The Courier-Journal from Louisville, Kentucky on February 12, 1993 · Page 26
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The Courier-Journal from Louisville, Kentucky · Page 26

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Friday, February 12, 1993
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THE COURIER-JOURNAL. FRIDAY, FEBRUARY 12. 1993 C 5 Tumbleweed rolling into N. Kentucky EAfif HUGS BEPOSTTS By! JUDITH EGERTON .Business Writer Tumbleweed Mexican Foods Inc. is headed north. : In June, the Louisville-based restaurant chain will open its 15th location, this one in Florence, Ky. The opening is a strategic move into the . .Northern KentuckyCincinnati mar-' "ket "with more restaurants planned for that area, said Tumbleweed President George Keller. ; The 271-seat restaurant will be a prototype for the growing restaurant chain and is the first step in a five-year expansion plan that eventually may lead to the privately owned chain becoming a public corporation with 100 restaurants. '.The company may open one or two more restaurants in the Louis ville area and is considering locations in Indianapolis and the Milwaukee area, Keller said. Each site's opening will generate about 150 jobs. The chain, which specializes in Mexican-American food, operates four full-service restaurants in Louisville, four in Southern Indiana and one each in Lexington and Frankfort, Ky. In addition, it operates food courts in Clarksville's River Falls Mall, Oxmoor Center in Louisville, Middletown Station in eastern Jefferson County, and in Lexington's Fayette Mall. Of the 14 locations, seven are company-owned and seven are franchises. In the future, Tumbleweed's primary focus will be on expanding its company-owned units, Keller said yesterday. However, he said, the company recently reached an agreement with investors led by Richard Reeves of Louisville to open several Tumbleweed franchises in the Milwaukee area beginning in July. Reeves is a former Chi-Chi's official who was involved in franchising that Louisville-based Mexican restaurant chain. Last year Keller said Tumbleweed would raise $5 million in private capital to expand the chain owned by Keller, his wife, Linda, and her parents, Margaret and Urey Tucker. The chain still is raising the capital and will continue with a plan to go public within about two years, Keller said. Expansion is a way for the chain, founded in 1975, to reach its potential, Keller said, adding, "We know we can do well in other markets, and we're anxious to move on." SEC chief Breeden to depart in April Associated Press WASHINGTON - Richard Breeden, who presided over a three-year expansion of the Securities and Exchange Commission's authority as Wall Street watchdog, said yesterday that he plans to resign as chairman by April 15. In a statement, Breeden said he would return to the private sector on April 15, "unless a successor is in place sooner." Breeden, who has headed the agency since October 1989, is a Republican with strong ties to former President George Bush. He was expected to leave before his term ends in June. The Clinton administration has yet to nominate a successor. Con-suela Washington, securities coun sel for the House Energy . and Commerce Committee, and James Cheek III, a Nashville, Tenn., securities lawyer, are most frequently mentioned as the administration's top choices to fill the seat. Breeden, 43, said he still plans to play an active role in his last two months, including testifying before Congress next week about legislation to require outside auditors to