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Adelphia to move headquarters to Denver | TribLIVE.com
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Adelphia to move headquarters to Denver

Tribune-Review

Adelphia Communications Corp., the bankrupt cable-television company, plans to move its headquarters to Denver from its longtime Pennsylvania home of Coudersport, where it has been for more than 50 years. Adelphia will keep "a significant portion of its operations" in Coudersport, where the company employs about 1,400 people, the company said. The cable operator said about 150 people will be based in Denver, including the new management team. Earlier this month, the company hired two former AT&T Broadband executives, William Schleyer and Ronald Cooper, as chief executive officer and operating chief. Both men worked at AT&T's Denver headquarters before accepting positions at Adelphia.

Ansoft founder honored

Ansoft Corp. said Tuesday its founder, chairman and chief technology officer, Zoltan Cendes, has been elected an Institute of Electrical and Electronics Engineers Fellow for his outstanding contributions to the application of finite-element modeling to microwave guides, structures, and circuits. Cendes has been responsible for Ansoft's product and technology research and for the overall direction of the company's software since he founded the corporation in 1984. Cendes is an adjunct professor of electrical and computer engineering at Carnegie Mellon University in Pittsburgh.

Northpointe contracts

Armstrong County Industrial Development Authority awarded contracts for road and water line extension projects at Northpointe, a 925-acre, mixed-use development in South Buffalo Township. A $2.64 million road contract was awarded to Alex E. Paris Contracting Co. of Atlasburg, Washington County, and the $273,505 water line extension contract was awarded to Costa Contracting of Cheswick, Allegheny County. The money came from a $16.2 million bond issue launched by Armstrong County in 1998.

PNC off Fitch list

Fitch Ratings has reaffirmed its ratings on some $8 billion of PNC Financial Services Group debt and removed the corporation from its negative-watch list. The ratings house had placed the watch on PNC and its affiliates last July, after bank and securities regulators imposed sanctions on PNC for improperly accounting for the disposal of bad corporate loans. Fitch now deems the outlook for PNC debt to be stable.

Earnings

  • United Parcel Service reported solid gains in fourth quarter profits Tuesday, helped by a favorable tax settlement, growth in its international business and a surge in deliveries at the end of its holiday peak season. For the quarter ended Dec. 31, the world's No. 1 shipping carrier said it earned $1.5 billion, or $1.32 per share, compared with a profit of $645 million, or 57 cents a share, a year earlier. Revenue increased 3 percent to $8.26 billion, compared with $8.0 billion in the same three-month period a year ago.

  • Uni-Marts Inc. lost $422,000 in the first quarter of fiscal 2003, or 6 cents per diluted share, compared to net income of $110,000, or 2 cents a share, during the same period in 2001. Revenue totaled $109.9 million, an 11 percent increase from $99 million, a year ago. The convenience store chain, which operates more than 200 outlets in southwest Pennsylvania, on Tuesday said it will continue exploring strategic alternatives aimed at reducing an estimated $70 milliion debt, and improving the company's performance.

    Other business news:

  • BPU Investment Group Inc. is the new corporate name for Berkowitz, Pierchalski Inc., a money-management and investment banking firm. The firm has offices in Pittsburgh, Greensburg, Southpointe and Columbus, Ohio. Its divisions and affiliates include Equity Capital Management, New Albany Capital, Strategic Advisors Inc. and CUvest.

  • Domestic steel production fell 1.9 percent last week to 1.982 million tons from 2.021 million tons the week before, the American Iron and Steel Institute said Tuesday. Capability utilization fell to 84.8 percent from 86.4 percent. Last week's production was up 6.8 percent from the same week a year ago, when production was 1.856 million tons, with a capability utilization rate of 86.3 percent.

  • Pittsburgh-area stocks rose on Tuesday. The Bloomberg Pittsburgh Index, a price weighted list of companies with operations in the region, gained 1.86 to 151.52.