Thursday, July 29, 2010
Fund requests due
cleveland
Completed requests for proposals for funding from the Energizing Careers Program are due to the Ohio Department of Development by Friday. The $6 million program provides funding for companies that need training in renewable- and advanced-energy technologies, including wind, solar and biomass. The program, funding by the federal stimulus via a grant from the U.S. Department of Labor, provides direct technical and financial assistance to employers to train their workers in clean- and advanced- energy manufacturing.
For information, visit www.ohioworkforceboard.org.
Stoneridge sales, income increase
warren
Stoneridge, Inc. saw improved sales and net income for the second quarter of 2010, the company reported Wednesday. Stone- ridge, which manufactures and designs electrical systems for vehicles, reported net sales of $166.3 million, a 62.6 percent increase from $102.3 million for the second quarter of 2009. The increase was driven by market demand coupled with internal organic growth, the company said in a release. Net income for the second quarter of 2010 was $4.2 million compared with a net loss of $19.8 million in the second quarter of 2009.
First Niles improves
niles
First Niles Financial, the holding company for Home Federal Savings and Loan Association of Niles, reported a loss of $135,000 for the second quarter of 2010, compared with a loss of $259,000 for the same quarter last year. The increase in net income for the 2010 quarter primarily was the result of a decrease in the provision for loan losses. The allowance for loan losses was $175,000 last quarter, compared with $634,000 in the same quarter in 2009. Net interest income, after the provision for loan losses, increased to $307,000 last quarter, from $34,000 in the second quarter of 2009. But non-interest income declined quarter-over-quarter, from $62,000 in the second quarter 2009 to $27,000 in the same quarter this year. The decline was primarily due to decreased gains from investment sales.
Vindicator staff/wire reports