BRIEFCASE INSURANCE GROUP GOES TO DELAWARE.Byline: - Staff and Wire Services WOODLAND HILLS - 21st Century Insurance Group is changing its incorporation to Delaware from California, citing laws that are more conducive to publicly traded companies. Incorporation is the process by which a company receives a state charter allowing it to operate as a corporation. Merely a legal move, the Woodland Hills-based company is not changing its location in any way. 21st shares declined 14 cents to close at $13.36 Thursday on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . K-Swiss marches on with strong Q3 WESTLAKE VILLAGE - Shoemaker K-Swiss Inc. saw its shares scorch upward after a strong third quarter report on Thursday and the announcement of a stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program. In the three-month period, it had revenues of $121.6 million, up from $81.6 million a year ago. Earnings rose to $15.1 million, 80 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from $8.1 million, 42 cents per share, in the same period of 2002. Management will also buy back $25 million shares of Class A stock, and seek authorization in December to increase Class A and Class B Common Stock from 36 million and 10 million shares to 90 million and 18 million, respectively. With stockholder approval, the company will then split the stock 2-for-1. Shares closed at up 9.11 percent, rising $3.59 to close at $43. Digital Insight to buy Magnet CALABASAS - At the same time it saw revenue increase 16 percent for the third quarter, Digital Insight Corp. announced Thursday that it will snap up Magnet Communications Inc. Magnet provides online cash management services, with heavyweight customers such as ABN AMRO Services Co., Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and Commerce Bancorp Inc. Digital Insight will pay $33.5 million in cash and issue 1.45 million shares to acquire the Atlanta-based Magnet. The deal should close in the fourth quarter. In the third quarter, Digital Insight's revenue climbed to $39.4 million from $33.9 million in the same period a year ago. Earnings rose to $4.6 million, 14 cents per share, from $1.7 million, 5 cents per share, in the third quarter of 2002. Shares rose 11 cents to close at $19.50. Trade Conference planned for today UNIVERSAL CITY - Business people will converge at the Southern California International Trade Conference today at the Hilton Universal City & Towers hotel. From 7:30 a.m. to 2 p.m., organizations including the Port of Los Angeles The Port of Los Angeles is located on San Pedro Bay in the San Pedro neighborhood of Los Angeles, approximately 20 miles (30 km) south of downtown. Also called Los Angeles Harbor and WORLDPORT LA , Los Angeles World Airports Los Angeles World Airports or LAWA is the airport oversight and operations department for the city of Los Angeles, California. This department owns and operates Los Angeles International Airport, LA/Ontario International Airport, Palmdale Regional Airport, and Van , the Valley International Trade Association and the Economic Alliance of the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. will present. Tickets are $75, $60 for students. Admission includes parking, breakfast, lunch, all materials and a special CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). on international trade. Capt. Peter Neffenger, commanding officer and captain of the port for the U.S. Coast Guard Marine Safety Office/Group Los Angeles - Long Beach will deliver the lunchtime keynote address. Viacom earnings up only 9% NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of - Viacom Inc., owner of CBS (Cell Broadcast Service) See cell broadcast. and MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. , reported a 9 percent increase in third-quarter earnings Thursday thanks partly to higher advertising revenues. Viacom earned $700 million in the three months ending in September, up from $640 million in the same period a year ago. Per-share earnings were 40 cents, beating Wall Street's estimates by two cents, as reported by Thomson First Call. The year-ago earnings were equivalent to 36 cents per share. Microsoft signs fewer contracts SEATTLE - Microsoft Corp.'s first-quarter net income rose 27 percent, but the company signed fewer new contracts with corporate customers than it expected, the company said Thursday. For the July-September quarter, Redmond-based Microsoft reported a profit of $2.61 billion, or 24 cents a share, compared with $2.04 billion, or 19 cents a share, for the same period a year ago. |
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