Friday, March 28, 2003

Tristate summary

Compiled from staff reports

Delta to resume pilot layoffs

Delta Air Lines confirmed Thursday that it would resume laying off pilots next week, saying it was taking the action due to a steep drop in business amid the Iraq war.

The airline, which operates its second-largest hub at the Cincinnati/Northern Kentucky International Airport, said it would lay off 58 Tuesday, then another 142 May 1. Delta employs almost 1,000 pilots locally; union officials said they had not determined how many cuts would be local.

Company officials said no decision has been made whether there would be more layoffs after that.

The company had already laid off 1,060 pilots between November 2001 and October 2002 as a result of the impact of the Sept. 11 attacks.

But a federal court said last month Delta could no longer use a clause in the pilots' contract that said it could lay off pilots in case of war or other events out of the airline's control.

Delta officials said the new round of layoffs were allowed by the "force majeure" clause in the contract. But the airline's pilots union said it was "very disappointed" by the new reductions and would "evaluate its options with legal counsel."

LSI in Blue Ash lowers outlook

Shares of LSI Industries Inc. in Blue Ash declined slightly Thursday after the commercial lighting and graphics producer said results for the rest of this fiscal year will be below analyst' expectations. LSI shares closed at $8.92, off just 3 cents, after hitting $8.24 during the day.

For the fiscal third quarter ended March 31, the company said it was now expecting earnings of 2 to 4 cents a share, compared with 13 to 15 cents a share expected by analysts.

For the fourth-quarter ending June 30, the company said it now expects earnings of 12 to 16 cents a share, compared with analyst expectations of 16 to 20 cents a share.

For the fiscal year, LSI said earnings will be between 45 and 51 cents a share, compared with the 61 to 66 cents expected by analysts.

Analysts like 5/3's deal with Fed
P&G makes career-path adjustments
Broadwing takes big quarterly hit
Corporex, NKU open conference center
Slow growth fosters worries of recession
Industry notes: Retailing
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