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Archive for Thursday, October 23, 2003

Briefcase

October 23, 2003

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Time Warner reports subscriber loss at AOL

Time Warner Inc. reported continued problems at its struggling AOL division Wednesday, including more losses of subscribers and declining revenues, even as the overall company posted sharply higher profits for the third quarter.

The giant media company, which officially dropped AOL from its corporate name earlier this month, said Wednesday it earned $541 million, or 12 cents a share, in the three months ending Sept. 30, versus $57 million, or 1 cent a share, in the same period a year ago.

The AOL division lost 688,000 subscribers during the quarter.

Lawsuit

Game manufacturer seeks end of Ghettopoly

Hasbro Inc., has filed a federal lawsuit against the maker of a board game called "Ghettopoly," claiming the game violates Hasbro's trademarks and copyrights to the Monopoly real estate trading game.

The lawsuit against David Chang of Saint Marys, Pa., was filed in U.S. District Court on Tuesday.

It alleges Ghettopoly has unlawfully mimicked Monopoly's packaging and logos, and has created "irreparable injury" to Hasbro's goodwill and reputation.

Technology

Serologicals announces loss of $6.5 million

Serologicals Corp. announced Wednesday that its operating results for the third quarter dropped, largely due to one time charges related to discontinued operations.

Including discontinued operations and special charges for the period, the company reported a net loss of $6.5 million, or a loss of 26 cents per share, compared with net income of $3.3 million, or 13 cents per share in the same period a year ago. Without the special charges, the company earned 18 cents per share.

The company is building a biotech manufacturing facility in Lawrence's East Hills Business Park.

Restaurant

McDonald's profits up

Resurgent U.S. sales thanks to two new hit products helped McDonald's Corp. profits rise 12 percent in the third quarter.

The success of entree-sized salads and McGriddles breakfast sandwiches, along with extended hours at thousands of U.S. restaurants, helped McDonald's impress Wall Street on Wednesday with better results than expected.

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