LITTLE ROCK — QUOTE OF THE DAY
“Imports have just killed us to the point that it’s not profitable.”
Bill Troutt,
manager of Alice-Sidney Farms LP in Chicot County, a catfish producer.
Article, 1DFirst Federal Bancshares posts profit
Harrison-based First Federal Bancshares of Arkansas Inc. on Tuesday reported a second-quarter profit of $637,000, its second profitable quarter in a row after 2009’s losses topped $44.5 million.
First Federal Bancshares, the holding company for First Federal Bank of Arkansas, reported a second-quarter net loss of $937,000 a year ago.
Net income in the second quarter of 2010, which ended June 30, includes interest income of $7.71 million and noninterest income of $1.86 million, according to a news release.
The company released its report after the markets closed Tuesday. Its shares on the Nasdaq exchange closed at $1.80, unchanged from Monday but down 46 percent since closing at $3.36 on June 15. They have traded between $1.70 and $4.69 in the past year.
Earnings per share for the second quarter of 2010 equaled 9 cents, up from the loss of 24 cents reported for the same quarter last year.
The bank’s assets stood at $678.1 million as of June 30, down 7.25 percent from the total assets of $731.1 million reported on Dec. 31, 2009.
The bank is considering an early fall stock offering to increase its capital levels and fund potential growth, Larry Brandt, the bank’s president and chief executive officer, said while discussing second-quarter earnings. The amount has not been determined as yet, he said.
$2.7 million to fund ‘green’ ventures
A $2.7 million grant will be used to support the improvement and continued growth of “green” technology companies in Arkansas, the Arkansas Energy Office said Tuesday.
The office, a division of the Arkansas Economic Development Commission, said the Arkansas Green Technology Grant Program funds will be distributed on a competitive basis. The program targets companies that make or sell products that contribute to renewable energy production or storage, energy efficiency or programs that result in an overall reduction in energy use.
The office on Tuesday began a 45-day period to receive proposals. An advisory group will review proposals and make awards based on the validity of the proposal and availability of funds.
For more information, contact Jeff Seiter, industrial program manager for the Arkansas Energy Office, at (501) 682-8067 or jseiter@arkansasedc.com. More information can also be found at www.arkansasenergy.org.
Firm to rent out Nissan electric cars
NEW YORK - Nissan Motor Co. will sell 500 electric cars to Enterprise Rent-A-Car starting in January as the Japanese automaker aims to put more drivers behind the wheel of its battery-powered vehicles.
Enterprise says it will make the Leaf available to customers in eight cities including Los Angeles and Phoenix.
Enterprise says it selected the cities based the availability of charging infrastructure. Charging stations will be installed in 100 different Enterprise rental locations starting in November.
Nissan is currently reserving spots for buyers of the Leaf, which goes 100 miles on a charge and will cost about $25,000 with tax credits. The automaker will start delivering the vehicles to customers by December.
The cost of renting the Leaf hasn’t been determined, Enterprise spokesman Lisa Martini said. But like the hybrid vehicles that Enterprise rents to customers, the rental price is likely to be higher than its gasoline-powered cars, she said.
Enterprise said it will make the Leaf available to customers starting in January in these cities: Seattle; Phoenix; Los Angeles; San Diego; Tucson, Ariz.; Knoxville and Nashville, Tenn.; and Portland, Ore.
GE settling Iraq kickback case
WASHINGTON - General Electric Co. will pay $23.4 million to settle federal charges that some of its subsidiaries paid illegal kickbacks to the government of Saddam Hussein in order to win contracts under a U.N. program.
The Securities and Exchange Commission says GE subsidiaries gave cash, computers, medical supplies and other goods to the Iraqi health and oil ministries from 2000 to 2003.
The SEC says the kickbacks were in return for contracts to supply medical and water-purification equipment under the United Nations’ oil-for-food program, which provided humanitarian aid to prewar Iraq.
GE says it agreed to pay a $1 million penalty and give up about $22.5 million in profit and interest earned from the transactions. The company does not admit nor deny wrongdoing under the settlement.
Business, Pages 28 on 07/28/2010