Larger text Larger text Smaller text Smaller text Print E-mail

Telerama expanding hot-spots to West Coast

Saturday, March 27, 2004
Telerama Internet President Doug Luce has moved to Seattle to help build the company's presence on the West Coast. The company will remain headquartered in Pittsburgh, however, and has taken an additional 1,000 square feet of space in its Baum Boulevard facility. Telerama, which operates more than 70 wireless Internet hot-spots in coffee shops and other locations throughout the city, is taking its wi-fi business national -- starting in Seattle. Luce said two other cities will be added in coming weeks. The company also named Rob Pell as director of operations in Pittsburgh.

ASI Robicon bankrupt

High Voltage Engineering Corp., which operates a group of technology-based businesses, including ASI Robicon locally, filed for Chapter 11 bankruptcy protection this month under a prearranged debt restructuring agreement with bondholders. Officials said Friday that two ASI Robicon operations in the region that employ about 375 workers will not be affected. ASI Robicon, a manufacturer of variable frequency drives and power controllers, is in the Westmoreland Business & Research Park in Upper Burrell and Washington townships. ASI Robicon also operates the Pittsburgh Metal Technology Center at its Holiday Park site in Plum.

US Airways changes

US Airways Inc. said Friday that Keith D. Houk will become chief executive of the combined Allegheny/Piedmont Airlines following the retirement of Piedmont CEO John F. Leonard on Wednesday. In other personnel moves, the airline named Kathleen Jackson Harris as vice president and deputy general counsel and Frank Cortez has been named managing director of the airline's Philadelphia airport operations.

Consumers spend slowly

Consumers, a key force shaping the economic recovery, were more restrained in February, increasing their spending by only 0.2 percent. The over-the-month increase reported by the Commerce Department Friday came after consumers boosted spending by 0.5 percent in January, according to revised figures. That was slightly stronger than the 0.4 percent first estimated a month ago.

Other business news

  • Sylvan Inc. reported net income of $2.8 million, or 55 cents per diluted share for 2003, down from $4.7 million, or 86 cents a share, during the previous year. For the fourth quarter ended Dec. 28, the Saxonburg-based producer of mushroom products reported net income of $700,000, or 14 cents a share, vs. $1.4 million, or 25 cents a share, one year ago. Sales for the year totaled about $95 million, up from $88.2 million, one year ago. Sylvan said results were affected by costs of roughly $1.4 million related to Sylvan's pending acquisition by Snyder Associated Cos. Inc., a family-owned Kittanning-based holding company.

  • Allegheny Technologies Inc. CEO L. Patrick Hassey received a salary of $212,500 in 2003, according to the Pittsburgh-based specialty metals manufacturer's proxy statement. Hassey, who became the company's top executive on Oct. 1, also received a $670,000 bonus last year. James L. Murdy, who retired as CEO effective Sept. 30, received a salary of $455,000 last year, but did not receive a bonus. Election of directors is on the agenda for the company's annual meeting May 6 at the Omni William Penn Hotel in Pittsburgh.

  • Underwriters for Gander Mountain Co. Friday set the terms of the company's pending initial public offering at 5 million shares, with an estimated price range of $14 to $16 each. Gander Mountain, based in Minneapolis, sells gear for hunting, fishing and camping. Gander Mountain filed for an IPO of up to $86.25 million in common stock.

  • Parkvale Financial Corp., Monroeville, increased its quarterly dividend 11 percent to 18 cents a share, payable April 28 to shareholders of record April 5.

  • Pittsburgh-area stocks rose on Friday. The Bloomberg Pittsburgh Index of 67 stocks gained 0.19 to 214.40.

    -- From staff and wire reports

    More Business Briefs headlines

    Subscribe to the Tribune-Review today



    • Advertising Information | Advertiser List | About our ads