blow the whistle on corporate wrongdoing. He also plans to preside over an SEC meeting on new mutual funds. Breeden Of his immediate plans, Breeden said in an interview: "My entire career has been in finance, either as a lawyer or in government. I hope I can find a position where I can continue to be active in the evolution of the world's capital markets." Breeden, a former White House aide, won high marks for keeping cool during two serious stock-mar-, ket drops the first on Oct. 13, 1989, his second day on the job, when the Dow Jones industrial average fell 190 points. He also earned praise for helping to push bills through Congress that enacted major market reforms and expanded the SEC's authority to combat penny-stock fraud and impose fines on stock-market wrongdoers. Retail sales rose; new claims for jobless benefits fell Associated Press " WASHINGTON Americans carried the holiday-shopping spirit into the new year, and the job market improved late in January, the government reported yesterday. ;Retail sales rose 0.3 percent, to a seasonally adjusted $167.4 billion, the Commerce Department said. TThat followed a gain of 0.8 per cent in December and was the sixth advance in seven months. Department-store and auto sales showed particular strength. Sales from November to December were 7.2 percent higher than a year earlier. Meanwhile, the Labor Department said the number of Americans filing first-time claims for jobless benefits fell by 12,000, to 340,000, in the week ended Jan. 30. It was the FARM YESTERDAY'S PRICES ON SELECTED MARKETS CASH GRAIN PRICES ' Federal-Stats Markt News Service . (Prices per bushel) Mammoth Louisville Cove Pennvrilc CORN No. 2Y 2.I4'4-2.172.07-2.22 2.12-2.18 WHITE CORN 2.45 SOYBEANS No. 1Y 5.69-5.73 5.37-5.67 5.61-5.72 WHEAT No. 2SRW 3.37-3.48 3.46-3.65 OATS No. 2W 1.50 BARLEY No. 2 1.70 SORGHUM, 56 lbs. per bushel 1.98 Purchase Central Bluesrass Ohio Valley CORN No. 2Y 2.07-2.18 2.03-2.16 2.15-2.18 SOYBEANS No. 1Y 5.59-5.74 5.42-5.52 5.70-5.71 WHEAT No. 2 SRW 3,63 3.73 Lincoln Lake Trail Cumberland CORN No. 2Y SOYBEANS No. 1Y WHEAT No. 2 SRW 2.10-2.20 5.45 2.80 Contract prices for March delivery. Mammoth Ohio Louisville Cave Valley CORN No. 2Y 2.15'i-2.18 2.05-2.132.17-2.19 SOYBEANS No. 1Y 5.70-5.73 5.62-5.675.70-5.71 WHEAT No. 2SRW 3.73 Purchase Central Penny rile Area Bluearass CORN No. 2Y 2.16-2.18 2.09-2.192.13 ' SOYBEANS No. 1Y 5.68-5.73 5 58-5.745.57 FUTURES ' Associated Press Chicago Board ot Trade Open Hlith Low Settle Chi. WHEAT 5,000 bu minimum; dollars per bushel Mar, 3.66 3.71 3.64 3.67 Vi -.00 ' May. 3.431 3.46V4 3.42(4 3.43 -.01 V, Jul .,. 3.25V 3.27 3.23 3.23 V4 -.01 Sep 3.28 3.30VJ 3.2tV, 3.28 .01't Dec 3.36V4 3.39 3.35 3.35 .02 Mar 3.39 -.0214 Jul, -3.17 -.02 Wed.'s sales 11,013 ' - Wed.'s open )nt 47,404 CORN 5,000 bu minimum; dollars per bushel Mo 2.13 Ui 2.12 2.12V4 -.01 Ma 2.21 2.212.20 2.20 -.01 Jul 2.28 2.29 2.27 2.27 -.00 Sep-....; 2.34 2.35S4 2.33 2.34 -.00 Dec' 2.40 2.42 2.40 2.40 -.00 Mar- 2.47 2.48 2.46 2.46 -.00 Ma.... 2.51 2.52 2.51 2.51 -.00 Jot 2.55 2.56 2.55 2.55 Dec'.....' 2.49 2.49 2.49 2.49 .00 Wed.'s sales 26,048 . Wed.'s open Int 264,437, up 539 OATS 5,000 bu minimum; dollars per bushel Mnr 1.42 1.43 1.40 1.40 -.02 May :....1.41 1.42 1.40 1.40 -.01 Jul . SP , DeC . Mar 1.41 1.41 1.39 1.40 -.01 1.41 1.41 1.40 1.40 -.01 .1.43 1,43 1.42 1.42 -.02 1.43 -.02 Wed.'s sales 2,134 Wed.'s open Int 7,822 SOYBEANS 5,000 bu minimum; bushel dollars per OTHER AREA OTC STOCKS Quotations are from the National Association of Securities Dealers. They Indicate the highest bids and lowest offers from market makers, and volume; in each security as of 4 p.m. Feb. 11. The prices dp not Include retail markup, markdown or commission. Prev. ' Salts Bid Asked Bid Appalachian Oil Gas VNA 116 532 116 CBTCorp. 