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.