Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

SUNSET FINANCIAL RESOURCES SETS IPO OF 11 MILLION SHARES

WASHINGTON -- Underwriters for Jacksonville-based real-estate investment trust Sunset Financial Resources Inc. set the company's pending initial public offering at 11.7 million common shares, according to a filing Friday.

On Feb. 9 the underwriters narrowed the price range for the company's IPO to $14 to $16 a share from $13 to $17 a share.

The company will use the net proceeds from the IPO to purchase its initial portfolio of residential mortgage loans and commercial mortgage bridge loans. It was formed in October.

Sunset has also granted to the underwriters the right to purchase up to 1.75 million additional shares to cover any overallotments, according to the filing with the Securities and Exchange Commission.

The company plans to list its common stock on the New York Stock Exchange under the symbol "SFO."

FAMILY STEAK HOUSES' LOSSES DECREASE IN RECENT PERIODS

Neptune Beach-based Family Steak Houses of Florida Inc., Friday reported a net loss of $1.28 million or 32 cents per share for the fourth quarter ended Dec. 31, compared to a loss of $1.66 million or 45 cents per share in the fourth quarter of 2002.

Family Steak Houses lost $2.40 million in 2003, compared to $2.10 million in 2002.

Sales decreased from $9.19 million in fourth-quarter 2002 to nearly $8.53 million in the recent quarter, which the company attributed to the closure of three underperforming restaurants and to the economy.

DELTA AIR ADDS $325 MILLION TO WORKERS' RETIREMENT PLAN

ATLANTA -- Delta Air Lines Inc. Friday said it has contributed $325 million this year to its retirement plan for workers other than pilots, less than a month after raising the same amount from the sale of convertible bonds.

The company said it doesn't expect to make any additional contributions to the plan this year, though it expects to add about $115 million to its pilots retirement plan, which would bring its total 2004 pension contributions to $440 million. …

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