Profits slipped at Lake Shore Bancorp during the fourth quarter. The Dunkirk-based parent company of Lake Shore Savings Bank saw profits dip 34 percent. The decline is attributed to a $500,000 write-down for an investment the bank made in an unnamed payment processing startup. Profits were $587,000, or 10 cents per share, down from $895,000, or 16 cents per share, during the same period last year.
The $7.5 million increase is attributed to a 2.1 percent increase in same-store sales. Frank Curci, Tops president and CEO, said the quarter's numbers show that acquiring 79 bankrupt Penn Traffic Stores last year was a sound strategy.
Justice John A. Michalek dismissed the case as without merit. A separate court hearing ordered Quagliano to reimburse Hunt for unpaid advertising and attorney fees. At one time, Quagliano was one of Hunt's most visible realtors.
Steven J. Baum PC has made layoffs at the foreclosure law firm official by filing a Worker Adjustment and Retraining Notification with the state labor department. A total of 90 employees are scheduled for layoff Feb. 20, 67 of them in Amherst, according to the WARN notice. There is still no word on what will happen to some 600 employees at Pillar Processing, a company that exists solely to process paperwork from the Baum firm.
That's up 35 percent over what was expected and $405,101 more than its own projections. The success was attributed to its move from Lafayette Square to the Central Wharf and the summer's great weather, as compared to last year's rainy season.
The United Auto Workers Local 774 will meet Monday about an upcoming contract vote. Members will hear the details of a tentative contract the UAW reached with General Motors before they are scheduled to vote on it next week.
GM's Tonawanda plant, which employs 800 workers, is getting a boost from the addition of two new engine lines. The four-year pact would add or keep 6,400 jobs in the U.S. and offer buyouts to longtime workers. Most workers won't get annual pay raises, but will get at least $12,500 in bonuses, profit sharing and other payments over the life of the contract.
Travers Collins has opened a new office in Rochester. The advertising and public relations firm has parterned with Rochester-based PR veteran Mike McDougall to open McDougall Travers Collins. Collins said he had been wanting to break into the Rochester market for 10 years. He hopes McDougall's local and global contacts will bring new clients from Rochester and around the world.
Wall Street reeled after the Dow's biggest one-day point drop since December 2008. But investors here say there is still opportunity for investors, even though stocks will continue to plunge. Thomas S. Quealy, Jr., the chief executive officer at Nottingham Advisors in Amherst, said strong corporate profits, lots of cash in corporate treasuries and reasonable stock valuations can all be counted as positives.
Verizon Communication land line and FiOS workers are out on strike and it is already getting ugly. Verizon is claiming workers have sabotaged work sites around the country, while two picketers here claim a replacement worker hit them with his vehicle when crossing the picket line to enter the company's Amherst offices. The Communications Workers of America Locals 1122,1115 and 1117 as well as the International Brotherhood of Electrical Workers Local 2213 walked off the job late Saturday night after union and company representatives failed to negotiate a contract. Verizon is seeking concessions on wages, health care, vacation, sick time, work rules and job security. Workers have vowed to do "whatever it takes" to protect their standard of living in the face of the company's record profits.
-'A runaway train' of soaring costs - Jonathan D. Epstein/The Buffalo News If you felt sticker shock when you opened up your health insurance packet from your employer, you were not alone. Western New York workers will see their insurance premiums rise by as much as 20 percent next year. And there's no sign of it getting better soon. "It's getting worse," said Gregory D. Leifer, director of life insurance and employee benefits at Scott Danahy Naylon Insurance Brokers. "It's a runaway train, and people don't see it ending." ... Nationwide, employers expected their health insurance costs to rise by 10.1 percent in 2011, if they made no changes to their plans, but by just 5.9 percent after adjustments, according to a survey by Mercer Health & Benefits. A similar survey by Towers Watson said plan changes would lower the expected increase to 8.2 percent. Locally, rates will rise by up to 20 percent for Independent Health and HealthNow and by up to 12.5 percent for Univera. Employers are growing less willing to absorb those increases, as the cost of benefits comprises more than 10 percent of payroll, according to Compdata Surveys. ...
Not everything's going up: - Mortgage rates again decline to record lows - AP/Buffalo News The mortgage rate bar is even lower, but few homebuyers are making the jump. Rates on fixed mortgages again fell to their lowest levels in decades this week, Freddie Mac said Thursday, after the Federal Reserve unveiled a massive bond-buying program to help spur economic growth. That marked more than a half-year of record lows. But housing activity has still faltered.
-Battle for shoppers' dollars pushes convenience, discounts - AP/Buffalo News From Sears stores open on Thanksgiving for the first time to free shipping from Wal-Mart, the battle for holiday shoppers' dollars has begun in earnest. ... Black Friday, the day after Thanksgiving that typically kicks off holiday shopping, is not only being marketed as "Black Friday week," but for a growing number of stores, "Black Friday month."
- Teamsters at YRC Worldwide OK pact - Matt Glynn/The Buffalo News Teamsters at YRC Worldwide’s trucking companies have approved extending contract concessions for an additional two years, aimed at helping the trucking giant survive its financial struggles. ... The workers agreed to extend a 15 percent pay cut for an additional two years. YRCW will resume partial pension contributions in June 2011; without the change, full pension contributions were supposed to resume in January. ... Local workers at YRC and Holland voted 67 percent in favor of the agreement, while local New Penn workers voted 90 percent in favor. They are represented by Teamsters Locals 375 and 449. [Union statement here. Company statement with video here.] Related: -ABF Sues YRC Unit, Teamsters Union Over Master Freight Contract - Transport Topics - YRC Surges On Union Concession Agreement - Barron's
- Rick’s Tally Ho is sold to owner of Tonawanda strip club - Matt Glynn The owner of a Town of Tonawanda strip club has acquired Rick’s Tally Ho strip club in Cheektowaga. David Scrivani bought the property, through a company called 5111 Genesee St. — the address of the club — for $750,000, according to county records. Richard A. Snowden, who sold the property through an entity called Rade Holding, declined to disclose the entire value of the transaction, which would be a price reflecting how much the business is worth. Scrivani owns Tiffany’s Cabaret at 300 Sawyer Ave., as well as another Tiffany’s in Myrtle Beach, S.C. Snowden said that Rick’s Tally Ho will eventually be renamed Tiffany’s and that Scrivani will apply for a liquor license for the club. The clubs feature semi-nude dancers. [No statements with video. This is a family newspaper.]
