Constar Capitalizes on Plastics Craze

Poor Dustin Hoffman. If only he hadn’t become distracted with Mrs. Robinson. If only he had known then what Charles Casey knows now. If only he had heeded that whispered advice as a young graduate. You remember — “plastics.” If he had acted on that advice, he probably would be in the middle of a boom in the country’s fastest-growing container industry, one eagerly eyeing an additional potential market estimated at $1.5 billion. At least that’s what Casey says. He is CEO of Constar International, whose wholly owned Atlanta-based Sewell Plastics subsidiary is the nation’s largest manufacturer of plastic containers, and whose sales have tripled in just the past 10 years. (excerpt)
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Lee, Shelley A.

Full text: [Business Atlanta] Nov 1989

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Branson’s Misunderstood Midas Touch

Richard Branson, owner of Virgin Atlantic Airways and other holdings, is one of the richest self-made men in the UK. He is also one of its outstanding entrepreneurs. However, Branson’s treatment in London has so disappointed and disgusted him that he took Virgin private again after only 2 years as a quoted company. Fujisankei recently took a 25% stake in Virgin Music, valuing it at $600 million, 3 times London’s assessment. The public Branson is a figure of fun, but behind this public image is an aggressive dealmaker with dreams of building an entertainment empire spanning the globe. London holds a subtle antipathy to entrepreneurs, and successful private businesspeople who come to it for money are greeted with the suspicion that they intend to make themselves rich at the expense of shareholders. Almost all of Branson’s 140 companies were built through a combination of deal making, sound recruitment, market sensitivity, and hard work. He goes forward with the support of Japanese equity capital and loan capital from the US.
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Ferry, Jeffrey

Full text: [Business] Nov 1989

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Not a Mickey Mouse Organisation

Certified public accountant Judson Green left Arthur Young to join Walt Disney World in Florida as manager of internal audit. Today, Green is chief financial officer and senior vice-president of finance, working on the Euro Disneyland project now under construction outside Paris. The French government has extended unprecedented hospitality to Euro Disneyland, offering favorable land deals, tax breaks, and soft loans. Walt Disney will retain management control and 49% of Euro Disneyland’s shares, with the remaining 51% being distributed by share offers in London, Paris, and Brussels to raise L607 million. The initial development has already been financed, mainly with a syndicated loan through Credit Union. Early in 1990, development will focus on hotels outside the park, and plans for a 2nd theme park will be announced. Green says that about 90% of Euro Disneyland will be protected from the weather and that attractions will emphasize sight, sound, smell, and motion rather than language.
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Grey, Sarah

Full text: [Accountancy] Nov 1989

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Analysts Say Brite Voice Systems Stock Remains Strong Despite Drop-Off

Despite a sudden downturn in the stock price of Wichita’s newest publicly held company last week, analysts for Brite Voice Systems Inc. continue to support the company. The stock, which began trading in the NASDAQ over-the-counter market in September at $12.50, closed at $10 last Tuesday, down from the $14.25 high that the stock was bringing shortly after the company’s public offering. Two analysts who follow the company — Scott Stephenson of B.C. Christopher in Kansas City, Mo., and Tom Friedberg of Piper, Jaffray & Hopwood in Seattle –said they were mystified by the stock drop, especially in light of the company’s recent third-quarter earnings report. (excerpt)
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Groene, Lee Ann

Full text: [Wichita Business Journal] Nov 06, 1989

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Brown Transport Takes Last Resort — Bankruptcy

Brown Transport Corp. officials had adamantly ruled out bankruptcy as an option for the financially strapped trucking concern. Yet Brown Transport Corp. — with general offices in Charlotte — dropped into Chapter 11 reorganization when parent company Brown Transport Co. Inc. of Atlanta filed for bankruptcy protection there Oct. 31. “It is a last resort — not just for Brown, but for most companies,” said Leo Blumenauer, sales and marketing vice president in Charlotte. “It’s not something I ever dreamed of happening.” (excerpt)
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Price, Scott

Full text: [The Business Journal] Nov 06, 1989

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American City Moving Offices to Charlotte

