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BUSINESS NOTES SHARES OF VITESSE LOSE 14% OF VALUE.

CAMARILLO - Investors punished Vitesse Semiconductor Corp. on Tuesday, a day after it scaled back its second-quarter earnings projections for a second time, sending its stock plummeting more than 14 percent.

Vitesse announced late Monday that its earnings would come in at 10-11 cents per share. On March 5, the company announced it was reducing its earnings estimate from 26-27 cents per share to 21-22 cents.

The company blames continued weakness in the market for the lowered expectations.

- Daily News

Capitol Records taps Slater as CEO

Music producer and manager Andy Slater, whose clients include Macy Gray, Fiona Apple and The Wallflowers, has been named president and chief executive at Capitol Records.

Slater will begin May 1, EMI Recorded Music, Capitol's parent, said Tuesday.

The company has been without a president since 1998, when Gary Gersh stepped down amid concerns over sluggish sales. EMI's U.S. deputy president, Roy Lott, has been heading the company since then.

- Associated Press

Reliance center set for Big Easy

Reliance Steel & Aluminum Co. announced Tuesday the establishment of a metals service center in New Orleans.

The facility will function as a branch of Reliance's recently acquired and wholly owned subsidiary, Aluminum and Stainless Inc., a metals service center based in Lafayette, La.

The two metals service centers in Louisiana process and distribute primarily aluminum sheet, plate and bar products to the marine industry that services the oil and gas sector and offshore oil rigs.

Reliance Steel & Aluminum, headquartered in Los Angeles, is one of the largest metals service center companies in the United States.

- City News Service

Experian, credit union sign pact

ORANGE - Experian, the Orange County-based information solutions company, announced Tuesday that it has signed an agreement with Hughes Aircraft Employees Federal Credit Union.

Experian will provide the 200,000-member institution with a total application processing system that includes data, credit scoring, advanced decisioning capabilities and application processing software.

Terms were not disclosed.

Manhattan Beach-based Hughes Aircraft Employees Federal Credit Union is the nation's 10th-largest credit union with more than $2 billion in assets and more than 200,000 members in 50 states.

- City News Service
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Title Annotation:Business
Publication:Daily News (Los Angeles, CA)
Geographic Code:1USA
Date:Mar 28, 2001
Words:352
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