LOCAL BUSINESS
New date for Peet’s opening
The new Peet’s Coffee, replacing the former Caribou Coffee in Akron’s Wallhaven neighborhood, will open Aug 22. A spokeswoman for Peet’s earlier this week provided an incorrect opening date for the coffee shop.
The Peet’s at West Market Street and Hawkins Avenue in Wallhaven, in West Akron, is among 10 Northeast Ohio Peet’s stores that are to open at former Caribou Coffee shops over the next few months. The Wallhaven shop’s address is 1 N. Hawkins.
Among the 10 stores to open is one in Hudson. It is expected to open Oct. 3, and will replace the former Caribou store at 34 Park Lane, in Hudson’s First & Main shopping complex.
Alfred Peet founded Peet’s in Berkeley, Calif., in 1966. Last summer, a German conglomerate called Joh. A. Benckiser revealed it was buying a majority share of Peet’s and months later reached an agreement to buy Caribou. Last spring, Caribou said that its 32 Ohio locations would either close or convert to Peet’s. The first Peet’s in Ohio opened Thursday in Solon.
STATE BUSINESS
Cardinal Health suffers loss
Dublin-based Cardinal Health took some blows during the past year but has emerged well positioned for the future, CEO George Barrett said in reporting that the company’s earnings and revenue for the fourth quarter beat Wall Street’s expectations.
During the past year, Cardinal lost a $22 billion annual contract with Walgreens, another valued at $9 billion a year with Express Scripts, renewed its $23 billion yearly contract with CVS Caremark and purchased home-health provider AssuraMed of Twinsburg for $2.1 billion.
“We’ve taken the past three or four years to reposition and build a business with more balance and strength and one that can take a punch,” Barrett said.
Its financials provided evidence of that.
Cardinal’s fourth-quarter revenue was $25.4 billion, just ahead of the estimates of $24.6 billion. Earnings per share came to a loss of $1.72 because of a one-time $829 million charge related to its nuclear pharmacy services division. Without the charge, earnings amounted to 79 cents a share. Analysts predicted 77 cents.
ENERGY
Halcon Resources testing well
Halcon Resources Corp. impressed energy analysts when it reported some of the best test results yet seen in the northern portion of the Utica shale at what is called its Kibler 1H well in Lordstown, the Youngstown Vindicator reported. That’s not good news for the Westwood Lake Mobile Home Park, where about 335 homes sit within 800 feet of the site, however. More than 700 residents call the park home, and the site has rankled many of them since the beginning of the year. Bright lights, loud noise and fumes are among a litany of complaints logged with public officials from residents who said drilling operations were a nuisance. Halcon’s Utica operational update, along with its second-quarter earnings report, stood in sharp contrast with results it reported in late May at two wells in Pennsylvania’s Mercer and Venango counties, where reservoirs turned up an abundance of dry gas, which missed analyst’s expectations.
Compiled from staff and wire reports