Symmetry Medical Inc. on Thursday reported a first-quarter loss of $294,000, or 1 cent per diluted share, a drop of more than $1 million, compared with the $830,000, or 2 cents a share, earnings posted for the same three months of last year.
The Warsaw-based maker of orthopedic implants said that without certain noncash charges, it would have shown a profit of $2.26 million for the three months ended March 30.
Those charges included management transition costs, acquisition-related costs, SEC-related legal costs, and facility closure and severance expenses. In December 2011, Symmetry acquired Codman & Shurtleff Inc. for $165 million cash.
Thomas Sullivan, president and CEO, called Symmetry Surgical’s first-quarter sales disappointing but said issues have been addressed.
Storage firm moves in at former Kroger store
Fort Wayne Storage plans to open a more than $2 million complex at the former Kroger store on East State Boulevard in mid-July.
Owner and General Manager Kyle Zimmerman on Thursday said the nearly 50,000-square-foot building will create five to 10 jobs, ranging from $8 to $12 an hour. Downtown Self Storage, 324 E. State Blvd., will feature 400 units in a controlled-climate complex. Storage rates range from $29 to $200.
While the majority of the building will be used for residential storage, Zimmerman said some space will be available to commercial users.
According to the Allen County Assessor’s Office, Fort Wayne Storage paid $1.1 million for the former Kroger store, which was owned by Cross Properties LLC. Downtown Self Storage will be Zimmerman’s fifth location.
France defends veto in blocking Yahoo deal
The French government has defended its veto over Yahoo Inc.’s attempted takeover of video sharing website Dailymotion, even as the move draws jeers for discouraging much-needed foreign investment.
Yahoo this week abandoned plans to take a 75 percent stake in Dailymotion, a deal sought by the managements of both companies, after the government blocked it.
Arnaud Montebourg, the minister for industrial renewal, said Thursday that the government’s ownership stake in Dailymotion’s parent company, France Telecom, gave it the right to overrule a deal it deemed unfair.
We are a shareholder in France Telecom, so it’s natural that we bring up questions of the company’s strategy, Montebourg said.
Montebourg also rejected accusations that the deal’s collapse signaled France was pulling in the welcome mat to foreign investors.
Growth in Chinese manufacturing slows
Chinese manufacturing growth slowed in April as global demand weakened, adding to signs its shaky recovery might be weakening, a survey showed Thursday.
HSBC Corp.’s purchasing managers index fell to 50.4 from March’s 51.6 on a 100-point scale on which numbers above 50 show an expansion in activity.
The slower growth of manufacturing activities in April confirmed a fragile growth recovery of the Chinese economy as external demand deteriorated, HSBC economist Hongbin Qu said in a written statement.
China’s economic growth suffered an unexpected slowdown in the first three months of the year.