Haynes International Inc., a Kokomo company that makes specialized alloy parts used in corrosive and high-temperature conditions, saw its stock price explode this morning after it reported a jump in profit late yesterday and an analyst upgraded his recommendation. The shares traded up 25 percent, to $54.25 each. Haynes said profit in its third fiscal […]
Irwin Financial Corp.’s exit from the leasing and home equity businesses helped throw the Columbus bank for a $107 million loss in the second quarter. Irwin also said this morning that it expects to lose that much more in the third quarter as the restructuring draws nearer to an end. However, the bank added that […]
By Norm Heikens A nightmarish debacle for an Anderson telephone company has ended after some of its customers were disconnected for nearly a week. 1Num Technologies Inc. restored service this morning, said Brian K. Merrill, cofounder and chief operating officer of the 4-year-old company. The firm sells a service that allows customers to use one […]
A downturn in sales of high-margin appliances contributed to a 26.8-percent decline in net profit in HHGregg Inc.’s first fiscal quarter, the Indianapolis-based retailer reported this morning. HHGregg, which also sells electronics, turned in $2.1 million in profit for the period ended June 30. The 6 cents a share fell well below the 9 cents […]
Stock in Celadon Group Inc. jumped more than 12 percent today after the Indianapolis-based long-haul trucking firm reported fiscal fourth quarter profit that surpassed expectations. The shares rose to $14.18, the highest since September last year. The $2.2 million in net profit amounted to 10 cents a share, well above the 6 cents anticipated by […]
By Norm Heikens 1Num Technologies Inc., a startup company that provides telephone services, is still struggling to restore service that was lost Thursday. In an e-mail to customers on Friday, the Anderson company blamed its vendor, Colorado-based Level 3 Communications Inc., for “arbitrarily” stopping service to its customers’ telephone numbers. Not only are 1Num customers […]
Net profit in Celadon Group Inc.’s fourth fiscal quarter plummeted to $2.2 million from $5.2 million in the same quarter last year as the Indianapolis-based long-haul trucking firm continued to slog through the toughest stretch the industry has experienced in several years. The profit of 10 cents per share in the most recent quarter beat […]
By Norm Heikens The Finish Line Inc. plans to add 180 employees over five years in an expansion of its warehouse and headquarters on the far-east side, the Indiana Economic Development Corp. announced today. Finish Line, a mall retailer specializing in athletic shoes and clothing, has 670 employees in Indianapolis and 13,000 nationally. The state […]
By Norm Heikens Republic Airways Holdings, the Indianapolis-based parent of Chautauqua Airlines, Republic Airlines and Shuttle America, said yesterday it will accelerate its schedule to do away with a small, 37-seat jet used to carry passengers for Delta Air Lines. The 11 remaining Embraer E135 aircraft will be removed from service by Sept. 30 instead […]
By Norm Heikens Pac-Van Inc., an Indianapolis company that leases mobile offices and storage units, has been sold again, nearly two years after it was acquired from its founders. General Finance Corp. of Pasadena, Calif., acquired Pac-Van parent Mobile Office Acquisition Corp. in a deal valued at $158.8 million, the companies announced late yesterday. California-based […]
By Norm Heikens Old National Bancorp today reported second-quarter profit of $19.5 million, up marginally from $19.3 million in the same period last year. The Evansville-based parent of Old National Bank also said revenue climbed to $109.4 million from $97.3 million. “Given the challenges that exist in the economy today and unprecedented challenges that exist […]
Several indicators suggest the bear market in stocks is over and greener pastures lie ahead, an Indianapolis broker says. Kevin Schmidt, executive vice president of the private client group at City Securities Corp., said most of the bad news has emerged from the housing, airline and finance debacles, which suggests investor sentiment will begin to turn positive. “Psychologically, we are in a funk,” Schmidt said. “It’s not as bad as everybody thinks. The overreaction to the negative has happened.” Schmidt…
Columbus-based Irwin Financial Corp. shares rose 25 percent this morning, in the first trading session since the company announced late yesterday that it was scaling back its exposure to the battered mortgage business. The parent of Irwin Union Bank said it had struck a deal to sell $1 billion of home equity loans to a […]
Columbus-based Irwin Financial Corp. said late yesterday that it has struck a deal to sell $1 billion of home equity loans to a New York firm and to securitize an additional block of loans with the same firm. The moves are part of a restructuring that refocuses the bank on small-business and branch-based customers. The […]
The collapse of Davis Homes doesn’t mean the Davis family will stop building houses altogether in the Indianapolis area. Davis Homes CEO Brad Davis said today he plans to begin building custom and semi-custom houses before the end of the year. Davis said he plans to start on his native north side by tapping relationships […]
The Chicago region experienced a sluggish economy last month, according to the latest Beige Book report by the Federal Reserve Bank of Chicago. Mixed consumer spending was influenced by federal tax rebates and increased retail discounting as well as by slowing auto sales. Tourism and agriculture was hurt by wet weather, and discretionary spending on […]
Several indicators suggest the bear market in stocks is over and greener pastures lie ahead, an Indianapolis broker says. Kevin Schmidt, executive vice president of the private client group at City Securities Corp., said most of the bad news has emerged from the housing, airline and finance debacles, which suggests investor sentiment will begin to […]
By Norm Heikens Charge-offs on consumer loans crimped second-quarter profit for First Internet Bank, its parent, First Internet Bancorp, said yesterday. The bank reported $437,000 in profit, down 48 percent from the same period a year earlier. First Internet Bank charged off $343,000 in the most recent quarter and set aside an additional $767,782 for […]
Art Patterson, who launched Flagship Enterprise Center in Anderson and built the small-business incubator and accelerator into a three-building operation, has been named CEO at Elona Biotechnologies Inc. in Greenwood. Patterson left Flagship early this year after completing a four-year startup phase. Expertise to help small businesses had been established through host Anderson University as […]
Record flooding in early June won’t spark an economic shot in the arm for Indiana like the typical rebuilding process that follows hurricanes and many other natural disasters, according to Richard DeKaser, senior vice president and chief economist at National City Bank. That’s because most of the damage was to agricultural crops, which cannot be […]
