Business Today

HILLSBOROUGH HOTEL TAX RECEIPTS RISE: Quarterly hotel bed tax receipts in Hillsborough County in late 2002 increased for the first time since the Sept. 11 terrorist attacks, the Tampa Bay Convention and Visitors Bureau reported. Receipts from the 5 percent tax were $3.34-million for September through November, up 11.3 percent from the same period in 2001.

JOBLESS CLAIMS FALL: The number of U.S. workers filing new claims for state unemployment benefits fell to the lowest in six weeks, suggesting the weakness in the job market is ebbing. Initial jobless claims decreased to 360,000 in the week that ended Saturday from a revised 392,000 the prior week, the Labor Department said.

FEDERATED TO CLOSE STORES: Federated Department Stores Inc. plans to close 11 stores and cut nearly 2,000 jobs this year as it expects its fiscal 2003 sales and earnings will be flat. The Cincinnati retailer said it will consolidate its Rich's and Macy's department stores in the Atlanta area, resulting in the closing of seven Macy's stores in April and the elimination of 1,500 jobs. Federated's Burdines stores in Florida are not affected.

NEWSPAPERS TO COOPERATE: The Washington Post and Dow Jones & Co., publisher of the Wall Street Journal, have struck a deal for Post stories to appear in the European and Asian versions of the Journal beginning within the month, the Post said. The Post has been seeking increased foreign distribution of its journalism since the New York Times bought out the Post's stake in the International Herald Tribune, the Paris newspaper co-owned by the Post and the Times since 1991.

FLORIDA OIL TERMINALS SOLD: El Paso Corp. has sold its Florida oil terminals to TransMontaigne Inc., including a 1-million-barrel tank farm at Port Manatee. El Paso sold the five terminals for about $155-million. It acquired them through its merger with the Coastal Corp. in 2001. TransMontaigne, based in Denver, operates a fuel terminal at the Port of Tampa.

GOODYEAR TO CUT JOBS: Goodyear Tire & Rubber Co. will eliminate 700 salaried jobs to trim costs, the world's largest tiremaker said. Nearly 500 positions will be eliminated through layoffs by March 31. Another 200 positions have been left vacant through attrition since Oct. 1.

MCDONALD'S CHIEF OUTLINES PLANS: McDonald's chief executive Jim Cantalupo, in his first remarks since taking over the chain Jan. 1, said the company will pull back further on expansion and close an unidentified number of struggling restaurants. But he told analysts he remains committed to growth and doesn't see mass closings as a way to pull the world's largest restaurant company out of its slump.

RAND MCNALLY READIES BANKRUPTCY: Mapmaking giant Rand McNally & Co. announced plans to reduce debt by reorganizing under the federal bankruptcy code. The company says it hopes to file a "prepackaged Chapter 11," in which creditors agree in advance to the reorganization plan, in February and emerge from bankruptcy protection in as little as 60 days.

Earnings

Catalina Marketing Corp. The St. Petersburg electronic coupon distributor reported increased revenues for its fiscal quarter ended Dec. 31, but said the results missed its target. The company said earnings were slightly lower but in line with expectations.

Delta Air Lines Inc.: Losses narrowed by more than half as costs fell and December holiday travel boosted sales in the quarter ended Dec. 31. The third-largest U.S. airline said it expects more losses this quarter and year because of weak demand and higher jet-fuel prices.

The airline also blamed the threat of war in Iraq and a rise in fuel prices in the past two months for its loss forecast.

IBM Corp.: Profit dropped in the quarter ended Dec. 31 as companies trimmed spending on hardware, software and services.

Brown & Brown Inc.: The general insurer, with dual headquarters in Tampa and Daytona Beach, reported a 41 percent increase in net income for the quarter ended Dec. 31.

Regions Financial Corp.: The Birmingham, Ala., bank reported a 13 percent increase in net income for the quarter ended Dec. 31.

SouthTrust Corp.: The Birmingham, Ala., bank reported a 15 percent increase in net income for the quarter ended Dec. 31.

F.N.B. Corp.: The Naples Bank reported continued strong loan growth in its Florida franchise, which has been consolidated under the First National Bank brand. Net income rose 338 percent in the quarter ended Dec. 31.

Sears, Roebuck & Co.: Profit rose 72 percent in the quarter ended Dec. 28 as purchases of Lands' End merchandise boosted sales and the company had a gain from the sale of assets.

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