Lower Demand, Bigger Shortfall: even with $33M loss, Unifi says it is poised to ride out recession

April 30, 2009

Published: May 1, 2009

Softer consumer demand for its premium yarns led to a larger quarterly loss for Unifi Inc. in its third quarter, the yarn manufacturer reported yesterday.

The company, based in Greensboro, reported a $33 million loss in the quarter, which ended March 29. By comparison, Unifi had net income of $12,000 in the third quarter of 2008.

Unifi said that its sales were down 30 percent to $119.1 million, affected primarily by a decline in demand as customers tried to sell excess inventory in the quarter.

The manufacturer also took a noncash charge of $18.6 million in the quarter to write off goodwill value associated with its purchase of Dillon Yarns in 2007.

Higher raw-material costs also affected expenses.

http://www2.journalnow.com/content/2009/may/01/lower-demand-bigger-shortfall/business-area/


Foxx Scrutinized for “Hoax” Remark About Shepard Case

April 30, 2009

Congresswoman Virginia Foxx has issued an apology after using the word “hoax” to describe the details surrounding Matthew Shepard’s death in 1998.

Several human rights organizations have expressed discontent with Foxx’ statements.

While on the House Floor on Wednesday, the Republican said, “The hate crime bill that is called the Matthew Shepard Bill is named after a very unfortunate incident that happened where a young man was killed, but we know that that young man was killed in the commitment of a robbery.  

http://www.goblueridge.net/index.php?option=com_content&task=view&id=6460&Itemid=1


Foxx under fire for rejecting gay man’s killing as hate crime

April 30, 2009

Published: April 30, 2009

U.S. Rep. Virginia Foxx came under fire yesterday for saying that the 1998 murder of Matthew Shepard, a gay man in Wyoming, was not a hate crime.

Foxx, R-5th, who was arguing against a bill that would expand a federal hate crimes law to include acts motivated by sexual orientation, giving gay and lesbians more federal protection, said that attempts to call the murder a hate crime were “a hoax.”

“The hate-crime bill that’s called the Matthew Shepard Bill is named after a very unfortunate incident that happened where a young man was killed — but we know that that young man was killed in the commitment of a robbery,” Foxx said yesterday on the floor of Congress. “It wasn’t because he was gay. The bill was named for him — the hate-crimes bill was named for him — but it’s really a hoax that continues to be used as an excuse for passing these bills.”

http://www2.journalnow.com/content/2009/apr/30/foxx-under-fire-rejecting-gay-mans-killing-hate-cr/news/


Obama urges passage as Kennedy introduces hate crimes bill in Senate

April 29, 2009

As U.S. House lawmakers made preparations Tuesday for a floor vote on hate crimes legislation, Sen. Ted Kennedy (D-Mass.) introduced similar legislation in the Senate.

The new Senate bill, called the Matthew Shepard Hate Crimes Prevention Act, is named after a gay college student who was murdered near Laramie, Wyo., in 1998 because of his sexual orientation. Like the House bill, it would enable the Justice Department to prosecute hate crimes committed against LGBT people.

In a statement Tuesday, Kennedy said the legislation is “long overdue” and “hate crimes are especially poisonous.”

“They are acts of domestic terrorism that target whole communities, not just individuals,” he said. “This bill will bring greater protection to our citizens and much-needed resources for state and local law enforcement to fight these vicious crimes.”

http://www.washblade.com/thelatest/thelatest.cfm?blog_id=25214


Reynolds reports decline in first-quarter net income

April 29, 2009

Published: April 29, 2009

Updated: 04/29/2009 01:21 pm

A substantial charge taken to reflect lower trademark values for some nongrowth cigarette and smokeless brands contributed to Reynolds American Inc. posting just $8 million in net income for the first quarter today.

The trademark impairment charge of $453 million, which the company said was noncash, contributed to a $285 million decline in net income.

Diluted earnings were 3 cents a share compared with $1.71 a share a year ago. The earnings from the first quarter of 2008 included a gain of 71 cents from the dissolution of Reynolds’ Gallaher joint venture.

Excluding the trademark charge, Reynolds reported $293 million in net income and diluted earnings of $1 a share – the same earnings as a year ago.

http://www2.journalnow.com/content/2009/apr/29/291321/reynolds-reports-decline-first-quarter-net-income/business-area/


PPG cutting 110 jobs in Triad

April 28, 2009

Published: April 28, 2009

A Davidson County manufacturing plant received another in a long line of employment blows yesterday.

PPG Industries Inc. said that it is eliminating 110 jobs, or 26 percent, of the work force at its fiberglass plant in Lexington. The job cuts will be effective June 30, spokesman Jeremy Neuhart said.

When the work-force reduction is done, the plant will have about 310 employees — or about 1,000 fewer than it had in June 1998. The plant experienced a 400-job cut in August 2001 and several smaller job cuts over the past 11 years.

http://www2.journalnow.com/content/2009/apr/28/ppg-cutting-110-jobs-in-triad/business/


Hanesbrands will shed 440 local jobs

April 28, 2009

Published: April 28, 2009

A fourth major hometown job cut, affecting 440 employees, will leave Hanesbrands Inc. with barely half of the Forsyth County work force it began independent life with in 2006.

