– Walt Disney Co.
‘s debt rating was raised by Moody’s Investors Service, which cited the Burbank-based media giant’s improved operating performance over the past two years and its stronger financial position. The ratings agency lifted Disney’s senior unsecured ratings by one notch to “A3” from “Baa1,” and said its outlook is stable.
Moody’s said in a statement that it expects Disney to maintain its improved credit profile while continuing to buy back shares, make acquisitions and invest in its business. The agency said it was comfortable with “the strategic plans of the company, particularly in light of Bob Iger’s successful transition to CEO and Stephen Jobs’ joining the board through the pending Pixar acquisition.”
– BentleyForbes Holdings LLC
offered about $465 million for Chicago’s Prudential Plaza, making it the leading bidder for the two-building office complex, the Chicago Tribune reported. The Los Angeles-based real estate investment firm hasn’t yet signed a contract, and an agreement would require a 45-day due diligence period. Woodland Hills-based
Younan Properties Inc
. and Chicago-based M & J; Wilkow Ltd. have also submitted bids for Prudential Plaza, which was bought by Shorenstein Properties LLC for $387 million in 2000. The buildings have about 2 million square feet of space.
– Metro-Goldwyn-Mayer Inc.
will lend its name to a planned 1.15 trillion won ($1.2 billion) amusement park in South Korea, Bloomberg News reported. Glovit Inc., the privately held South Korean developer of the park in the southern port of Busan, is seeking 500 billion won from overseas investors, 300 billion won from local investors and 350 billion won from sponsors. Los Angeles-based MGM won’t provide any investment. Glovit will provide finance and build the park on land provided by the city. MGM already licenses its name to a Florida theme park run by Walt Disney Co.
– Computer Sciences Corp.
signed a 10-year, $115 million information technology outsourcing contract with Deutsche Leasing AG, a German leasing company. Computer Sciences said it will provide technology infrastructure management and applications services, including network, desktop, help desk and other support. The agreement replaces a contract El Segundo-based Computer Sciences signed with Deutsche Leasing in 1997.
& #8226; True Religion Apparel Inc.
reported fourth-quarter net income of $3.7 million (16 cents per share), compared with $2.5 million (12 cents) for the same period a year earlier. Revenue for the L.A.-based apparel manufacturer and distributor rose 88 percent to $25.5 million from $13.6 million in the year-prior period.
Excluding a charge for a proposed legal settlement of $2.2 million (6 cents per share) fourth-quarter adjusted net income was reported as $5 million (22 cents per share), compared with $2.5 million (12 cents) a year earlier.
The company expects first-quarter earnings of 25 cents to 27 cents per share on revenue of approximately $35 million and full-year earnings of $1.25 on revenue of $148 million to $150 million.
– Reading International Inc.
reported a fourth-quarter net loss of $2.5 million (13 cents per share), compared with a loss of $4.4 million (20 cents) for the same period a year earlier. Revenue for the Commerce-based multiplex cinemas operator rose 11.5 percent to $25.9 million from $23.2 million in the year-prior period.
