Ralcorp Holdings will restate its full-year 2011 and first quarter 2012 earnings related to an impairment charge from the spin-off of its Post brand cereal business that was understated.
St. Louis-based Ralcorp said today that a previously disclosed $364.8 million non-cash goodwill impairment charge related to the Post spin-off was understated by about $54 million that should have been reflected in its fourth quarter 2011 earnings report. The Post cereal business was spun off as a separate company effective Feb. 3.
Ralcorp said it is delaying the release of its second quarter 2012 earnings, which was set for May 8 payday loans in one hour. The company’s second quarter results will be released instead on May 15, and the company will hold a conference call on May 16 to discuss the results.
Ralcorp’s private label foods include cereal, pasta, crackers, cookies, frozen biscuits and other frozen bread products.
Apply online today, its fast, easy and 100% secure. We are the trusted brand for online cash loans.
Myanmar
China
Hospital operator Tenet Healthcare Corp. has agreed to pay $42.8 million to resolve allegations it overbilled Medicare for the treatment of patients who needed intense inpatient rehabilitation.
The Dallas company said today that the settlement resolves inquiries by the U.S. Department of Justice, Department of Health and Human Services and the U.S. Attorney’s Office for the Northern District of Georgia.
The allegations involve the admission of patients at 25 facilities from May 2005 to December 2007. No information was immediately available on whether any of the facilities were in the St. Louis area, where Tenet operates two medical centers: Des Peres and St. Louis University hospitals.
The Justice Department said Tenet billed Medicare for patients who did not meet the standards for admission to inpatient rehab facilities. Medicare pays those facilities at a higher rate because patients require more difficult rehabilitation and more medical supervision than patients at other types of facilities no faxing pay day loans.
The Justice Department said it was the single largest U.S. recovery to date involving inappropriate inpatient rehab admissions.
Tenet said it already set aside money to cover the settlement and will make the payment in the second quarter.
The company said it now operates only eight inpatient rehabilitation centers. It also runs 50 hospitals and around 100 outpatient health centers.
Tenet said it identified overpayments at one facility in Georgia in 2007, and disclosed those payments to the government.
Shares of Tenet Healthcare Corp. fell 14 cents, or 2.7 percent, to $4.97 in midday trading Tuesday. Its shares have traded in a 52-week range of $3.46 to $7.56 per share.
Canada
Mostafa Farahmand, who oversees sales at a car dealer in Tehran, hasn
Stock futures headed lower Monday as last week’s rally, bolstered by healthy job data, appeared to lose some steam.
Even the Nasdaq futures, which had been trading higher Monday, dipped after Apple Inc. announced a dividend and $10 billion share buyback program.
In premarket trading Dow Jones industrial average futures fell 21 points to 13,142 and the broader Standard & Poor’s 500 futures fell 2.50 points to 1,396. Nasdaq 100 futures fell 2.75 points to 2,706.25.
European markets were lower in midday trading there after Asian markets finished narrowly mixed.
Apple said Monday it would pay a quarterly dividend of $2.65 per share and that its board had authorized a three-year share buyback program that will begin later this year.
Apple is sitting on $97.6 billion in cash and securities. For years, it has resisted calls to reward shareholders with some of that money. Since the death of CEO Steve Jobs, management had signaled that it’s been considering options for the money.
Shares broke $600 in early premarket trading, but gave up some ground after the announcement. Shares rose $3.94 to $589.51 30 minutes ahead of the opening guaranteed cash advance.
There is also some macroeconomic data that investors will be watching Monday. The National Association of Home Builders is scheduled to release its March housing market index, which measures homebuilder confidence.
In February, the index rose to 29, the highest level since May 2007. The index has been rising since September as builders are more hopeful about the potential for sales this year. Still, readings below 50 indicate negative sentiment about the new-home market. The index hasn’t hit that level since 2006, during the housing boom.
In Europe, the CAC-40 in France fell 0.7 percent to 3,568, while Germany’s DAX was down the same rate to 7,109. The FTSE index of leading British shares pulled back 0.4 percent to 5,940.
Hong Kong’s Hang Seng Index fell 1 percent to 21,115.29. Benchmarks in Singapore, Taiwan and Indonesia fell.
Other Asian indexes finished slightly up. Japan’s benchmark Nikkei 225 closed 0.1 percent higher at 10,141.99.
Euro-area finance ministers will move toward completing the next Greek bailout this week as they meet in Brussels tonight.
Luxembourg Prime Minister Jean-Claude Juncker, who heads the group of euro-region finance ministers, said he had
A senior British lawmaker says police mishandled their first investigation of phone hacking at Rupert Murdoch’s News of the World tabloid.
Simon Hughes told the country’s government-commissioned media ethics inquiry Tuesday that if police had taken “robust action” in 2006 when they knew the scale of phone hacking, several victims “might not have suffered as much.”
Hughes, deputy leader of the Liberal Democrat party _ the junior member of Britain’s coalition government, received a 45,000 pound ($71,300) settlement from News of the World’s owner News International earlier this month.
He is among dozens of victims who have received damages over allegations the now defunct tabloid routinely intercepted voice mails of those in the public eye.
South Korean inflation may accelerate above the government
Powered by WordPress -- XHTML 1.0