Calgon Carbon releases lawyer, reports more losses
Calgon Carbon Corp. said Monday it no longer employs General Counsel Michael Mocniak, 53, after an internal audit discovered late filing of legal service invoices, leading to a loss of an additional $1.2 million for the first nine months of 2005. The audit revealed invoices for certain legal services totaling $1.4 million were not recorded as expenses. "We will report our restated financial statements as quickly as possible," said CEO John S. Stanik in a statement. In restated quarterly results, Calgon Carbon's first quarter 2005 loss grows to $3.4 million, or 9 cents per diluted share, from the previously reported loss of $2.8 million, or 7 cents a share. For the quarter ending June 30, net income drops to $2 million, or 5 cents a share, down from $2.6 million, or 7 cents a share, as reported. The company's third-quarter net loss decreases to $400,000 or 1 cent a diluted share, from $700,000, or 2 cents a share, as reported.
Amerinet completes buy
Health care group purchasing company Amerinet Central of Warrendale said Monday it completed its acquisition of the group purchasing and insurance units of Harrisburg-based competitor AllHealth. No purchase price was disclosed. Health care provider-owned AllHealth, with satellite offices in Pittsburgh, Philadelphia and Washington, D.C., serves more than 1,500 customers in Pennsylvania, Delaware, Maryland, central and western New York, West Virginia and Washington, D.C. Amerinet's customer base includes about 1,900 hospitals and 33,000 nonacute care facilities. Its members in 2005 made $6.5 billion in purchases under Amerinet-negotiated contracts, saving more than $320 million.
PNC sued over withdrawals
This brief was modified at 8:20 p.m. Thursday, March 30, 2006, to correct information. A lawsuit against PNC Bank seeking damages related to the now-defunct Military Channel was filed by attorneys for the satellite TV channel and was dismissed voluntarily in 2002. A brief on Tuesday incorrectly said the lawsuit was filed by Paul Bariteau of Louisville, the main backer of the Military Channel. Bariteau filed his own lawsuit on March 13.
Attorneys of the now-defunct Military Channel has sued PNC Bank in federal court in Louisville, claiming the bank allowed company officers to PNC spokesman Brian Goerke said a similar lawsuit from Bariteau was dismissed in 2002 and that the new one "has no merit."
Stocks mixed ahead of Fed
Investors put off major buying decisions Monday, leaving stocks mixed as Wall Street awaited the results of the first Federal Reserve rate-setting meeting chaired by Ben Bernanke. Mark Vitner, senior economist with Wachovia Corp. in Charlotte, N.C., said, "We have a real unknown quantity in (Chairman) Ben Bernanke ... so everyone is on Fed watch." Ahead of the announcement, the markets turned in a lackluster performance. The Dow Jones industrial average slid 29.86, or 0.3 percent, to 11,250.11. The Standard & Poor's 500 index, which seesawed through the day, ended down 1.34, or 0.1 percent, at 1,301.61. The Nasdaq composite index advanced 2.76, or 0.1 percent, to 2,315.58.
10,000 at engineers event
The National Society of Black Engineers is expected to bring 10,000 members to Pittsburgh for its convention that opens Wednesday and continues through Sunday at the David L. Lawrence Convention Center, Downtown. Among the scheduled speakers are Jared Cohon, president of Carnegie Mellon University. The engineering organization's membership is at an all-time high, said Carl Mack, the organization's executive director. The Greater Pittsburgh Convention and Visitors Bureau said it will be the largest convention in Pittsburgh in 2006 and will generate about $12.8 million in spending.
Area construction surges
The Pittsburgh region may be on track for a major construction boom during 2006 if totals for the first two months of the year are an indication. With $339.7 million in new contracts, there is a 68 percent increase so far this year over a year ago, according to McGraw-Hill Construction. During February, $174.4 million in new contracts were issued, up 57 percent over a year ago. Residential work was up 10 percent to $69.2 million.
LIHEAP signup extended
The state has doubled to $600 the amount low-income families can receive during a heating crisis, while the Low Income Energy Heating Assistance Program has been extended by three weeks. Crisis grants are authorized under LIHEAP for families with heating emergencies, such as furnace repairs or unexpected fuel shortages. If recipients already have received $300 in crisis funds, they can apply for the additional $300 should another heating emergency occur. LIHEAP also has been extended three weeks to April 14, or until all funds are exhausted.
Other business news
