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Business Today

By TIMES WIRE
Published April 6, 2005

CRYO-CELL REVENUES JUMP 27 PERCENT: Cryo-Cell International Inc., the Oldsmar-based stem cell firm, reported a 27 percent jump in first-quarter revenues Tuesday, which the company attributed to price increases for new clients and a growth in customers. For the first quarter of 2005, the company reported $3.3-million in revenues and $179,000, or 2 cents a share, in net income. That compares to $2.6-million in revenues and $214,000, or 2 cents a share, in net income in the same period of 2004.

WACHOVIA TO ACQUIRE PALMER & CAY: Wachovia Corp. on Tuesday announced an agreement to acquire Palmer & Cay Inc., the nation's 15th-largest insurance brokerage and benefits consulting firm. Once the acquisition is completed by May, Wachovia Insurance Services will have more than $400-million in annual revenues and about 1,800 employees, compared to the insurance unit's current $250-million in revenue and 850 employees. Palmer & Cay, based in Savannah, Ga., has 34 offices, including four in Florida - Jacksonville, Fort Lauderdale, Tallahassee and West Palm Beach.

CHECKERS REVISES EARNINGS: Checkers Drive-In Restaurants Inc. of Tampa filed revised earnings Tuesday for the fourth quarter of 2004 and for the year. The revisions, which the company reported on March 22 that it expected, concerned net deferred income tax assets and intangible assets for the fourth quarter. For the fourth quarter, adjustments resulted in a $0.8-million increase in net income to $4.2-million, or 35 cents per share - 7 cents higher than previously reported. For the full year, adjustments meant net income was $11.5-million, or 92 cents per share - 6 cents higher than previously reported.

PFIZER SAYS EARNINGS WILL DROP 6 PERCENT: Pfizer Inc. on Tuesday said its earnings will fall 6 percent this year as the company, which has been struggling with patent expirations and drug safety concerns, announced a cost-cutting plan aimed at saving $4-billion by 2008. Pfizer said the program would help return the company to double-digit earnings growth in 2006 and 2007. Details of the plan were sketchy, but will include staff reductions, changes to purchasing arrangements and possibly more plant closings.

MORGAN STANLEY DISSIDENTS DEMAND NEW CEO: A day after Morgan Stanley announced its plan to spin off its Discover Card division, dissident shareholders demanded Tuesday that the investment firm's chief executive, Philip Purcell, be dismissed and be replaced by one of their own. In a statement, the so-called "group of eight" former executives and current shareholders said Purcell should be replaced by former president Robert Scott and that a nonexecutive chairman be named.

FORD TO ELIMINATE 1,000 JOBS: Ford Motor Co., the nation's second biggest automaker, will try to eliminate about 1,000 salaried jobs by this summer as part of a voluntary buyout program, the company said Tuesday. Ford spokeswoman Marcey Evans said the buyout packages will be offered to employees who are eligible to retire and to some who aren't eligible.

[Last modified April 6, 2005, 01:28:48]