American City Business Journals Inc., parent company of The Business Journal of Charlotte Inc., will move its headquarters from Kansas City, Mo., to Charlotte before the end of the year. Charlotte-based Shaw Publishing Co. owns a 30 percent stake in American City and is managing the chain of weekly business newspapers. American City will share offices with Shaw Publishing in First Citizens Bank Plaza at 128 S. Tryon St. Michael Russell, American City co-founder and president, will resign from the company Nov. 30, and will stay in Kansas City. (excerpt)
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Wohl, Barry

Full text: [The Business Journal] Nov 06, 1989

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SAFECO Posts Income Gains in Third Qtr.

SAFECO Corp. reported an increase in net income for the first 9 months of 1989 to $220.9 million, or $3.50 per share, compared with the $189.7 million, or $2.88 per share, reported for the same period in 1988. Despite an estimated $6.2 million in claims from Hurricane Hugo, the 3rd quarter produced the lowest property and casualty underwriting of the year – $6.8 million. Although there was a $4.2-million loss in personal automobile insurance posted for the 9 months, the 3rd quarter showed a $1.9-million gain. Business written through assigned risk plans had produced $11.8 million in losses for the 9 months. Some $10.3 million was attributable to California. Homeowners insurance was profitable for the 9 months and for the quarter, with $1.7 million posted in the 3rd quarter and $3.1 million for the 9-month period. Commercial lines reported a $10.4-million loss for the quarter and a $42-million loss for the 9 months.
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Anonymous

Full text: [National Underwriter] Nov 6, 1989

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Major Shareholder Unloads Anacomp Stock, but Forbes Has Different Story

Even as major market players are rumored to be buying up Anacomp Inc. stock, the Fort Worth-based partnership that amassed a significant amount of the stock earlier this year has been selling at a torrid pace. ESL Partners, an investment group affiliated with Texas’ Bass family, has halved its 7.2 percent interest since late August in the wake of major developments at Anacomp and news released by the company late this summer. As high as $11 a year ago, Anacomp stock has trended downward steadily since then, and in late August began dipping from the high $5 range to the mid $3 range. The drop was sparked when the company announced its intention to spin off Dysan Corp., the magnets portion of Anacomp’s Xidex subsidiary. (excerpt)
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Ketzenberger, John

Full text: [Indianapolis Business Journal] Nov 06, 1989

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Australia: These Days, They Don’t Call It ‘Down Under’ For

The misfortunes of Australia’s highly indebted entrepreneurs have kept Sydney’s stock market among the world’s weakest since the 1987 crash. New troubles for 2 top Australian dealmakers may mean even worse news. In October 1989, financier Alan Bond disclosed that his Bond Corp. Holdings Ltd. had lost $762 million in the year ended June 30, 1989. Qintex Entertainment Inc. then filed for protection under Chapter 11 of the US bankruptcy code. Now, painful asset sales and restructurings are expected for both Bond and Qintex. The programs may be hampered by a further decline in international confidence in Australia’s economy. Of the 2 restructurings, that of Qintex promises to be the simpler. Until Bond and other overextended Australian companies finally work out their difficulties, Australia’s stock market will not improve.
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Hutcheon, Stephen

Full text: [Business Week] Nov 6, 1989

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Willcox & Gibbs Inc.: Its Sales, Earnings Grow Faster than 25% a Year

In 1982, Willcox & Gibbs Inc. left the industrial sewing machine business after over 100 years and entered by acquisition the distribution of electrical and industrial parts and equipment. Growing internally and through acquisition, the company has registered gains in sales and earnings in excess of 25% annually for the past 3 years and is on schedule in meeting its targets. John K. Ziegler, Willcox and Gibbs’ chairman and chief executive officer, predicts the company will have sales over $540 million in 1989 and net income of $1.35 per share. Return on equity is a healthy 18%, reaching a level that Ziegler hopes can be maintained and thus place the company in the upper ranks of corporate profitability. In 1983, the company began manufacturing woven yarn for the hosiery market. Today, Willcox & Gibbs claims to be the world leader in this field.
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Byrne, Harlan S.

