Stoneridge sales increase 20 percent

Stoneridge sales increase 20 percent

WARREN

Stoneridge Inc. credits market demand and internal growth for a 20 percent increase in net sales during the fourth quarter of 2010.

The Warren-based company reported net sales of $160.5 million for the quarter that ended Dec. 31, 2010, compared with $133.8 million for the same period in 2009, a $26.7 million increase.

Stoneridge also reported a net income of $4.4 million, or $0.18 per diluted share, for the fourth quarter of 2010, compared with a net loss of $0.2 million, or $0.01 per diluted share, for the fourth quarter of 2009.

“Our markets in the fourth quarter continued the trend of sequential and year-over-year improvement resulting in increased sales,” said John C. Corey, president and chief executive officer. “ ... We expect 2011 to be another year of significant improvement in financial results.”

The company specializes in electronic parts for medium- and heavy-duty trucks, agricultural equipment and off-highway vehicles.

NEOTEC elects 2011 officers

The Northeast Ohio Trade and Economic Consortium’s board of trustees elected its officers for 2011.

Newly elected officers are chairman Tracy Drake, CEO of the Columbiana County Port Authority in East Liverpool, and secretary Iris Harvey, vice president of university relations at Kent State University.

Returning officers are vice chairman Rick Hale, president and CEO of Winner Aviation Corp. in Vienna, and treasurer Steve Paquette, president and CEO of Stark Development Board in Canton.

“We’re trying to reach out to local companies and help them grow their business through exports,” said Marilyn Morgan, director of marketing for the consortium. “With the knowledge and expertise [the elected officials] have, they will help our organization meet its objectives.”

The nonprofit Northeast Ohio Trade and Economic Consortium works with businesses in Ashtabula, Columbiana, Mahoning, Medina, Portage, Richland, Stark, Summit and Trumbull counties. Its board members are appointed by the commissioners and county executives of those counties.

Unemployment falls to 9 percent

WASHINGTON

The unemployment rate is suddenly sinking at the fastest pace in a half-century, falling to 9 percent from 9.8 percent in just two months — the most encouraging sign for the job market since the recession ended.

More than half a million people found work in January. A government survey found weak hiring by big companies. But more people appear to be working for themselves or finding jobs at small businesses.

The steepest two-month decline in unemployment since the Eisenhower administration is the latest sign that the economic recovery is picking up speed.

Vindicator staff/wire reports