IN BRIEF

Shuffle Master names chairman as interim CEO during search

Shuffle Master announced Monday that Chairman Philip Peckman will become the gaming company's interim chief executive officer while the board conducts a search for a permanent CEO.

Last week, Shuffle Master CEO Tim Parrott announced he was taking a temporary medical leave of absence, although the company said Monday that Parrott's medical condition had changed. Parrott will also leave his position on Shuffle Master's board.

Peckman will cede his chairman of the board duties but remain as a director. Current director Garry Saunders has been named as Shuffle Master's interim nonexecutive chairman of the board. By naming Peckman as interim CEO, Shuffle Master ended its interim management committee. Peckman, an attorney, is a former CEO of the Greenspun Corp.

OMAHA, Neb.

Demand for equipment
helps Caterpillar reverse loss

Caterpillar Inc., the world's largest maker of construction and mining equipment, said Monday it is increasing production as the global economic recovery spurs demand for its heavy equipment .

The jump in demand Caterpillar is seeing won't necessarily translate quickly into many U.S. jobs because the company has some excess capacity. But the company has hired back about 2,000 people since eliminating 19,000 full-time jobs and about 18,000 contract and part-time workers last year.

The Peoria, Ill., company earned $233 million, or 36 cents per share, during the first quarter, reversing a loss of $112 million, or 19 cents per share, a year earlier, when the recession and layoff costs of about $558 million hurt results.

Excluding a health care tax accounting charge of $90 million, Caterpillar would have earned 50 cents per share. Without the financial hit related to the new health care law, Caterpillar easily beat the expectations of Thomson Reuters-polled analysts, who were looking for earnings per share of 39 cents.

Quarterly revenue fell 10.7 percent to $8.24 billion.

Sales slower than forecast, but WMS Industries' profits rise

Slot machine maker WMS Industries increased profits in the third quarter despite slower-than-expected sales of new games, mirroring comments of rival gaming equipment manufacturers.

Waukegan, Ill.,-based WMS said its net income in the quarter that ended March 31 was $33 million, or 55 cents a share, compared with $24.4 million, or 43 cents a share, a year earlier.

WMS' overall revenue rose 9 percent to $197.5 million.

Analysts polled by Thomson Reuters were expecting earnings of 49 cents a share.

CHICAGO

Hertz agrees to buy rival
Dollar Thrifty for $1.17 billion

Hertz Global Holdings Inc. said Monday it has agreed to buy rival Dollar Thrifty Automotive Group for about $1.17 billion in cash and stock as it tries to expand its vacationer business.

The deal will give Hertz, already the world's largest car rental company by locations, a third more sites around the globe, boosting its total to 9,800. More importantly, it will also give Hertz's leisure segment a much-needed boost when it assumes control of the company's Dollar and Thrifty brands.