Business briefs for August 4, 2004

Wednesday, Aug. 4, 2004 | 10:48 a.m.

LV-based chemical producer posts loss

Citing additional expenses related to the acquisition of an explosives products division, Las Vegas-based American Pacific Corp. on Tuesday announced a loss for its fiscal third quarter.

The company, which manufactures chemicals used in rocket fuel and other products, reported a loss of $524,000, or 7 cents a share, on revenue of $15.8 million compared with after-tax earnings of $1.6 million, or 22 cents a share, on revenue of $13.8 million for the same period a year ago.

American Pacific said additional expenses were logged in connection with the acquisition of the Energetic Systems Inc. explosives division, as well as increased environmental remediation expenditures.

Firm's earnings rise

PHILADELPHIA -- Cigna Corp., the fourth-largest U.S. health insurer, today reported second-quarter earnings of $515 million after selling a retirement unit and reducing expenses. The company raised its full-year profit forecast.

Net income was $3.67 a share, compared with a net loss of $53 million, or 38 cents, a year earlier, the Philadelphia-based company said in a statement. Sales were little changed at $4.63 billion.

Chief Executive Edward Hanway has cut jobs and other costs after losing about 3 million members over two years following rate increases and service glitches.

Profit up

CONCORD, N.C. -- Speedway Motorsports Inc., owner of Las Vegas Motor Speedway and other racing venues, today reported a higher profit on improved revenue for its second quarter.

Net income of $39.9 million, or 92 cents per share, improved from $10.7 million or 25 cents. Revenue increased 50 percent to $164.9 million. The year-to-year results are not directly comparable. They include NASCAR races in the 2004 quarter at Texas Motor Speedway that in 2003 were held in the first quarter.