The Cincinnati Post from Cincinnati, Ohio • 41

The Post 80 GUITAR MAKER ADDS PIANOS Jobless claims at 18-year high Associated Press WASHINGTON Americans filed fewer new claims for state unemployment Insurance last week but the number of lald-off workers drawing Jobless benefits hit an 18-year high reflecting the sour economy The Labor Department reported today that for the work week ending Nov 11 new Jobless claims fell by a seasonally adjusted 8000 to 444000 Even though new claims declined for the third straight week the level of claims remained high enough to suggest that the labor market continues to be week The number of lald-off workers continuing to receive unemployment benefits rose to 383 million for the work week ending Nov 3 indicating that Jobless workers are having a difficult time finding employment That was the highest level since Feb 12 1983 Companies have cut production trimmed hours and let workers go in response to the lagging economy and the Sept 11 attacks The unemployment rate soared from 49 percent In September to 54 percent in October and companies eliminated 415000 Joba the biggest one-month drop In 21 years Economists predict the Jobless rate will climb and payrolls continue to be trimmed Fallout from the more-than-yearlong economic slump along with the terror attacks caused the economy to contract at a rate of 04 percent In the July -September quarter Many economists are predicting a bigger drop in the current quarter That would meet one common definition of a recession: two consecutive quarters of declining economic output The decline In new claims last week put them at the lowest level since the week ending Sept 15 Some economists believe the unemployment rate will top out at around 63 percent in the first quarter of 2002 Prediction lowered for US growth BRIEFLY i I BATESVILLE IND Hillenbrand: Net higher in quarter Hillenbrand Industries Inc a health care equipment and casket maker has said it expects fourth quarter and fiscal year earnings to be at the high end of earlier estimates The company said Oct 2 it Expected fourth quarter earnings per share of 92 to 96 cents and annual earnings of $283 to $287 The company now says it will earn 95 to 96 cents per share for the fourth quarter and $286 to $287 per share for the year ending Dec 12001 I CHARLOTTE NC Burlington files Cfi 11 Burlington Industries Inc filed for Chapter 1 1 bankruptcy protec-- tion today struggling with heavy debt competition from cheaper imported textiles and a slowdown in consumer spending The huge textile maker said it will reorganize to concentrate on its Lees Carpets business expand global business through a Hong Kong subsidiary and accelerate manufacturing improvements in its North American operations INDIANAPOLIS Earnings up at Anthem Anthem Inc which made its market debut Oct 30 on the New Vork Stock Exchange said on Wednesday that operating earnings rose 32 percent in the third quarter its first as a public company The health insurer said it famed $782 million or 76 cents a share excluding gains compared with $592 million or 57 cents a share The company also Said it expects foil-year 2001 operating earnings of $295 to $300 a share and 2002 earnings pf $340 to $350 a share Including the effects of an accounting change the company said it expects 2002 earnings of $355 a Share to $365 a share POMONA NY Barr reports on earnings Barr Laboratories parent company of Duramed Pharmaceuticals in Pleasant Ridge said Wednesday it will earn $1 25 to $135 per share in the second quarter It was the first earnings guidance from Barr that includes jy suits of Duramed which it acquired Oct 24 Excluding Dur-emed results and 86 million shares Barr issued for the transaction Barr said it would have Itemed 1 40 to 1 50 per share JBarr said its results are being drtv-by higher-than-expected sales of Tamoxifen a breast cancer treatment drug and stronger sales of Duramed's Apr! and Avi-sne contraceptives 'WASHINGTON WW Loss at Clear Channel Clear Channel Communications Inc said it expects a loss of sbout $1563 million as a result of its sale of Lamar Advertising 6o common stock Clear Channel 'sold 54 million shares of Lamar on Tuesday according 3P a filing with the Securities and Exchange Commission The com- Sny also sold 5 million shares of mar common stock on Oct 22 Xiear Channel received about million from the transac-3ons which will be used to pay 2ftown its debt Clear Channel was required to sell all of its 262 million shares of Lamar acquired 3vhen it merged with AMFM Inc in August 2000 by Dec 31 2002 ji CINCINNATI jnterlott earnings off Lottery ticket-machine maker Technologies Inc said Wednesday its third quarter earnings were off 92 percent Quarterly net income was $85123 (1 Sent per share) compared with 2(11 million (17 cents) for the 3hird quarter of 2000 and come -on revenues of $97 million vs 1 6 million in last year's third quarter Results Included three Dnonths of operations since the Requisition of On-Point Technology Systems lottery assets -In June am "SAN FRANCISCO LProvidlan to close in Nev Providian Financial Corp will Riose its Henderson Nev facility Rn Dec 7 a move that will cut 2700 jobs and save the company 18 