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Facebook's net income falls 12% in first quarter

NEW YORK (AP) -- Facebook's first-quarter net income fell 12 percent, weighed down by higher expenses even as its revenue soared, the social networking company said Monday, just a few weeks ahead of its expected initial public offering in May.

Facebook Inc. said in a regulatory filing that its net income fell to $205 million in the three months that ended March 31, from $233 million a year earlier.

Net income attributable to common shareholders fell to $137 million from $153 million. That amounts to earnings of 9 cents per share in the latest quarter, down from 11 cents a year earlier.

The company said its revenue rose 45 percent to $1.06 billion.

Facebook also gave details on its pending $1 billion acquisition of Instagram, the company behind a popular mobile photo-sharing application with the same name. Facebook said it is paying $300 million in cash and about 23 million shares for Instagram. It also agreed to pay Instagram a $200 million termination fee if the deal doesn't go through.

Facebook confirmed it has applied to list its stock on the Nasdaq under the ticker symbol "FB."


Starbucks at Disney

NEW YORK (AP) -- Starbucks is about to perk up "the happiest place on earth."

The Seattle-based coffee chain is announcing a partnership to open a store inside each of the six Disney properties in California and Florida.

The first will open this summer at Disneyland California Adventure in Anaheim. The other locations will be at the nearby Disneyland Park and at the each of the parks in Orlando, Fla. -- Magic Kingdom, Animal Kingdom, Hollywood Studios and Epcot.

Starbucks Corp. and Walt Disney Parks and Resorts, a unit of the Walt Disney Co., did not disclose the financial terms of the deal.


No early out for ex-CEO

NEW YORK (AP) -- The former CEO of Tyco International will not get out of prison early despite having "conducted himself properly," according to a letter to a New York parole board.

Dennis Kozlowski and another Tyco executive were convicted in 2005 of fraud and larceny in a case that came to symbolize corporate greed.

The letter obtained by Fox Business Network is from State Supreme Court Justice Michael Obus, who presided over Kozlowski's trial, and highlighted factors making him eligible for parole.

Obus said Kozlowski also complied with financial obligations as part of his sentence of eight to 25 years on charges he looted millions of dollars from the global products and services company.

He has served more than six years.

The 65-year-old Kozlowski was denied release by the board earlier this month.


Business education forum

State officials will hold an educational forum in Buffalo to help construction-related minority- and women-owned businesses learn how to become state-certified so they can do business with the State Dormitory Authority.

Gov. Andrew M. Cuomo's office and New York's MWBE Team will host the event with the Dormitory Authority from 6 to 8:30 p.m. Friday in the Community Health Center of Buffalo, 34 Benwood Ave. The program will include information about the state Surety Bond Assistance Program, the new statewide monitoring and compliance system, and upcoming bid opportunities.


Upgraded Tops to reopen

Tops Markets will unveil $1.25 million in renovations at its Main Street store in Amherst today during a grand reopening celebration.

Several departments, such as produce, bakery, deli, bulk, meat and seafood, were expanded and renovated.

The store's Carry-Out Cafe was enhanced and now includes free wireless Internet access.

The store's overall decor got a makeover, with updated flooring and lighting. It also got new customer restrooms, a new bottle return area and a new energy management system.