Friday, November 16, 2001
Lottery company reports earnings
Fluctuations in the timing of lottery contract awards contributed to lower earnings and revenues in the third quarter, Interlott Technologies Inc. said.
The Mason supplier of lottery vending machines said net income for the three months ended Sept. 30 was $85,000, or 1 cent a share, down sharply from $1.1 million, or 17 cents a share, a year ago.
Revenues for the quarter were $9.7 million, down from $11.6 million a year ago. The company said lease and service revenues rose 22 percent in the quarter.
Firm announces 3-for-2 stock split
LSI Industries Inc., the Blue Ash manufacturer of commercial lighting and graphics, has declared a 3-for-2 split of its common stock.
The split is effective Dec. 6 to shareholders of record Nov. 29. Cash will be paid in lieu of fractional shares. The company, which held its annual meeting Thursday, said the indicated annual dividend rate would be adjusted from 36 cents to 24 cents a share.
The company also said sales volumes for the second half of its fiscal year will be at or above those of the first half after taking into account the effects of winter weather. The company said it expects some major petroleum/convenience store image conversion programs to move forward this year.
Distributor says it fired employees
Park-Ohio Holdings Corp., which distributes grommets, rivets and nuts and makes cast aluminum parts, said it fired 311 workers this year after it closed factories and warehouses.
Some jobs were lost as a result of a fire that destroyed the company's rubber plant in Cicero, Ill., last year. The company closed several warehouses, a factory belonging to its ILS unit, and a Tennessee plant, general counsel Ron Cozean said. It had $1 million in severance and plant-closing costs.
The closures came as the Cleveland based-company had losses as revenue fell. It had a third-quarter loss of $2.7 million, or 26 cents a share, compared with net income of $4.8 million, or 46 cents, a year earlier.
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