Thursday, October 11, 2001

Tristate Summary

Scripps profits lower for quarter

        The E.W. Scripps Co. on Wednesday reported that third-quarter profit fell 36 percent compared with the same period in 2000. It blamed a soft advertising market and a business downturn from terrorist attacks Sept. 11.

        Profit fell to $22.6 million, or 28 cents a share, from $35.4 million, or 45 cents a share, from a year earlier. The company's nine broadcast television stations had 36 hours of commercial-free coverage following the attacks, and advertising might continue to slump.

        “Weakness continues in local retail and help-wanted classified advertising,” said Kenneth W. Lowe, president and chief executive of Scripps. The Covington-based company operates 21 daily newspapers, including the Cincinnati Post; 10 broadcast TV stations; three cable television networks; 31 Web sites; and media licensing properties.

More layoffs at Goodyear plants

        Akron-based Goodyear Tire & Rubber Co. Wednesday said it plans to lay off 1,400 employees, or 5 percent of its manufacturing work force, at five U.S. plants this month because of weak tire markets.

        The layoffs are in addition to the 8,000 layoffs that the company announced earlier this year, Goodyear spokesman Chuck Sinclair said. Most of those layoffs came from Europe, Asia and Latin America.

        “This is certainly in response to the slowing economic market,” Mr. Sinclair said Wednesday.

        He did not give specifics about Goodyear's current sales but said production cuts were necessary.

2 Hillenbrand directors retire

        Two longtime members of Hillenbrand Industries Inc.'s board of directors retired Wednesday.

        Stepping down are George M. Hillenbrand II, 62, a director since 1986, and Lawrence R. Burtschy, 64, a board member since 1970.

        The Batesville, Ind.-based company said it would begin seeking two new outside directors to replace them.

— From staff and wire reports


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Business Digest
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