Public Companies

Celadon's quarterly profit, revenue improve

October 26, 2010
 IBJ Staff
The Indianapolis-based trucking company reported revenue of $140.3 million for the fiscal first quarter and profit of $4.4 million.
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Cummins shares fall after quarterly report

October 26, 2010
 IBJ Staff and Associated Press
Cummins Inc. reported $283 million in third quarter profit, a three-fold increase from the year-ago period, but the performance missed analyst expectations.
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American Commercial Lines sued over $777M buyout bid

October 26, 2010
Bloomberg News
Officials of Jeffersonville-based American Commercial and private-equity firm Platinum Equity LLC structured the $33-a-share offer in a way that unfairly bars other bids for the shipping company, American Commercial shareholder Leonard Becker said in his lawsuit.
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Analysts grill Lilly execs on strategy after setbacks

October 21, 2010
J.K. Wall
Wall Street analysts on Thursday demanded to know what new things Eli Lilly and Co. is planning since the company’s vaunted pipeline has failed to produce a drug that will boost revenue after a wave of patent expirations. The answer: Not much.
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Vera Bradley shares off to impressive start

October 21, 2010
Stock in the Fort Wayne-based company began trading Thursday morning at $16 but climbed as high as $23.90.
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ITT profit soars despite drop in new-student enrollment

October 21, 2010
J.K. Wall
ITT Educational Services Inc.’s third-quarter profit of $93.2 million handily beat the expectations of Wall Street analysts, but the company suffered its first decline in new-student enrollment since the recession began.
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Lilly raises forecast after beating third-quarter profit estimates

October 21, 2010
J.K. Wall
The Indianapolis-based drugmaker reported a profit of $1.3 billion in the quarter ended Sept. 30, up 38 percent compared with last year. Excluding extraordinary items from a year ago, Lilly’s profit was up 2 percent.
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Vera Bradley set to go public

October 20, 2010
Scott Olson
The Fort Wayne-based company is scheduled to begin trading as a public company Wednesday morning. The estimated offering price is $14 to $16 each, although a Morningstar analyst predicts the IPO could bring as much as $18 a share.
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Thinner margins squeeze Steel Dynamics profit

October 19, 2010
The Fort Wayne-based steelmaker reported profit of $19 million, or 9 cents per share, compared with $69 million, or 30 cents per share, in the same period last year.
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Emmis loss shrinks as radio stations produce more cash

October 15, 2010
J.K. Wall
The Indianapolis-based media company announced this morning that it lost $2.3 million in the latest quarter, down from a whopping $135.6 million in the same period a year earlier.
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Biomet sales rise, but slower than expected

October 13, 2010
Associated Press
Biomet's quarterly results are considered an indicator on the state of the orthopedic device industry because it reports results before most of its competitors.
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WellPoint, other insurers' stock buybacks concern investors

October 12, 2010
Bloomberg News
Indianapolis-based WellPoint Inc. and competing U.S. health insurers approved $10 billion in stock repurchases in the past year, a concern to investors who say buybacks failed to increase share prices and who want more spent on dividends.
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Frontier could seek marketing deal with major airline

October 11, 2010
Bloomberg News
Frontier Airlines may seek a marketing agreement with a major carrier as industry collaboration continues, said Bryan Bedford, chief executive of Indianapolis-based parent company Republic Airways Holdings Inc.
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Lilly's Erbitux shows mixed results in cancer studies

October 11, 2010
Bloomberg News
In combination with chemotherapy, the drug failed to help colon-cancer patients in a European trial but did delay the spread of breast cancer in some patients with a certain type of aggressive tumor.
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Finish Line introduces in-store kiosks to make custom T-shirts

October 9, 2010
Cory Schouten
Finish Line is testing touch-screen customization kiosks at its Greenwood Park Mall store. The kiosks, which look like oversize iPads, produce an individualized Nike T-shirt in about 15 minutes.
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Biglari adjusts controversial pay proposal

October 1, 2010
Cory Schouten
The parent company of Steak n Shake restaurants has scaled back a controversial pay package for its CEO in hopes of securing shareholder approval of the plan at a rescheduled special meeting.
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Fortune Industries reports higher profit, lower revenue

