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Wednesday, 31 July 2013 09:23

July 31, 2013: Spartan Stores reports earnings dip after market close; Teleperformance to invest $3.8M, create 500 new jobs in Cascade Township; FDA approves Perrigo lotion; appeals court dismisses Cooley Law School suit

Written by  MiBiz Staff
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A federal appeals court affirmed the dismissal of a lawsuit brought by several former students of Thomas M. Cooley Law School. A federal appeals court affirmed the dismissal of a lawsuit brought by several former students of Thomas M. Cooley Law School.

Spartan Stores Inc. (NYSE: SPTN) reported earnings from continuing operations fell to $4.8 million, or $0.22 per share, for the first quarter ended June 22, 2013, compared to $6.1 million, or $0.28 per share, in last fiscal year's first quarter. The Grand Rapids, Mich.-based grocery distributor and retailer said consolidated net sales increased 1.4 percent to $612.4 million, due to higher sales in the distribution and retail segments. The company said first-quarter sales were negatively impacted by the calendar shift of the Easter holiday selling week into last year's fourth quarter. Spartan Stores reported that, excluding charges related to its previously announced merger and the impairment of assets, adjusted earnings from continuing operations improved to $6.5 million. The full release and financials are here. [5:18 p.m. EST]

Teleperformance Inc. plans to invest $3.79 million and create 500 new positions at a new customer support and call center at 2680 Horizon Drive SE in Cascade Township, according to an announcement this afternoon from The Right Place Inc.  Facility renovations are expected to be wrapped up by fall. The site will serve as a new inbound call center for the company. Teleperformance received a $600,000 performance-based grant through the Michigan Business Development Program.  The MiBiz team is working on a story. [3:03 p.m. EST]

Perrigo Company (NYSE: PRGO) announced it has received final approval from the U.S. Food and Drug Administration for its generic equivalent to Cutivate Lotion, which is used to treat atopic dermatitis. Cutivate Lotion has annual sales of approximately $19 million, as measured by Symphony Health Solutions. Perrigo will commence shipment of the product immediately.

Grand Rapids-based grocery distributor and retailer Spartan Stores, Inc. (NYSE: SPTN) said its Board of Directors declared a quarterly cash dividend of $0.09 per common share, payable on Sept. 17, 2013 to shareholders of record as of the close of business on Sept. 3, 2013.

The U.S. Court of Appeals for the Sixth Circuit dismissed a lawsuit brought by several Thomas M. Cooley Law School graduates, who claimed the school misrepresented the percentage of its graduates who obtained legal employment after graduation. The Court of Appeals agreed with a lower court ruling that the plaintiffs could not prove Cooley's reported employment statistics were false.

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