Company news
Published Jan 10 2002
*Best Buy Co. Inc., Eden Prairie, has begun a private offering
of about $350 million in convertible subordinated debentures.
The securities will mature in 20 years and will not be callable
until Jan. 20, 2007. In addition, the securities will be
convertible into shares of Best Buy common stock under
certain conditions. Proceeds from the offering will be used for
general corporate purposes. Standard & Poor's assigned its
double-B-plus (BB+) rating to the offering. At the same time,
Standard & Poor's affirmed its triple-B-minus (BBB-)
corporate credit and senior unsecured debt ratings on the
company. The outlook is negative.
*CyberOptics Corp., Golden Valley, will cut about 10 percent
of its work force to reduce costs. Other cost-cutting measures
include consolidating semiconductor product manufacturing in
the company's Portland, Ore., facility. The group's sales and
research and development functions will remain at the
Redwood City, Calif., facility.
*Wilsons The Leather Experts Inc., Brooklyn Park, reported
December sales of $223.1 million for the five weeks ended Jan.
5, down 3.1 percent compared to $230.2 million last year.
Comparable store sales decreased 11.9 percent over the same
period. Year-to-date sales increased 17.1 percent to $669.5
million from $571.7 million in the year-ago period, while
comparable store sales decreased 11.7 percent.
*Lifecore Biomedical Inc., Chaska, has received approval
from the Japanese Ministry of Health and Welfare to market
the Stage-1 RDS Single Stage TPS Dental Implant System in
Japan.
*Security American Financial Enterprises and Security
Life Insurance Co. of America, Minnetonka, said that Susan
Albrecht has resigned as president and chief executive officer,
effective Jan. 11, to take a job with another insurance
company. J. Stephen Beckman has been named interim CEO.
*Lawson Software, St. Paul, has signed a software contract
with the city of Providence, R.I.
*Deluxe Corp., Shoreview, said it expects fourth-quarter
earnings per share of 73 cents to 75 cents per share, about 12
percent above analyst estimates of 65 cents to 68 cents per
share.
*Oxboro Medical Inc., Ham Lake, said the closing date on its
proposed acquisition of Surgidyne is Jan. 22. The acquisition is
subject to approval by Surgidyne shareholders.
*Zebra Technologies Corp., Vernon Hills, Ill., has extended its
tender offer for all outstanding common shares of Eden
Prairie-based Fargo Electronics Inc. to 4 p.m. Jan. 24.
*Ceridian Corp., Bloomington, and USI Holdings Corp., San
Francisco, have formed a strategic alliance that includes a
five-year marketing agreement to refer products and services
to current and prospective customers. Ceridian also has made a
$15 million equity investment in USI, which named Tony
Holcombe, president of Ceridian Employee/Employer Services,
to its board of directors.
*Cedar Fair, Sandusky, Ohio, said that 11.9 million people
attended its six amusement parks and five water parks in 2001,
up 2 percent from 2000. Attendance at the company's Valley
Fair park in Shakopee declined 8 percent to 1.1 million people.
Cedar Fair also manages Camp Snoopy at Mall of America.
*Diametrics Medical Inc., St. Paul, has hired UBS Warburg, a
global financial services firm, to serve as its financial adviser
and help the company explore strategic alternatives.
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