Tyson Foods closed its fiscal year on a strong note as it posted record sales and earnings, while announcing several leadership changes in its management structure. The Springdale-based meat company recorded fourth quarter earnings of $261 million on sales of $8.89 billion. One year ago, Tyson Foods posted net income of $185 million on revenue of $8.32 billion.
For the year, Tyson Foods registered profits of $778 million on revenue of $34.37 billion. In the previous fiscal year, Tyson recorded net income of $583 million on sales of $33.05 billion.
Car-Mart earnings dip on competitive pressures
America’s Car-Mart reported higher sales and lower profits as company officials noted that competitive pressures continue to squeeze margins. The Bentonville-based “buy here, pay here” used car dealer posted net income of $5.8 million in its second quarter, down from $7.3 million one year ago. Revenues climbed higher to $121 million compared to $110 million for the prior year’s quarter.
Ikea supplier to add 75 jobs, locate $5 million factory in Morrilton
Vietnamese-based Vinh Long, a manufacturer of a variety of home furnishing products made from natural fiber mixed with industrial materials, will locate a new manufacturing facility in the former Bosch building in Morrilton. The company will invest $5 million in the plant and add 75 workers. The new facility, to be known as Vinh Long – Arkansas Ltd., will manufacture storage furniture and kitchen cabinets for potential retailers, such as IKEA and other outlets.
American Tubing adds 50 jobs in Springdale
American Tubing, Inc. of Springdale, a leading producer of copper assemblies and components for use in the air conditioning and refrigeration industries, announced plans Wednesday (Nov. 19) to expand. The company will add a $3.2 million, 20,000 sq. ft. addition to its Springdale location, including 50 new jobs.
Legislators hear of cost savings for state welfare programs
A study commissioned by the Arkansas Legislature suggested the state could realize more than $100 million in savings each year from a variety of programs under the umbrella of the Department of Human Services. The Alexander Group report includes 32 recommendations for short-term and long-term initiatives. It claims the short-term initiatives could save the state between $65 million and $98 million a year and that the long-term initiatives could save the state between $46.8 million $63 million a year.
Home sales remain strong in October
Home sales in Arkansas remained strong in October, rising nearly 14 percent from a year ago. Craighead County had a particularly robust month with home sales jumping nearly 65 percent from October 2012. Average home prices for the month dipped 2 percent statewide. Year-to-date, home sales in Arkansas have risen more than 12 percent from a year ago and average home prices are up 2 percent.
Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is email@example.com; his website address is www.talkbusiness.net