Archive for January, 2011
A trade association has called for the government to freeze fuel duty to relieve immediate financial pressure on companies.
The Society of Motor Manufacturers and Traders (SMMT) fears the duty rise planned for April this year will threaten industry, businesses and consumer confidence at a ‘crucial and fragile point’ in the UK’s economic recovery.
Truck, bus and coach operators are particularly vulnerable to fuel price fluctuations with rises having the potential to eat away narrow margins.
‘Manufacturers spend millions each year to improve the fuel efficiency of their vehicles to deliver the best deal for motorists,’ says SMMT chief executive Paul Everitt. ‘We now need government to play its part in helping businesses by freezing fuel duty and providing stability and certainty on motoring taxes.’
In June 2010, the SMMT urged government not to raise taxes and duties on vehicles and fuels above the rates set in the 2010 Budget, pushing the point that ‘a stable tax and duty regime’ is vital.
Tags: Freeze Fuel, Freeze Fuel Duty, Fuel Duty, Smmt
Cherokee (NasdaqGS: CHKE), a licensor of apparel brand names and trademarks, made an important announcement yesterday (Jan. 31st ). Before I tell you what the announcement was about, let’s look at Cherokee’s financials:
- 57% return on equity
- Current ratio (current assets divided by current liabilities) = 2.5
- Free cash flow positive for the past ten consecutive years
- Earnings per share positive for the past ten consecutive years
- Free cash flow greater than earnings for five of the past six years, including the last two years.
Based on these extremely healthy-looking financial figures, I wouldn’t blame you for guessing that the news was good. Perhaps a takeover offer, a better-than-expected earnings report, or a dividend boost.
You’d be wrong.
In fact, Cherokee announced that it was cutting its dividend almost in half, from a quarterly rate of $0.38 to $0.20. The com
Tags: Was, Was Foreseeable
Global media conglomerate News Corp. (NWSA) on Wednesday saw its quarterly earnings more than double from a year earlier on the strength of growth at its cable networks both in the U.S. and abroad.
For its fiscal second quarter News Corp. reported net income of $642 million, or 24 cents a share, compared with $254 million, or 10 cents a share, a year earlier.
Revenue rose by 1% to $8.76 billion, up from $8.68 billion during the same period a year ago.
“I am confident that the significant positive momentum from these businesses will not only continue to drive News Corporation’s growth for the remainder of the fiscal year, but also strengthen the Company for growth in the years to come,” said News Corp. Chairman and Chief Executive Rupert Murdoch in a statement.
News Corp. is the parent company of FOXBusiness.com.
Tags: Double, News Corp
The legal battle between the asbestos litigation law firm Kelley & Ferraro LLP and the widow of one of the firm’s namesake partners took a turn this week when the firm filed for bankruptcy in Florida.
Kelley & Ferraro filed for Chapter 11 reorganization on Wednesday, Jan. 26, in a move that partner Tom Wilson said is aimed at resolving the nearly 5-year-old civil litigation pending against it.
The timing was not coincidental, Mr. Wilson said, as Wednesday was the day civil proceedings brought by Lynn Kelley, widow of firm co-founder Michael Kelley, were to resume in Cuyahoga County Common Pleas Court. Mr. Wilson said the bankruptcy filing automatically stayed the civil proceedings.Currently, it’s business as usual at Kelley & Ferraro, Mr. Wilson said. He said the firm filed for bankruptcy protection from creditors to do what’s best for its clients.The petition was filed in the Southern District of Florida, U.S. Bankruptcy Court, in Miami. Partner James Ferraro lives in Florida, and Mr. Wilson said bankruptcy counsel advised Kelley & Ferraro to file there.Ms.
Tags: Bankruptcy, Ferraro Llp