0 31 33 31 Calenders HealthC 37,400 2 2 2 116 VNA 50 MVS 48 Mar 5.68 5.75 5.65 5.67 .01 May 5.70 5.77 5.68 5.69 -.02 Jul 5.76 5.81 5.73 5.74 -.02 Aua 5.77 5.83 5.75 5.76 -.02 Sep 5.79 5.83 5.77 5.78 -.01 Nov 5.85 5.91 5.83 5.84 -.02 Jon 5.91 5.98 5.91 5.91 -.02 Mar 5.98 -.03 Jul 6.10 6.10 6.06 6.06 -.02 Nov 5.94 5.95 5.89 5.90 Wed.'s sales 21,513 Wed.'s open Int 128,834, up 543 SOYBEAN OIL 60,008 lbs; dollars per 100 lbs. Mar 20 75 20.82 20.59 20.65 -.14 May 20.93 21.07 20.85 20.92 -.10 Jul 21.16 21.26 21.06 21.14 -.07 Aug 21.20 21.35 21.20 21.20 -.08 Sep 21.25 21.38 21.20 21.25 -.06 Oct 21.43 21.43 21.29 21.29 -.05 Dec 21.30 21.55 21.28 21.44 -.02 Jan 21.58 21.62 21.50 21.52 .02 Mar 21.65 Wed.'s sales 9,497 Wed.'s open int 66,336 SOYBEAN MEAL 100 tons; dollars per ton Mar 177.80 179.50 176.90 177.40 -.30 May 17B.B0 180.30 177.90 178.40 -.20 Jul 180.90 182.00 180.00 180.50 -.20 Aufl 181.30 182.80 181.20 181.40 -.20 Sep 182.30 183.80 182.20 182.30 -.20 Oct 183.50 184.50 183.10 183.30 -.30 Dec 185.50 186.90 185.00 185.30 -.40 Jan 187.00 187.00 185.80 185.80 -.70 Wed.'s sales 8,729 Wed.'l open Int 69,684, up 276 Chicago Mercantile Exchange CATTLE 40,008 lbs.; cents per lb. Feb 82.00 82.10 81.52 82.07 .27 Apr v 79.65 79.72 79.15 79.47 -.08 Jun 73.90 73.95 73.40 73.57 -.08 Aug 71.87 71.90 71.57 71.70 -.07 Oct 73.20 73.20 72.82 73.00 -.07 Dec 73.50 73.50 73.25 73.30 -.20 Feb 72.80 72.80 72.40 72.40 -.32 Wed.'s sales 15,019 Wed.'s open int 80,727, up 117 FEEDER CATTLE 50,000 lbs.) cents per lb. Mar 86.17 86.17 85.65 85.87 .25 Apr 84.70 84.75 84.22 84 50 -.12 May 83.65 83.77 63.35 83.37 -.23 Aug 83.00 83 07 82.80 82.95 Sep 82.20 82.20 82.00 82.07 -.23 Oct 81.90 81.95 81.90 81.95 -.10 Nov 81.92 .02 Jan 81.85 81.85 81.67 81.67 .02 Wed.'s sales 1,276 Wed.'s open Int 11,722, up 119 HOOS 40,000 lbs.; cents per lb. Feb 45.12 45.12 44.50 44.70 -.07 Apr 45.00 45.00 44.60 44.80 .02 Jun 49.87 50.30 49.70 50.27 .50 Jul 48.85 48.95 48.55 48.92 .27 Aug 46.20 46.42 46.10 46.32 .12 Oct 41.80 41.85 41.70 41.82 .02 Dec 42.90 43.10 42.85 43.10 .20 Feb 43.00 43.05 43.00 43.05 .25 Apr 42.00 42.00 42.00 42.00 .10 Wed.'s sales 10,888 Wed.'s open Int 24,908, up 916 PORK BELLIES 40,000 lbs.; cents per lb. Feb 37.00 37.35 36.55 37.35 .40 Mar 37.10 37.70 36.70 37.45 .33 May 38.25 38.80 37.85 38.60 .38 Jul 38.65 39.52 38.15 39.37 .95 Aug 37.40 39.00 37.15 38.75 1.50 Wed.'s sales 4,329 Wed.'s open Int 9,672, up 25 LUMBER 160,000 bd. ft.; t per 1,000 ad. ft. Mar 388.50 388.50 388.50 388.50 15.00 May 360.20 360.20 340.50 353.50 8 30 Jul 338.50 338.50 320.00 325.00 -3.50 Sep 316.90 318.00 300.00 309.50 -3.00 Nov 303.00 303.00 284.20 289.00 -10.20 Jan 294.50 295.00 289.40 295.00 -9.40 Mar 305.00 -15.00 Est. sales 1.295. Wed.'s sales 236 Wed.'s open int 2,324 LIVESTOCK MARKETS Federal-State Market News tervlce (Quotations are in cents per pound) HOGS LOU. KY.DIR. E.ST.L. Churcblll Downs Citizens Fin. Corp. DMI Furniture Datapuard Rec. Svc. Fornfiers Capital Bk. First Fed'l, Financial Florafax Investors Heritage Kentucky Investors Ky. Utilities 4 pf LG8.E 5 pf LG&E 7.45 pf Plkeville Nat. Corp. RealAmerlca 5. Y. Bancorp Toyota VNA 0 VNA 0 0 VNA VNA VNA VNA 0 0 600 VNA VNA 39,800 31 2 50 5 2 27 37 J32 26 12 62 18 26 31 24 23 Receipts Price Trend US 1-3 (230-260 lbs.) Sows (350-400 lbs.) FEEDERS LOU. 3,750 , 1,600 Up ! Up 42-45 ' 44 27-34 34-36 OK.CITY KY.AUC. 5 2 1 28 40 15 28 13 19 27 32 25 23 5 2 27 37 332 26 12 62 18 26 31 Y, 24 23 Receipts Steers (Med. Lt . Frame 1) 300-400 lbs. 400-500 lbs. SOMOOIbs. 