Arkansas Business headlines for Feb. 7

    7:30 AM, Feb 7, 2013   |    comments
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    LITTLE ROCK, Ark. (Arkansas Business) -- Wall Street uninspired by Wednesday earnings report, with a flat market the result.

    Some good news and bad news gave investors not much reason to do anything -- Time Warner doing well with a 4.1 percent leap after reporting net income up 51 percent in its most recent quarter.

    Marathon Oil, on the other hand, down 32 cents to $34.40 after it saw its fourth-quarter new income dip down 41 percent.

    P.A.M. Transportation Services, Inc. of Tontitown says it had a net loss of over $311-thousand for the fourth quarter of 2012, but enjoyed a net income of $2.17 million on the year as a whole.

    Despite the quarterly loss, that's a big turnaround from 2011 when PAM reported a net loss of $2.85 million.

    President Dan Cushman says that with the notable exception of December, the company enjoyed eleven consecutive profitable months.

    Cushman says freight demand was down during the holidays, leading to the decline.

    Acxiom Corp. of Little Rock saying it's increasing the size of its authorized repurchase plan from $150 million to $200 million.

    The marketing and data research firm says that since August 2011, the company has repurchased 9.9 million shares for about $131 million, resulting in the repurchase of about 12 percent of its outstanding shares.

    Acxiom previously increased the program from $50 million to $150 million last May.

    Your neighborhood mailman may get to sleep in on Saturdays.

    This, as the United States Postal Service announces the end of Saturday delivery of regular mail.

    The postal service expects the cutback to begin the week of August 5 and will save the entity $2 billion annually.

    Post offices will stay open however and mail will continue to be delivered to post office boxes six days a week.

    Also unaffected will the the postal service's package delivery, still much in a three-way dogfight between them, FedEx and UPS.

    Law enforcement officials, including agents from the FBI and Internal Revenue Service, on Wednesday morning searched the west Little Rock home of Layton "Scooter" Stuart, who federal regulators last year removed from his position as chairman and CEO of One Bank & Trust.

    In a statement, Stuart said the search was part of a wider investigation into One Bank, and he suggested that other bank executives' homes might be searched.

    "While as awkward and embarrassing as it is, it is part of the overall investigation into the bank," Stuart told Arkansas Business. "I apologize to my neighbors for any inconvenience."

    You can read more of this story on THV 11 News online.

    (Source: Arkansas Business)

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