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With Costs Down, Cash Stacks Up

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With Costs Down, Cash Stacks Up 20101122-NEWS--1-NAT-CCI-CL_-- 11/19/2010 4:18 PM Page 1 Vol. 31, No. 46 $1.50/NOVEMBER 22 - 28, 2010 With costs down, cash stacks up For small retailers, Despite sales growth, companies cling to big balances amid economic concerns it’s Black By JAY MILLER Timken is among an expanding on hiring or capital investments are [email protected] roster of companies in Northeast holding back the economic recovery. Ohio that have seen their cash stack A look at the levels of cash and anton’s Timken Co., admits up by keeping costs in check even cash equivalents held by various Six Weeks spokeswoman Lorrie Paul as their sales rebounded after the Northeast Ohio companies at the Crum, “has a lot of cash.” worst of the economic slump. Just end of their 2007 fiscal years and as Friday’s fun, but they C That’s an understate- what they’ll do with all that cash of their most recent quarters shows ment. As of Sept. 30, Timken held remains to be seen. huge increases in their stashes of focus on whole season nearly $900 million in cash or what The accumulation eventually may cash. Consider these striking num- accountants call “cash equiva- benefit stockholders and employees, bers: By MICHELLE PARK lents,” such as Treasury bills that because it suggests cash-rich com- ■ Specialty chemical maker OM [email protected] are quickly convertible to cash. panies may be poised to accelerate Group Inc. saw its cash over this That’s almost 30 times the $30.1 their growth. But some economists period soar 346%, to $446.8 million For small, independent retailers in million in cash the maker of steel call this strategy “cash hoarding” from $100.2 million. Northeast Ohio, there are shades of and bearings held at the end of and argue that corporate decisions ■ Iron ore producer Cliffs Natural gray when it comes to rallying for 2007, before the recession began. to cling to cash rather than spend it See CASH Page 6 Black Friday, the kickoff of the holiday selling season that begins the day after Thanksgiving. Few engage in the door-buster sales and 4 a.m. openings that have become the hallmark of big-box retailers. Some even ignore Black Friday altogether, figuring they can’t beat the promotion-crazed giants at that game. But others try in their own modest ways to capitalize from the get-go on a six-week period that can make or break their year. Steve Presser, owner of Big Fun Toy Store, which sells gifts and vintage collectible toys in Cleveland and Cleveland Heights, estimates his store does 30% to 35% of its annual sales from now until year-end. “If you came in my store yesterday, you would have seen probably 50 boxes on the floor,” Mr. Presser said last week. “Every Black Friday, we kind of one-up ourselves from the previous year. We have to.” This year, Mr. Presser said he has widened his spectrum of offerings to include more than 100 unusual book titles and 30 or 40 new items, including turn-of-the-century Cleveland greeting cards. This is the fourth year Akron See FRIDAY Page 30 INSIDE Construction slump claims another casualty Clinic spinoff sees wild growth Growth at Cleveland HeartLab, which Concrete supplier Collinwood Shale latest to succumb years, it gained locations throughout the through blood tests allows physicians to region under a variety of names, including see if patients are at risk of a heart attack Horning Builders Supply Co. in Kent and or other cardiac problems, has reached By STAN BULLARD construction downturn. Smith & Cowan Supply in Akron. [email protected] The company originally made bricks; new heights: The 200 tests it ran in The end came Nov. 10 when multiple its “Collinwood Brick” pavers form the base January are mild when compared with the assets of Collinwood Shale were bought Collinwood Shale, Brick & Supply Co., of many Cleveland streets. Collinwood 18,000 it ran in October. by an affiliate of Osborne Inc., the a Cleveland-based concrete supplier dating Shale left brick-making behind decades Read Chuck Soder’s story on concrete supply company led by Jerome T. from the late 19th century, is the latest ago to focus on producing ready-mix Page 3. casualty claimed by the now 5-year-old concrete and related materials. Over the See CONCRETE Page 7 SPECIAL SECTION 46 6 Crain’s again honors 40 of Northeast Ohio’s NEWSPAPER brightest leaders 71486 01032 ■ Page F-1 0 20101122-NEWS--2-NAT-CCI-CL_-- 11/19/2010 11:58 AM Page 1 2 CRAIN’S CLEVELAND BUSINESS WWW.CRAINSCLEVELAND.COM NOVEMBER 22-28, 2010 CORRECTIONS A LONG WAY TO GO The National Federation of Independent Business Index of Small Business Opti- ■ ■ A picture of A Nov. 15 mism gained slightly in October and now stands at 91.7, its highest mark since Betty Goodman, profile in the September 2008. The small business advocacy group says the improvement in the new chief “Who’s Who: 150 the monthly index could reflect that its members anticipate improvement in financial officer Names to Know” 700 W. St. Clair Ave., Suite 