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REGULATORS
FTC Subpoenas Firms on Ads
The Federal Trade Commission issued subpoenas to 44 food and beverage companies including Coca-Cola, McDonald's, PepsiCo, General Mills, Burger King Holdings and Procter & Gamble, seeking information on how they market to children. The companies have 90 days to respond to the orders, which were sent over the past week, FTC spokeswoman Jackie Dizdul said.
MEDIA
Gannett Changes Pay Rules
Gannett changed agreements with its top two executives to accelerate payment of retirement and deferred compensation if the company is sold, according to a regulatory filing.
The McLean company, which publishes USA Today, also changed the threshold at which an employee buyout constitutes a change in control that would trigger the executive payments.
Gannet said that it made the change to comply with tax codes and that the move did not indicate it was entertaining any offers.
FILINGS
Online Resources to File Late
Online Resources said that it delayed its most recent quarterly report because it was looking into the accounting of an embedded derivative in its Series A-1 preferred stock. The Chantilly Internet service company said it did not expect the matter to have a material impact on earnings. It expects to file the report for the three months ended June 30 with the Securities and Exchange Commission by Tuesday.
Beazer Homes Delays Report
Beazer Homes USA delayed filing its quarterly earnings report, citing an internal investigation into its mortgage business. The home builder is reviewing whether its former chief accounting officer may have recorded reserves and other accrued liabilities relating to costs of developing land and completing homes in excess of amounts appropriate under generally accepted accounting principles, Beazer said.
CONTRACTING
Force, GD Get MRAPs Award
Force Protection, the largest builder of blast-resistant trucks for the Marine Corps, won a $70 million award to produce more vehicles for troops in Iraq and Afghanistan. Force will deliver 125 Cougar vehicles by December, the Defense Department said. Force builds the Cougar trucks with Falls Church-based General Dynamics in a joint venture.
AIRLINES