Full text: [Barron's National Business and Financial Weekly] Nov 6, 1989

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Pros and Cons: The Jury Is Still Out on Private Prisons

Although US prisons and jails are currently overcrowded, taxpayers balk at paying for new facilities. A new private corrections industry claims it can solve the problem by operating jails better and cheaper. Typically, private prison operators get a per-diem fee for each inmate from a government agency and turn a profit by controlling personnel costs, some 60% of operating expenses. Of the 3 dominant firms, Corrections Corp. of America (CCA) is the largest with more than 3,800 beds in 4 states. Pricor Inc. shares its largest stockholder, venture capital firm Massey Burch, with CCA. Wackenhut, the 3rd-largest provider of private security guard services, operates 2,400 beds, making it 2nd only in size to CCA. Prisons-for-profit critics cite such difficulties as: 1. constitutional problems, 2. the temptation to cut costs at inmates’ expense, 3. the use of deadly force by private guards, 4. possible conflicts of interest between companies and government, 5. the potential for abuse as private companies court politicians for contracts, and 6. a lack of data to support purported taxpayer savings.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Nov 6, 1989

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Recent Trends In Electric Utility Stock Prices

Utility stock prices during the 3rd quarter of 1989 closely tracked bond prices, as they have for most of the past 5 years. However, unlike the 2nd quarter, when a strong bond market rally enabled utility stock prices to outgain industrial stock prices, neither bond prices nor utility stock prices made any appreciable progress. The relationship between utility stock yields and long-term government bond yields was as close before the beginning of the market rally as it has been since then. Utility stock prices fell 2.2% in the first quarter of 1989, while the Standard & Poor’s industrial index rose 4.9%. Since the beginning of 1989, utility stock prices have risen 12.6%, industrial stock prices have risen 22.9%, and utility stock prices have declined 8.4% relative to industrial stock prices. Earnings per share probably declined significantly in the 3rd quarter. There is not much reason to expect a significant change in the spread between bond and utility stock yields.
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Studness, Charles M.

Full text: [Public Utilities Fortnightly] Nov 9, 1989

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Robert C. Brown Purchased By S.F. Group

Capitalcorp Inc. (San Francisco, California), a newly formed group of Montgomery Street executives, has acquired Robert C. Brown & Co. Inc. for $18 million. Brown’s subsidiaries include its fixed-income investment unit, whose tax-exempt assets under management have decreased greatly as its performance has declined. Capitalcorp is in the process of acquiring GB Capital Corp. (Sausalito, California), an investment consultant and manager. Brown’s aggressive interest rate strategy has attracted attention. Brown has been noted for taking extreme market-timing swings, between all cash and full investment in securities of 30-year maturities. No one knows if the new principals will seek to change the investment approach. In the 6 months ended June 30, 1989, Brown had a total operating revenue of $13.4 million.
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Burr, Barry B.

Full text: [Pensions & Investment Age] Nov 13, 1989

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Kanne, Paris & Hoban Inc.: A Comfortable Optimism

A few statistics have made principals at Kanne, Paris & Hoban Inc. (Chicago, Illinois) comfortable about their optimistic outlook for the stock market for the rest of 1989. The Standard & Poor’s (S&P) 500 Stock Index is generating the highest rate of return on shareholders equity in history, 15.5%. The current yield on the S&P 500 – the annual dividend rate over the price per share – is 3.4%. The average for the past 5 years has been just under 3.1%. Kanne, Paris & Hoban uses a quantitative-based approach to screen candidates for purchase. The firm typically turns over 40% of its portfolio annually. Its equity performance generally has been better than the S&P 500.
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Burr, Barry B.

