Business Today

DYNEGY HIRES CEO: Dynegy Inc., whose shares have plunged 98 percent this year as the energy trading business collapsed, hired Duke Energy's Bruce Williamson as chief executive as it tries to restore investor confidence. Williamson, 43, also joins Dynegy's board. Dynegy founder and CEO Charles Watson, who last year tried to buy rival Enron Corp., resigned in May after his company revealed it had engaged in sham energy trades. Dynegy has since quit trading and last month agreed to pay $3-million to settle fraud charges with the Securities and Exchange Commission.

UNITED CUTTING MORE COSTS: United Airlines said it will stop flying to four international cities and strengthened its application to the government for $1.8-billion federal loan guarantee with drastically increased cost-saving measures. It was United's second round of cost cuts this week as it battles to avoid bankruptcy. The airline continues negotiating with its unions on the most critical element of its emergency overhaul plan: $5.8-billion in labor cost cuts. United will stop flying in January to Caracas, Venezuela; Santiago, Chile; Dusseldorf, Germany; and Milan, Italy, and switch to smaller aircraft on seven overseas routes. United has nine daily departures at Tampa International Airport.

VIVENDI DIVIDING PUBLISHING ASSETS: Vivendi Universal plans to sell its European and Latin American publishing businesses to French media and defense conglomerate Lagardere SCA, raising badly needed cash to reduce debt. The sale would mark the breakup of Vivendi Universal Publishing's U.S. and European divisions. Vivendi did not disclose the price of the deal, but said it values the businesses being sold at an estimated $1.22-billion. The deal does not include U.S. publisher Houghton Mifflin. Vivendi plans to restart negotiations to sell the publisher separately.

CITIGROUP CHIEF TO BE QUESTIONED: Citigroup chairman and chief executive Sanford I. Weill has offered to meet with investigators from New York Attorney General Eliot Spitzer's office as part of the investigation into Citigroup research practices, a Spitzer aide said. Spokeswoman Juanita Scarlett said Weill isn't a target of the investigation and no meeting has been scheduled. Spitzer is investigating Citigroup's Solomon unit's rating on AT&T, including an analyst's upgrade as the telephone giant was planning a massive stock sale to finance its wireless unit.

TECO COMPLETES STOCK OFFERING: TECO Energy Inc. said it completed an offering of 17-million common shares and an over-allotment of 2.4-million shares that the offering's underwriters exercised their option to purchase. The offering, which was priced at $11 a share, reaped about $207-million in net proceeds that will be used to pay down short-term debt. It is part of the Tampa utility's financial plan to protect its earnings next year from further deterioration due to troubles at its wholesale power business. Morgan Stanley was the lead manager of the offering. Since October 2001, TECO has issued more than 38-million new shares of common stock. The dilution from the share offerings has hurt its earnings-per-share growth in 2002 and is projected to do so again in 2003. TECO shares closed at $13.45, up 49 cents, or 3.8 percent.

DAIMLERCHRYSLER BEATS ANALYSTS' EXPECTATIONS: Boosted by strong results from its Chrysler arm, DaimlerChrysler AG posted better-than-expected operating profits for the third quarter. DaimlerChrysler, based in Stuttgart, Germany, and Auburn Hills, Mich., said its profit dropped 22 percent from the year-ago quarter. But its operating earnings beat analysts' expectations despite tough market conditions. A turnaround program at Chrysler helped it contribute $321-million in operating profits.

RAYMOND JAMES BANK EARNINGS SLIP: Raymond James Bank of St. Petersburg said core net income for its fiscal year ended Sept. 30 fell 3 percent to $4.1-million from $4.2-million last year. The bank, a subsidiary of Raymond James Financial, said its interest margins were hurt by falling interest rates. The lower rates, however, spurred a 24 percent increase in the bank's loan portfolio for the year. Both deposits and assets rose 3 percent.

GROUP NAMES HONOREE: Plano Valdes, a retired Tampa Electric Co. executive, was named international businessperson of the year by the Tampa Bay Women in International Trade. Valdes was cited for acting as a mentor for international business professionals and helping faculty at the University of Tampa's Sykes College of Business instruct graduate students in international management.

TREASURY AUCTION Yields on two-year Treasury notes rose in Wednesday's auction to the highest level in two months. The yield was 2.140 percent, up from 1.960 percent at the last auction on Sept. 25. The notes will carry a coupon interest rate of 21/8 percent. A total of $27-billion in notes were sold out of bids totaling $45.7-billion.

Earnings

Global Imaging Systems Inc.

The Tampa office equipment distributor saw earnings rise 32 percent during the quarter ended Sept. 30. But earnings per share rose 11 percent, primarily because of dilution from a February stock offering. All of the 8 percent in revenue growth came from acquisitions. Global made three acquisitions during the quarter.

Cryo-Cell International Inc.

The Clearwater stem cell storage company reported a loss in its quarter ended Aug. 31 despite revenues growing 34 percent. The loss included a $400,000 charge to write down outdated equipment the company will abandon, $182,000 in legal settlement charges and reserves taken to cover potential bad debts. The company said in an SEC filing that its European affiliate is in default on a license agreement and Cryo-Cell is owed $293,000. The affiliate said it stopped paying because Cryo-Cell did not uphold its end of the deal.

Nicholas Financial Inc.

The Clearwater car finance company said net income in its fiscal quarter ended Sept. 30 increased 14 percent compared with the same quarter last year as the company began expanding into Ohio, its fourth state.

Xerox Corp.

The world's largest copier company rebounded to a profit in the quarter ended Sept. 30 as it cut 1,600 jobs to help make up for a 10th straight quarter of falling sales.

Lucent Technologies Inc.

The struggling maker of telecommunications gear narrowed its loss in the fiscal quarter ended Sept. 30 as it continued to slash its work force and expenses to offset sharply lower revenues as a severe industry decline drags on.

Peoples Florida Banking Corp.

The Palm Harbor parent of Peoples Bank reported a 57 percent increase in net income for the quarter ended Sept. 30. Assets rose 20 percent to $203-million.

Royal Caribbean Cruises Ltd.

The Miami cruise line's earnings increased 22 percent in the quarter ended Sept. 30 as it cut costs, and the cruise industry began to bounce back after last year's terrorist attacks.

AirTran Holdings Inc.

The Orlando low-cost airline posted a profit in the quarter ended Sept. 30 because it flew more passengers and reduced costs.

Florida Banks Inc.

The Jacksonville bank holding company reported a 185 percent increase in net income for the quarter ended Sept. 30. Assets were up 45 percent from a year ago to $681.9-million.

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