The Consumer Price Index in the Midwest fell 2.1 percent in November following a 1.5 percent drop in October, resulting in the largest single-month decline in the CPI's 21-year history. The November decrease was largely due to falling motor fuel prices, according to the U.S. Bureau of Labor Statistics. Energy prices, which include motor and household fuels, were down 18 percent on the month. Not accounting for energy prices, the Midwest index edged down 0.2 percent for the month and was up 2.3 percent for the last 12 months. Of the eight major expenditure categories used to determine the index, an 11 percent decrease in transportation costs was the biggest factor in November's results. Housing costs fell 0.4 percent in November.
GSBC Dividend
Great Southern Bancorp Inc. has declared a fourth-quarter dividend of 18 cents per share. The dividend is payable Jan. 9 to shareholders of record on Dec. 30. Springfield-based Great Southern has 39 banking centers in Missouri and loan production offices in Overland Park, Kan., Rogers, Ark., and St. Louis. Shares (Nasdaq: GSBC) closed Dec. 17 at $10.11, compared to a 52-week range of $7.03 to $24.54.
LEG Guidance Shrinks
Leggett & Platt expects to record a loss in the fourth quarter because of shrinking market demand. The Carthage-based manufacturer said it predicts a quarterly loss of between 3 cents and 18 cents per share. Per-share earnings from continuing operations are expected to be 15 cents or less for the quarter. The reduction in expectations is "largely due to extremely low market demand, leading to lower sales expectations, production curtailments and an increase in anticipated ('last-in, first-out' inventory) costs," the company said. Fourth-quarter sales are anticipated to be $75 million lower than projected. The revised figure is $865 million, down 17 percent from $1.04 billion in fourth-quarter 2007 sales.
Leggett & Platt also has slowed its pace of stock repurchases in light of the economy. The company has purchased 1.4 million shares in the fourth quarter so far, bringing total purchases for the year to 15.1 million shares, or 9 percent of shares outstanding.
Cash flow in 2009 should be sufficient, the company said, to fund the estimated $260 million to $270 million needed for capital expenditures and dividends. Fourth-quarter results will be released after market close Feb. 3, with a conference call the following morning. Shares (NYSE: LEG) closed Dec. 17 at $14.59, compared to a 52-week range of $12.03 to $24.60.
Slice of Nice
Orman LLC-owned Auto-Magic and Jiffy Lube stores in Springfield collected 400 new toys to be donated to The Least of These, a nonprofit organization that meets various needs of area families.
During the first weekend of December, customers were given a 50 percent discount off their Jiffy Lube/Auto-Magic bills or a free full-service car wash when they brought in a new, unwrapped toy or gift with a minimum $5 value.
April 7 was the official opening day for Mexican-Italian fusion restaurant Show Me Chuy after a soft launch that started March 31; marketing agency AdZen debuted; and the Almighty Sando Shop opened a brick-and-mortar space.
