Retail sales dip in January

Consumers trimmed their spending on cars as free-financing offers waned, contributing to a modest drop in sales at the nation’s retailers in January, the Commerce Department reported Wednesday.

Outside of autos, sales rose by the largest amount in nearly two years, a promising sign as the country tries to come out of a recession.

Overall retail sales dipped by 0.2 percent in January. But excluding auto sales, sales rose by 1.2 percent in January, the biggest advance since March 2000.

Aviation: CEO: Layoffs may hit Cessna

Cessna Aircraft Co., the only aircraft manufacturer that did not lay off workers in Wichita last year, said job cuts may come if sales don’t pick up in the next year.

“The last thing we want to have to do is lay people off, but the realities of the marketplace may indicate we’ll have to do that,” said Gary Hay, Cessna chairman and chief executive.

Wichita’s three light aircraft manufacturers Cessna, Raytheon Aircraft Co. and Bombardier Aerospace delivered 10 percent fewer Wichita-built airplanes to customers in 2001 than they did a year earlier.

Earnings: Weak ad sales hurt Viacom

Viacom Inc., which owns CBS, MTV and the Paramount studios, posted a net loss of $42.5 million for the fourth quarter Wednesday as the media company struggled through an advertising slump.

The loss, 2 cents a share for the October-December period, compared with earnings of $30.4 million, or 2 cents a share, in the same period a year ago.

Revenue fell 5 percent to $6.04 billion from $6.36 billion.

Viacom’s loss came as a tough advertising climate led to a drop in revenue and earnings at its large radio and outdoor advertising subsidiary, Infinity Broadcasting, which remains the largest contributor to the company’s cash flow.

Atchison Casting Corp.: Foundry firm reports loss

Atchison Casting Corp. lost money in its second quarter, but its closing of four foundries helped improve financial performance, the company the company said Wednesday.

The Atchison-based producer or iron and other metal castings said it lost $5.7 million, or 74 cents a share, on sales of $100.1 million during the quarter ended Dec. 31. That compared with profits of $1.9 million, or 24 cents per share, on sales of $105.8 million a year earlier, when a one-time gain of $10.9 million for business interruption and property insurance helped boost results.

Without the gain, the company had operating losses of $3.7 million in the second quarter of fiscal 2001. The operating loss for the same quarter of fiscal 2002 was $2.6 million.