Edelbrock Reports Improved Sales and Earnings for Second Quarter of 2004
Edelbrock Corp. has reported sales and earnings for the second quarter and first six months of 2004, which ended Dec. 25, 2003. For the quarter, revenues increased to $31,741,000 from $31,015,000 in the same period of fiscal 2003. Net income for the second quarter improved to $1,287,000, or 24 cents per basic share (23 cents per diluted share), from net income of $1,197,000, or 22 cents per basic and diluted share, for the second quarter of fiscal 2003.
Compuware Panning to Buy Covisint
Compuware Corp., the largest high-tech company based in Michigan, is expected to announce that it will purchase financially struggling Covisint LLC, according to documents on Compuware letterhead obtained by the Detroit Free Press. The acquisition, expected to be completed within 30 days for an undisclosed “small cash transaction,” ends the most expensive Internet start-up and flop ever launched in Michigan.
Ward’s Reports Estimated Production
Vehicle production last week in the U.S., Canada and Mexico was expected to hit an estimated 339,878 units, up 15 percent from the 295,481 cars and trucks built last week, according to Ward’s Automotive Reports.
ASA Appoints John Scully Executive Vice President
The Automotive Service Association (ASA) has appointed John Scully, AAM, to the position of executive vice president. Scully has served as ASA’s vice president of member services and operations since 1998. In announcing the promotion, Ron Pyle, ASA’s president and chief staff executive, said, “John has proven himself as a strong leader who considers the needs of our members as his top priority. Elevating his position to executive vice president equips John with the resources and authority needed to efficiently and effectively serve our members and this industry.
Delphi Integrated Service Solutions Appoints Three New Directors
Delphi has announced the appointment of three new directors in sales and marketing, operations and engineering for Delphi Integrated Service Solutions, part of Delphi Product & Service Solutions. Delphi Integrated Service Solutions provides computer-implemented workflow management and vehicle diagnostic systems that enable service writers, shop owners and technicians to increase productivity and drive consumer satisfaction.
Lear Appoints Anne Bingaman to Board
Former Assistant Attorney General Anne Bingaman has been appointed to Lear Corp.’s board of directors. Bingaman served as assistant attorney general of the antitrust division of the U.S. Department of Justice from 1993 to 1996, following a career in private law practice. Currently, she is chairman of Valor Telecommunications LLC, a provider of local and long distance telephone services to residential and business customers in New Mexico, Oklahoma, Texas and Arkansas.
Taking Action on AHPs
The Association Health Plan (AHP) Coalition, made up of more than 150 associations including AAIA, is getting geared up for its second session. In order to raise the visibility of Association Health Plans in the Senate, a letter was sent to Senate Majority Leader Bill Frist (R-Tenn.), copying members of the Senate Uninsured Taskforce, asking him to include AHPs in any uninsured legislation he introduces.
TRW Raises $676 Million in Public Offering
TRW Automotive Holdings Corp., which was bought by private equity firm Blackstone Group LP for about $4.7 billion last year, has raised $676 million in an initial public offering. The Livonia, Mich.-based company sold 24.14 million shares of stock at $28 a share. The company had predicted it would sell the stock at between $28 and $30 a share.
American Axle OKs Stock Buyback
Detroit-based American Axle & Manufacturing Holdings announced that its board approved a share repurchase program calling for the company to repurchase up to 2.5 million shares of its stock over the next two years.
Hayes Lemmerz Names Vice President, General Counsel and Secretary
Hayes Lemmerz International has named Patrick Cauley to the position of vice president, general counsel and secretary. Cauley, who was serving as the company’s interim general counsel, will continue to report to Curtis Clawson, chairman and CEO.