LOCAL BUSINESS
SIFCO income, revenue rise
Cleveland manufacturer and metalworker SIFCO Industries Inc. reported higher net income and revenue for its fiscal 2012 third quarter ending June 30 compared to a year ago.
Net income rose to $2.4 million, or 46 cents per share, on sales of $31 million. That’s up from net income of $2.1 million, or 39 cents per share, on revenue of $28.9 million for the third quarter of 2011.
New owner of I-X car show
The long-running, custom-car show Cleveland Auto-Rama has been sold to the I-X Center, which will merge it into the annual I-X Piston Power Show.
Terms were not disclosed. The new, combined event will run March 15-17 at the I-X Center, next to Cleveland Hopkins International Airport, and feature classic cars, vintage airplanes, boats and custom motorcycles. A new show name, logo and website will be unveiled in the near future.
The Cleveland Auto-Rama has been a sanctioned custom-car show for 46 years. The I-X Piston Power Show, slated to run in October this year, has been canceled, the I-X Center announced.
FOOD
McDonald’s tests new wings
McDonald’s is adding bone-in chicken wings to its menu in metropolitan Atlanta, a move that could be big business for the poultry industry.
The world’s largest burger chain — which often sells more chicken than its core product — is using Atlanta as a laboratory to test the wings because of its diverse population and a strong push from the local franchisee group.
LEGAL
Chesapeake deal questioned
Chesapeake Energy Corp., a driller in Ohio, reported the federal government is investigating whether there were antitrust violations relating to its purchase of some oil and gas land in Michigan.
The Oklahoma City company said in a regulatory filing that it was subpoenaed June 29 by the U.S. Department of Justice to supply paperwork related to those purchases. Chesapeake said it has also received demands for documents and information from state government agencies. It said it intends to cooperate while its board conducts an internal investigation.
Sports gambling lawsuit filed
The NCAA and the four major professional sports leagues have sued New Jersey, saying the state’s plan to allow sports betting violates federal law and threatens the “character and integrity” of sporting events.
Major League Baseball, the NBA, the NHL, the NFL and the NCAA filed the lawsuit in federal court in Trenton.
The leagues say New Jersey’s proposal to allow sports betting is “in clear and flagrant violation” of a 1992 federal law, the Professional and Amateur Sports Protection Act, which restricts betting on collegiate and professional games to four states: Delaware, Montana, Nevada and Oregon. New Jersey was given a chance to become the fifth state, but declined to act during a yearlong window from 1993 to 1994.
Gov. Chris Christie signed a law in January to allow sports betting at New Jersey’s 12 casinos, four racetracks and on the site of a closed racetrack.
In May, he said he would move forward with the regulations without attempting to get the 1992 law overturned. The regulations were published in July and are expected to become effective within the next two months.
REAL ESTATE
Mortgage delinquencies rise
Mortgage delinquencies rose in the second quarter to a seasonally adjusted rate of 7.58 percent of all mortgages, up from 7.4 percent in the first quarter, the Mortgage Bankers Association reported.
Delinquencies are still down from a year ago, when a seasonally adjusted 8.44 percent of mortgages were delinquent, according to the report. Delinquencies include mortgages that are at least one payment past due but have not yet entered the foreclosure process.
Compiled from staff and wire reports
