The Tennessean from Nashville, Tennessee • E1

CLASSIFIEDS BUSINESS SECTION TUESDAY, NOVEMBER 11, 2008 THE TENNESSEAN Vought to resume strike talks ft Company reports profit increase for third quarter fourth quarter. "We have in place a temporary workforce that is equal to about 90 percent of normal plant staffing, and after five weeks we are now close to achieving pre-strike operating performance," he said. "All customers have been very satisfied with our plan and the product we are producing." The company said its revenues for the three months that ended Sept. 28 totaled $477.3 million, up 13 percent from the same period last year. Operating profit more than doubled, to $30.3 million from $14.3 million in the third quarter of 2007, and net income was VOUGHT, 5E Workers will begin meeting with a federal mediator here to try to resolve issues that led to the strike by about 900 hourly workers.

The Vought facility near Nashville International Airport builds aircraft components. "The mediator called us and said the company asked us to come back to the table," union spokesman Bob Wood said Monday. "This will be the first negotiations since the strike started, and we're cautiously optimistic." Vought President and Chief Executive Officer Elmer Doty said in a conference call with reporters that the plant is operating with replacement workers and that it expects to meet 80 percent of its shipping commitments in the By G. Chambers Williams III THE TENNESSEAN Vought Aircraft Industries, which on Monday reported an increase in net income of $17.7 million for the third quarter, will return to the bargaining table on Wednesday in an attempt to settle a six-week-long strike at its Nashville manufacturing plant. The company and representatives of the International Association of Machinists and Aerospace mm Machinists union workers went on strike Sept.

28 at the Vought Aircraft Plant, which makes aircraft wings and components. Negotiations will resume this week, john partipilo file the tennessean HOUSING MARKET REMAINS SLOW Fed's AIG bailout balloons to $150B ni By Jeannine Aversa ASSOCIATED PRESS WASHINGTON When the government offered an emergency loan to insurer American International Group in September, eyebrows shot up at the $85 billion price tag. Now it looks like pocket change. The size of the AIG lifeline swelled to more than $150 billion on Monday, a record for a pri ci Si ON 1A Big 3 automak ers say bankruptcy out of the question. vate company, but the head of the broader financial rescue package was cool to other companies reaching for a piece of the bailout pie.

The new AIG package includes a $40 billion chunk of the $700 billion financial i 1) I'm, whs mm Some Nashville home sellers have been taking their houses off the market if they can't get the price they want. SANFORD MYERS FILE THE TENNESSEAN Nashville home sales decline bailout. It's the first time money from the big rescue bill has gone to any company other than a bank The $40 billion going to AIG will buy preferred shares of company stock, giving taxpayers an ownership stake. In turn, restrictions will be placed on executive pay at the firm. General Motors, Ford and Chrysler, burning through cash and bleeding jobs, are prodding the government for more help.

The leaders of the House and Senate have urged Treasury Secretary Henry Paulson to get some of the $700 billion to the Big Three. The automakers, covering all of their options, also are pushing to get help as part of a new, multibillion-dollar stimulus package for Median prices also experience drop in October Median single-family home prices OCTOBER PRICES In thousands By Chas Sisk THE TENNESSEAN 2008: $170,000 2000: $132,000 Oct. 2008 sales: 1,748 Single family 1,458 Condos 202 Multifamily 21 Farmslandlots 67 Oct.2007 sales: 2,487 Single family 1,929 Condos 398 Multifamily 29 Farmslandlots 131 $200 $160 $120 $80 $40 0 get it sold if they were willing to take a knife to it, but they're not willing to do that, and that's a good thing." The median price of a single-family home sold in October was $170,000. That was about $10,400 less than a year ago for the same month. Nationally, the median price of an existing home has fallen even more sharply by $18,900 over the last year according to the National Association of Realtors.

