Free Republic

CHARLOTTE, N.C. -- Financially strapped Krispy Kreme Doughnuts Inc. told federal regulators Monday that the filing of its 2005 annual report has been delayed because of an ongoing review of its accounting practices. The Winston-Salem-based firm said in a filing with the U.S. Securities and Exchange Commission that the ongoing analysis included accounting practices from 2004 and "earlier years as well as in fiscal 2005." Krispy Kreme said it might have to make further revisions to past earnings reports. Last fall, the company formed a special committee of independent directors to look into whether earnings should be restated. Shares of...

Carolina Journal ExclusivesEasley Proposes $16 Billion Budget Adjustments would hike spending on state employee compensation, debt service, other items By Paul Chesser May 11, 2004 RALEIGH — Gov. Mike Easley released his mid-biennium budget term adjustments yesterday, which he said maintained his priorities for spending discipline, creating jobs, and improving public education. “I think it sets priorities,” the governor said, “and reflects the priorities of the people of North Carolina.” Easley’s plan states that it would increase “non-federal spending” by $876 million over last year. Because authorized General Fund spending for FY 2003-04 was reported as approximately $14.8 billion, the...

For education and discussion only. Not for commercial use. PILOT MOUNTAIN, N.C. - Intex Corp. plans to shut down its fabric printing plant by the end of June and lay off 115 workers, town officials said. "It was a jaw dropper," Pilot Mountain town manager John Robertson said. "They had been a good employer in town. It's unfortunate the whole family over there will be out of work." Company officials could not be reached for immediate comment. The 95,000-square-foot factory has been open in Pilot Mountain since the late 1980s and could print 600,000 yards of fabric per week and...

Mooresville may be Race City USA and, yes, stock car racing has its roots in the N.C. foothills, but a number of other states have been quietly working to lure the industry away from here with sweet economic incentives. And for good reason: Seventeen years ago, when the last economic impact study on motorsports was done, the industry did a $500 million per year business in North Carolina. Another study is about to be done, and the numbers are certain to far surpass that. If North Carolina ultimately strengthens its grip on motorsports by fending off the overtures of other...

RALEIGH - Expect to hear a lot over the next weeks and months about a state "Medicaid scandal"- and expect not to be able to follow all of the ins and outs of this mind- boggling story. State Auditor Ralph Campbell has just served up what was widely termed a "stinging" audit of North Carolina's Medicaid program. Campbell, a Democrat serving his third, said that it was the "most damaging audit" he had released during his tenure. Specifically, the audit dealt with the state's administration of the Disproportionate Share Hospital (DSH) program, which for years has directed federal funds to...

(snip) Today, Asheville, [NC] is one of a handful of boroughs from St. Paul, Minn., to Manhattan that top the destination lists of ex-addicts wary of returning to the siren calls of their former haunts. These cities tend to be gritty, but artsy, places where the harsher realities of city life are on display alongside art openings and late-night cafes. Here in Asheville, there's also a strong religious backbone, a growing number of available service jobs, and a broad community of recovery support groups and counselors. What's more, the cost of living is relatively low, with lots of free things...

RALEIGH — A lack of education and vocational training — specifically in technology, science, and biotechnology fields — has left the North Carolina public school system lagging in the competitive race of building a competent workforce to attract new corporations and businesses to the state. Martin Lancaster, president of the North Carolina Community College system, said the NCCC is doing its best to bridge the gap across the state through tech prep and other programs, but he thinks the state is on a collision course with disaster in preparing the workforce for the future. Problem begins in high school “Forty-eight...

N.C. job growth surges in March By KARIN RIVES, Staff Writer North Carolina's unemployment rate fell to 5.2 percent last month, dropping below the national average for the first time in four years. Nearly 30,000 people returned to work last month. That is more than double the job growth in February. The state's jobless rate in March declined from 6 percent the month before and was the lowest since April 2001, the N.C. Employment Security Commission reported Friday. That contrasts with the national jobless rate, which inched up to 5.7 percent last month despite significant job creation nationwide. "The North...

CHARLOTTE, NC Name it and the Carolina Panthers claim it as merchandise and it is not only tee shirts and hats. At the team store at Bank of America Stadium, napkin rings, personalized magnets, candle snuffers and even Panthers merlot were flying off the shelves. Young Panthers fan Clay Martin checked out bobbleheads dolls. He said that he was not picky when it came to Carolina merchandise. "I just like Julius Peppers,” said Clay. “I'd get anything with Julius Peppers.” Unfortunately, one thing he will not be able to get is the Super Bowl Edition Jersey bearing Peppers' name. It...

GEORGETOWN, S.C. -- Joe Gamble climbs into his black Chevy pickup and leaves the auto glass repair shop, where he spent 20 fruitless minutes trying to persuade workers to vote for Howard Dean. Like many of the 600 steelworkers laid off in October in this small town south of Myrtle Beach, Gamble, 49, is convinced foreign trade cost him his job. But even here, where the jobless rate is among the state's highest at nearly 15 percent, converting that outrage into political power is proving to be a tough task. Neither of the two workers at the glass-repair shop last...

The program to connect all North Carolina schools with a sophisticated computer network began in 1999 with a contract for $54 million. The state's commitment is now $113 million and counting, and the final tab will probably exceed $150 million. Plans called for all of the state's teachers to have instant access to the system from their desktop computers by this year. Instead, only six of 117 school districts are on line as part of a trial of the system, which is called NC WISE. And many of the teachers using it don't like it. They say it is difficult...

TRINITY - A third Randolph County company has been recognized by the U.S. Department of Commerce for the success of its international trade efforts. On Tuesday, U.S. Rep. Howard Coble, R-N.C., presented Trinity Furniture with the Export Achievement Award. "This is a success story," Coble told the audience. "And success stories don't just happen." Coble added Trinity Furniture's success is especially noteworthy in the context of the past several years of "tight times" for the country in general and the furniture industry specifically. "This is for you all. Thank you," said Jorge Lagueruela, Trinity Furniture president, to the company's 50-plus...

ASHEBORO - In an industry riddled with setbacks, a local textile company is growing. Acme-McCrary Corp. announced Monday an agreement to purchase certain assets from Canada-based Phantom USA, Inc. The purchase includes an approximate 55,000-square-foot warehouse and distribution facility in Liberty and the assumption of a lease for a 200,000-square-foot manufacturing facility in Siler City. The acquisition is expected to close on Jan. 31. Assets to be purchased include all inventory, machinery and equipment used for Phantom's hosiery production. Bill Redding, Acme-McCrary president and CEO, said the newly acquired facilities will continue to operate and no one will be displaced...

CARYEconomists and bankers predicted a modest economic recovery in North Carolina yesterday, saying that the state economy should grow 3.5 percent in 2004 with expansion in the tourism, banking, health care, pharmaceutical and technology industries.But Gov. Mike Easley and State Treasurer Richard Moore warned that the state budget probably won't recover as quickly, especially if quotas on certain textile imports are allowed to expire as scheduled next January."Yes, we can transition. We're doing it. We're doing a good job of it," Easley told 600 business leaders at a forum sponsored by the N.C. Bankers Association and N.C. Citizens for Business...