Transcript of "14.8.14 gongwer news service wyche announcement"
Gongwer News Service, Ohio Report
Volume #83, Report #157 -- Thursday, August 14, 2014
Ohio Business: Applied Industrial Technologies; Veritix; Avalon Holdings Release
Financial Results; AT&T Appoints Northwest Ohio Director
Net sales for the quarter were $654.6 million, an increase of 2.2% compared with $640.5 million in
the same quarter of 2013, the company reported. Net income for the quarter was $29.7 million, or
$0.71 per share - a decrease when compared with $32.3 million, or $0.76 per share, that was
reported in the fourth quarter of FY13.
Sales for the 12 months ended that June 30 remained consistent at $2.460 billion, the company
said. Sales were $2.462 billion in FY12. Net income came in at $112.8 million, or $2.67 per share,
compared with $118.1 million, or $2.78 per share, in FY12.
"Fiscal 2014 was a significant year of transition with our ERP deployments and acquisition activity,"
President and CEO Neil A. Schrimsher said in a statement. "We enter fiscal 2015 with a great deal
of momentum, especially when considering our recent acquisitions of Knox Oil Field Supply and
Reliance Industrial Products. We have significantly enhanced our capabilities to serve North
American oil and gas markets, and these acquisitions will add approximately $240 million of annual
sales to our fiscal 2015 results.
Veritiv: The company announced that corporate offices in both Ohio and Georgia reported a net
sales decrease in the second quarter.
It reported net sales of $2.3 billion for the period that ended June 30, which represents a decrease of
4.2% from the same quarter of 2013. Net loss was $3.3 million or $0.21 per share.
The company also reported results for the first six months on 2014. Net sales were $4.5 billion, a
4.8% decrease from the prior year. Net earnings were $6.1 million, compared with a $7 million loss
in the first six months of 2013.
Because Veritiv went public in the second quarter and the spin-off and merger transactions were not
consummated until the third quarter, the company said it expects to report full second-quarter results
on Aug. 14.
"From the start, Veritiv made a commitment to work our integration plan with much diligence, while
continuing to focus on supporting our customers. I'm proud to say we are on track with both of these
imperatives, and our work is resonating positively with our customers, suppliers and employees,"
Chairwoman and CEO Mary Laschinger said in a statement.
Avalon Holdings: The Warren company reported net operating revenues of $13 million in the
second quarter, a loss compared to $15.7 million that came in during the same period in 2013.
The company also incurred a net income loss of $.03 per share for the second quarter.
For the first six months of 2014, net operating revenues were $23 million compared with $30.4
million for the first six months of 2013, the company reported. It sustained a net loss of $800,000 or
$.21 per share during that time.
AT&T: The company recently appointed Christopher Wyche as director of external affairs for
Mr. Wyche will oversee the company's local, state and federal government relations and work with
community businesses and leaders to bring advanced technologies such as 4G LTE to northwest
Ohio, according to an AT&T release. He will be responsible for operations in Allen, Auglaize,
Crawford, Darke, Defiance, Erie, Fulton, Hancock, Hardin, Henry, Logan, Lucas, Marion, Mercer,
Morrow, Ottawa, Paulding, Putnam, Sandusky, Seneca, Shelby, Van Wert, Williams, Wood and
"I am excited about the opportunity to work with the residents and leaders throughout northwest
Ohio," Mr. Wyche said in a statement. "At AT&T our work will focus on how we can continue to
collaborate to grow the economy and make Ohio an even better place to live and work."
Before taking the place of Dennis Hellmann, who retired from AT&T at the end of 2013, Mr. Wyche
served as development manager at City Year, the company said. He is a graduate of Ohio Wesleyan
University where he studied economics management.
"All of us at AT&T Ohio are proud to welcome Chris to our team here in the Buckeye State," said
AT&T Ohio President Adam Grzybicki said in a statement. "Chris is already an invaluable advocate
for our company as we work to educate stakeholders on our commitment to Ohio."