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Archive for Friday, October 26, 2001

Briefcase

October 26, 2001

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Arkansas Raytheon cuts jobs

Raytheon Aircraft is laying off about 90 workers this week at Little Rock, Ark.

The cuts represent about 14 percent of the company's 640-member Little Rock work force, spokesman Jim Gregory said Thursday.

Raytheon is offering the workers severance packages, counseling and job placement assistance, Gregory said from his Wichita office.

The Little Rock layoffs are part of about 1,700 made company-wide this year.

New Mexico

Western merger brings down utility's earnings

Public Service Company of New Mexico's third-quarter earnings failed to meet expectations, but the company says it's on course for a record year.

PNM reported net income of $32.8 million, or 82 cents per diluted share of common stock, for the quarter ending Sept. 30.

Analysts had been expecting PNM's earnings at 87 cents per diluted share for the quarter. But expenses from its proposed merger with Topeka-based Western Resources and investments in a failed Internet company reduced earnings by 14 cents per share.

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