VOL. 116 | NO. 209 | Monday, October 28, 2002
Clarence Ron Mann, chairman of the Black Business Association of
Memphis board, announced the Seventeenth Annual BENNY (Blac
Clarence Ron Mann, Black Business Association of Memphis
board chairman, announced the 17th annual Black Entrepreneurship Networking
Needs You Awards ceremony and dinner will be at 6 p.m. Nov. 16 at the Holiday
Inn, University of Memphis. The awards theme is Back to Basics. Mayor A C
Wharton will be the keynote speaker. For more information, call 949-1148.
Introduction to Importing, hosted by the International Trade
Center, a service of the Tennessee Small Business Development Center Network,
is 8:30 a.m. to 11:45 a.m. Nov. 6 at the Memphis Regional Chamber, 22 N. Front
St., Suite 200. Registration fee is $65. Call the MRC, 543-3563, or the ITC,
678-4174, for information.
International Paper Co. announced it has started a private
placement with institutional investors to raise proceeds of about $750 million
from the issuance of 10-year notes due 2012. IP will use the proceeds of the
offering to retire a portion of its $1.2 billion aggregate principal amount 8
percent notes due July 8, 2003, by exercising the make-whole provision, and for
general corporate purposes.
International Commerce Day 2002, titled Opening Doors to the
North, Canada 2002, is 7:30 a.m. to 6 p.m. Wednesday at the Peabody. Sponsored
by Centrepot, Expeditors International, West Tennessee Industrial Association
and Tennessee Economic and Community Development, the daylong event will
feature luncheon speaker Astrid Pregel, consul general of Canada. For
information, contact Phil Johnson, 543-3563.
Lee Corp. reported diluted earnings per share, excluding unusual items, of 37
cents, an increase of 42 percent compared to 26 cents one year ago. Sales were
$4.5 billion compared to $4.2 billion a year ago, an increase of 7 percent,
driven largely by the acquisition of the Earthgrains Co. Unit volumes,
excluding acquisitions and divestitures, were flat during the quarter, with
gains in the companys meats; intimates and underwear; household; and body care
operations, offset by declines in the beverage and bakery businesses. The
additional five weeks of Earthgrains earnings in fiscal 2003, lower commodity
costs and favorable foreign currency exchange rates also contributed to the
increased results. The companys strongest base business operating income gains
occurred in the meats and the intimates and underwear businesses.