Tuesday, April 1, 2003

Tristate Summary

Delta alliance gets U.S. approval

Delta, Northwest and Continental won approval Monday for the largest alliance of U.S. air carriers, after the government accepted changes to a plan the airlines proposed last year.

The three carriers agreed to give up additional gates at Boston's Logan and New York's LaGuardia airports and to limit the number of each other's flights on which they sell tickets to 2,600 the first year and 5,200 the second year, the U.S. Department of Transportation said in a statement.

Delta, the third-biggest U.S. airline; No. 4 Northwest; and No. 5 Continental control a third of U.S. domestic flights.

They plan to sell tickets for each other and link frequent-flier plans. The alliance may bring in as much as $475 million in annual revenue.

Interlott signed to upgrade machines

Interlott Technologies Inc. will replace or upgrade at least 1,000 of the Ohio Lottery's instant-ticket vending machines.

Financial terms of the deal, announced Monday, were not disclosed. Interlott said it would be reimbursed on a percent of sales basis.

Mason-based Interlott said it also would provide an unspecified amount of additional units to the lottery under the agreement. The lottery now has 1,500 of the machines.

Shares in Interlott closed unchanged at $8.80.

Chiquita finishes Atlanta AG buy

Chiquita Brands International Inc. has completed the previously announced acquisition of Atlanta AG, its biggest customer in Europe.

The noncash deal will add $1.1 billion to Chiquita's annual revenue and increase debt by about $65 million. Chiquita sold Atlanta AG about $130 million worth of products in 2002. Chiquita also hired Peter Jung as Atlanta AG's president.

Conseco loss at $7.4B in 2002

Carmel, Ind.-based Conseco Inc., the insurance company that filed the third-largest Chapter 11 bankruptcy last year, said it had a net loss of about $7.4 billion in 2002.

Conseco included the estimated loss in a filing with the Securities and Exchange Commission seeking an extension of the deadline for filing its annual earnings. When Conseco filed for bankruptcy, its total assets of $52.3 billion made it the third-largest bankruptcy filing behind WorldCom Inc. and Enron Corp.

- Staff/wire reports

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