September 29, 2010
Indianapolis-based professional employer organization reported fiscal-year profit of $828,000, an 85-percent increase from fiscal 2009. Revenue, however, fell 20 percent, to $60.7 million.
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Finish Line's second-quarter profit jumps to $16.8M

September 24, 2010
 IBJ Staff and Associated Press
Indianapolis-based The Finish Line Inc. said Thursday that its second-quarter profit rose as it rebounded from a messy quarter a year earlier after the athletic shoe retailer sold its unsuccessful Man Alive hip-hop stores.
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Structural shakeup means changes at EnerDel

September 21, 2010
Kathleen McLaughlin
Ener1 Inc., the parent company of local advanced-battery maker EnerDel, has reorganized its corporate structure and shuffled management ranks.
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Smulyan-led firm sues backer over failed Emmis deal

September 15, 2010
Andrea Muirragui Davis
Emmis Communications Corp. CEO Jeff Smulyan’s JS Acquisition LLC is suing its one-time financier for backing out of a deal to take the Indianapolis-based media company private.
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Simon, former executive settle fraud suit

September 11, 2010
 IBJ Staff
Mark Palombaro, a former senior vice president of development, will pay the company $766,000, settling a lawsuit that accused him of getting kickbacks on construction contracts.
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UPDATE: Large debt load will continue to weigh on Emmis

September 9, 2010
Scott Olson
Emmis, which has been awash in red ink, must contend with more than $340 million in debt after CEO Jeff Smulyan failed in his attempt to purchase the company and take it private.
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Smulyan delays Emmis buyout vote again

September 8, 2010
A Wednesday evening shareholders meeting has been postponed until Thursday at 8:30 a.m., when the Emmis CEO again will try to take the company private.
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Business bank reports second-quarter loss

September 7, 2010
Indiana Business Bank's restructuring of a real estate loan leads to loss of $484,678 in the second quarter.
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PROXY CORNER: Noble Roman's Inc.

September 4, 2010
 IBJ Staff
Noble Roman’s Inc. is a franchisor of Noble Roman’s Pizza and Tuscano’s Italian Style Subs restaurants.
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  1. By Mr. Lee's own admission, he basically ran pro-bono ads on the billboard. Paying advertisers didn't want ads on a controversial, ugly billboard that turned off customers. At least one of Mr. Lee's free advertisers dropped out early because they found that Mr. Lee's advertising was having negative impact. So Mr. Lee is disingenous to say the city now owes him for lost revenue. Mr. Lee quickly realized his monstrosity had a dim future and is trying to get the city to bail him out. And that's why the billboard came down so quickly.

  2. Merchants Square is back. The small strip center to the south of 116th is 100% leased, McAlister’s is doing well in the outlot building. The former O’Charleys is leased but is going through permitting with the State and the town of Carmel. Mac Grill is closing all of their Indy locations (not just Merchants) and this will allow for a new restaurant concept to backfill both of their locations. As for the north side of 116th a new dinner movie theater and brewery is under construction to fill most of the vacancy left by Hobby Lobby and Old Navy.

  3. Yes it does have an ethics commission which enforce the law which prohibits 12 specific items. google it

  4. Thanks for reading and replying. If you want to see the differentiation for research, speaking and consulting, check out the spreadsheet I linked to at the bottom of the post; it is broken out exactly that way. I can only include so much detail in a blog post before it becomes something other than a blog post.

  5. 1. There is no allegation of corruption, Marty, to imply otherwise if false. 2. Is the "State Rule" a law? I suspect not. 3. Is Mr. Woodruff obligated via an employment agreement (contractual obligation) to not work with the engineering firm? 4. In many states a right to earn a living will trump non-competes and other contractual obligations, does Mr. Woodruff's personal right to earn a living trump any contractual obligations that might or might not be out there. 5. Lawyers in state government routinely go work for law firms they were formally working with in their regulatory actions. You can see a steady stream to firms like B&D from state government. It would be interesting for IBJ to do a review of current lawyers and find out how their past decisions affected the law firms clients. Since there is a buffer between regulated company and the regulator working for a law firm technically is not in violation of ethics but you have to wonder if decisions were made in favor of certain firms and quid pro quo jobs resulted. Start with the DOI in this review. Very interesting.

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