Ciber Investor Relations News Release (02/11/2014)

Ciber Inc. reported revenues of $222.3 million in the fourth quarter of 2013, up 1% from the fourth quarter of 2012, and $877.3 million for the year, up 1% from 2012. The company reported $3 million in net income in the fourth quarter before restructuring charges. North American revenues were $104.5 million in the fourth quarter, down nearly 3% on a year-to-year basis.

Net income for all of 2013 totaled $6.9 million before restructuring charges; after restructuring charges, the company posted a net loss of $7.6 million, compared with a net loss of $4.1 million in 2012. North American revenue totaled $423.3 million for the full year, down 2% from 2012.

New York Times (02/10/14) Steven Greenhouse

Kellogg has kept more than 225 workers locked out of its Memphis plant for more than three months, waiting for their union to agree to a new contract. Due to the lockout’s duration and the exigencies of winter, tensions are running high. Workers believe that Kellogg is trying to undercut their wages out of greed; Kellogg believes that the expensive plant pays above-market wages and must take cuts to become competitive.

Pay and benefits average $28 per hour. Kellogg has cut health insurance benefits during the lockout and continued operations with employees provided by a staffing firm. The union says Kellogg is looking to employ up to 100% of the factory’s employees as temporary or casual hires, far above the current limit of 30%. These would essentially form a tier of lower-wage employees who would earn $6 per hour less than other employees and with far less generous benefits. The union hopes that the U.S. National Labor Relations Board will declare the lockout illegal.

Associated Press (02/11/14) Martin Crutsinger

In her first public comments since taking over the top Fed job last week, U.S. Federal Reserve Chairman Janet Yellen said Tuesday that if the economy keeps improving, the Fed will take “further measured steps” to reduce the support it’s providing through monthly bond purchases. Speaking before the House Financial Services Committee, Yellen said that she expects a “great deal of continuity” with her predecessor, Ben Bernanke. She signaled that she supports his view that the economy is strengthening enough to withstand a pullback in stimulus but that rates should stay low to fuel further growth. Yellen’s remarks signal that the Fed will keep its key short-term rate near zero for a prolonged period.

New York Daily News (02/10/14) Ken Lovett

Patrick Foye, the New York executive director of the Port Authority of New York and New Jersey, is threatening to boot three major airlines from their city airport slots unless they agree to hike the pay for thousands of low-wage contract workers. In a letter to the heads of JetBlue, United, and American airlines, Foye wrote that a requirement for better pay for contract workers at both LaGuardia and JFK airports will be part of the lease provisions for the new central terminal building at LaGuardia. New York Gov. Andrew Cuomo has said he intends to make LaGuardia and JFK world-class airports, which includes raising workers’ pay.