SEGMENTZ MOVES TO AMEX: Segmentz Inc. is raising its public profile with a move to the American Stock Exchange. The Tampa company's stock is expected to begin trading today under the symbol SZI. Segmentz provides transportation and supply chain management services. Last year it reported $377,431 in net income on $14.7-million in revenue. The stock has been trading on the OTC Bulletin Board, where it closed Tuesday at $2.35 a share.
EX-CEO, WARNACO AGREE TO FINES: Former Warnaco Group CEO Linda Wachner agreed to relinquish $1.3-million of her $6-million bonus for 1998 and former company auditor Pricewater-houseCoopers will pay $2.4-million in civil fines to settle Securities and Exchange Commission allegations that the apparel maker issued a "false and misleading" press release regarding its financial results on March 2, 1999. The SEC announced the settlements Tuesday after lengthy negotiations. Warnaco will have to hire an independent consultant to revise its internal controls and policies.
P&G BUYS ALL OF CHINA VENTURE: Procter & Gamble Co. said Tuesday it will pay $1.8-billion to buy the remaining 20 percent of its joint venture in China from its partner, Hutchison Whampoa China Ltd. P&G-Hutchison Ltd. sells shampoo, toothpaste and other P&G consumer products in China. The deal is to be closed June 18. "Hutchison has been a very valuable partner in helping to build our business in China, and it is the right time for us to assume full ownership," said A.G. Lafley, P&G's chairman, president and chief executive. The joint venture began in 1988 as P&G started operations in mainland China.
LEVI'S PUTS DOCKERS ON BLOCK: Struggling jeansmaker Levi Strauss & Co. will try to lighten its debt load by selling its Dockers brand, an 18-year-old clothing line sold in 57 countries that generated $1-billion in sales for Levi's last year, as well as $360-million in sales for licensed wholesalers. The decision, announced Tuesday, marks the latest sign of distress at Levi's, which has suffered through seven consecutive years of sliding sales, cost-cutting and thousands of layoffs. One investment banker estimated the brand could fetch more than $1.5-billion - cash that could make a significant dent in Levi's debt, which currently totals about $2.2-billion.
DELTA HAS TIME, ANALYSTS SAY: Delta Air Lines' warning of the possibility of bankruptcy doesn't necessarily mean the end is near, but it suggests the company's survival rests on reducing pilot costs within the next few months, industry observers said Tuesday. Joel Denney, an airline analyst for Piper Jaffray & Co. in Minneapolis, said he still believes the Atlanta carrier will ultimately reach an agreement with its pilots, who are among the highest paid in the industry. "The question is, "At what point do you draw a line in the sand?"' Denney said. Delta has said repeatedly that it would fight to avoid bankruptcy. But Monday it signaled in a regulatory filing that it may have to file for bankruptcy protection if it doesn't get wage concessions from pilots.
3-YEAR NOTES HIT 6-YEAR HIGH: Yields on three-year Treasury notes rose in Tuesday's auction to 3.199 percent, up from 2.330 percent at the last auction Feb. 10. It was the highest rate since three-year notes sold for 5.633 percent on May 12, 1998. A total of $24-billion in notes were sold out of bids totaling nearly $50-billion.
GOOGLE UPDATES BLOGGER.COM: Internet search engine leader Google Inc. introduced a simpler way to publish the online personal journals known as blogs, continuing a flurry of improvements that has coincided with stiffer competition from former ally Yahoo Inc. The revisions to Google's Blogger.com are designed to make it easier for computer neophytes to create and update their own personal journals for free. The journals - known as Web logs, or "blogs" - have caught on as an alternative way to spread information and commentary, skirting mainstream media.
EARNINGS
Toyota Motor Corp.: Toyota's annual profit surged 55 percent, making Japan's biggest automaker the nation's first company to earn more than 1-trillion yen in a single year. Toyota, which does not give consolidated financial forecasts, said its record earnings for the year ended in March reflected booming sales in nearly all regions across the world, despite unfavorable exchange rates. And it sees no slowdown in sales this year.
Toyota's group net profit totaled 1.16-trillion yen, up from its previous record profit of 751-billion yen a year ago. Sales climbed 12 percent to 17.3-trillion yen from its previous high mark of 15.5-trillion yen in fiscal 2002.
Toyota sold 6.7-million vehicles around the world, up nearly 10 percent from 6.1-million a year ago. Sales in North America reached 2.1-million vehicles, an increase of 121,000 over the previous year.
Toyota's sales in Europe rose to 898,000 vehicles, an increase of 122,000. Sales in other regions, including Asia and the Middle East, rose by 277,000 vehicles to 1.41-million.
Global Imaging Systems: The Tampa distributor of office equipment finished off a record year with a strong fourth quarter. Net income rose 34 percent on a 6 percent gain in revenue for the quarter ended March 31. Also, on Monday the company completed its acquisition of Imagine Technology Group Inc., a $131-million deal that will add about $117-million to Global's annual revenues.
Cisco Systems Inc.: The world's leading maker of network routers and switches reported results for its third quarter Tuesday that topped Wall Street's expectations by a penny a share.
SRI/Surgical Express Inc.: The Tampa company, which supplies hospitals with reusable and disposable surgical supplies, said net income declined in the quarter because of pricing pressure from competitors.
May Department Stores Co.: Strong sales of women's apparel, footwear and accessories helped lift earnings for the company that owns Lord & Taylor's, among other chains, by 5.6 percent in the first quarter. Yet the results missed Wall Street expectations by a penny a share.
