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Archive for Tuesday, April 16, 2002

Briefcase

April 16, 2002

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Deli opens on Iowa Street

A new deli has become the latest business attracted to the growing retail area along Lawrence's south Iowa Street.

Jason's Deli opened it first Lawrence location last week at 3140 Iowa in a new shopping center just south of Kmart. Brian Stevens, a partner in the franchise, said the restaurant's menu focuses on sandwiches, baked potatoes, salads and soups.

"The company has opened stores in three or four other college towns and been real well received," Stevens said. "Our portion sizes and the value for the dollar seem to be a big selling point for the college students."

The restaurant, which employs about 70 full and part-time employees, also hopes to attract shoppers, which is why Stevens chose the location.

Fund-raising: Foundation receives $25,000 from area bank

Douglas County Bank has given a $25,000 donation to the Douglas County Community Foundation, as part of the foundation's goal to raise $300,000 in new funds.

The foundation, which uses its resources to fund charitable programs and organizations in Douglas County, is trying to raise $300,000 to qualify for a matching grant of $300,000 from the Kansas Health Foundation.

In announcing the gift, Douglas County Bank President Ted Haggart said it was an appropriate way to celebrate the bank's 50th anniversary, and the donation fit into the bank's program of supporting charitable organizations.

Layoffs: GE shares fall on report

General Electric Co. plans to eliminate 7,000 jobs this year at GE Capital as it seeks to cut costs by $1 billion at the financial services division, GE said Monday.

James Parke, chief financial officer of GE Capital, discussed the plan in a conference call with analysts and investors, said David Frail, a company spokesman. The cuts represent slightly more than 2 percent of GE's work force of 310,000.

Frail said the cuts were not related to recent criticism of the company's finances or its first-quarter earnings report last week. GE Capital has previously cut its work force by 19,000 since the second half of 2000, he said.

Earnings: Sprint announces revenues

Overland Park-based Sprint announced Monday that its PCS division lost money in the first quarter but its FON division posted a profit for the period, although less than during the same time last year.

The PCS Group, which includes the company's wireless division, reported a first quarter loss per share of 15 cents, compared to a loss of 40 cents a year ago.

First quarter diluted earnings per share for the FON Group, which includes the company's long distance division, was 32 cents compared to 36 cents a year ago.

Defense contractor: Northrop raises TRW offer

TRW Inc. advised its shareholders again Monday not to respond to a takeover bid from defense contractor Northrop Grumman Corp., which has raised its offer to $6.7 billion.

Northrop Grumman increased its bid on Sunday, a month after TRW's board rejected its original unsolicited offer of $5.9 billion for a second time. The new offer is valued at $53 a share, compared with an original offer of $47 a share. Northrop Grumman extended the offer to May 3.

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