Friday, February 28
Mylan 4Q profit jumps 11 pct, tops expectations
CANONSBURG, Pa. (AP) — Generic drugmaker Mylan Incorporated has reported an 11 percent increase in its fourth-quarter earnings, topping expectations despite a rise in expenses.
The Canonsburg, Pennsylvania, company says double-digit revenue growth from its specialty segment helped counter revenue hits from foreign exchange rates and a smaller gain from new product launches in the quarter that ended December 31st.
Mylan says delays in several key product approvals will add to the opportunities it has in 2014. The company also says it expects to execute another "substantial transaction" this year, but it did not offer details.
Mylan earned $180.2 million, or 45 cents per share, in the three months ended December 31st, up from $162 million, or 39 cents per share, a year ago. Adjusted results totaled 78 cents per share.
Pa. health system announces plan for 250 layoffs
UPLAND, Pa. (AP) — The Crozer-Keystone Health System says it's laying off 250 employees after losing nearly $16 million since July 1st.
The southeastern Pennsylvania health system announced the layoffs include physicians and "a significant number of managers."
The Crozer-Keystone Health System consists of five hospitals: Crozer-Chester Medical Center in Upland, Delaware County Memorial Hospital in Upper Darby, Taylor Hospital in Ridley Park, Springfield Hospital and Community Hospital in Chester, a sports club and a network of more than 300 doctors.
The company blamed factors including a drop in admissions, decreased state and federal funding, cuts in reimbursements and an increasing number of patients with no insurance or Medicaid.
Crozer-Keystone Health was formed in 1990 when the Crozer-Chester Medical Center merged with Delaware County Hospital.
198 citations issued during MSHA mine inspections
CHARLESTON, W.Va. (AP) — Federal impact inspections at U.S. mines in January resulted in 198 citations and 11 orders.
The Mine Safety and Health Administration conducted the inspections at 11 coal mines and three metal and nonmetal mines in Alabama, Colorado, Indiana, Kentucky, New York, Pennsylvania, Virginia and West Virginia.
The agency says Baylor Mining Incorporated implemented a corrective action plan for its Beckley Crystal Mine in West Virginia and improved a ventilation plan following the operation's first impact inspection. Baylor received seven citations for ventilation, electrical and health violations, along with four unwarranted failure orders and an order for failure to abate a hazardous condition in a timely manner.
The inspections began in 2010 after the Upper Big Branch Mine explosion in West Virginia that killed 29 coal miners.
TRAIN DERAILMENT-PHILLY BRIDGE
CSX: improper maintenance work caused derailment
(Information in the following story is from: WPVI-TV, http://abclocal.go.com/wpvi )
PHILADELPHIA (AP) — CSX Corporation says it has determined what caused a train carrying crude oil to derail on a bridge over a river in Philadelphia.
WPVI-TV reports a CSX investigation has determined that a maintenance crew replacing crossties didn't follow procedures and failed to properly anchor temporary fasteners to the ties.
The train derailed January 20th on the Schuylkill (SKOO'-kul) Arsenal Bridge.
CSX says the maintenance work was not related to the structural integrity of the bridge, which remains sound.
Although no oil spilled and no one was hurt, the derailment caused concern because it occurred in a densely-populated area over the Schuylkill River, near the University of Pennsylvania, a highway and three hospitals.
The CSX report is subject to review by the Federal Railroad Administration.
HARRISBURG COMMERCE CENTER
7 years for developer in failed Pa. project
HARRISBURG, Pa. (AP) — The developer of an unfinished office building in Harrisburg has been sentenced to more than seven years behind bars for the failed $28 million project that's now an abandoned eyesore.
Forty-five-year-old David Dodd II of Mechanicsburg told the judge before his sentencing yesterday that he meant well, but was over his head with the government-funded Capitol View Commerce Center project.
Dodd will serve 87 months in federal prison for money laundering and misusing federal funds.
He was also ordered to pay $21million restitution to nine contractors, Metro Bank, the city of Harrisburg and Dauphin County.
Workers walked off the project in 2008, saying Dodd wasn't paying them from the millions in local and federal tax money funds he received.