310, economic activity. However, the index remains in recession territory. Here’s Cleveland, OH 44113-1230 and treasurer at section incorrectly what the 1,910 respondents identified as their single most important problem: Phone: (216) 522-1383 Vocational Guid- listed the age of Fax: (216) 694-4264 ance Services, U.S. Rep. Betty Problem Oct. 2010 survey Oct. 2009 survey www.crainscleveland.com was incorrectly Sutton. She is 47 Poor sales 30% 33% Publisher/editorial director: identified in the Goodman Mark E. Michael L. years old. Brian D. Tucker ([email protected]) Nov. 1, Page 17 Coticchia Coticchia The section Taxes 20 22 Editor: Going Places feature. The also included an Mark Dodosh ([email protected]) correct picture is seen here. incorrect picture of Mark E. Cotic- Government regulations 17 11 Managing editor: Scott Suttell ([email protected]) chia, vice president for Economic Insurance cost/availability 88Sections editor: ■ A Nov. 15, Page One story on Development, research and technology Amy Ann Stoessel ([email protected]) the economic development plans of management at Case Western Reserve Large competitors 76Assistant editors: Cuyahoga County executive-elect and University. The correct picture is seen Other 56Joel Hammond ([email protected]) current Lakewood mayor Ed FitzGerald here. Sports Inflation 42Kathy Carr ([email protected]) misstated the number of people who Michael L. Coticchia, whose picture Marketing and food will serve on a new county economic mistakenly was included, is the vice Cost of labor 34Senior reporter: development commission. It will have president and chief administrative officer Stan Bullard ([email protected]) Financing/interest rates 34Real estate and construction nine members. at Applied Industrial Technologies. Reporters: Jay Miller ([email protected]) Government Chuck Soder ([email protected]) Technology Dan Shingler ([email protected]) Manufacturing Tim Magaw ([email protected]) WWW.DOLLARBANKBIZ.COM Health care & education Michelle Park ([email protected]) Finance Research editor: Deborah W. Hillyer ([email protected]) Cartoonist/illustrator: Rich Williams Marketing/Events manager: “ Christian Hendricks ([email protected]) Marketing/Events Coordinator: Jessica Snyder ([email protected]) Advertising sales director: Mike Malley ([email protected]) IT’S NOT THE Account executives: Adam Mandell ([email protected]) Dirk Kruger ([email protected]) Nicole Mastrangelo ([email protected]) Dawn Donegan ([email protected]) Business development manager & classified advertising: Genny Donley ([email protected]) Office coordinator: SIZE OF THE Toni Coleman ([email protected]) Production manager: Craig L. Mackey ([email protected]) Production assistant/video editor: Steven Bennett ([email protected]) Graphic designer: Kristen Wilson ([email protected]) Billing: Susan Jaranowski, 313-446-6024 ([email protected]) BANK, IT’S THE Credit: Todd Masura, 313-446-6097 ([email protected]) Circulation manager: Erin Miller ([email protected]) Customer service manager: Brenda Johnson-Brantley (bjohnson-brantley@ crain.com) QUALITY OF THE 1-877-824-9373 Crain Communications Inc. Keith E. Crain: Chairman Rance Crain: President Merrilee Crain: Secretary Mary Kay Crain: Treasurer William A. Morrow: Executive vice president/operations SOLUTION.” Brian D. Tucker: Vice president Robert C. Adams: Group vice president Ever feel like your big bank is thinking small about your business? If you want someone who’s willing to work technology, circulation, manufacturing Paul Dalpiaz: Chief Information Officer harder to make things happen, talk to Dollar Bank. As a mutual bank, we’re independent like you. No one knows Dave Kamis: Vice president/production & manufacturing better that a growing business requires a personal commitment to results. READY FOR A BANK THAT TAKES Kathy Henry: Corporate circulation/audience YOU SERIOUSLY? LET’S TALK @ 216.736.8938 development director G.D. Crain Jr. Founder (1885-1973) Mrs. G.D. Crain Jr. Chairman (1911-1996) CORPORATE BANKING Q BUSINESS BANKING Q TREASURY MANAGEMENT Q COMMERCIAL REAL ESTATE Q PRIVATE BANKING Subscriptions: In Ohio: 1 year - $64, 2 year - $110. Outside Ohio: 1 year - $110, 2 year - $195. Single copy, $1.50. Allow 4 weeks for change of address. Send all subscription correspondence to Circulation De- partment, Crain’s Cleveland Business, 1155 Gratiot Av- enue, Detroit, Michigan 48207-2912. 1-877-824-9373 or FAX (313) 446-6777. Reprints: Call 1-800-290-5460 Ext. 136 Audit Bureau of Circulation Equal Housing Lender. Member FDIC. Copyright © 2010, Dollar Bank, Federal Savings Bank. BUS716_10 20101122-NEWS--3-NAT-CCI-CL_-- 11/19/2010 3:14 PM Page 1 NOVEMBER 22-28, 2010 WWW.CRAINSCLEVELAND.COM CRAIN’S CLEVELAND BUSINESS 3 INSIGHT GrafTech sets its sights beyond steel visions and hydrogen fuel providing graphite elec- ness made up about 20% of Developing graphite materials for fuel cells, cells as it keeps electronic trodes to steel producers, GrafTech’s third-quarter revenue of devices cooler and helps who use them around the $255 million.
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