The Tribune Democrat, Johnstown, PA

Business

March 12, 2013

Business in Brief | Bon Ton beats earnings estimates

YORK — Bon-Ton Stores’ fiscal fourth-quarter net income fell 5 percent from year-ago results that were helped by a gain on debt extinguishment. The latest results still beat analysts’ estimates.

For the period ended Feb. 2, the department store operator earned $74.4 million, or $3.71 per share. That’s down from

$78.2 million, or $4 per share, a year earlier.

The prior-year period included 93 cents per share related to a net gain on debt extinguishment.

Analysts surveyed by FactSet expected earnings of $3.54 per share.

Bon-Ton, which has corporate headquarters in York, operates stores at The Galleria in Richland Township and Indiana Mall in Indiana.

SEC nominee vows strict enforcement

WASHINGTON – Mary Jo White vowed Tuesday to make “bold and unrelenting” enforcement of Wall Street a high priority if she is confirmed chairwoman of the Securities and Exchange Commission.

The former federal prosecutor told a Senate panel that investors need to know the playing field is level and that wrongdoers will be “aggressively and successfully” pursued.  

White also pledged to avoid potential conflicts of interest from her work over the past decade as a corporate litigator.

“Strong enforcement is necessary for investor confidence and is essential to the integrity of our financial markets,” White, 65, said during a two-hour confirmation hearing before the Senate Banking Committee.

She is expected win confirmation from the panel and the full Senate, becoming the first prosecutor to lead the SEC. She would replace Elisse Walter, who has been interim chairwoman since Mary Schapiro resigned in December.

Senators also questioned Richard Cordray, who was renominated by Obama to head the Consumer Financial Protection Bureau. His confirmation is less certain.

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