Full text: [Pensions & Investment Age] Nov 13, 1989

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Sailing Ahead in Choppy Apparel Seas: Nautica, Parent Build on Stellar Growth

Two men are sitting at a conference table, and one of them wants to be the next Ralph Lauren. The first guy’s name is Harvey Sanders. Tall, silver-haired and all-American, he seems to be the likely Lauren. But to his left in this designer showroom filled with colorful jackets and chinos sits a slight, dark Taiwanese immigrant named David Chu. Remarkably, he’s the one that suggests the Lauren parallel, talking about — of all things — the sea, sailing and JFK. “I think it was Kennedy who said there is something special about the ocean,” says Mr. Chu, president of Nautica Apparel, as his boss, Mr. Sanders, nods approvingly. “Nautica means anything related to water, so our collection expresses man’s association with the sea.” (excerpt)
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Furman, Phyllis

Full text: [Crain's New York Business] Nov 13, 1989

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UPI Isn’t Quite Ready For The Spike

United Press International, in a bid to expand its nonmedia customers, is considering the acquisition of QuoTrek services. Customers could buy news and other UPI reports along with stock prices.
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Full text: [Business Week] Nov 13, 1989

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A Jaguar Buyer May Be in for a Long, Slow Drive

The UK government’s October 31, 1989, decision not to block a takeover of Jaguar PLC clears the way for a possible auction of the luxury automobile maker. Fueled by speculation of a bidding war between Ford Motor Co. and General Motors Corp., Jaguar’s stock has more than doubled since mid-September. Some analysts have predicted that the final price could rise another 20%. Jaguar has cultivated a blue-blood image and is a powerful brand. Ford plans to keep Jaguar as a standalone division while using Ford productivity and technology skills to catch up with competitors. However, productivity badly trails both BMW and Daimler-Benz. Continuing quality problems caused the XJ-S convertible to be ranked among the 10 worst models out of 154 in J. D. Power & Associates Inc.’s 1989 survey of new-car quality. An acquirer would have to deal with these types of problems in an already soft luxury-car market while launching new models, expanding the dealer network, and competing with the Japanese.
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Maremont, Mark

Full text: [Business Week] Nov 13, 1989

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Not the Yellow Brick Road – But Measurex Has Found the Way to Higher Results

Measurex Corp. (Cupertino, California) makes sensors and computer systems used mainly in continuous manufacturing processes. It is completing its 7th consecutive year of higher earnings and revenues. The firm’s products are designed to yield significant savings to manufacturers in raw-material and energy consumption, while improving product quality and consistency. However, Measurex’s shares are trading close to their 52-week low, down 13.6% from where they closed out 1988 and some 29% below their all-time high, set in 1988, of 35 7/8. One reason for the low share price is that Measurex’s main customers are suffering from softening business. The pulp and paper industry, which accounted for at least 77% of the firm’s revenues in each of the last 4 years, is cutting back on capital spending. President and Chief Executive Officer David A. Bossen is confident that Measurex has the resources to weather even a severe economic downturn. The firm is working to diversify its customer base. It has formed the Measurex Automation Systems division to work on products for discrete manufacturers.
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Savitz, Eric J.

Full text: [Barron's National Business and Financial Weekly] Nov 13, 1989

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Earnings Drop Bedevils J.M. Peters Stock Sale

NEWPORT BEACH — In the wake of a more than 50 percent dip in second-quarter earnings for J.M. Peters Company Inc., hope has dimmed that a struggling Houston thrift will be able to unload its stock in the luxury home building company. In June, San Jacinto Savings Association of Houston hired Shearson Lehman Hutton to sell the thrift’s 87 percent interest in the company. But J.M. Peters reported net earnings of nearly $3.5 million, or 25 cents a share, in the quarter ended Aug. 31, compared with almost $7.3 million, or 53 cents a share, in fiscal 1989′s second quarter. (excerpt)
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Cox, Tony

Full text: [Orange County Business Journal] Nov 20, 1989

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Pattern Processing Will Attempt $900,000 Placement

Pattern Processing Technologies Inc., an 8-year-old Eden Prairie company that has yet to become profitable, will test investors’ continued interest in “machine vision” systems early next month when it offers for sale 900,000 shares of common stock at $1 per share. Most of the proceeds from the offering will be used to market the company’s machine vision products, which are used to inspect, measure and recognize products — including aspirin bottles and cigarette packages –being produced on automated production lines. (excerpt)
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Ewen, Beth

Full text: [Minneapolis / St. Paul CityBusiness] Nov 20, 1989

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