million annually San Franc! s-co-based Providian said the move will result In a one-Ztime charge of approximately 1 2 Imillion in toe fourth quarter of 22001 to reflect related costs SHNS pnoto Gibson Is best known for its guitars including its famous Les Paul version Here an ES175 model gets sanded at its plant in Memphis Tenn Music maker Baldwin deal final Gibson grows again Baldwin milestones The Gibson deal will save the near-' ly 140-year-old Baldwin name and is a milestone in the piano mater's history Some Baldwin highlights: 1862: Music teacher Dwight Baldwin opens a piano store in Cincinnati 1891: Company buys a brick building on Gilbert Avenue as its i manufacturing plant and headquarters 1942: During World War II Baldwin plants produce military aircraft parts 1973: Baldwin builds its 1 millionth vertical piano and the New fork Stock Exchange begins trading the company's stock 1986: Two years after being acquired by senior management and taken private the company mates a public stock offering and the stock is listed on the Nasdaq market Nov 2001: Flaring liquidation by its largest creditor Baldwin is sold to Gibson Guitar Corp By Kee Stammee Post staff reporter Henry Juszkiewicz runs a guitar company but he has no doubt that he can turn a struggling piano company around Now he has his chance to prove it company Gibson Guitar Corp officially became the new owner of Baldwin Piano Organ Co last Friday when it closed on a purchase of assets from GE Capital Corp Baldwin's largest creditor After losing $18 milium over two years Mason-based Baldwin installed a new chairman and management team last spring then spent the summer trying to reorganize the company's finances under bankruptcy protection But new management team never was able to satisfy GE which forced a bankruptcy auction on Oct 15 and purchased assets Nashville-based Gibson then struck a deal with GE on Nov 1 been Juszkiewicz said in an interview it's a different industry but it's still a music product The landscape really isn't that different The products lire similar and the manufacturing is very very similar" Juszkiewicz seep plenty of similarities between the condition Baldwin is in and the condition Gibson was in when he led an investment group that purchased the guitar maker in 1986 Gibson was red with sales Ming 20 percent per year and its brands not even among the top 10 in the United States Today Juszkiewicz says the company has annual sales of about $200 million and is profitable although the privately held company does not release financial information Gibson plans to keep the 139-year old Baldwin name alive and will continue to manufacture pianos at Baldwin's two plants in Arkansas The Mason headquarters will close but Juszkiewicz says he wants to move Baldwin's sales operation and showroom into leased space in the Grand See GIBSON on 11C WASHINGTON The International Monetary Fund updating its economic forecast to reflect effects of the Sept 11 terrorist attacks significantly lowered its estimate for growth in the United States next year The IMF said it still expects an economic rebound in the world's largest economy but it ai-borf UJ3 growth for the entire year to Just 07 percent That would be the weakest performance since the end of the last recession hi 1991 IMF Managing Director Horst Koehler said it is crucial for Congress and the Bush administration to agree quickly cm the shape of an additional stimulus plan Treasury Secretary Paul in a separate briefing today said he believe the revised 07 percent growth rate was a reasonable forecast though echoed the call for Congress to pass an economic stimulus package quickly convinced that the UJS economy is putting down the basis for a return to a good rate for real growth as we move into next O'Neill said think when the scorekeeping is done for next year Host Koehler will owe me a dinner probably a very big The IMF also dramatically cut its forecast for Japan the world's second-largest economy predicting it would contract by 18 percent following a drop of 09 percent this year With the significant reductions in growth prospects in the two biggest economies the IMF lowered its expectations for global growth to 24 percent for this year and next year Many economists believe a figure below 25 percent constitutes a worldwide recession I enced what officials call unusual of said CEO Robert Kohlhepp Cintas revenue is expected to decline about 13 percent from the second quarter of last fiscal year Profits for the quarter will he offset by the slow sales Earnings per share are expected to he 33 cents to 44 cents per share compered to 33 cents per share last year By Roy Wood Post staff reporter The Sept 11 terrorist attacks are affecting uniform sales and uniform maker Cintas Corp Cincinnati-based Cintas warned Wednesday that its second quarter and fiscal 2002 results may be slightly below Wall expectations The uniform sales has experi- The division sells uniforms to the hospitality restaurant gaming airline and transportation industries of our customers in these business segments are experiencing much lower thaa normal business since the Sept 1 attacks This has caused them to delay their purchase I SDtTO Jr-.