BUSINESS BRIEFS
Alexander & Baldwin not done in California
Advertiser News Services
An affiliate of Alexander & Baldwin Inc. has bought a two-story office building in Sacramento, representing the company's third real-estate acquisition in the area.
A&B Gateway LLC paid $12.4 million for the property with 58,700 square feet of leasable space. The seller was Fox Creek Fund LLC, a California-based investment group.
MANUFACTURING DOWN IN MAY
WASHINGTON — Industrial production unexpectedly fell in May, reflecting weakness in manufacturing, as the economy flashed more signals of a spring slowdown.
The Federal Reserve reported yesterday that output at the nation's factories, mines and utilities dropped by 0.1 percent last month after an increase of 0.8 percent in April. Analysts expected a small 0.2 percent rise.
ACROBAT MAKER'S PROFITS TUMBLE
SAN FRANCISCO — Adobe Systems Inc., which makes software such as Acrobat for creating digital documents, reported an 18 percent drop in second-quarter profit as acquisition costs negated higher sales.
Also yesterday, the San Jose-based company forecast profit and revenue for the current quarter and remainder of the year that were below Wall Street's current forecast.
Net income for the three months ending June 2 fell to $123.1 million, or 20 cents a share, from $149.8 million, or 29 cents, in the same quarter of last year. Sales rose 28 percent, to $635.5 million, from $496 million last year.
