Pittsburgh-based General Nutrition Centers Inc. reported third-quarter net income of $19.5 million, vs. $16.3 million in the same quarter a year ago. Net income as a percentage of revenue was 4.5 percent in the third quarter of 2009, compared with 3.9 percent in the third quarter of 2008. GNC officials say net cash from operations amounted to $21.5 million. For the first three months of the year, GNC reported net income of $56.9 million, a $10.2 million increase over the same period last year. GNC has opened 18 new U.S. stores this year, including a relocated and greatly expanded store at Ross Park Mall, and nine new stores in Canada. It also has 67 net new international franchise locations and 122 new franchise store-within-a-store arrangements with Rite Aid.
Shares in Koppers Holdings soared yesterday after the company's third-quarter earnings declined but exceeded analysts' estimates. Net income fell by 36 percent, to $16.4 million, or 80 cents per share, from $25.5 million, or $1.24 per share a year ago. Sales for the manufacturer of chemicals and wood treatment products declined by 22 percent. Adjusted net income, excluding charges for a plant outage in the third quarter, was $16.6 million, or 81 cents per share, easily beating Wall Street analysts' projections that averaged 62 cents per share. Walter Turner, Koppers' president and CEO, said the company remained profitable in part because of cost-cutting initiatives to deal with the economic downturn. The stock rose 12 percent to close at $28.78, up $3.08.
Ansys Inc., a Southpointe-based engineering software company, yesterday reported third-quarter net income of $30.53 million, or 33 cents per share, vs. $25.77 million, or 29 cents per share, in the same period last year.
Horsehead Holding reported a third-quarter loss of $3.6 million, or 10 cents per diluted share, citing a 23 percent drop in shipments and lower prices. Sales fell 45 percent to $60.3 million. In the year-ago quarter, the Monaca zinc producer earned $9.4 million, or 27 cents per diluted share, on sales of $109.2 million.
Trading of H.J. Heinz Co. options jumped to a six-week high on renewed speculation that the world's biggest ketchup maker may be acquired. More than 23,500 call options giving the right to buy the stock changed hands yesterday, 20 times the four-week average and eight times the volume for puts giving the right to sell shares. The stock added 48 cents, or 1.2 percent, to $40.45, extending its 2009 advance to 7.6 percent. "Heinz has been rumored as a takeover name for ages," said Steve Sosnick, equity risk manager at Timber Hill LLC. Michael Mullen, a Heinz spokesman, declined to comment.
Bank of New York Mellon CEO Robert Kelly says he will not be leaving the bank to assume the top spot at Bank of America. "I want to be clear: I am not interested," he said in a memo to top managers Wednesday. News reports earlier in the week suggested Mr. Kelly might be interested.
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