NEWS IN BRIEF

Stephens papers cut 10 jobs in Arkansas

Stephens Media has eliminated 10 jobs at newspaper operations in Arkansas, including five at the Southwest Times Record in Fort Smith.

Cuts were made to editorial staffs and other departments at the Times Record and the Stephens-owned weekly papers in central Arkansas. Layoffs in Fort Smith and central Arkansas come less than three months after Las Vegas-based Stephens Media eliminated five of six jobs in its Arkansas News Bureau.

Stephens Media LLC publishes 75 newspapers in nine states, including 11 dailies. In Arkansas the company owns two dailies and 14 weekly newspapers. Northwest Arkansas Newspapers LLC is part of a joint venture between WEHCO Media Inc., owner of the Arkansas Democrat-Gazette, and Stephens.

Both Byron Tate, publisher at the Stephens-owned Pine Bluff Commercial and the central Arkansas weeklies, and Times Record Publisher Tom Stallbaumer said they were hopeful the latest round of cuts would be enough to get the expenses and revenue in line at their operations.

“We’re constantly restructuring and looking for ways to run more efficiently,” Stallbaumer said. “I am hopeful. We have targets for expenses and revenue. You have a lot more control on expense side. … I think that will take some pressure off on the expense side. I’m hopeful the restructuring will get us in line with where we need to be. We’ll work really hard on growing the top line revenue.”

— Chris Bahn

First Federal CEO’s pay $497,905 in ’13

Chris Wewers, chief executive officer for First Federal Bancshares, earned $497,905 last year, the Harrison bank said in its proxy statement filed Thursday.

Other executives and their total compensation were Dabbs Cavin, vice chairman, $227,372; John Suskie, chief lending officer, $239,450; and Thomas Fritsche Jr., executive vice president, $219,750.

The top four executives for First Federal made about 27 percent more in 2013 than in 2012.

First Federal will hold its annual meeting on June 27 at 900 South Shackleford Road in Little Rock.

— David Smith

Arkansas Index rides surge, goes up 1.82

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 1.82 to 345.47 Thursday.

“U.S. stocks surged ahead on Thursday as investors shrugged off data showing the economy actually contracted in the first quarter,” said John Blackwell, senior vice president and managing director of equity trading at Stephens Inc. in Little Rock.

Tyson Foods jumped 6.1 percent on three times its average volume.

Murphy Oil climbed 2.1 percent in light trading.

America’s Car-Mart dropped 4.8 percent.

The index was developed by Bloomberg News and the

Arkansas Democrat-Gazette

with a base value of 100 as of Dec. 30, 1997.

Business on 05/30/2014

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