The U.S. economy grew a little faster in the fourth quarter than initially estimated, the Commerce Department reported today. A second reading of the fourth-quarter gross domestic product showed that the economy grew at a 5.9 percent annual rate, rather than the 5.7 percent pace estimated last month, Reuters reported. The improvement was attributed to businesses drawing down inventories at a slower pace and increased spending on equipment and software, which offset tame consumer spending and lackluster residential investment.

Iowa Telecommunications Services Inc. today announced its operating results for the fourth quarter and the year ended Dec. 31. Quarterly highlights for the company include operating revenues of $65.7 million, operating income of $10.8 million and a net loss of $1.7 million, or 6 cents per share. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $31.1 million. “For the year,” said Iowa Telecommunications Chairman and CEO Alan Wells, “we generated revenues of $254.1 million, operating income of $53 million, net income of $10.3 million, and adjusted EBITDA of $124.2 million.”

The Midwest Innovation Initiative has approved a grant for a collaboration of state research organizations in Iowa, Missouri, Indiana and Nebraska. The project, which is intended to develop a research framework for analyzing the skills of regional economies and comparing them with the evolving skill sets needed by businesses in emerging industries, is being funded by the U.S. Department of Labor’s Employment and Training Administration. The objective of the Skill Shed Methodology grant is to help identify and address the barriers preventing Midwestern states and communities from making full use of competitive advantages of the region by functioning as a single, integrated economy.

Cindy Reed has been named president of Sammons Annuity Group, a division of Sioux Falls, S.D.-based Midland National Life Insurance Co. and a member of Sammons Financial Group. Reed, who will report to Esfand Dinshaw, Sammons Financial Group’s newly named CEO, will also continue her role as president of Sammons Securities Co. Sammons Annuity Group is gearing up to relocate its West Des Moines operation to Regency West Office Park at the intersection of 50th Street and Westown Parkway. The move is expected to take place in June.

Jackie Norris, the senior adviser to the Corporation for National and Community Service (CNCS), will present “Women, Leadership and Service” at Iowa State University’s Memorial Union at 8 p.m. on March 1. The lecture, which is free and open to the public, is part of the Women’s Leadership Series at Iowa State. The CNCS works to support the American culture of citizenship, service and responsibility with programs such as Teach for America and AmeriCorps. Norris’ previous experience includes serving as President Barack Obama’s senior adviser on the Iowa caucus campaign and Al Gore’s political director for Iowa during the 2000 presidential election.

Frank Gallon has been named chief administrative officer of Meredith Integrated Marketing (MIM), a direct and digital marketing solutions provider focused on digital, mobile, video, social, database and health-care marketing capabilities. Gallon, who will be based in New York, will oversee the overall budget management, investments and business administration of MIM’s portfolio. Meredith Corp. announced the promotion this week.

TEAM Des Moines Partners LLC has signed Eventis, a subsidiary of HickoryTech Corp., to occupy a portion of its new Tier III data center in Waukee. Eventis is a Mankato, Minn.-based integrated communications provider. Team Technologies and Iowa Health System partnered last year to construct the planned 46,000-square-foot facility at 390 N. Alice’s Road, which is designed to protect vital information and virtually eliminate the chance of catastrophic failure leading to data loss. The first phase of construction was completed in November.