600-700 lbs. 700-800 lbs. Heifers (Med. L. Frame 1) 300-400 lbs. 400-500 lbs. 500-700 lbs. 3,689 95105 93-103 85-95 80-86.95 73-82 84-94 80-90 74-86 HOLSTEIN LOU. OK.CITY KY.AUC. (VNA) Volume not available. Steers (Lt. Frame 1) 300-500 lbs. 500400 lbs. 600-700 lbs. . 7382 66-73 64-69 second consecutive decline and the lowest claims level in five weeks. In January, sales at auto dealers jumped 1.1 percent, the steepest gain since October. That followed a 0.5 percent gain in December. Excluding autos, overall sales rose just 0.1 percent. General merchandise stores, including department stores, reported a 1.9 percent advance. It was the strongest in six months and followed a 0.3 percent decline in December. Bank seeking sale ofex-Calumet heir's farm near Lexington Associated Press LEXINGTON, Ky. - A Lexington bank has filed suit seeking to force the sale of a farm owned by a member of the family that once controlled Calumet Farm. Citizens Fidelity Bank & Trust Co., which has been renamed PNC Bank, alleges that Warren Wright III owes more than $170,000 on a note that was due in November. In November 1986, Wright borrowed $250,000 secured by the 100-acre farm on Tates Creek Road. Wright, 40, is the grandson of Warren Wright Sr., the man who inherited Calumet as a standardbred operation but converted it into one of the thoroughbred world's most successful breeding and racing operations before his death in 1950. According to the lawsuit, Warren Wright III and his wife, Donna, now live in Newberry, Fla. Fayette County said he also owes more than $6,000 in taxes that were due Jan. 1. Calumet went into bankruptcy in 1991 and was auctioned last March. Family members have been beset by financial problems, some of them growing out of loans made to Calumet that the family guaranteed personally. Another family member, former Calumet President J.T. Lundy, who is married to Wright's sister Lucille, filed for personal bankruptcy in Florida in December. Lundy's family farm near Midway was sold at auction in January. BURLEY SALES Kentucky burley sales yesterday according to the Federal-State Market News Service. Price averages are per 100 pounds sold. Markets Pounds Sold Average Carrollton ...... . 189,116 .. $175.44 Cynthiana 48,368 176.38 Danville No sale Harrodsburg .... No sale Lexington....... 364,994 173.95 Louisville ....... 38,266 .;' 176.84 Mount Sterling... No sale Shelbyville No sale Total Kentucky. 640,744 174.74 Change from previous sale . . Down $5.26 Season to date 511,942,279 182.21 Year ago to date 498,799,097 179.00 Madison No sale New Albany 63,097 179.88 Total Indiana.. 63,097 179.88 Change from previous sale . . Down $2.32 Season to date , 15,172,433 182.21 Year ago to date 16,538,198 179.57 Late price revisions are not included by Market News Service in its individual quotations. Thomas Industries Inc. Timothy C. Brown, president and chief executive officer of the Louisville-based company, said: "Our Compressor and Vacuum Pump Group finished the year with an extremely strong performance, reporting the highest sales and earnings for any year and quarter in the company's history. "This has helped to offset the performance of our Commercial and Industrial Lighting product lines, which have been affected by the continuing depressed North American construction industry. The Thomas Lighting Canada operation in