EarthLink to buy shares

EarthLink Inc. has agreed to purchase 9 million shares of its common stock from Overland Park-based Sprint Corp. for $53.1 million.

The purchase price is comparable to Earthlink’s Wednesday closing price of $5.89 a share, Earthlink said.

The Atlanta-based Internet service provider said the purchase was in addition to its existing repurchase plan, under which $18.5 million is still available for stock buybacks.

Taxes

H&R Block expects earnings to increase

H&R Block Inc. reaffirmed its earnings guidance Wednesday, saying fees from tax preparation are up over last year.

The Kansas City, Mo.-based firm said it expected earnings of $3.10 to $3.25 per share in fiscal 2003, up 34 to 41 percent from the year before.

Agriculture

Bankruptcy court OKs sale of Farmland assets

A bankruptcy court has approved Farmland Industries’ sale of much of its nitrogen fertilizer manufacturing and distribution assets to Wichita-based Koch Nitrogen Co. from a bankruptcy auction last week.

The purchase, valued at $293 million, includes Kansas City, Mo.-based Farmland’s fertilizer plants in Dodge City, Kan.; Fort Dodge, Iowa; Enid, Okla.; Beatrice, Neb.; as well as 12 terminals located throughout Minnesota, Kansas, Texas, Iowa and Illinois.

Koch also acquired Farmland’s 50 percent share of Farmland MissChem Limited, which owns an ammonia plant in Trinidad and Tobago.

The deal still requires regulatory approval and is expected to close this spring.

Outdoor retail

Cabela’s names leaders

The founder of Cabela’s outdoor stores and mail-order business is stepping away from his duties as chief executive of the company.

Dick Cabela, 66, will remain as chairman of the company’s board of directors. Cabela’s brother Jim, who helped found the company, is giving up his position as president but will be vice chairman of the board and chairman of the executive management committee.

Dennis N. Highby, 54, who was the firm’s first salaried employee, will take over as chief executive of the company. David A. Roehr, 46, will be the company’s president and chief financial officer.

Cabela’s has two stores in Nebraska, two in Minnesota and one in South Dakota, Wisconsin, Michigan and Kansas.