Kerkorian seeks shareholder vote
Spurned by Chrysler Corp. in his attempt to take over the automaker, billionaire Kirk Kerkorian challenged the company yesterday to let its shareholders vote on his offer.
"If the shareholders do not support the buyout, we would withdraw our offer," Mr. Kerkorian said in a letter to Chrysler Chairman Robert J. Eaton.
As an alternative, Mr. Kerkorian proposed that Chrysler ask stockholders if they would prefer that the company increase its dividend payments to $5 a share from the present $1.60.
He was responding the Chrysler board's formal rejection Monday of his proposal to buy the 90 percent of the company he doesn't already own.
Confidence up, rise in pay slowed
New reports show labor costs rising at the slowest pace on record, consumer confidence in the economy jumping to a five-year high and falling mortgage rates helping to revive sales of existing homes.
Analysts said the reports yesterday were consistent with the Federal Reserve's goal of a slower but still-growing economy and low inflation.
The Labor Department said its Employment Cost Index edged up 2.9 percent in the year that ended March 31, the smallest increase since it began tracking worker pay and benefits in 1981. Also yesterday, the National Association of Realtors reported sales of existing homes rebounded 5.8 percent in March, and the Conference Board said its index of consumer confidence in the economy rose this month to 105.5, from 100.2 in March.
Micros Systems' earnings rise
Micros Systems Inc. yesterday reported higher earnings in its fiscal third quarter, as sales were up more than 30 percent.
For the three months that ended March 31, the Beltsville company earned $2.2 million, or 28 cents per share, compared with $2.0 million, or 25 cents per share, in the same period a year ago. Sales grew to $25.2 million, from $19.3 million. The company also entered its fourth quarter with a record backlog of orders, Micros President Tom Giannopoulos said.
For the nine-month period, net income was $8.1 million, or $1.02 cents per share, compared with $5.8 million, or 74 cents per share. Sales were up almost 40 percent, to $76.8 million.
Cadmus profits up 23% for quarter
Cadmus Communications Corp.'s third-quarter profits were up 23.5 percent, the company reported yesterday, as sales climbed 11 percent and operating margins improved after a restructuring.
The Richmond, Va.-based company, the parent of Anne Arundel County-based Cadmus Journal Services Inc., said net income for the three months that ended March 31 was $2.1 million, or 33 cents per share, up from $1.7 million, or 28 cents per share, in the same period a year ago. Sales grew to $74.9 million, from $67.4 million.