latest news releases from the newsroom
PurchasePro Announces Renewed Software License Agreement With Arch Coal
LAS VEGAS, Sept. 20, 2001 (PRIMEZONE) -- PurchasePro (Nasdaq:PPRO) announced today that Arch Coal, Inc. (NYSE:ACI), the nation's second largest coal producer, has renewed its software license agreement for PurchasePro e-Source, the company's reverse auction software. The renewal of Arch Coal's e-Source license caps a highly successful three-month period, ending August 31, 2001, where the Fortune 500 corporation held eight auctions, driving $14 million in volume through e-Source. Arch Coal expects to receive a complete return on its software investment in less than 30 days.
Universal Stainless & Alloy Products, Inc.
Universal Stainless Expects to Exceed Third Quarter Earnings Projection
BRIDGEVILLE, Pa., Sept. 20, 2001 (PRIMEZONE) -- Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) today announced that it expects third quarter 2001 sales to be approximately $24 million and diluted earnings per share to exceed $0.35. This places third quarter sales at the high end of its earlier projection of sales ranging from $20 to $24 million, and substantially exceeds its original estimate of diluted earnings per share of between $0.27 to $0.32. In the prior year third quarter, the Company reported sales of $19 million and diluted earnings per share of $0.24, before an accounting adjustment affecting prior year results described below. After the adjustment, sales were $19 million and diluted earnings per share were $0.21. The Company will report final third quarter results as well as fourth quarter expectations in its earnings release and conference call slated for October 18.
Sale of Metso's Grinding Mill Operations to Outokumpu Concluded
HELSINKI, Finland, Sept. 20, 2001 (PRIMEZONE) -- The sale of Metso Corporation's (NYSE:MX) grinding mill operations to Outukumpu Mintec Oy has been concluded. The closing of the sale was contingent on the approval by U.S. competition authorities of Metso's Svedala acquisition in its entirety and of Outokumpu Mintec Oy as the purchaser of the grinding mill operations. Approval for these two conditions was received on September 7, 2001, and Metso's grinding mill business will transfer to Outokumpu on September 20, 2001.