Condo prices swing lower Meanwhile, condominium prices lunged much lower in October. The median price of a condo unit sold last month was $152,500, about 13 percent lower than a year earlier. Wachtler attributed the swing to distortions in the market created by the large downtown developments. HOMES, E2 00 '01 '02 '03 '04 '05 '06 '07 '08 SOURCE: Greater Nashville Association of Realtors THE TENNESSEAN Sales and prices of homes continued to lag behind last year's levels, while condominium sales appeared to slow in Middle Tennessee, according to the latest figures from the Greater Nashville Association of Realtors. The median price of a single-family home remained about 6 percent below 2007 prices for the fifth straight month in October, as the real estate market remained cool.

Sales of single-family homes, meanwhile, fell 24 percent to 1,458 closings for the month. The slower pace of single-family home sales matched that of the real estate market as a whole. Overall, closings same point a year ago. Mandy Wachtler, the GNAR's president, attributed the decline to sellers' deciding to put off the sale of their homes rather than run the risk of having to cut their asking prices. "If they don't get their price, they're not going to sell it," she said.

"I know we could were down 30 percent for the month to 1,748 deals, the market's weakest October in 13 years. Homeowners responded by continuing to take some properties off the market. The number of single-family homes for sale fell to 14,628 listings as of Oct. 31, down about 4 percent from the Bright named CEO of Word He'll still produce some acts By Ryan Underwood THE TENNESSEAN Mark Bright, the record producer behind some of country music's best-selling albums including ones by Carrie Underwood and Rascal Flatts has been named president and CEO of the Christian music company Word Entertainment. Bright replaces Word CEO Jim Van Hook, the founder and former head of Provident Music Group (now owned by Sony BMG), who is retiring after 30 years in the industry.

Van Hook also was named as the first dean of Belmont University's Mike Curb College of Entertainment and Music Business in 2003. "To have the opportunity to lead Word, its amazing artists and talented employees is a dream come true and I look forward to bringing my passion for faith-based music to this exciting new position," Bright said in a statement. Bright will continue to work as a producer with certain artists, a Warner Bros. Records spokesman said. "I am confident that Mark will bring a spirit of innovation and artistry to Word Entertainment and uphold its celebrated tradition as one of the world's preeminent homes of contemporary Christian music," WBR Chairman and CEO Tom Whalley said in a statement.

Word Entertainment, which operates as a Nashville-based joint venture between Warner Bros, and Curb Music, includes Word Distribution, Word Music and Word Label Group's Word Records, Fervent Records, Myrrh Records, Canaan Records and Word Music Publishing. Ryan Underwood can be reached at 615-726-8930 or runder-wood ten nessea Furniture seller to close stores room and dining furniture to independent furniture and department stores. "This is a difficult decision and a painful strategic decision that we struggled over for months," said Taylor Condra, the company's director of operations and 34-year-old grandson of the store's founder. "The bottom line is, this enables us to focus on the business that is profitable and growing and has a very favorable long-term outlook." The Cresent Home Furnishings stores, which sell high-end furniture such as upholstered sofas starting at around $899, will hold store-closing sales beginning Nov. CRESENT, 3E High-end Cresent to shutter Nashville, Cool Springs sites By Wendy Lee THE TENNESSEAN Gallatin-based Cresent Enterprises, a 61-year-old family-owned furniture company, said on Monday it plans to close its two retail stores as sales have declined significantly in recent months.

The company said it would shutter locations in downtown Nashville and Cool Springs, affecting about 30 employees, though it would continue to operate its import division, which sells bed Cresent Home Furnishings will hold store-closing sales beginning Nov. 21. file the tennessean GAS PRICES Monday: $2.15 Sunday: $2.18 Month ago: $3.55 Check daily for the average cost of regular unleaded across Middle Tennessee, source: aaaopis BUSINESS EDITOR RANDY MCCLAIN, 259-8882, RAMCCLAINTENNESSEAN.COM REPORT BUSINESS NEWS 259-8096 OR FAX 259-8093.