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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Mar 31, 2005
Page
14
Modest GDP growth and lower oil prices powered Wall Street to its best session of 2005. The Dow gained 135.23 to 10,540.93 and the Nasdaq rose 31.79 to 2,005.67 as advancers outpaced decliners more than 2 to 1. Analyst quotes framed inflation fears easing and bargain hunting as drivers.
Iowa Telecom introduced digital subscriber line high speed Internet in Brandon Troy Mills and Rowley through the Connect Rural Iowa program. The initiative aims to extend service to more than 100 communities in 2005 and offers private dedicated access far faster than dial-up.
TA Associates completes an 85 million recapitalization of 2nd Story Software making TA the majority shareholder in Cedar Rapids based TaxAct provider. President Lance Dunn says focus will be on expanding TaxAct while employment remains stable. Founders retain minority stake and management stays. Todd Crockett cites growth in electronic filing with IRS targets to 70 percent by 2007.
Washington AP reports the economy closed 2004 with solid momentum as GDP expanded at 3.8 percent in Q4, matching a prior estimate and better than initial 3.1 percent. Analysts foresee healthier job growth into early 2005 with forecasts around 220,000 new jobs in March and 262,000 in February.
Shares of Saks Inc rose nearly 8 percent after reports it will retain Saks Fifth Avenue and sell its regional mid price stores including Younkers Parisian Proffitts and McRae s. Belk Blackstone Apollo Advisors were named as possible buyers while Saks declined comment. The split would undo the 1998 merger between Saks Fifth Avenue and Proffitts and did not yield expected cost savings. For the year ended Jan 29 Saks earned 60.9 million dollars, 42 cents a share, down from 80 million dollars or 56 cents last year.
Cedar Rapids report shows the Eastern Iowa Airport earned a 269,694 net profit from farming operations on an accrual basis for 2004, up from 241,019 in 2003. Hertz Farm Management oversees nine parcels, with total income 460,290 and expenses 193,008 plus 2,411 in non operating costs.
Cedar Rapids firm Hall and Hall Engineers will relocate this weekend to a larger 21,000 square foot building at 1860 Boyson Rd in Hiawatha. The firm, founded in 1953 by Merle Hall, will occupy 10,000 square feet of unfinished space with New Horizons Computer Learning Center remaining a primary tenant. The move expands from the Cedar Rapids address at 209 29th St. NE and serves Hiawatha and nearby towns including Fairfax Bertram and Brooklyn.
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