Business Briefs: Everett-based Intermec reports $6 million loss
Published 12:01 am Thursday, May 5, 2011
Intermec Inc. reported a $6 million loss Wednesday for its first quarter ending April 3. That amounts to 10 cents per diluted share, compared to a six-cent a share loss of $3.6 million a year ago. The company brought in $179 million in revenue, including $19 million from Vocollect, which it acquired March 3. There were $7.8 million in related costs for the acquisition. “Intermec had a strong first quarter with organic revenue growth of 13 percent, driven by outstanding sales momentum in our international markets,” said CEO Patrick Byrne. “Our new products and channel programs continue to be key drivers of our business, supplemented by enterprise projects.” He called the quarter a major milestone in the transformation of the company, adding that he expects Vocollect and other efforts to provide profitable growth by this year.
Oil prices drop with U.S. demand
Oil dropped Wednesday after a government report showed that supplies of petroleum products are growing as demand weakens in the U.S. The Energy Information Administration said that oil supplies increased by 3.4 million barrels last week — twice as much as energy analysts expected. The government also reported that gasoline demand averaged 9.1 million barrels per day, down almost 2 percent from a year ago. Benchmark crude for June delivery lost $2.01 at $109.04 per barrel on the New York Mercantile Exchange. Energy experts have said for months that higher gasoline prices are forcing drivers to buy less fuel.
Amazon asks judge to vouch for prices
Amazon.com Inc. is asking a judge to declare that the online retailer’s ads for discounted new and used college textbooks are neither false nor misleading, contrary to complaints by the trade association that represents college bookstores. Amazon filed suit Tuesday in Seattle federal court against the National Association of College Stores Inc., which represents more than 3,100 college stores. It says in the suit that the group is “actively seeking” to limit Amazon’s ads that indicate students can save as much as 30 percent off new textbooks and 90 percent on used ones by purchasing through Amazon.com. The suit follows a complaint the group filed in March with the Better Business Bureau’s National Advertising Division in New York, calling Amazon’s ads false and misleading.
Dunkin’ Donuts plans public offering
The parent company of Dunkin’ Donuts and Baskin-Robbins says it plans to go public, confirming weeks of Wall Street speculation. Dunkin’ Brands Group Inc. didn’t say how many shares it will offer or when the offering will take place. The regulatory filing proposes an estimated maximum IPO value of $400 million. But the Massachusetts-based company did say in a regulatory filing that it believes it sees “significant opportunity” to expand in foreign markets.
From Herald news services
