Business news briefs for 01/25/12
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Officials at U.S. Steel's Serbian operations are not commenting on press reports the Balkan nation is considering repurchasing the troubled mills. A company statement described economic conditions in the region as very difficult, adding "we are exploring all options to improve our situation." The statement mirrored what Chairman and CEO John P. Surma told analysts in October. U.S. Steel, which also owns a mill in the Slovak Republic, purchased Serbia's state-owned steelmaker in 2003 for $33 million. The European operations produced operating losses of $75 million in the first nine months of 2011, including a $50 million third quarter operating loss.
Cohera Medical Inc., with offices on the North Side, has received approval from the U.S. Food and Drug Administration to begin a multi-center clinical trial for its surgical adhesive, TissuGlu. The study will investigate the effectiveness of TissuGlu and its effect on wound drainage and associated complications in abdominoplasty surgeries.
The cost of gasoline went up 4.5 cents this week, with the average price for a gallon of regular, unleaded self-serve hitting $3.510. The national average was $3.381.
Department store operator Bon-Ton Stores Inc., based in York, Pa., has tapped Brendan L. Hoffman to serve as president and CEO, effect Feb. 7. He replaces Bud Bergren, who will become chairman of the board. Mr. Hoffman had been CEO and president of Lord & Taylor.
• AK Steel said a non-cash pension-related charge accounted for most of the $193.9 million, or $1.76 per diluted share, it lost during the fourth quarter. Sales rose 9 percent over the year-ago quarter to $1.51 billion, as shipments rose 4 percent and prices were 5 percent above year-ago levels. The West Chester, Ohio steel producer said the pension-related charge amounted in $268.1 million, or $1.50 per diluted share. In the year-ago quarter, AK Steel lost $98.3 million, or 89 cents per diluted share. For the full year, the company lost $155.6 million, or $1.41 per diluted share, on sales of $6.47 billion vs. a 2010 loss of $128.9 million, or $1.17 per share, on sales of $5.97 billion.
• Johnstown-based AmeriServ Financial Inc.'s fourth-quarter profits jumped to $1.5 million, or 7 cents per share, from $825,000, or 4 cents, the previous year. For the full year, net income was $5.2 million, or 24 cents per share, up from $121,000, or 1 cent, in 2010.
• Apollo Bancorp, parent company of Apollo Trust, said net income fell to $310,000, or 62 cents per share, in the fourth quarter from $346,000, or 63 cents, in the same period a year earlier. For the year, net income rose to $1.38 million from $1.02 million in 2010.
• II-VI, a Saxonburg-based laser and infrared optics company, reported second quarter profits of $13.2 million, or 21 cents per share, down from $19.1 million or 30 cents per share the same period last year. The company saw revenues of $126.7 million for the quarter, up 5 percent from $120.8 million in the year-ago quarter.
First Published January 25, 2012 12:00 am
