The debt reduction plan consists the early retirement of long-term debt and conversion of convertible debt, should occur through 20. The stock buybacks are expected to occur over the next 9 to 12 months. The company plans to use the entire cash proceeds from the sale of its Eckerd drugstore operations, about $3.5 billion, and $1.1 billion in existing cash to fund the plan. The department store chain's stock was last trading up 95 cents, or 2.4 percent, at $40.95, and reached a five-year high of $41.20 in intraday trading.
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Rose more than 3 percent after the company revealed an $8 billion plan to reposition its capital structure, which includes $3 billion in share repurchases, a $2.3 billion reduction in debt and the elimination of $3.4 billion worth of Eckerd lease obligations. Shares are at 15 times this year's estimated earnings and 11 times next year's projection, a discount to the broader market's valuation, the article said. It anticipates the transaction to be immediately accretive but, due to its timing, there will be a minimal impact in 2004 before it adds 25 to 30 cents per share to profits in 2005.Īdvanced more than 8 percent after the maker of whirlpool bathtubs was the subject of a positive article in Barron's over the weekend. Invacare expects the deal to receive regulatory approvals in Norway and Germany within 120 days.
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Domus, which is based in Europe, expects sales of $116 million for 2004 at current exchange rates.
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Invacare said WP Domus makes a number of products it views as complementary to its own product line, including bath lifts and walking aids. Gained more than 8 percent after the Elyria, Ohio maker of medical products agreed to acquire WP Domus Gmbh for about $230 million. Wall Street consensus sees earnings of $1.32 per share. Looking ahead, First Health reaffirmed its 2004 outlook of earnings per share in a range of $1.30 and $1.40. The Downers Grove, Ill., health-benefits service company said revenue in the second quarter rose 1 percent to $221 million. The average analyst estimate as polled by Thomson First Call is for 32 cents. Surged more than 3 percent after the company reported second-quarter earnings of $30.1 million, or 32 cents per share, down from $37.2 million, or 38 cents, in the year earlier period. The deal, which is anticipated to close in the first quarter of 2005, is expected to lead to acquisition-related charges of no more than $100 million, and cut annual expenses by $50 million. Under terms of the deal, each First National share will be exchanged for 0.5065 Fifth Third shares, valuing First National shares at $25 each. Soared more than 36 percent after the company agreed to be acquired by Fifth Third Bancorpįor $1.58 billion in stock, or a 41 percent per-share premium, based on Friday's closing prices. Separately, the company initiated a $1.5 billion stock buyback program through 2006.
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The energy company reiterated its 2004 earnings forecast of $4.10 to $4.30. analyst forecasts of $2.43 billion, amid 1.4 percent growth in domestic electric revenue, a 13 percent increase in natural gas and 26 percent growth in competitive businesses. Revenue rose 5.6 percent to $2.49 billion, vs. The results matched the average analyst estimate compiled by Thomson First Call. Advanced more than 2 percent after the company reported second-quarter earnings of $265.2 million, or $1.14 cents a share, up from 89 cents a share in the same period a year ago, as strength in its utility and nuclear business offset weakness in its energy commodity business.