Here is a look at more of Friday's top business stories:
Auto production rises
SOUTHFIELD, Mich., April 12 (UPI) -- Ward's Automotive Reports said vehicle production this week in the United States, Canada and Mexico is expected to rise to an estimated 372,042 units from the 317,470 cars and trucks built last week.
Ward's said including this week's estimates, calendar year North American output totals 4,855,528 vehicles, up 5.4 percent from the same period last year.
In the United States, automakers are expected to produce 272,146 vehicles this week, up 18.6 percent from the 229,542 cars and trucks built last week. To date, calendar 2002 U.S. vehicle output totals an estimated 3,560,188 units, up 8.4 percent from the 3,285,234 vehicles built during the same period a year ago.
This week's Canadian vehicle production is estimated at 61,314, a 16.2 percent increase from the 52,771 units assembled last week. Estimated calendar-2002 Canadian vehicle production now stands at 787,350 units, down 0.3 percent compared to the 790,084 vehicles produced during the same period a year earlier.
Of the cars and trucks slated for production this week in the United States, General Motors accounted for 34.9 percent, Ford Motor 28.4 percent, Chrysler of DaimlerChrysler 13.6 percent while other manufacturers accounted for the remainder.
Concord Communications posts profit
MARLBORO, Mass., April 12 (UPI) -- Concord Communications Inc. said it posted a first quarter profit and said the integration of its information technology platforms had prompted new contract wins.
Concord Communications said it posted a first-quarter pro forma net of 2 cents a share, compared with a year-earlier loss of 19 cents a share.
Analysts on Wall Street had expected the company to break even, according to Thomson Financial/First Call.
On a net basis, Concord reported a profit of $489,000, or 3 cents a share, compared with a loss of $5.4 million, or 32 cents a share during the same period a year ago.
The company also provided an outlook at or above First Call consensus estimates. It said it expects to earn 4 cents to 6 cents a share in the second quarter and 5 cents to 7 cents a share in the third quarter.
First Call consensus estimates are 4 cents for the second quarter and 5 cents for the third quarter.
WCI Communities expects higher results
BONITA SPRINGS, Fla., April 12 (UPI) -- Homebuilder WCI Communities Inc. said it expects to beat its outlook for first-quarter earnings, as demand for homes by aging baby boomers and retirees helped lift new home and high-rise condo unit contracts 4.5 percent in the period.
WCI, which raised $131.1 million in an initial public offering on March 12, reported that contracts totaled $250.2 million in the quarter ended March 31, up from $239.5 million last year.
The company in February projected earnings growth in the range of 10 percent to 15 percent for 2002.
Jerry Starkey, president, said, "We have been pleased at the very quick rebound and resiliency of the national economy and the Florida homebuilding markets."
He said the company "fully expects" first quarter earnings to exceed its expectations when it reports results on April 25.
Its total unit orders in the quarter slipped to 589 from 600 in the same period a year ago, in line with its target. The average selling price for a unit during the first quarter was $425,000, the company said.
Party City buys 13 stores
ROCKAWAY, N.J., April 12 (UPI) -- Party City Corp. said it has signed a definitive agreement to acquire 13 stores from Minneapolis-based Paper Warehouse Inc.
Party City said the stores are located in Seattle, Wash.
Financial terms of the deal were not disclosed.
The acquisition is expected to close by the end of April and is subject to numerous conditions that must be satisfied prior to closing.
Jim Shea, Party City chief executive officer, said, "The addition of these locations furthers our strategy to expand our presence on the West Coast, and with a total of 15 stores in Washington state we will achieve critical mass in that important market.
"We believe that these new stores can be easily modified to the Party City format in a timely manner and at a reasonable cost. We intend to execute this transition as quickly as possible to begin building stronger recognition in the market and to be well positioned to take advantage of the coming seasonal business," he added.
Party City currently operates 200 company-owned stores and has 244 franchise stores.
