LOCAL BUSINESS
Medina board leader to retire
Leadership Medina County’s Executive Director Lucy Sondles has announced that she will retire effective July 1. Sondles’ decision will bring to a close a career of 15 years of service. During her tenure, more than 550 individuals graduated from the adult program and the Junior Leadership Medina County program, now in its 10th year, was begun.
Sondles has been only the second executive director in the Medina program’s 22-year history.
“Lucy is excited to take a step back and spend more time with her family, including her grandchildren,“ said George Wiswesser, board president.
The board of trustees anticipates that Sondles will accept a flexible, part-time development position with the organization.
The process to choose Sondles’ successor is to begin in the next few weeks.
Companies declare dividends
Canton steel and bearings maker Timken Co. declared a quarterly cash dividend of 23 cents per share payable on March 5 to shareholders of record as of Feb. 20. This marks the 363rd consecutive quarterly dividend paid on Timken’s common stock since the company was listed on the New York Stock Exchange in 1922. Timken has one of the longest running dividend records among NYSE-listed companies.
Separately, Green-based Diebold Inc., which makes ATMs and security systems, declared a first-quarter cash dividend of 28.75 cents per share payable on March 8 to shareholders of record on Feb. 22. The new cash dividend, which represents $1.15 per share on an annual basis, is an increase of 1 percent over the 2012 cash dividend. This will be the company’s 60th consecutive annual increase.
Also, Babcock & Wilcox Co., with operations in Barberton, announced a quarterly dividend of 8 cents a share, payable March 12 to shareholders of record Feb. 19.
Natural gas price edges up
The price that consumers pay for delivery of natural gas will increase slightly starting Feb. 13.
Dominion East Ohio has increased what is called its Transportation Migration Rider, which is part of the usage-based charges, by 16 cents to 57 cents per thousand cubic feet (mcf). The new total usage-based charge will be $1.35/mcf.
The migration rider recovers the costs to Dominion of balancing deliveries of gas to Dominion’s system and customers’ actual consumption.
All customers pay delivery, or usage-based charges, to deliver the gas to their homes or businesses.
The Standard Choice Offer rate for customers who have not chosen their own provider will be $3.83/mcf beginning Feb. 13. All customers also pay a flat-rate monthly charge of $20.80.
AUTO INDUSTRY
Nissan reports lower profits
Nissan reported a 35 percent plunge in October-December profit to $579 million as global sales languished, especially in China, where anti-Japanese sentiment flared over a territorial dispute. Quarterly sales dipped 5.3 percent from a year earlier to $23.5 billion. Earnings fell short of the $652 million profit forecast by a FactSet survey of analysts.
U.S. Postal Service reports loss
Holiday shipping and the 2012 election helped the U.S. Postal Service stem its losses, but the agency’s financial woes continued in the first quarter ending Dec 31.
The Postal Service posted a $1.3 billion loss compared with a $3.1 billion loss over the same period last year. The agency said the first quarter has traditionally been one of its strongest periods.
Total mail volume continued to decline, however. Mail volume was 43.5 billion pieces for the quarter, according to agency officials.
Revenue from first-class mail, which provides the bulk of the revenue, declined $237 million, or 3.1 percent, from the same period last year, with a decrease in volume of 834 million pieces, or 4.5 percent. Revenue from advertising mail increased $141 million, or 3.1 percent, on a volume increase of 783 million pieces, or 3.6 percent. The increase is largely attributable to official election mail and political campaign advertising.
TRANSPORTATION
Airline deal reportedly near
Boards of American Airlines parent AMR Corp. and US Airways Group Inc. are prepared to vote on a merger on Feb. 11, Bloomberg News reported. The sides have agreed that AMR’s bankruptcy creditors would get 72 percent of the equity in the new carrier, with 28 percent for US Airways shareholders. US Airways Chief Executive Officer Doug Parker will run the airline as AMR CEO Tom Horton becomes nonexecutive chairman.
Compiled from staff and wire reports