Here is a look at more of Thursday's top business stories:
Loudeye buys Digital Media Broadcast
SEATTLE, June 27 (UPI) -- Loudeye Corp., a provider of Web casting and digital media services, said it has acquired the assets of privately held, Los Angeles-based Digital Media Broadcast.
Terms of the deal were not disclosed.
Loudeye said the acquisition expands its local presence in Los Angeles.
Digital Media Broadcast provides outsourced digital media services for a variety of customers in the media, entertainment and e-commerce industries.
W.W. Grainger expects to lift revenues
CHICAGO, June 27 (UPI) -- W.W. Grainger Inc., a distributor of industrial supplies, said its long-term goal is to increase revenues by 7 percent to 10 percent, with a focus on getting customers on the Internet.
Grainger President Wesley Clark outlined the plan for analysts at a William Blair & Co.'s conference.
During the presentation, Clark detailed Grainger's plan to reach its long-term goal of 7 to 10 percent revenue growth.
He cited several ways that the company expects to accelerate sales. These include share gains from customers and a continued emphasis on transitioning customers to the Internet.
"The recession in North America has forced businesses to draw down inventories of facilities maintenance products. In response, Grainger has infused additional inventory into its branch network to enhance the breadth of product and improve the quality of service offered to local businesses," Clark said.
"Grainger is the only industrial distributor with a strong local inventory position in every major market across America," he said.
"And when the economy turns, our experience tells us that it is the strength of our local inventory that will help drive increased sales and market share," Clark added.
American Greetings posts profit
CLEVELAND, June 27 (UPI) -- American Greetings, the world's largest publicly traded greeting card company, said it posted a first quarter net income of $44.5 million, or 60 cents a share, compared with a net loss of $80.1 million, or $1.26 a share during the same period last year.
The latest results included a 10 cent gain from the sale of an investment.
In May, American Greetings had lifted its earnings outlook to between 40 cents and 45 cents a share, excluding the gain, up from 29 cents a year earlier before special charges.
Sales for the quarter rose nearly 23 percent to $484.2 million.
Morry Weiss, chairman and chief executive officer, said, improved everyday greeting card and accessory sales, coupled with the fact that downward pressure on greeting card pricing at retail is diminishing, were key factors in the improved performance.
"We were pleased with our seasonal point-of-sale results at most of our major retailers, driven by a strong Mother's Day performance," Weiss said.
"We expect performance at retail to continue to improve relative to last year's results as the year progresses," he added.
Looking ahead, American Greetings also said it is on track to meet its full-year earnings-per-share target of $1.45 to $1.55, in line with its May 10 forecast and up from $1.09 in the previous year.
