Subscribe to Business RSS feed

Business

Simmons to merge subsidiary banks

Pine Bluff-based Simmons First National Corp. announced in a Wednesday filing with the U.S. Securities and Exchange Commission that it intends to consolidate its seven subsidiary banks into a single banking organization.

Third round of layoffs at Acxiom begins

A third, and likely final, wave of layoffs at Little Rock-based Acxiom Corp. began on Wednesday as the database marketer continued its push to realign its work force to meet changing industry demands. Acxiom indicated in November 2013 it would cut its overall labor force by March in an effort to save $20 million to $30 million annually. Approximately 200 workers nationwide were part of the latest round of layoffs with around 100 in Arkansas.

Walmart profits tumble

Revenues grew modestly, but profits took a tumble as Walmart reported its fourth-quarter and full-year financials. The Bentonville-based retail giant reported fourth-quarter net income of $4.43 billion on sales of $128.8 billion, an increase of 1.4 percent over last year. The quarter included the negative impact of about $1.8 billion from currency exchange rate fluctuations. Last year Walmart posted fourth-quarter profits of $5.86 billion on revenue of $127.77 billion.

USA Truck posts $9.1 million loss in 2013

USA Truck recorded a fourth-quarter loss of $4.6 million, including one-time charges of $1.5 million related to a hostile takeover bid, on revenue of $141.4 million. One year ago, USA Truck posted a $3.2 million loss on revenue of $134.7 million. For the full year, USA Truck saw its net loss shrink to $9.1 million from $17.6 million in 2012 on growing revenues of $555 million, up from $512.4 million one year ago.

Four join state Business Hall of Fame

The University of Arkansas Walton College of Business inducted four new members in the state’s Business Hall of Fame. This year’s inductees include advertising executive James Faulkner, international businessman Thomas F. “Mack” McLarty, farmer Stanley Reed and poultry magnate Mark Simmons.

Oudin businesses to move to new complex

The Oudin business headquarters will be relocating around April 15 from its current site at 2720 W. 28th Ave. to a new multi-tenant commercial property currently under construction at 7000 Jefferson Parkway on the northeast corner of the Sheridan Road and Jefferson Parkway intersection in Pine Bluff.

Metropolitan merger costs drop Simmons First overall net income

Simmons First National Corporation’s $53.6 million buyout of Little Rock-based Metropolitan took a toll on fourth-quarter and year-to-date net income. The Pine Bluff-based bank holding company reported fourth quarter net income of $3.8 million, down from $8 million in the previous year’s fourth quarter. Simmons said core earnings were $7.7 million when one-time expenses were factored out.

Acxiom makes round of layoffs

Acxiom Corp. began a round of layoffs this week that corporate leaders suggested would be forthcoming when they last reported earnings. Roughly 50 workers, some in middle management positions, are part of this round of layoffs, although less than half are in Arkansas.