The company is eliminating 200 jobs at its headquarters at 1000 E. Hanes Mill Road. Most of those employees in finance, human resources, sales and marketing and supply-chain management will be let go by the end of the week, spokesman Matt Hall said.

http://www2.journalnow.com/content/2009/apr/28/hanesbrands-will-shed-440-local-jobs/news/

 


Abortion bill veto costs Obama nominee a vote

April 28, 2009

U.S. Sen. Richard Burr will oppose Kathleen Sebelius’ nomination.

The Winston-Salem Republican said Monday that he cannot support the Kansas governor’s nomination as secretary of Health and Human Services because of her recent veto of an abortion bill.

On Thursday, Sebelius vetoed a bill that would have amended Kansas law on late-term abortions, questioning whether it was constitutional and suggesting that it would lead to intimidation of doctors.

http://www.newsobserver.com/news/story/1503877.html


Napolitano Facing Republican Calls for Her Ouster

April 25, 2009

Obama’s Security Chief Ignites Firestorm by Warning of ‘Right-Wing’ Extremism in U.S.

By TEDDY DAVIS and FERDOUS AL-FARUQUE

April 23, 2009

 

Homeland Security Secretary Janet Napolitano is facing calls for her ouster from a handful of House Republicans in the wake of a department memo that warned of right-wing political extremism in the United States.

“To me, it looks like the extremists are those running the DHS,” said Rep. Michelle Bachmann, R-Minn. ”An official document of the DHS lists right-wing extremists as ‘groups and individuals that are dedicated to a single issue, such as opposition to abortion or immigration,’ and includes those ‘rejecting federal authority in favor of state or local authority.’ So, apparently, according to Homeland Security Department, the American ideal of federalism is a threat to American ideals.”

Bachmann and Rep. Virginia Foxx, R-N.C., joined Rep. John Carter, R-Texas, the No. 6 Republican in the House leadership, on the House floor Wednesday evening to demand that Napolitano either resign or be fired by President Obama.

House Republican leadership aides expect Napolitano to survive calls for her ouster. But at the same time, they are happy to see criticism of Napolitano continue as Obama approaches the 100-day mark of his presidency.

House Minority Leader John Boehner, R-Ohio, told reporters Thursday morning that he is sure the subject of the former Arizona governor will come up at the White House Thursday afternoon when Obama meets with congressional leaders of both parties.

“I think Secretary Napolitano has an awful lot of explaining to do,” said Boehner. “When you look at this report on right-wing extremism, it includes … about two- thirds of Americans, who, you know, who might go to church, who may have served in the military, who may be involved in community activities.

“It’s bizarre,” he added.

“I and my colleagues are trying to understand who wrote this report, why wasn’t it edited or– I just don’t understand how our government can look at the American people and say, “You’re all potential terrorist threats,’” said Boehner.

UPDATE: Despite Boehner’s initial confidence that Napolitano would come up during Thursday’s meeting with the president, Boehner spokeswoman Antonia Ferrier told ABC News after it concluded that the topic of the “right-wing” extremism report was not broached during a conversation which was “consumed” by other topics

Democrats are privately responding to criticism of Napolitano by pointing out that Republicans overlook that the Department of Homeland Security issued a report earlier this year warning that left-wing extremists are likely to increase the use of cyber attacks over the coming decade.

Napolitano’s defenders also note that the examination of domestic terror threats is a task that the Department of Homeland Security was given by Congress when President Bush was still in office.

The warning about right-wing extremism was contained in an April 7 intelligence assessment warning that the U.S. recession and the election of the nation’s first African-American president could be a powder keg for right-wing extremist groups. The memo also warned that proposed restrictions on firearms could lead some extremist organizations to begin stockpiling weapons and ammunition.

According to Matt Lloyd, a spokesman for Rep. Mike Pence, R-Ind., the chairman of the House Republican Conference, the portion of the report that fueled the most concern among congressional Republicans referred to military veterans.

The memo cautioned that returning veterans who had trouble readjusting could “lead to the potential emergence of terrorist groups or lone wolf extremists capable of carrying out violent attacks.”

While meeting with reporters on Thursday, Napolitano brushed off calls from some House Republicans for her to resign.

“I’ve already acknowledged that the extremist report that came out, well-intentioned as it was, was not well written. It did not pass our own internal processes. It should not have gone out in the form it did,” said Napolitano. “And I’ve already apologized to veterans who were offended by that.”

Napolitano said she will meet with the leadership of the American Legion, the national veterans group, on Friday.

Told that some Republicans think an apology is insufficient, Napolitano said, “I just would say to that: That’s what they’re going to get.”

 

Grover Norquist, the president of the conservative Americans for Tax Reform group and author of “Leave Us Alone,” responded to the DHS report by saying that Democrats should be worried about a political threat, not a security threat.

“It’s a little bit frightening, and I think the politicians are right to be a little bit scared at how much they’ve stirred up a hornet’s nest,” said Norquist.

ABC News’ Jason Ryan contributed to this report.


Perdue to skip park ceremony

April 24, 2009

Published: April 24, 2009

ASHEVILLE – North Carolina’s governor is citing distance and cost for her decision to skip today’s ceremony marking the 75th anniversary of the Great Smoky Mountains National Park.

The Asheville Citizen-Times reported on its Web site yesterday that Gov. Bev Perdue had been invited to the Governors’ Proclamation Day at Clingmans Dome in the park, but a park spokeswoman said that Perdue declined.

http://www2.journalnow.com/content/2009/apr/24/perdue-to-skip-park-ceremony/news-ncpolitics/