The Cincinnati Enquirer from Cincinnati, Ohio • Page 38

B-16 THE CINCINNATI ENQUIRER Thursday, November 7, 1 985 Largest Private Companies Honored BY MIKE BOYER The Cincinnati Enquirer The entrepreneurial spirit is alive and well in Cincinnati. That was the message offered Wednesday at the second annual salute to the Greater Cincinnati 100, the 100 largest Cincinnati area privately held businesses, at the Hyatt Regency. The 100 generate more than 60,000 jobs and $8 billion in annual sales, according to a survey by the Cincinnati office of the national accounting firm of Arthur Andersen which compiles the list. The Cincinnati 100 range from Carl Lindner's giant American Financial with more than $2 billion in revenues, to Plastic Moldings a processor of custom plastic parts with revenues of about $23 million. DESPITE THAT range, Arthur Andersen's informal survey of the companies on the list found some common themes.

The entrepreneurs are pretty evenly divided between young and old. Forty-one percent are older than 50 and 43 are younger than 50. Most (72) of those responding have been with their companies more than 15 years. Of those responding, 33 started the company and another 27 purchased the business. As for the future, most of those responding expect their businesses to enjoy healthy growth.

Thirty-nine percent expect to grow more than 15 over the next three yeais, and another 26 expect growth over 11. Milton Stewart, a small business advocate and editor-at-large for Inc. magazine, told those attending Wednesday's luncheon that the entrepreneurial spirit is on a roll both in the United States and the world at large. NOTING THAT four of the seven Western leaders attending last spring's economic summit in Paris made expanding small and middle-sized businesses a priority, Stewart said, "The world's leaders are beginning to understand what makes jobs, how and why." Arthur Andersen noted that small business has been responsible for 90 of the one million jobs created in the last two years. ''Even in the Communist world entrepre-neurship is in vogue," Stewart said.

"In China there are 7.5 million self-employed business people." He said even a Soviet writer concluded that "The entrepreneurial drive is universal and irrepressible." This second salute to the area's largest small businesses is co-sponsored by Arthur Andersen and The Enquirer. 1 SAVINGS AND LOAN ASSOCIATION Member FSLIC Serving Southwestern Ohio from 10 Offices Xenla, North Xenla, Beavercreek, Cedarvtlle, Downtown Dayton, Kettering, Monroe, Springboro, Montgomery ft Sllverton Engine Eagle CONTINUED FROM PAGE B-ll CONTINUED FROM PAGE B-ll borrowing won't jeopardize the current payout of 26 cents per share quarterly. O'Neill, of Duff Phelps, said the company can afford to take the action, however. "They have a sizable amount of cash (about $49 million at the end of the third quarter) and their debt to equity ratio has historically been very low," she said. THE COMPANY, an industrial conglomerate, has also closed some unprofitable operations in the last year and that should bolster 1986 profits, she said.

May, of Paine Webber, said he, too, thinks things won't stay down too long for the company. He predicts the actions will lead to large tax refunds that will replenish shareholder equity. demiologist at Tulane University. "We were most eager to try to estimate what the overall size of our liability Is," said Petry. THE PLAN does mean bad news in the short-term, however.

The transactions will penalize the company's 1985 earnings about $14.70 per share. Analysts' estimates on the year had been about $2.70 per share, meaning the company will likely have a net loss of about $12 per share on the fiscal year, which ends Nov. 30. Also, shareholders equity will be reduced by $140 million, to about $108 million. Loan covenants prevent the dividend from being raised for three years, although Petry said the increased Some asbestos manufacturers have sought protection from creditors under federal bankruptcy law.

Among them is Manville which was the nation's largest maker of asbestos products. Recently, Manville proposed setting up a multi-billion dollar trust fund to pay off its asbestos claims for the next 25 years. Petry said the $400 million protection figure resulted from studying the problem "from several different viewpoints," including the age of defendants, the likelihood of settlement and the propensity to sue. The company also sponsored studies by Dr. Hans Weill, an epi How will this affect GE's business? The UDF will cost half as billion-as other engine programs because it does not involve drastic redesign of the engine core.

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