The Palm Beach Post from West Palm Beach, Florida on March 27, 1998 · Page 41
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The Palm Beach Post from West Palm Beach, Florida · Page 41

West Palm Beach, Florida
Issue Date:
Friday, March 27, 1998
Page 41
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THE PALM BEACH POST 3D FRIDAY, MARCH 27, 1998 NO. 430944 TOWN OF OCEAN RIDGE FULL COST ACCOUNTING DISCLOSURE Sensormatic will not meet expectations for third quarter PURSUANT TO FLORIDA STATUTES 403.7049: The company also said it will sell preferred stock that will con RESIDENTIAL COSTS CHARGED TOWN RESIDENTS FOR vert to common after three years. The company won't know how BI-WEEKLY GARBAGE, WEEKLY TRASH AND RECY-' many preferred shares will be available until the offering is CLING SERVICE. DISPOSAL COSTS FOR 996-97 WERE priced. Nor has it set a preferred-to-common conversion ratio. ASSESSED ON THE TAX ROLL BY THE SOLID WASTE; About $100 million from the sale proceeds would be used to AUTHORITY OF PALM BEACH COUNTY. pay off the company's line of credit. The rest, about $43.5 million after expenses, would go toward the settlement of a class ac The company also plans to offer $150 million in new preferred stock. By Stephen Pounds Palm Beach Post Staff Writer BOCA RATON A day after it disclosed its chairman agreed to pay a $50,000 fine for inflating company revenue, Sensormatic Electronics Corp. said Thursday it' will not meet Wall Street expectations for its fiscal third quarter. The company also said it intends to offer $150 million in new preferred stock. Boca Raton-based Sensormatic, which makes retail anti-theft and closed circuit television systems, said it will miss earnings estimates for the quarter ending March 31 by 2 to 3 cents a share. If'expects to make 10 to 12 cents a'share, or $7.5 million to $9 million. Wall Street analysts expected Sensormatic to earn at least 12 cents a share, according to the Fjrst Call rating service. It also will miss its revenue mark by about $10 million. It expects to bring $235 million; analysts were forecasting $245 million. The company blamed the reductions on flat revenue in Europe and slower-than-expected growth in Latin America and Asia. This fiscal quarter is shaping up to be more profitable than last year, when Sensormatic booked a profit of $5.4 million for the three months ended March 31. But the market still didn't like the news, sending Sensormatic's stock down 37 cents Thursday to $16.69 a share. On Wednesday, the company settled charges by the Securities and Exchange Commission that founder and Chairman Ron Assaf, four former executives and the company itself had manipulated revenue figures to meet Wall Street's forecasts in 1994 and 1995. Assaf and two former executives were fined a total of $140,000; the company wasn't fined. tion shareholders lawsuit. Shareholders sued after the company was forced to revise quarterly financials for 1995 as a result of the revenue manipula tion scheme that led to the SEC SINGLE-FAMILY MULTI-FAMILY UNIT UNIT investigation. COST FOR In November, the company agreed to pay $53 million to shareholders who said they were misled by company news releas es about Sensormatic s revenue $68.98 $48.29 during the two years the compa ny recorded revenue for products COLLECTION RECYCLING before they were shipped. $20.06 $14.04 Republic Security to buy Unifirst Federal ucts Group is based in Boynton $10.56 ADMINISTRATION $7.39 In brief Beach. McDonald's to install new food preparation system $99.60 TOTAL $69.72 CHICAGO After years of testing a computerized and par tially robotic kitchen, McDonald's Corp. Thursday an nounced plans to roll out the just-in-time food preparation system across the country. McDonald's said its franchi faint Beach Post Staff and Wire Reports : WEST PALM BEACH Republic Security Financial Corp. Nasdaq: RSFC, $11) has agreed to buy Unifirst Federal Savings Bank in Hollywood for $13.2 million in stock, Republic Chairman Rudy E. Schupp said Thursday. ; Unifirst has about $140 million in assets, two branches and an administrative office in Broward County. Republic Security Financial, which owns Republic Security Bank, has 32 offices in Palm Beach, Broward and Miami-Dade counties. Its more recent acquisitions include Family Bank in Broward County and County National Bank in North Miami Beach. The deal for Unifirst, which ktill needs regulatory and shareholder approval, would vault Re- Bedley was senior vice president of Capital Bank's operations in Palm Beach and Broward counties. Capital Bank recently was bought by Union Planters. Before Capital, Bedley was with Barnett Bank for 12 years. Motorola paging division signs contracts in China SINGAPORE Motorola's (NYSE: MOT, $56.75) Asia-Pacific Paging Networks Division Thursday announced it has signed two paging network contracts in China valued at $7 million. The paging business in China sees have agreed to install the system in all U.S. restaurants by the end of next year. THIS NOTICE IS GIVEN PURSUANT TO THE REQUIREMENTS OF RULE 1 7-708 F.A.C. During a demonstration of the system last year, complicated special requests were delivered hot and within seconds. TUB 33 was down at the end of last year. Motorola has said it rebounded recently, but not enough to help boost its first-quarter revenues. The company's Paging Prod puoiic over ;i Diinon in assets from about $950 million, Schupp said. Republic is the largest inde PUBLISH: March 27, 1998 pendent bank in assets based in Palm Beach County and the AAA BOX STORE third-largest independent finan I DO HOT BUY ANOTHER CD, ANNUITY or V1ATICAL PROGRAM! Until You Call Our Toll Free 1-888-262-7804 24 HOURS FOR A FREE REPORT cial institution in the county, be Boxes & Packaging Materials Cheaper Than U-Haul hind First Bank of Florida and Fidelity Federal Savings Bank, 687-0101 2491 -D Okeechobee Blvd. both thrifts and both based in f 0 511 JIJ p yvi i m Oil f if OR Military Trail South of Atlantic Avenue West Palm Beach. 