The Tennessean from Nashville, Tennessee • Page 29

CLASSIFIED BUSIN Wall Street 2E Labor 4E Tourism 5E EE Looking for a friend? 256 pets need a home Pages 5-1 2E TUESDAY, APRIL 30, 1991 news gets Ecoeomy finally TomSin Personal spending Trillions of dollars, seasonally adjusted annual rale 3.80 fl 1 March consumer spending up .6 By JOHN P. McCLAIN Associated Press WASHINGTON Consumers increased their spending by 0.6 in March, the government reported yesterday. Analysts said the second monthly advance in that critical sector could mean that the end of the recession is near. But they also noted that the Commerce Department report included a relatively weak 0.2 increase in personal incomes, which could strain pocket books and dampen a recovery. A second government report said sales of new homes rose 1.0, also the second monthly advance, which reinforced many analysts' views that the slump in that industry already had reached bottom.

Personal consumption'rose to a seasonally adjusted annual rate of $3.77 trillion, up from $3.75 trillion the previous month, the department said. It revised the February rate from a 0.6 advance to New home sales up for 2nd month By JOHN D. McCLAIN Associated Press WASHINGTON New homes sales picked up 1.0 in March, the second advance in a row, according to government figures yesterday that reinforced analysts' belief the housing recession had reached bottom. "It confirms our judgment that the bottom of the cycle was in January," David F. Seiders, chief economist with the National Association of Home Builders, said.

But he added that the recovery from the two-year housing bust would be moderate. The increase and a stronger-than-estimated gain in February "conform with the impression that the industry has most, likely already hit bottom and is on the verge of stabilizing," said economist Marilyn Schaja of Donaldson, Lufkin Jenrette Securities Corp. in New York. The Departments of Commerce and Housing and Urban Development said sales totaled a seasonally adjusted annual rate of 490,000, up from 485,000 the previous New home sales Seasonally adjusted annual rate, thousands of unite 5oo jj 60 i 0 nnnnnnnnn ann AMJJASONDJFM 1990 199t Mar. '90 Feb.

'91 Mar. '91 1 559 485 I 490 I Heroes get backup, not give up Jerry Ezell is one of my heroes. So is Kyle Taylor. John J. Hooker is one of my heroes and he doesn't even like me.

These and other self-starters who have faced financial setbacks deserve to be called heroes. They know first hand that life sometimes deals us a setback so we can make a greater leap forward. As the stunt driver who is about to leap across a canyon doesn't start from the edge, the hero steps back to get a running start Each attempt is a new lesson. My heroes don't believe it's over AMJJASOND 1990 1991 Mar. '90 Feb.

'91 Mar. '91 WM I 3.75 I 3.77 AP Source: U.S. Dept. ot Commerce I Turn to PAGE 5E, Column 1 Soiree: U.S. Dept.

ot Commeroe when the fat lady sings they don't even think it's over when she has sung, changed and is in the cab going home. when you view your career in a sports metaphor, you realize that in your 20s you are just learning the 2 1 game and your position, the 30s is the first quarter, 40s second, 50s third and 60s the fourth. If you're lucky, you play overtime. So when you're called offside or the score is mounting up against you, keep playing, because the real winner in the game of life is the one who loves playing the position no matter what the score. When you have a high profile and experience setbacks, you have the unique opportunity to have others witness your courage.

Why is it unique? Because there are thousands of everyday heroes and heroines whose acts of courage go unnoticed. The divorced mother who works two jobs to keep the children together. The man who has to travel for a living to be a better provider when he would rather be home at night The unemployed hero or heroine who goes out every day looking for a job, facing possible rejection but keeping on. One of my heroes you may know. He failed in business and filed bankruptcy twice.

He had a nervous breakdown. He was defeated in his campaigns for public office eight times. He was a guy by the name of Abraham Lincoln. Notice: All letters not answered in this column within 30 days of receipt will be answered by mail. All phone calls should be questions only, as time does not permit return calls.

Thanks. i I Turn to PAGE 5E, Column 1 AmGen earnings rise 11 Consolidation cited for cutting expenses By PON HINKLE Staff Writer The consolidation of Gulf Life Insurance Co. into American General home service operations here helped increase the Houston-based company's first-quarter earnings nearly 11, officials announced yesterday. The consolidation of the former Jacksonville-based company's operations with American General Life Accident Insurance Co. completed here March 15 contributed to American General's jump in net income from $107.1 million, or 90 cents per share, for the first quarter of 1990, to $118.7 million, or $1.01 per share, for first quarter 1991.

"In the current economic environment, it is gratifying to report earnings improvements in each of our business segments," said Harold S. Hook, chairman and chief executive officer. "We have continued to improve operating efficiencies and have completed a major consolidation on schedule," he said. Revenues for the first quarter increased 4 from the comparable 1990 period to $1.1 billion. First-quarter earnings for American General Life Accident here were $62.7 million, compared to $60.9 million for the same period last year.

The consolidation resulted in a 19 reduction in operating expenses and American General officials are projecting additional savings to total $27 million during the balance of 1991. "The performance of our investment portfolio continues to be among the best in the insurance industry," he said. American General's insurance special markets segment reported a 21 increase in earnings for the first quarter, to $48.8 million, rising from $40.2 million for the first quarter of 1990. Financereal estate segment earnings climbed from $28.7 million for first quarter 1990 to $29.9 million for first quarter 1991. Assets for the corporation in BISteber Staff Kristy Parrish hands an order of seafood to a customer at the FoodMax store in Hermitage.

