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The company blamed difficult market conditions because of a lack of congressional action on a wind-energy tax credit as well as increased use of natural-gas-fired power plants and an overall sluggish economy.


Reader’s Digest in new push in print, digital

NEW YORK — Publishing giant Reader’s Digest is expanding — in both print and digital.

The company, which emerged from bankruptcy in 2010, said last week it will increase the frequency of its flagship Reader’s Digest magazine to 12 editions per year from 10 for both print and tablet.

In a statement, Reader’s Digest said it is on pace for 200,000 digital subscribers by the end of the year, along with 5.5 million print subscribers.

Reader’s Digest said it has led its category in print advertising growth, up nearly 30 percent over the past two years. It said it is the only publication in the category to show an increase in pages in 2012, up 11 percent.


Mamtek CEO charged with theft, securities fraud

MOBERLY, Mo. — The CEO of a failed artificial-sweetener company was charged Tuesday with theft and securities fraud in Missouri for allegedly using bond revenues to avoid foreclosure on his Beverly Hills, Calif., home and failing to tell the truth about the company’s troubled operations.

The charges announced by Missouri Attorney General Chris Koster cap a yearlong investigation into Bruce Cole, who was chairman and CEO of Mamtek U.S.

The company received $39 million in bonds from Moberly, Mo., and authorization for up to $17 million of state incentives to build an artificial-sweetener factory in the city, which Gov. Jay Nixon said eventually would employ more than 600 people. But construction was halted on the partially completed facility after Mamtek missed a bond payment in August 2011.

From wire dispatches and staff reports