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BUSINESS
Business Tri-State: Neurologist joins KDMC medical staff
ASHLAND -- Neurologist Amanda Hamilton, M.D., has joined the medical staff at King's Daughters Medical Center.
Hamilton comes to KDMC from University of Michigan, where she recently completed a fellowship in clinical neurophysiology. She is a graduate of Morehead State University and received her medical degree from the University of Louisville. She also completed an internship and residency at the University of Cincinnati.
She is practicing in association with Joseph Bajorek, M.D., and Melissa Smith, D.O. Her office will be at 2222 Winchester Ave., Suite C, Ashland.
Massey Energy plans to raise $850 million
CHARLESTON -- Coal mine operator Massey Energy is planning to raise at least $850 million in fresh capital.
Richmond, Va.-based Massey says the bulk of the money would come from the sale of $600 million in convertible notes. Massey's also planning to sell $250 million worth of common stock.
Separately, Massey says it's also offering to buy back $335 million worth of notes.
Tuesday's twin announcements come as Massey tries to increase annual production by 25 percent to 50 million tons. Massey wants to take advantage of soaring international coal demand and prices, which have more than doubled since 2007.
Jones earns a special diabetes educator status
RUSSELL, Ky -- Tawnia Jones, RN, BSN, clinical coordinator of diabetes services at Our Lady of Bellefonte Hospital's Diabetes & Wound Care Center, has achieved Certified Diabetes Educator status.
An OLBH employee for 19 years, Jones coordinates the clinical aspects of the hospital's diabetes self-management education program. She earned her associate's degree in nursing from Ashland Community and Technical College and her bachelor's from Ohio University.
Russian company acquires Esmark
MORGANTOWN -- Russia's OAO Severstal has completed its acquisition of Esmark Inc. for $775 million, plus the assumption of debt and loans, the companies announced Tuesday. That puts the total value of the deal at around $1.25 billion.
When its $19.25 per share tender offer expired Monday, Severstal had claimed 38,767,487 Esmark shares, or 94.2 percent of the total. Esmark's stock will no longer be traded, and it is now a wholly owned subsidiary called Severstal Wheeling Holding Co.
Esmark's subsidiaries are also being renamed: West Virginia's Wheeling-Pittsburgh Steel Corp. will become Severstal Wheeling Inc., while Illinois-based Esmark Steel Services Group will become Northern Steel Group Inc.
Severstal already had a partnership with Wheeling-Pitt, a coke plant in Follansbee called Mountain State Carbon. By assuming full ownership, it ensures a long-term supply of coke, a key raw material in steelmaking.
Allegheny Energy pledges cooperation on power line
CHARLESTON-- Allegheny Energy's chief executive is pledging to support Gov. Joe Manchin's proposal to tax a proposed $1.3 billion multistate power line that would cross West Virginia.
Paul Evanson says he, too, wants to make sure the Trans-Allegheny Interstate Line benefits West Virginia and his customers. Evanson says completing the power line between Pennsylvania and Virginia should be a great benefit to all parties and he intends to work with Manchin and the state Legislature.
Manchin says West Virginia should be compensated for providing energy to other states.
An Allegheny subsidiary wants to build the 240-mile power line to bolster electrical supplies to 13 eastern states. The proposed Pennsylvania-to-Virginia route would cross over Monongalia, Preston, Tucker, Grant, Hardy and Hampshire counties.
Procter & Gamble 4Q profit jumps 33 percent
CINCINNATI -- The Procter & Gamble Co., flexing its brand strength, reported a 33 percent jump in fourth-quarter profit Tuesday as the consumer products maker battles soaring energy and commodity costs with higher prices and product improvements.
P&G said results were also helped by good growth in developing markets such as China and Russia, the weaker dollar, and cost-cutting efforts.
The maker of Tide detergent, Olay skin care and Pampers diapers said it earned $3.02 billion, or 92 cents per share, up from $2.27 billion, or 67 cents per share, a year earlier. Excluding tax benefits, P&G earned 80 cents per share.
The Cincinnati-based consumer products company said revenue jumped to $21.27 billion from $19.27 billion for the quarter, topping analyst expectations for $21.05 billion.
P&G, which has been raising prices to offset rising energy and raw materials costs, also cited favorable foreign exchange rates and double-digit sales growth in emerging markets. For its full fiscal year, sales rose 9 percent to $83.5 billion.
Papa John's 2Q profit rises slightly
LOUISVILLE, Ky. -- Pizza delivery company Papa John's International Inc. said Tuesday its second-quarter profit improved slightly as revenues jumped 10 percent.
For the quarter ended June 29, Papa John's earned $7.6 million, or 27 cents a share, up from net income of $7 million, or 23 cents per share in the same period last year.
Excluding the effect of the consolidation of the company's franchisee-owned cheese purchasing company, Papa John's said it earned 41 cents per share.
Analysts polled by Thomson Financial expected profit of 41 cents per share.
Revenue for the quarter grew more than 10 percent to $283.4 million, up from $256.3 million in the same period last year.
Papa John's said comparable sales in the quarter grew 2.4 percent, which contributed to the revenue increase.
Same-store sales, or sales at locations open at least a year, rose 2.4 percent in the quarter.
Same-store sales is a key indicator of restaurant performance since it measures growth at existing locations rather than newly opened ones.
Papa John's reaffirmed its 2008 earnings guidance. It expects earnings per share in a range of $1.68 to $1.76, with the expectation that prices for items like cheese and wheat, and fuel, will continue to increase.
Analysts expect the company to earn $1.73 a share.
The earnings announcement came after the market closed Tuesday. Papa John's shares rose 86 cents, or 3.1 percent, to close at $28.98.