4 , Rexall Sundown shares fall after 'Journal' report : .: BOCA RATON Shares of Kexall Sundown Inc. fell $4.44 to $31.88 Thursday after 770 Wall Street Journal reported that vita min companies might be over V Palm Beach County's Newspaper For, About, and By Kids V valued and that Rexall s top retail outlet, Wal-Mart, soon will sell its own private label vitamins and herbal remedies, i Rexall (Nasdaq: RXSD) offi KIDS! cials said Wal-Mart has sold generic vitamins for years and that No. 430936 NOTICE OF COMPREHENSIVE LAND USE PLAN CHANGE ORDINANCE NO. 541 AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF ROYAL PALM BEACH, FLORIDA, AMENDING PREVIOUSLY ADOPTED ORDINANCE NO. 520 WHICH AMENDED THE VILLAGE FUTURE LAND USE MAP TO DESIGNATE AN 18.5 ACRE, MORE OR LESS, PARCEL OF PROPERTY KNOWN AS THE "312 CLEMATIS PROPERTY", AS (CO) COMMERCIAL OFFICE PROVIDING THAT SUCH PARCEL OF PROPERTY WHICH HAS NOW BEEN REDUCED IN SIZE TO 1 1 .95 ACRES, MORE OR LESS, DUE TO A TAKING" BY THE DEPARTMENT OF TRANSPORTATION FOR THE EXPANSION OF STATE ROAD 7, SHALL BE ASSIGNED THE NEWLY ADOPTED LAND USE DESIGNATION OF (CL) COMMERCIAL LOW IN ACCORDANCE WITH THAT CERTAIN COMPLIANCE AGREEMENT WITH THE DEPARTMENT OF COMMUNITY AFFAIRS APPROVED BY THE VILLAGE ON MARCH 1 9, 1 998; PROVIDING FOR TRANSMITTAL TO THE STATE LAND PLANNING AGENCY; PROVIDING A CONFLICTS CLAUSE AND A SEVERABILITY CLAUSE; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. such sales aren t a threat. Kexall prices its vitamins between pri vate labels and more expensive brand names. I Geary Cotton, Rexall's chief financial olticer, said the stock s 25 percent growth in share price in the past year shows the com pany is exceeding expectations A public hearing for second reading and adoption of the ordinance will be held on April 2, 1 998 at 7:00 p.m. or as soon thereafter as this item can be heard at the Village Council chambers, 1 050 Royal Palm Beach Boulevard, Royal Palm Beach, Florida 3341 1. A copy of the proposed comprehensive land use plan amendment and ordinance which is proposed for second reading and public hearing can be inspected and copied at the omce or the Village Planning, Zoning and Building Director during normal business hours of 8:00 Kidzette newspaper wants to hear from you! Kidzette is written by elementary and middle school students, guided by a Kids Board of Directors and published in partnership with The Palm 3 each Post. Each month, during the school year, Kidzette is read by more than ZO.OOO students. Our reporters have interviewed professional athletes, popular TV and movie stars, and favorite authorsl They've been backstage at the Kravis Center, in the dugout at Marlins games, and at press conferences with names you wouldn't believe! If you would like to be a part of Kidzette, plan to join us for our monthly meeting of the Kids Board of Directors for the 97-90 school year: Wednesday, April 1, 1993 3:30 p.m. - 5:00 p.m. In the Auditorium at The Palm Beach Post If you would like to write for Kidzette, please send your completed articles to the address below - or call us for story ideas. Kidzette P.O. Box 7523 West Palm Beach FL 33405 or call (561) 659-6634 i 1 Published in partnership with vj Qfffo feJlivJltettiVMQ a.m. to 4:30 p.m. All interested persons are encouraged to come to the public hearing and be heard. If a person decides to appeal any decision made by the Village Council with respect to any matter considered at this meeting or hearing, he or she will need to insure that a verbatim record of the for growth and prohts. Way cleared for Sunbeam purchase of First Alert ' DELRAY BEACH Sunbeam Corp. (NYSE: SOC, $44.38) said Thursday that federal regulators have cleared the way for it to buy First Alert Inc., which makes home safety products, and Signature Brands USA Inc., maker of Mr. Coffee machines. The required waiting period during which regulators consider potential antitrust problems has expired, Sunbeam said. The two deals, part of a trio of acquisitions worth 2.5 billion, are expected to close in early April. ; Sunbeam also plans to buy Coleman Co. Inc., which makes recreational equipment and other outdoor products. Colonial Bank-South Fla. names president for area WEST PALM BEACH Colonial Bank-South Florida on Thursday appointed Dennis G. Bedley as president of its Palm Beach-Broward operation. Bedley works out of the bank's Palm Beach Lakes Boulevard office and will oversee corporate and retail banking for the seven offices in the two counties. Montgomery. Ala.,-based Colonial (NYSE: CNB, $36) has 18 offices in South Florida and assets of more than $800 million here. It has $7 billion in assets in Florida, Alabama, Georpa and proceedings is made, which record should include the testimony and evidence from which the appeal is to be based. The Village of Royal Palm Beach does not provide such a record. The location of the subject property is shown on the map below: I 1 PARCEL 1 PARCELS L S 4k PUBLISH DATE: March 27. 1998

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