Business briefs
North Huntingdon 3-D printing company posts loss
ExOne reported a wider thirdquarter loss despite a 22 percent increase in revenue. The North Huntingdon 3-D printing company blamed higher costs for sales, staffing, and research and development. The company posted a loss of $4.9 million, or 30 cents per share, on revenue of $15.9 million vs. a loss of $3.6 million, or 23 cents per share, and revenue of $13 million in the year-ago quarter. Analysts had expected a loss of 26 cents per share while revenue was in line with Wall Street estimates.
Verona beer distributor files for bankruptcy
A Verona beer distributor has filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. Bradley Distributing Inc., which does business as Community Beverage on Milltown Road, listed assets of $50,000 to A selection of wines and beer sit on display at the GetGo in Verona. Verona beer distributor Bradley Distributing Inc. has filed for protection from its creditors. $100,000 and liabilities of $100,000 to $500,000.
Koppers’ 3rd-quarter income jumps as sales rise
Koppers said third-quarter net income rose by 64 percent and sales rose nearly 4 percent on strong demand from the housing and remodeling markets for its wood treatments, and higher prices for its carbon chemicals. Adjusted net income beat Wall Street analysts by 55 cents a share. Adjusted income not including charges for pension settlements and restructuring was $31.5 million, or $1.43 per share. Analysts had projected 88 cents per share. Net income including the charges was $19.8 million, or 91 cents per share, compared with $12.1 million, or 58 cents per share in the year-ago quarter. Sales totaled $384.8 million, up from $371.7 million in 2016’s third quarter. While the chemical segments saw gains, sales of railroad products fell nearly 10 percent on
lower spending by the rail industry and an oversupply of railroad crossties.
Green Tree firm buys Turkish food website
Green Tree-based Ablak Holdings, operator of the Vocelli Pizza and Sincerely Yogurt franchises, said it acquired the Turkish food website Tulumba.com. Terms weren’t disclosed. Tulumba.com offers Turkish foods, home and personal accessories, gifts and flowers, and more. “Being from Turkey originally, I am especially excited about acquiring Tulumba.com,” said Ablak Holdings CEO Varol Ablak in the announcement. Founded in 1988, Ablak Holdings’ other brands include Rock ‘n’ Joe Coffee Bar, V3 Flatbread Pizza and the grocery delivery service Zing Basket
Mylan launches generic to treat leukemia
Mylan said it launched the generic version of Genzyme’s Clolar injection after receiving clearance from the U.S. Food and Drug Administration. The medication is used to treat acute lymphoblastic leukemia.
Lyft keeps Uber from making profit, CEO says
Fierce competition from Lyft is holding Uber back from profit in the United States, Uber CEO Dara Khosrowshahi said Thursday. Mr. Khosrowshahi said ride-hailing competitor Lyft’s heavy spending on subsidies to keep the cost of rides low has forced Uber to continue doing the same, leading to financial losses. Also, Mr. Khosrowshaha said he expects Uber will go public in 2019.
Erie hospital, practice to pay $20.7 million
Erie-based UPMC Hamot and cardiology practice Medicor Associates Inc. have agreed to pay the U.S. government $20.7 million to settle a whistleblower lawsuit, which alleged that the hospital paid the independent medical practice for patient referrals in violation of federal law. The settlement was reached Tuesday as the case, which was filed in U.S. District Court of the Western District of Pennsylvania, was preparing for trial Wednesday in Erie. Cardiologist Tullio Emanuele filed the lawsuit against the hospital in 2010, a year before the health system was acquired by Pittsburghbased UPMC. Medicor was a physician-owned practice, according to court records. UPMC spokeswoman Susan Manko said she could not comment on the case.