Day: March 11, 2002

New York City today paused for moments of silence at 8:46 a.m. and again 17 minutes later to commemorate devastating attacks on the World Trade Center that killed nearly 3,000 people six months ago. In a ceremony near where the twin towers stood, Mayor Michael Bloomberg asked for silence at the exact times when the hijacked airliners slammed into the World Trade Center.

Arthur Andersen LLP, facing an exodus of prestigious clients and possible criminal charges related to the Enron scandal, is seeking a sale to rivals, an Andersen source told Reuters today. Andersen has held merger talks with No. 2 accounting firm Deloitte Touche Tohmatsu.

Kmart Corp. chairman James Adamson, a turnaround specialist who joined the bankrupt retailer two months ago, today took over day-to-day operations after CEO Charles Conaway resigned.

Demand for auto and electrical goods saw U.S. wholesalers pare back inventories for the eighth consecutive month in January, the Commerce Department said.

Eastman Kodak Co.’s Commercial and Government Systems unit—one of the photo giant’s top-performing units in 2001—was selected by a U.S. government agency as offering the top-rate remote sensing software package. The ENVI software was selected by the National Imagery and Mapping Agency.

Paychex Inc. has been approved by the Internal Revenue Service to file taxes for businesses electronically. The IRS program, e-file for Business Providers, has approved roughly 30 other organizations.

Bausch & Lomb Inc.’s debt ratings have been downgraded to junk status by Moody’s Investors Service.
The cuts affect some $800 million of rated debt.
The eye-care company’s poor performance in the market and weak outlook prompted the decision, Moody’s officials said. The company’s short-term rating also was downgraded to Not-Prime from Prime-3.
Loans, debt maturities and other transactions could be affected by the downgrade. It also could trigger the repayment of a $200 million loan, Moody’s officials said.
In response to the report, Bausch & Lomb officials said the company does not anticipate liquidity issues as a result of the downgrade, given its strong balance sheet and healthy cash flows from operations.
“It is disappointing to have Moody’s take this action on the basis of past operating performance. Today’s action by Moody’s will not alter our focus on improving our performance and reducing costs,” said Ronald Zarrella, chairman and CEO of Bausch & Lomb.
Moody’s joins Standard & Poor’s which also gave Bausch & Lomb its lowest investment grades.
“While we note that the presence of new senior management brings a new opportunity for the company to execute a turnaround … we believe that external constraints including strong competition and underlying industry trends will continue to present significant challenges,” Moody’s report states. “For instance, within the lens care and surgical businesses, Moody’s believes it may be difficult for the company to regain market share lost in 2001.”
Including special charges, Bausch & Lomb (NYSE: BOL) posted a loss of 15 cents a share for its fourth-quarter. Revenues fell 3 percent to $452 million from $465.1 million.

(c) 2002 Rochester Business Journal. Obtain permission to
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The Chase-Pitkin Home Expo and GardenScape 2002—sure signs of spring—are expected to attract a combined 50,000 attendees this week.
Home Expo drew roughly 20,000 people last year. It will feature 150 vendor exhibits, expanded workshops and clinics.
The Saturday and Sunday event will feature presentations at the Rochester Riverside Convention Center. Scheduled events include: Matt and Shari from HGTV’s Room by Room; Doc and Katy Abraham, who host the Green Thumb show on WHAM-AM 1180; and David Jewett, a world champion lumberjack who will do wood carving.
GardenScape, which is produced by the Genesee-Finger Lakes Nursery & Landscape Association, runs Thursday and through Sunday.
The four-day event is expected to draw nearly 30,000 attendees. Some 22 gardens are being planned by local landscapers, and more than 70 vendors will have exhibits. GardenScape will be held at the Dome Center in Henrietta.

(c) 2002 Rochester Business Journal. Obtain permission to
reprint this article.

The Chase-Pitkin Home Expo and GardenScape 2002—sure signs of spring—are expected to attract a combined 50,000 attendees this week. Home Expo drew roughly 20,000 people last year. The four-day GardenScape is expected to attract nearly 30,000 attendees.

Bausch & Lomb Inc.’s debt ratings have been downgraded to junk status by Moody’s Investors Service. The cuts affect some $800 million of rated debt. The eye-care company’s poor performance in the market and weak outlook prompted the decision, Moody’s officials said. “It is disappointing to have Moody’s take this action on the basis of past operating performance,” said Ronald Zarrella, chairman and CEO of Bausch & Lomb.

Paychex Inc. has been approved by the Internal Revenue Service to file taxes for businesses electronically.
The IRS program, e-file for Business Providers, has approved roughly 30 other organizations.
“Paychex has been honored for its electronic tax payment and filing services, so the opportunity to participate in this program with the IRS makes perfect sense,” said Richard Warshof, Paychex’s director of marketing and business development. “The IRS is encouraging businesses to file their payroll taxes electronically, and Paychex is there to help them do that.”

(c) 2002 Rochester Business Journal. Obtain permission to
reprint this article.