Markham, Ontario, has been particularly hard hit." Regarding 1993, Brown said construction is likely to remain flat, hurting the lighting business. However, he looks for growth in the compressor and pump group and stronger results in Europe. The 1992 results include a nonrecurring charge of $4 million, or 40 cents a share, to establish a reserve for costs associated with plant consolidations to reduce excess capacity in the lighting segment and the disposition of other assets. Fourth-quarter and full-year net income for 1991 include $2.2 million, or 22 cents a share, from accounting changes. Quarter ended Dec. 31 1992 1991 Ch. Revenue 108,194,0M $98,953,000 9.3 Net Income 690,000 1,229,000 -43.9 Per share .10 ' .19 -47.4 Year ended Dec. 31 1992 1 991 Ch. Revenue S4.754,0O0 S408,36S,000 3.0 Net Income (2,032,OM) 3,788,000 - Per share .38 Caretenders Healthcorp William Yarmuth, Caretenders' chairman and chief executive officer, said despite dramatic improve ments, results were adversely affected by accelerated efforts to expand the Louisville-based company's chain of adult-day-care centers, as well as by initial operating losses sustained by new home-health operations in Richmond, Va., and Boston. Yarmuth said the company was encouraged by recent signs that the Clinton administration was easing restrictions on the states' abilities to fund adult-day-care services and home-health-care services. Quarter ended Dec. 31 1992 1991 Chg. Revenue $11,373,000 $9,84,M 15.6 Net Income 108,000 (518,000) Per share .01 Nine months ended Dec. 31 1992 1991 Chi). Revenue 532,289,000 $28,075,00 15.0 Net Income 536,000 (935,000) Per share .03 Cummins Engine Co. The diesel-engine maker, based in Columbus, Ind., said it currently expects its first-quarter 1993 results to exceed those of fourth quarter 1992. For the year, Cummins said that it expects results to show significant improvement compared with 1992 operating results. Net income for fourth quarter and full year 1992 reflects a $5.5 million charge related to the early retirement of debt. Full-year 1992 net income also reflects a $251.1 million charge due to accounting changes. Full-year 1991 net income includes a $51.5 million gain due to accounting changes. Quarter ended Dec. 31 1992 1991 Chg. Revenue $1,016,200,000 $865,500,000 417.4 Net Income 24,000,000 (2,300,000) -Per share.,.. 1.26 Year ended Dec. 31 1992 1991 Chg. Revenue $3,794,000,000 $865,500,000 038.4 Net lOSS (189,500,000) (14,100,000) - BANK Continued from Page C 1 Ashland in Ashland, Ky. And next year the change will take hold at Crestwood State Bank in Crestwood and Central Bank and Trust in Owensboro, Ky. First Kentucky National Corp. merged with National City Corp. in 1988, and initial discussions about a name change began then. But last year, when National City merged with Merchants National Corp. of Indianapolis to create a holding company with nearly $29 billion in assets, a name change became in evitable, Boyd said. On March 29, First Kentucky National Corp. will be dissolved as a holding company and replaced by National City Bank Kentucky, which will serve as an umbrella for the banks that are currently part of First Kentucky National. Boyd said an advertising campaign will be unveiled next week that emphasizes "our bank is our people, and regardless of a name change, people aren't going to change." First National spokeswoman Terri Wilson said the campaign won't involve use of a celebrity. Golfer Arnold Palmer recently helped usher in the name of PNC Bank, the former Citizens Fidelity Corp. Vencor