Tuesday, June 24, 2003

Tristate summary

Enquirer staff and wire reports

Shares of LSI drop 11 percent: Shares of Blue Ash-based LSI Industries Inc. slipped almost 11 percent Monday, closing at $10.66, down $1.28.

A spokesman for the maker of commercial lighting and graphics said there was no news to account for the stock drop. After the market closed, the company filed amendments to its annual filing with the Securities and Exchange Commission. But the changes were minor wording changes to comply with SEC requirements, the spokesman said.

Shareholder ups bid for State Auto: Shareholder Greg Shepard again revised his bid for Columbus-based State Auto Financial Corp., offering $30 a share for the 8 million shares held by nonaffiliated shareholders, according to a regulatory filing Monday.

Shepard, who holds a 5 percent stake in the company, offered June 13 to acquire State Auto Financial for $29 a share, up from an earlier offer of $27.50 a share.

State Auto Financial has said its board decided that it wouldn't be "necessary or appropriate to take action" on the $27.50-a-share proposal but hasn't commented on the revised $29-a-share bid.

Goodyear profit down in May: Shares of Akron-based Goodyear Tire & Rubber Co., the largest U.S. tire maker, fell 6.8 percent Monday after the company said profit declined at its North American unit last month because of higher costs for raw materials and a shift in demand to less- profitable tires.

The stock fell 45 cents to $6.19 in New York Stock Exchange composite trading. The decline is the biggest one-day drop since May 19.

The drop in profit from Goodyear's biggest unit follows a 3.7 percent decline in first-quarter sales for the North American tire business. The company, which had a loss of $163.3 million in the first quarter, relied on global tire sales for 86 percent of its profit last year.

Sales of tires to automakers in North America fell more than the industry's 8 percent decline, reflecting Goodyear's strategy to improve the profitability of that business by selling to select customers, Goodyear spokeswoman Tricia Ingraham said.

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