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Saturday, Jun 3, 2023

Corporate Briefs: Dole, Crown, Superior, Ryland

Dole Food Co. was officially delisted from the New York Stock Exchange on Friday as the sale to its 90-year-old Chairman and Chief Executive David Murdock was completed. Murdock bought Dole for $13.50 a share, valuing the Westlake Village produce company at about $1.6 billion, including debt. “I plan to have Dole support my strong personal commitment to promoting a lifestyle and diet which includes significant emphasis on fruits and vegetables and proper nutrition as a basis for improved health and longevity,” Murdock said in a statement. Crown Media Holdings Inc. reported mixed results in its third quarter. The Studio City owner and operator of Hallmark Channel and Hallmark Movie Channel posted net income of $10 million (3 cents a share), compared with $11.5 million (3 cents) in the same period a year earlier. Revenue increased 10 percent to $84.4 million. During the quarter, Crown Media debuted its first scripted series, “Cedar Grove.” The series drew strong viewership and made Hallmark the leading cable channel on Saturday during the 8 p.m. to 9 p.m. time period. Shares closed down 11 cents, or more than 3 percent, to $3.21 on the Nasdaq. Superior Industries International Inc. beat analyst estimates on revenue in the third quarter and matched earnings per share. The Van Nuys manufacturer of aluminum wheels for domestic and foreign carmakers reported net income of $5.2 million (19 cents a share), compared with $15.1 million (55 cents) in the same period a year earlier. Revenue fell 1 percent to $191.6 million. Analysts forecast earnings per share of 19 cents and revenue of $187million, according to Thomson Financial Network Shares closed up 17 cents, or nearly 1 percent, to $18.92 on the Nasdaq. Ryland Group Inc. announced on Friday the opening of new communities in Indiana and Florida. The Westlake Village homebuilder opened two developments in Noblesville, Ind., and three master-planned communities in Riverview, Fla. The firm has opened several new communities in Texas, Colorado and Indiana over the last few months. The company has operations in 17 states. Shares closed down $1, or 2.5 percent, to $39.20 on the New York Stock Exchange.

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