Warner Bros. and iTunes Team Up
Warner Bros. Home Entertainment Group said that popular TV shows like “Friends,” “Babylon 5,” “The Jetsons” and “The Flintstones” will be available for purchase and download at the iTunes Music Store. Also included are some of the most popular sketches from “MADtv” and the never-before-seen pilot episode of “Aquaman,” the Burbank based entertainment company said. Terms of the deal were not disclosed.
Avery Has Solid 2Q
Avery Dennison Corp. reported second-quarter net income of $112 million ($1.12 per share) compared with $89 million (89 cents), for the same period last year. Sales for the Pasadena-based adhesive label, office supply and radio frequency identification equipment maker were flat at $1.4 billion when compared to last year. The company pointed to higher gross profit margins and lower operating expenses as key reasons for the gain. Avery also raised the low end of its full-year profit forecast and now sees 2006 earnings between $3.60 to $3.80 per share, compared with its prior range of $3.55 to $3.80 per share.
Countrywide Profit Jumps
Countrywide Financial reported second quarter net income of $722 million ($1.15 per share), compared with $566 million, (92 cents), in the same period a year earlier. Revenue for the Calabasas-based mortgage and banking company was up 30 percent to $3 billion. Profits from mortgage-related business bolstered by increased profits on the company’s banking side and now expects 2006 profit of $4 to $4.80 a share, up from previous estimates of $3.90 to $4.80 a share, the company said.
Rotonics Profit Increases
Rotonics Manufacturing Inc. reported annual net income of $2 million (17 cents per share), compared with $1.8 million (15 cents) for the same period last year. Sales for the Gardena-based plastic products manufacturer rose 6 percent $48 million. The company pointed to success in its refuse container, tank and material handling markets as offsets for raising raw material costs and swelling natural gas prices. Profit has increased 34 percent over the past three years.
Record Q3 Earnings for Overhill Farms
Overhill Farms reported third quarter net income of $ 1.7 million (11 cents per share), compared with $1.1 million, (7 cents), in the same period a year earlier. Revenue for the Vernon-based custom-frozen-food maker was up 4 percent to $43.9 million. Profits from the company’s airline food division fueled the solid quarter along with increased retail sector sales, fed mainly by demand from Jenny Craig, were key factors behind the record quarter, the company said.
Reliance Declares Dividend
Reliance Steel & Aluminum Co. declared a regular quarterly dividend of 6 cents. The Los Angeles-based steel distributor said the dividend represents a 20 percent increase from the previous dividend, accounting for a recent two-for-one stock split. The dividend is payable Sept. 15 to shareholders of record Aug. 25. Reliance Steel shares rose 3.9 percent, to $38.11, on the New York Stock Exchange.
Disney Promotes Grier
Walt Disney Co., has promoted Ed Grier to president of Disneyland Resort in California, replacing Matt Ouimet, who left to oversee hotels at Starwood Hotels & Resorts Worldwide Inc. Grier, 51, was overseeing the Burbank-based entertainment company’s Tokyo Resort.
Port of Long Beach Gets Credit Upgrade
The Port of Long Beach said that Moody’s Investors Service has raised the its credit rating to “Aa2” from “Aa3,” citing the port’s dominant market position, deep water, state-of-the-art facilities, diverse revenue stream and stable finances. In addition to Moody’s rating, the port also enjoys strong ratings from Standard & Poor’s Rating Services (AA) and Fitch Ratings (AA). Moody’s also established the Port’s outlook as stable because of the Port’s “ability to maintain healthy financial margins and continue to capture a large share of the increase in import flows in the near-term.” This comes ahead of the busy shipping season where Christmas goods will begin to make their way from Asia to America in time for the holiday season. The port has averaged container cargo growth of 7.8 percent in the period from 2000 to 2005.
