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Business Today

By wire services
Published April 28, 2005

WESLEY CHAPEL COMPLEX CONSTRUCTION BEGINS THIS FALL: Echo Real Estate Services Inc., a Pittsburgh developer racing to land tenants for one of three rival retail projects proposed for eastern Pasco County, on Wednesday said it will start construction this fall on the $100-million Grove at Wesley Chapel. The company named no signed tenants for the project scheduled to open in 2007, but said they are working on landing a 14-screen theater. The shopping center would offer 835,000 square feet of retail space northwest of Interstate 75 and State Road 54.

FIRST ADVANTAGE BUYS STAKE IN PRIDEROCK: First Advantage Corp. has acquired majority ownership in PrideRock Holding Co., an Atlanta fingerprinting company. The transaction's price was not disclosed. PrideRock provides background screening in transportation, financial services and health care. First Advantage and PrideRock have had a formal partnership since November; the acquisition reflects the St. Petersburg company's expansion into biometrics to complement its employment screening services.

HOSPITAL PATIENTS MAY GET SETTLEMENT: Some patients who received treatment at what was then known as Seven Rivers Community Hospital in Crystal River between mid June 1999 and Nov. 1, 2003, could be eligible to receive part of a settlement from a class-action lawsuit that is expected to be approved in August in Los Angeles. The hospital changed names to Seven Rivers Regional Medical Center in late 2003 and is no longer owned by Tenet Healthcare Corp. The new owner is Health Management Associates Inc. The class-action suit was filed against Tenet on behalf of patients who lacked medical insurance or had insufficient insurance and were charged a nondiscounted rate. The plaintiffs say the charges were excessive and unfair. Lawsuits were filed against Tenet and its hospitals in several states, including Florida. In agreeing to settle, the corporation is expected to pay out about $30-million, said Tenet spokesperson Steven Campanini. Tenet made no admission of liability.

BEST BUY OUTLINES GROWTH STRATEGY: Best Buy Inc. has developed a standard store layout half as big as the current prototype in hopes of lifting its North American store count by 200 locations to 1,200. It also plans to deploy 20 to 50 stand-alone Geek Squad stores in urban markets and to try open stores in China.

Verizon Communications Inc.: Earnings of $1.76-billion topped Wall Street forecasts as another powerful showing by the New York wireless business helped drive a 6.6 percent improvement in revenues.

Starbucks Corp.: The Seattle specialty coffee retailer reported a 27 percent increase in profit for the second quarter and raised its earnings outlook for the year to $1.17 to $1.19 per share, up 2 cents from its previous outlook.

Colgate-Palmolive Co.: The New York consumer products company said quarterly profit slipped from a year ago because of a charge for a cost-savings plan implemented by the company at the end of last year.

Boeing Co.: The Chicago aerospace company reported a 14 percent drop in quarterly profits as higher spending on deferred compensation and pension expenses offset gains in its military contracting and airplane manufacturing businesses. Despite the decline, Boeing handily beat Wall Street expectations and its stock climbed above $60 a share for the first time since 2001 as the company reaffirmed its forecast for strong growth and a continued recovery in the commercial airplane market.

WellPoint Inc.: The nation's largest health insurer after a $16.5-billion merger of the nation's two largest Blue Cross-Blue Shield providers said its quarterly earnings more than doubled and declared a 2-for-1 stock split. The Indianapolis company also raised guidance for the second quarter and full year.

Anheuser-Busch Cos.: The St. Louis producer of top-selling Budweiser and Bud Light said quarterly earnings dropped 6.7 percent because of higher costs and lower U.S. beer sales.

ConocoPhillips Co.: With oil prices above $50 a barrel for much of the year, the Houston oil and gas company's quarterly earnings soared almost 80 percent.

[Last modified April 28, 2005, 01:29:41]