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Business Today

By wire services
Published February 26, 2005

US AIRWAYS CUTS TAMPA FLIGHTS: US Airways will cut three daily flights between Tampa and Philadelphia on May 8 as part of an overall reduction in capacity. The airline will return 11 Boeing 737s to lessors because of better aircraft productivity, high fuel costs and a weak revenue environment. US Airways currently has 10 daily departures from Tampa to Philadelphia.

ODYSSEY BUYING SECOND SHIP: Odyssey Marine Exploration said it is buying a second ship and new search technology to help find five targeted shipwrecks this year. The Tampa company, which held its annual shareholder meeting Friday, recently completed recovery operations on the S.S. Republic and is headed for a shipwreck site in the western Mediterranean. Odyssey's stock closed Friday at $2.38, up 28 cents per share, or 13 percent.

FLORIDA HOME SALES RISE: While sales of existing single-family homes dropped slightly nationwide in January, down 0.5 percent to a 5.94-million annual rate, Florida continued to see strong sales and price appreciation in the single-family home market. Existing home sales in the state rose 10 percent last month, while median home prices rose 24 percent to $204,900. That compares to a nationwide median home price in January of $189,000, up 10.5 percent from a year ago. In the Tampa-St. Petersburg-Clearwater area, 2,995 homes changed hands in January, up 16 percent from a year ago. Median home price in the Tampa Bay area rose 20 percent to $172,800. The most-active large market in the state last month was the Fort Myers-Cape Coral area, which saw home sales and median prices rise 29 percent. Median home sales price in the Fort Myers market was $219,800 in January compared to $170,200 a year ago.

STATE'S DEBT RATING UPGRADED: Standard & Poor's raised its rating on Florida's general obligation debt outstanding from "AA-plus" to "AAA," its top grade, Friday. The company said the state's reserves and long-term planning to avoid budget crises made the state a solid bond backer.

EBBERS TO TESTIFY MONDAY: Former WorldCom chief Bernard Ebbers plans to take the witness stand Monday at his federal accounting-fraud trial, a defense lawyer said Friday. Ebbers, accused of orchestrating the $11-billion accounting fraud at WorldCom, has maintained he did nothing wrong. Still, having him testify opens him up to an extremely risky cross-examination by prosecutors.

WAL-MART WORKERS REJECT UNION: Workers at a Wal-Mart Tire & Lube Express voted 17-1 against union representation Friday, rejecting efforts to establish what would have been the second union inside a Wal-Mart store in the United States.

BANK OF AMERICA LOSES PERSONAL DATA: Bank of America Corp. has lost computer data tapes containing personal information on 1.2-million federal employees, including some members of the U.S. Senate. The lost data includes Social Security numbers and account information that could make customers of a federal government charge card program vulnerable to identity theft. Sen. Charles Schumer, D-N.Y., said he was told the data backup tapes likely were stolen off of a commercial plane by baggage handlers in December.

UPS EXPANDING HUB: A day after announcing plans to close its freight sorting hub in Ohio, shipping giant UPS Inc. on Friday announced an $82.5-million expansion at its Louisville, Ky., air hub, its largest. The world's largest shipping carrier said it will build a 700,000-square-foot facility at the Louisville air hub to position it as its main heavy airline freight sorting site. The expansion will create 720 jobs initially.

NO MORE ROAD KILL CANDY: Kraft Foods Inc. on Friday said it will stop production on Trolli Road Kill Gummi Candy - shaped like road kill animals - after outcry by New Jersey animal rights activists who said the candy encouraged children to be cruel to animals.

Superior Uniform Group Inc.: The Seminole manufacturer and marketer of uniforms and career apparel said earnings last year were affected by higher freight costs and about $690,000 in consulting costs in preparation for compliance with the Sarbanes-Oxley Act.

Clear Channel Communications Inc.: The nation's largest radio station owner reported a staggering loss in the fourth quarter and full year, all of it because of an accounting change to comply with federal regulations. The company said it cut the value of its assets by $4.9-billion to reflect the accounting change.

State Farm Insurance Co.: The nation's largest insurer posted profits in 2004 that were up nearly 90 percent from the year before despite four hurricanes that pounded Florida and other southern states last year. The company credited underwriting earnings that rose, along with improved returns from stocks and other investments.

[Last modified February 26, 2005, 01:14:15]