Apple’s profit surge halted in the latest quarter, as a flood of new products such as the iPhone 5 meant high startup costs for new production lines.
Apple posted fourth-quarter net income that was flat with the year before. It was the first time in years that Apple didn’t post a double-digit earnings increase.
Net income in the fiscal first quarter was $13.1 billion, or $13.81 a share. Revenue was $54.5 billion, up 18 percent from a year ago.
Battery overcharge dismissed with 787
A lithium ion battery on a Boeing 787 that overheated during an All Nippon Airways flight this month experienced a sudden drop in voltage and was not overcharged as previously thought, Japan officials said Wednesday.
Japan Transport Safety Board chairman Norihiro Goto said the jet’s data recorder showed the main battery, used to power many electrical systems on the aircraft, did not exceed its maximum voltage. That contradicts an earlier assertion by the agency.
All 50 of the 787 Dreamliners that Boeing has delivered to airlines were grounded after the emergency landing by the ANA flight in western Japan on Jan. 16.
NJ men sue Subway for ‘short’ footlongs
Two New Jersey men sued Subway this week, claiming the world’s biggest fast-food chain has been shorting them by selling its footlong sandwiches that measure less than 12 inches.
The suit, filed Tuesday in Superior Court in Mount Holly, may be the first legal filing aimed at the sandwich shops after a photo of a footlong and a ruler went viral last week when it was posted on the company’s Facebook page to show the sandwich was shorter than advertised.
At the time, the company issued a statement saying that the sandwich length can vary a bit when franchises do not bake to the exact corporate standards.
1st Source reports 2012 a record year
1st Source Corp. set an annual earnings record in 2012 with $49.6 million, or $2.02 per diluted common share, in profits. The amount is a 3 percent increase from the $48.2 million, or $1.96 a share, posted for 2011.
The South Bend-based parent of 1st Source Bank also reported fourth-quarter earnings of almost $12.4 million, or 50 cents per diluted common share, a 10 percent increase from the almost $11.2 million, or 45 cents a share, posted for the same three months of 2011.
1st Source, which reported earnings Tuesday after markets closed, opened two new bank branches in the fourth quarter, including one in Columbia City.
Salin Bank to open new Lima Road branch
Salin Bank plans to break ground at 2 p.m. Friday on a new branch at 9835 Lima Road in front of the Walmart store. Officials declined to provide a price tag, describing it as a multimillion-dollar project.
The 1,500-square-foot building will replace a Salin branch now inside the Kroger Marketplace grocery on Dupont Road. Jim Badger, Salin spokesman, said the new location will offer the Indianapolis-based bank higher visibility.
The last day for the branch inside Kroger will be Feb. 1. Kroger is actively looking for a new tenant to lease the space, a spokesman said.
Salin Bank operations will move temporarily into a trailer at the construction site and open Feb. 4, Badger said.