AOL Reporting Further Losses; Turner Resigns
Date: 30 January 2003
By David D. Kirkpatrick and Jim Rutenberg
David
AOL Time Warner reports unexpectedly large fourth-quarter loss, writing down value of AOL division by $35 billion and value of cable division by $10 billion; Ted Turner says he will step down as company's vice chairman; new write-downs follow $54 billion write-down in first quarter of last year, bringing total reduction in value of its assets since merger to $100 billion; writedowns are required by recent changes in accounting rules and do not affect company's continuing operations; Richard D Parsons, chief executive, says 2003 will be 'reset year' with no growth in profits as company strives to whittle down huge $26.5 billion debt that has virtually immobilized it; pledges to cut debt to $24.5 billion by end of year; says it might take two more years to get to goal of $20 billion; Turner, who may also leave company's board, is said to be stepping down from company's management because of desire for more freedom to sell his depressed stock, and sense of finality after Stephen M Case, architect of merger, resigned as chairman two weeks ago; is said to be disillusioned with company and particularly with way it has managed CNN network that he founded; photo; charts (L)
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CHIEF FINANCIAL OFFICER IS NAMED BY A.D.P.
Date: 30 January 2003
By Bloomberg News
Bloomberg News
Automatic Data Processing names Karen Dykstra as its chief financial officer (S)
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TIMKEN WILL MISS FIRST-QUARTER PROFIT EXPECTATIONS
Date: 30 January 2003
By Bloomberg News
Bloomberg News
Timken Co says first-quarter profit will fall behind analysts' estimates (S)
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FISHER COMMUNICATIONS SELLS 2 TV STATIONS
Date: 30 January 2003
By Bloomberg News
Bloomberg News
Fisher Communications sells two television stations in Georgia to Southeastern Media Holding for about $40 million, which represents loss of about $17 million; stations are WFXG-TV in Augusta and WXTX-TV in Columbus (S)
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TRADING IN PRE-PAID LEGAL IS UNDER INVESTIGATION
Date: 31 January 2003
By Bloomberg News
Bloomberg News
Pre-Paid Legal Services says federal prosecutors and Securities and Exchange Commission are investigating trading in its shares before company announced on Jan 10 that membership dropped for first time in 10 years; company's shares fall 27 cents, to $18.20 (S)
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FEDERAL-MOGUL AGREES TO BUY BENDIX UNIT OF HONEYWELL
Date: 31 January 2003
By Bloomberg News
Bloomberg News
Federal-Mogul, auto-parts supplier operating under court protection from creditors, agrees to buy Bendix unit of Honeywell International, which makes brake pads; financial terms undisclosed (S)
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F.D.A. WANTS MORE INFORMATION ABOUT ENZYME DRUG
Date: 30 January 2003
By Bloomberg News
Bloomberg News
FDA asks BioMarin Pharmaceutical and Genzyme for more information about their Aldurazyme treatment for life-threatening metabolic disorder (S)
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AMERICAN FARM EQUIPMENT MAKER OPENS OFFICE IN RUSSIA
Date: 30 January 2003
By Bloomberg News
Bloomberg News
Deere & Co opens representative's office in Moscow and may build farm equipment factory in Russia (S)
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BRITISH PLUMBING COMPANY BUYS 4 NORTH AMERICAN UNITS
Date: 30 January 2003
By Bloomberg News
Bloomberg News
Wolsley, British distributor of plumbing products, buys four distribution businesses in North America for total of $61.1 million (S)
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HASBRO EXTENDS DEAL ON STAR WARS TOYS BY 10 YEARS
Date: 31 January 2003
By Bloomberg News
Bloomberg News
Hasbro wins 10-year extension of agreement with Lucas Licensing to make Star Wars toys and games; company has made items for last 27 years (S)
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