Business news of local interest
Local CFO offers free advice
STATE COLLEGE — As business owners grapple with the new reality of a COVID-19 crisis-stricken economy, Steve Koval, a management consultant for B2B CFO, a national firm providing management advisory services to privately held companies, is offering guidance for small- and medium-sized businesses — specifically related to cash management strategies and best practices.
Koval offers local business access to free cash flow advice sessions. In these 30-minute remote, one-on-one phone sessions, business owners can learn what immediate action they can take, what plans they could make for the next few months and insights on how they can restart their business.
For more information, contact Koval at 880-8835 or email email@example.com.
Beckwith supports food banks
PITTSBURGH — To care for the communities UPMC serves, The Beckwith Institute is providing $400,000 to support more than a dozen charitable organizations, as well as grants to health care workers devising projects that promote COVID-19 recovery efforts.
Half of the money from the institute will be used to address food insecurity and other emergency needs for the most vulnerable people in communities across Pennsylvania, western Maryland and western New York. The other half will fund Beckwith’s Frontline Innovation Program for projects that support the physical and emotional health of UPMC’s patients, staff and communities.
The Bedford County Food Bank and Society of St. Vincent de Paul Altoona-Johnstown are among organizations to receive the funding.
Rail track firm reports loss
PITTSBURGH — L.B. Foster Co. on Tuesday reported a first-quarter loss of $1.9 million, after reporting a profit in the same period a year earlier.
The Pittsburgh-based company said it had a loss of 18 cents per share.
The railroad track manufacturer posted revenue of $128.8 million in the period.
L.B. Foster shares have declined 34% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $12.70, a drop of 41% in the last 12 months.