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Profits up, sales down at Tii

Tii Network Technologies, an Edgewood maker of telecom systems and lightning-protection devices, Monday issued its first earnings report since last month's sudden replacement of its chief executive. Tii said it increased its profits, even though sales fell. The lag in sales was due, in part, to changes in inventory after Tii's acquisition last year of Porta Copper Products, a division of a Syosset company. Tii reported $844,000 profit on sales of $14.5 million for the quarter ended Sept. 30, compared to $815,000 profit on $18.6 million in sales for the same quarter last year. The company's founder, Alfred J. Roach, died last November at age 95; last month its board abruptly removed Kenneth Paladino, its president and chief executive. The upheaval comes as Tii struggles to adapt to the broadband and wireless tech revolutions. During the 1990s Tii lightning protectors were installed on an estimated 75 percent of copper phone lines in U.S. homes. -- Joseph Mallia

Bovie reports net-income rise

Melville electrosurgery equipment maker Bovie Medical Corp. increased its profit in its most recent quarter, the company said. The improvement came despite a downturn in surgical sales. Bovie reported net income of $63,000, on sales of $6.25 million for the quarter ended Sept. 30, compared to income of $4,000 on sales of $6.5 million in the same quarter last year. The decrease in surgical sales was partly offset by revenue from a new line of medical lighting products, Bovie said. Bovie Medical president J. Robert Saron said the company expects "meaningful growth in several areas including government sales and our new line of lighting, as well as gaining positive traction in the veterinary market." -- Joseph Mallia


Buffett reveals new IBM stake

Warren Buffett said Monday that his company has spent $10.7 billion to buy more than 5 percent of IBM's stock this year, a surprising move by the billionaire investor who has long shied away from investing in high-technology companies. Buffett's company, Berkshire Hathaway, also revealed other third-quarter investments. Besides the IBM investment, Berkshire added much smaller stakes in Intel Corp., DirecTV, General Dynamics Corp. and CVS Caremark Corp. Most of the details emerged from the quarterly update Berkshire filed with regulators on its $59-billion U.S. stock portfolio. -- AP

Lowe's 3Q net income off 44%

Lowe's Cos., which earlier this month announced it is halting construction on its planned store in Huntington, said third-quarter net income sank 44 percent, weighed down by charges tied to store closings and discontinued projects. The nation's second-largest home improvement retailer earned $225 million, or 18 cents per share, in the three months ended Oct. 28, compared to $404 million, or 29 cents per share, in last year's quarter. Revenue climbed 2 percent to $11.9 billion. Sales at stores open at least a year, a key measure of a retailer's health, climbed less than 1 percent. -- AP

Promise to reroute oil pipeline

TransCanada will move the route of its planned oil pipeline out of Nebraska's environmentally sensitive Sandhills area, two company officials said Monday. Speaking at a news conference at the Nebraska Capitol, the officials said TransCanada would agree to the new route, a move it previously said wasn't possible, in an effort to push through the proposed $7-billion project. They expressed confidence the project would ultimately be approved. Alex Pourbaix, TransCanada's president for energy and oil pipelines, said rerouting the line would likely require 30 to 40 additional miles. The announcement follows the federal government's decision last week to delay a decision on a federal permit for the project until it studies new potential routes that avoid the Sandhills area and the Ogallala aquifer. The proposed pipeline would carry crude oil from Canada to Texas Gulf Coast refineries. -- AP

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