Public Companies

UPDATE: Pipeline challenges force Lilly restructuring moves

September 14, 2009
J.K. Wall
Since John Lechleiter was named CEO 18 months ago, he's bet that Eli Lilly and Co. could face down its looming patent challenges by launching innovative new medicines. Today's announcement of 5,500 job cuts by the end of 2011 and a restructuring of the company's business units ups the ante on that bet, while indicating that it isn't working yet.
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Lilly reorganization to cut 5,500 positions over 2 years

September 14, 2009
J.K. Wall
Eli Lilly and Co. will cut 5,500 jobs by the end of 2011 as it tries to cut $1 billion in expenses before it loses revenue from its bestselling drug, Zyprexa. Lilly CEO John Lechleiter said he did not know how many of those cuts would occur in central Indiana. But with 13,600 employees working in the Indianapolis area, he acknowledged the largest chunk of reductions likely would come here.
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WellPoint insiders sell stock at right time

September 12, 2009
 IBJ Staff
Take the money while it’s there. That’s what a handful of insiders at WellPoint Inc. decided in the past month as they sold off nearly 150,000 company shares for gains of more than $3 million.
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PROXY CORNER: Monroe Bancorp

September 5, 2009
 IBJ Staff
Monroe Bancorp, 210 E. Kirkwood Ave., Bloomington, 47408 (www.monroecountybank.com) is the holding company for Monroe Bank, which provides consumer and commercial banking services and related financial services in Monroe, Hendricks, Lawrence and Jackson counties.
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Conseco consolidation to save $2.5M a year

August 31, 2009
 IBJ Staff
Conseco Inc. this morning said it is consolidating three of its insurers into one, a move that will have no impact on employment but will save the company about $2.5 million annually.
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Hurco suffers quarterly loss as sales plummet

August 28, 2009
 IBJ Staff
Indianapolis-based Hurco Cos. this morning reported another quarterly loss after sales dropped a staggering 64 percent. Hurco lost $1.2 million, or 19 cents a share, in its fiscal third quarter ended July 31. The company had a profit of $5.8 million, or 90 cents a share, during the same quarter last year.
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Steak n Shake chief snaps up more shares

August 27, 2009
Cory Schouten
Steak n Shake Co. CEO Sardar Biglari revealed in regulatory filings this week that he spent $1.1 million buying shares in the locally based burger chain, an apparent vote of confidence in his own turnaround plans.
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Shoe Carnival's profit flat in second quarter

August 27, 2009
 IBJ Staff
Evansville-based Shoe Carnival Inc. today reported flat profit and declining same-stores sales in its fiscal second quarter.
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Biglari consolidates power, as Steak n Shake reboundsRestricted Content

August 24, 2009
Greg Andrews
The Texas investor running the chain doesn't seem like such a champion of transparency these days.

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Furniture maker trims losses in second quarter

August 19, 2009
 IBJ Staff
West Lafayette furniture maker Chromcraft Revington Inc. narrowed its losses in the second quarter by shedding unprofitable products, closing plants and reducing expenses, the company said yesterday.
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Lilly drops osteoporosis pipeline drug

August 18, 2009
J.K. Wall
Eli Lilly and Co. pulled the plug on yet another drug in its pipeline that was in the late stages of testing, further complicating the company’s attempts to find revenue before losing patent protection on its bestseller.
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Lilly pays $224,000 to area doctors

August 17, 2009
 IBJ Staff
It’s no secret that Eli Lilly and Co. is the biggest private employer in the Indianapolis area. But Lilly also supplemented the incomes of a few dozen local doctors — to the tune of more than $224,000 in just the first quarter.
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Steak n Shake posts profit, rise in customer traffic

August 11, 2009
Scott Olson
Steak n Shake Co. late yesterday reported strong profit and big increases in customer traffic and same-store sales for its fiscal third quarter, which ended July 1.
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High-ranking WellPoint exec stepping down

August 11, 2009
J.K. Wall
WellPoint Inc.'s internal audit and chief compliance officer - and highest-ranking black executive - will leave the company later this month, according to a companywide e-mail sent out yesterday.
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Celadon manages profit amid tough conditions

August 11, 2009
 IBJ Staff
Indianapolis-based Celadon Inc. said yesterday that it eked out a small profit in its fiscal fourth quarter, as the struggling economy continues to batter the trucking industry.
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Noble Roman's profit up, revenue down

August 11, 2009
 IBJ Staff
Noble Roman’s Inc. late yesterday reported a larger profit in the second quarter, primarily due to its continuing efforts to cut expenses by replacing company-owned restaurants with franchises.
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Large HHGregg investor ups stake, surprising analystsRestricted Content

August 10, 2009
Greg Andrews
HHGregg Inc. shares have enjoyed a spectacular runup this year. But the company’s biggest shareholder is making a huge bet that the good times are only beginning.
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Finish Line execs sell shares en masse in recent months

August 10, 2009
 IBJ Staff
Top executives at The Finish Line Inc. cashed in stock worth more than $10 million in recent months. They sold many of the shares in July as the locally based athletic retailer saw its stock rise to a high for 2009 of about $9.
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PROXY CORNER: Franklin Electric Co. Inc.

August 10, 2009
 IBJ Staff
Bluffton-based Franklin Electric Co. Inc. designs, manufactures and distributes electric motors, electronic motor controls and related equipment. For the quarter ended July 4, the company reported net income of $5.8 million, or 25 cents per diluted share, on $165.3 million in revenue. That compares with net income of $15.3 million, or 66 cents per diluted share, on $201.7 million in revenue for the the same period a year ago.
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Hill-Rom profit drops, beat expectations

August 7, 2009
Hill-Rom Holdings Inc. topped analysts' expectations in its fiscal third quarter even as hospital-spending cuts clipped its revenue by 9 percent, the company announced late yesterday.
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Brightpoint profit slips, but beats expectations

August 6, 2009
Scott Olson
Wireless device distributor Brightpoint Inc. said yesterday that profit and revenue fell in the second quarter because it sold fewer of the devices, and at lower prices.
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Accuride warns of bankruptcy, reports loss

August 6, 2009
Scott Olson
Evansville-based truck parts maker Accuride Corp., one of the state's largest companies, warned today in its quarterly financial report that the company might seek bankruptcy protection if lenders refuse to restructure its debt.
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First Merchants posts larger loss on fraud charge

August 6, 2009
Scott Olson
Muncie-based First Merchants Corp. disclosed this week that the bank lost $31.2 million in the second quarter, including $10.2 million it blamed on fraudulent financial statements provided by a large commercial borrower.
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Irwin Financial narrows losses, continues restructuring

August 5, 2009
Scott Olson
Irwin Financial Corp. narrowed its losses in the second quarter, as the company continued to restructure or face the possible suspension of its business.
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Calumet Specialty suffers loss on falling sales

August 5, 2009
Calumet Specialty Products Partners L.P. this morning reported a loss of $26 million in the second quarter due to high crude oil prices and flagging product demand.
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