Business briefs for Feb. 18, 2012
Weekly jobless claims decline in La.
First-time claims for unemployment insurance in Louisiana fell last week to 3,143 from the previous week’s total of 3,308.
The state labor department figures released Friday show the four-week moving average, which is a less volatile measure of claims, decreased to 3,289 from the previous week’s average of 3,495.
Continued unemployment claims for the week ending Feb. 11 totaled 40,007, a decrease from 40,826 the previous week. The four-week moving average for such claims decreased to 41,591 from 42,677.
Pool Corp. posts loss in fourth quarter
COVINGTON — Swimming pool supplier Pool Corp. posted a typical seasonal loss for the fourth quarter, but pulled in more revenue than Wall Street expected.
For the October-December period, Pool lost $10.1 million, or 21 cents per share, on revenue of $270.4 million. In the year-ago fourth quarter, the company lost $11.8 million, or 24 cents per share, on revenue of $241.4 million.
Analysts polled by FactSet had expected the 21-cent loss on revenue of $260.7 million.
For 2011, Pool earned $72 million or $1.47 per share, on revenue of $1.79 billion. A year ago, annual profit totaled $57.6 million, or $11.5 per share, on revenue of $1.6 billion.
Pool said it expected 2012 earnings to range from $1.69 to $1.79 per share.
Board gives Mojito developer more time
State gambling regulators have given Creative Casinos LLC an extra month to get its financing together and start construction on the $400 million Mojito Pointe casino proposed for Lake Charles.
Creative Casinos managing partner Dan Lee said the company is close to wrapping up the money plans with banks and investors, with the bulk of the financing commitments already in place. But he told the Gaming Control Board on Thursday that he needed 30 more days to pull everything together.
The board gave Creative Casinos until March 16 to start construction on the casino project, with two years to finish building it.
Creative Casinos was awarded the state’s 15th riverboat license last year.
International Paper owns Bogalusa mill
International Paper Co. is officially the fifth owner of a paper mill that opened in Bogalusa in 1906.
Company spokesman Thomas Ryan said International Paper believes it has acquired excellent assets from Temple-Inland Inc. The Bogalusa mill is part of a $3.7 billion purchase.
U.S. rig count up 5; Louisiana gains 2
The number of rigs actively exploring for oil and natural gas in the U.S. is up five this week to 1,994.
The Houston-based oilfield services company Baker Hughes Inc. reported Friday that 1,272 rigs were exploring for oil and 716 for natural gas. Six were listed as miscellaneous. A year ago this week Baker Hughes reported 1,713 active rigs.
Of the major oil- and gas-producing states, Texas gained five rigs and Louisiana gained two. Alaska, North Dakota, Oklahoma, West Virginia and Wyoming gained one apiece.
Pennsylvania dropped by three rigs, while Arkansas and Colorado dropped two each. New Mexico was down by one.
California was unchanged.
Advocate staff and
wire reports