Bruno's ringing up Nashville sales One of 'most aggressive and fastest growing supermarket chains' By DON HINKLE I 1 yy and merchandising vy and merchandising talent to BUMPER STICKERS OF LIFE "We are all faced with a series of great opportunities brilliantly disguised as impossible situations." Contributed by Jimbo Cook. THE BOTTOM LINE Staff Writer In two years, Birmingham-based Bruno's with its four FoodMax supermarkets, has bagged a 6 share of Nashville food sales and analysts say that number is likely to grow. Though it continues to trail Kroger's 34 share, H.G. Hill's 13 and Food Lion's 9, Bruno's FoodMax stires rate even with Crook's and ahead of Red Foods' 5 share, according to The Shelby Report, an Atlanta-based industry publication. "Bruno's growth will come at the expense of the smaller chains Company: Bruno's Inc.

Founded: 1932 Headquarters: Birmingham, Ala. Operations: Operates a chain of 231 supermarkets In Alabama, Florida, Georgia, Mississippi, and Tennessee under the FoodMax, Plggly Wiggly, American Fare, Bruno's, Food World, and Consumer Warehouse names. Bruno's operates four FoodMax stores in Nashville and one in Cleve land, Tenn. Employees: 20,390, including about 450 in Nashville Sales for 1990: $2.4 billion, up from $2.1 billion in 1989 Profits for 1990: $80 million, up from $50 million in 1989 Sales for latest quarter $569 million, up from $531 million for first quarter 1990 52-week highlow. Yesterday's close: $20.50 -OTC symbol: BRNO Michael Tomlin is a Nashvillian who is no stranger to debt.

If you have a question for Tomlin, write Matters of Life and Debt, co P.O. Box 121895 Nashville TN. 37212, or call664-1800. Matters of Life and Debt can be heard live on radio station FM Monday, Wednesday and Friday. compete successfully.

Bruno's four local FoodMax locations are at 5531 Edmondson Pike, 1144 Gallatin Road, 4670 Lebanon Road, and 2261 Mur-freesboroRoad. Bruno's operates 231 supermarkets in five Southeastern states under six different names, ranging from the modern warehouse-type FoodMax to the carpeted, up-scale Bruno's Finer Foods in the more affluent sections of Atlanta. Bruno's has developed a reputation, much like that of Food Lion, of being a well-managed company that has poured a large amount of its profits back in. "They have a 1.3 million-square-foot warehouse in Birmingham that has state-of-the-art material handling systems," said Mark Allen, analyst with the Atlanta-based Robinson-Humphrey Co. I Turn to PAGE 4E, Column 6 and independently owned supermarkets," predicts Ron Johnston, Shelby's associate publisher.

"Bruno's and Food Lion are the two most aggressive and fastest growing supermarket chains in the industry," he said. By 1993, Bruno's will open 50 new supermarkets in the Southeast, including FoodMax stores on Gallatin Road in Hendersonville Correction Terry Mills, president of Rock Harbor Marina here, was incorrectly identified in a story in Sunday's editions of The Tennessean concerning the Midstate boating industry. The Tennessean regrets the error. and at an undetermined site in Davidson County, said Ronald Bruno, president "The market is progressing very nicely and our goal is to double our sales and earnings over the next five years," he said. Analysts agree Bruno's is headed in that direction.

"They are a quality, growth-type company," said Gary Vine-burg, analyst with Dean Witter Reynolds in New York. "They are second only to Food Lion in offering everyday low prices, plus they offer the extras like beautiful bakeries and delis. "In addition, they have the sav creased 6 to $34.4 billion at March 31, 1991, officials said. 11E1 NEWSMAKERS Stephen E. Horn has been named MARKETS Stock prices tumbled yesterday, 'STOCKS' Dow Industrials LABOR AbOUt 125 Contract employees at the Saturn Corp.

cafeteria, who overwhelmingly voted April 18 to strike if they do not receive better benefits and wages, resume negotiations with management today in Spring Hill. Employees of Morrison-Milco want their wages increased from $4.50 an hour to $6 an hour, full medical benefits and paid holidays. Saturn officials are hoping to end' the impasse, so they can avoid a possible confrontation with members of theAJnited Auto Workers Union. T-BILLS Interest rates fell on short-term Treasury securities in yesterday's auction to the lowest level in two weeks. The Treasury sold $8.01 billion in three-month bills at an average discount rate of 5.60, down from 5.69 last week.

Another $8.01 billion was sold in six-month bills at an average discount rate of 5.68, down from 5.79. In a separate report, the Federal Reserve said that the average yield for one-year Treasury bills, the most popular index for adjustable mortgage, fell to 6.25 last week, down from 6.26. aepressea Dy economic worries and doubts about the durability of the market's early 1991 rally. Trading was relatively quiet. The dollar was narrowly mixed as executive vice president and COO of Nashville Bank of Commerce, William Ft.

Reed chairman, announced. Horn, most recently senior vice president of special lending at First American, will head ud NBC's commercial I i. AGENDA Bill FOX, director of the Center for Business and Economic Research at the University of Tennessee-Knoxville, will speak on "Future Economic Trends," to UT Alumni at 6 p.m. at the Cumberland Club. traders sold on the lack of agreement between the world's seven richest countries to lower interest rates.

Qpld fell. Silver was mixed. Story and tables on banking efforts? HORN.