruptcy

Movie Gallery Inc. filed for bankruptcy yesterday and indicated it could close additional stores. The company sought Chapter 11 bankruptcy protection after months of struggling with debt from its purchase of rival Hollywood Entertainment Corp. for $1 billion in 2005. On Sept. 25, Movie Gallery said it would close about 520 underperforming and unprofitable stores that operate under the Movie Gallery and Hollywood Video names. Stores in Ross, Lawrenceville, Aliquippa, New Brighton and Sarver were to be closed, the company said at the time.

Bon-Ton lowers expectations

York department store operator The Bon-Ton Stores does not expect to achieve its full-year fiscal 2007 earnings guidance, based on a slow start to the fall quarter. The retailer said it expected "continued softness in the retail environment will lead to intensified promotional activity throughout the remainder of the year." The company had already reduced its projections earlier this year to a range of $2.75 to $2.90.

Also in business ...

Duquesne Light Co. will close its last walk-in service center, at the company's 708 Smithfield St. headquarters, in December. The company said the move would not result in the loss of jobs, and was being done to improve efficiency ... Strip District-based sourcing technology company CombineNet laid off an undisclosed number of employees Monday. A company spokesman said fewer than a dozen of the company's approximately 105 employees were affected ... U.S. Steel will use a portion of $900 million in new loans arranged by JPMorgan Chase Bank to finance its proposed $1.1 billion acquisition of Canadian steel producer Stelco Inc. ... The average price of a gallon of regular unleaded gasoline at area pumps held steady this week at $2.811, AAA East Central reported. ... Lawrence-based Black Box said it had acquired B&C Telephone Inc., of Spokane, Wash., for an undisclosed price. B&C provides voice, data and on-site services.