expects rosy 1992 earnings report From Staff and Wire Dispatches Vencor Inc. said it expects its 1992 results to be at the high end of analysts' estimates of 93 cents to 95 cents a share, compared with 63 cents a share in 1991. The Louisville-based company, which runs hospitals for patients with catastrophic illnesses, will release its earnings later this month. Vencor plans to report record revenue of about $215 million, up from $135.3 million in 1991. The company said its growth during 1992 was a direct result of its "pioneering role in developing intensive-care hospitals." Vencor said it opened five hospitals in California in 1992 and expects 1993 revenues from them alone to be about $56.2 million. Vencor, which owns or leases 23 hospitals, said it plans to open three or four hospitals each year over the next five years. In trading on the New York Stock Exchange yesterday, Vencor stock closed at $29.25, up $1.25. BORDEN Continued from Page C 1 alleged conspiracies involving milk sold to some public school districts and public hospitals in Texas, as well as Reese Air Force Base and Texas Tech University. The conspiracies, which allegedly began as early as 1964 and continued as late as June 1990, involved Borden's operations in Lubbock, Dallas-Fort Worth, Tyler, Amarillo and Abilene. Borden was accused of bid-rigging three years ago in a Florida case. The company pleaded guilty and paid a $4 million fine and a civil settlement of $1.5 million A second company, Preston Dairy of Burk-burnett, Texas, was accused yesterday in two one-count felony complaints, one filed in Oklahoma City and the other in Dallas. No one could be reached at company headquarters for comment. Both cases involve the sale of milk to public schools, and the Oklahoma case also involves other public institutions. An indictment Wednesday accused Maola Milk and Ice Cream Co. and its former president, Kenneth Gex Reesman, both of New Bern, N.C., of conspiring to rig bids for dairy products sold to public schools and of mail fraud. OUR TOWNS: Kentuckyfs Communities After 200 Years The first 52 towns profiled in The Courier-Journal's OUR TOWNS series have been collected and reprinted in a book. Each town's profile includes a locator map, statistical data of the area and photographs. Many of the photographs in the the book were not included when the stories were published in The Courier-Journal. This is the first of a two-volume set. The remaining towns in the OUR TOWNS series will be reprinted in a second book to be published in 1993. OUR TOWNS will help you remember or get acquainted with -the towns that fill the mountains and barrens and bottomlands of Kentucky. This book is available at most bookstores and gift shops and in the lobby of The Courier-Journal building. Please allow two weeks for mail delivery. 1sssssssssssm ftuMKMm0mrmmmmmhmammm 'ft- ... 1 J- PFC ... . -r mast $9.95 Softcover 224 pages Please add $2.00 for each book for shipping and handling. Kentucky and Indiana residents must also add sales tax. ' Order Form Please send me . copy(s) of "OUR TOWNS" at $9.95 per copy. I am including $2.00 for shipping and handling for each book ordered. Kentucky residents must add 60 cents sales tax for each book ordered and Indiana residents must add 50 cents sales tax for each book ordered. Total enclosed $ . Name Address City State .Apt. ZIP Telephone Please make checks payable to The Courier-Journal. Mail to: Book Division, The Courier-Journal P. O. Box 740031, Louisville, KY 40201-7431

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