Matrix Nightclub Inc. at Station Square and Sports Rock Cafe Inc. in the Strip District, have filed for Chapter 11 bankruptcy reorganization protection in U.S. bankruptcy court in the Western District of Pennsylvania. Thomas Jayson is listed as president of both, according to the court filings. Matrix listed assets of less than $50,000 and liabilities between $100,001 and $500,000. Sports Rock listed assets between $10,001 and $100,000 with liabilities between $100,001 and $1 million. An attorney for Mr. Jayson said both clubs remained open for business.
Cochran plans second local Infiniti dealership
#1 Cochran said yesterday that it would open its second exclusive Infiniti dealership, this one in the South Hills. The first is in Monroeville. The dealership will open Sept. 1 across West Liberty Avenue from #1 Cochran's Hyundai dealership, and the cars will be serviced at the company's nearby Nissan facility. Infiniti is Nissan's luxury division. "There is no other auto retailer expanding its footprint like we are, and we continue to see opportunity in this economic downturn," said Rob Cochran, CEO of #1 Cochran.
Atlas Energy reports quarterly earnings drop
Atlas Energy Resources said yesterday that second-quarter profit declined 68 percent and missed analyst expectations. Earnings were $12.2 million, or 19 cents per share, compared with $38.4 million, or 57 cents per share, last year. Analysts expected 31 cents per share, on average. Revenue fell 33 percent to $146.2 million, from $217.6 million a year ago. Analysts expected $184.4 million. Atlas raised its estimate of its potential gross reserves in the Marcellus Shale to 9.125 trillion cubic feet of natural gas equivalents, up from an earlier forecast.
McDonald's reports new offerings lift sales
McDonald's Corp. said yesterday that same-store sales climbed 4.3 percent in July, as the nation's biggest hamburger chain benefited from budget-conscious consumers during the recession. The company said new products, including McCafe espresso-based coffee, helped sales.
WesBanco revises 2nd-quarter results
WesBanco Inc. yesterday announced revised second-quarter earnings, updating its report of July 22. The company said the revise was necessary after it received an updated appraisal of the value of a commercial real estate loan. Revised net income for the second quarter and six months ended June 30 was $5.7 million and $11.2 million, respectively, or 18 cents and 34 cents per share.
Also in business ...
C. Scott O'Hara, head of the H.J. Heinz Co.'s North American operation, has been named to the board of Ecolab Inc., a food safety and infection prevention company in St. Paul, Minn. ... Bookseller Barnes & Noble said it would buy the privately held Barnes & Noble College Booksellers from its chairman in a deal worth $596 million, a move that will reunite its brand and eliminate annual royalty payments for online textbook sales. ... Mylan Inc. said it received government approval to market the generic version of GlaxoSmithKline's migraine treatment Imitrex. Shipments will begin immediately, the company said. ... Dish Network reported second-quarter earnings of $63.4 million, or 14 cents per share, down from $335.9 million, or 73 cents per share, last year. Analysts forecast profit of 67 cents per share.