The Los Angeles Times from Los Angeles, California • Page 122

D8 TUESDAY, JUNE 4, 1996 LOS ANGELES TIMES f7S imllG Wahlco Environmental Chairman Steps Down California Tourism Industry Hails the Age of Aquariums Something fishy is going on in California it's the tourism. Three new fish-related attractions have opened in the state so far this year, while construction has begun on the $100-million Long Beach Aquarium of the Pacific, which is set to open in 1998. To the south, Sea World of control equipment Wahlco makes. Wahlco shares were unchanged at $1 Monday on the New York Stock Exchange. The stock once sold as high as $16,625, but has been trading in the range since mid-1994.

Wahlco spokeswoman Anne Anderson said Plaumann has not said whether he will relocate from Greenwich, to Wahlco's corporate offices in Santa Ana. Wahlco makes equipment to improve the efficiency of power plants; to reduce emissions from coal-burning power plants and to purify and bottle water. It has 450 employees, including 85 at its headquarters in Orange County, 100 at a factory in Lewiston, Maine, and 250 at a factory in England. stock a year ago, becomes president and chief executive of the maker of pollution control equipment. A Wahlco spokeswoman declined to link Huta's departure to Wahlco's losses or to the year-ago change in control, saying only that the 48-year-old executive left to pursue other opportunities.

Wexford Capital Corp. which bought controlling interest in Wahlco last June 7, replaced all of the directors except Huta as part of that deal. One of the new directors, David R.A. Steadman, president of Atlantic Management Associates Inc. in New Hampshire, has been appointed Wahlco's chairman.

Wexford "clearly will be studying California unveiled its Shamu Backstage exhibit over the Memorial Day weekend. The 1.7-million gallon habitat lets visitors get up close and personal with everybody's favorite killer whale. Guests can touch, train, feed and even wade with the mammoth mammals away from the glare of the show ring. Think of it as Shamu Unplugged. The Monterey Bay Aquarium also has taken the natural approach.

Its new million-gallon Outer Bay gallery allows visitors to view sea life in the open water where Monterey Bay meets the ocean. Guests can watch soupfin sharks, green sea turtles, stingrays, barracuda and other swimming critters through what the OS HEARD ON THE BEAT TOURISM By Maria Dickerson Allergan Inc. Profile Heaquarters: Irvine Business: Develop, manufacture and market therapeutic products for eye and skin care. Founded: 1989, a spinoff from SmithKline Inc. Chalrmanchlef executive: William C.

Shepherd Employees: 6,000 600 400 200 o' 91 '92 '93 '94 '95 the business and be making some judgments" about Wahlco's future, company spokeswoman Anne Anderson said. "But we don't know what they'll be doing at this time." Huta, whose resignation was effective Monday, could not be reached for comment Wahlco, which began as a unit of San Diego-based Pacific Gas and Electric was taken public by the utility's holding company in 1990. Wahlco lost $101.2 million from 1992 through last year, including $66.1 million in 1994. For its first quarter this year, the company reported an $810,000 loss. In the past, Huta has blamed Wahlco's mounting losses on delays by U.S.

industrial companies in purchasing the kinds of pollution Net Income (in millions) $150 1 100 -i 50 -i 0 ww -50, F- -100' '91 '92 '93 '94 '95 CostSales Ratio Bristol-Myers Squibb mhhhnmhmmbmmnmmmri 38 3 American Home Products 37.2 Glaxo Wellcome Pfizer 34.9 38.5 42.3 Allergan Researched by BARBARA MARSHLos Angeles Times. DORIS SHIELDS Us Angeles Times involved in the decision-making process that led to the downsizing, felt reductions were appropriate, and "elected to leave the company." Shepherd said the cuts will affect manufacturing operations, corporate staff and marketing. An undetermined number will come from vacancies that haven't been filled, he added. Areas such as research and direct sales will be affected very little, if at all. documents, deal." It looks like a strong The county officials were speaking at the first of two investor meetings ahead of Thursday's offering.

The second meeting will take place today in New York, including a conference call with 35 to 40 possible investors. While most of the meeting was upbeat, Orange County is still smarting from last week's move by Standard Poor's Corp. to give the bonds a junk bond rating. Although, Moody's Investors Service bestowed an investment grade rating on the bonds, the rating '96 COKE SEE THE COMPLETE UNE OF MITSUBISHI BIG TUBE TELEVISIONS FEATURING UTSUBISHI EXCLUSIVE 40" WANT TUBE TV. ACT NOW as aquarium claims is the biggest window in the world: an acrylic panel that's 15 feet high, 54 feet long and weighs 39 tons.

They've got plenty of acrylic up in San Francisco Bay as well. UnderWater World, billed as America's first "diver's-eye view" aquarium opened in April at Pier 39. Guests descend into the habitat through acrylic tunnels where they can view free-swimming stingrays, sharks, crabs, jellyfish, eel and other ocean wildlife. So what's with all the fish? Warren Iliff, executive director of the Long Beach Aquarium project says it's a lot of things. Aquariums are indoor environments so they're a year-round attraction, while marine exhibits are a natural fit for coastal California.

Plus, Iliff says, aquariums are "an interesting cross between a zoo and a museum. They are fun and attractive and still educational." 1 Bottom line: Tourists want fish and not just sushi. Theme Parks Having a Rough Ride of Late The new HammerHead ride at Knott's Berry Farm got nailed Thursday night when a ride operator forgot to remove a safety gate and ramp from the passenger loading area. The ride whacked into the ramp, which sheered off a chunk of the facade and forced a shutdown of the HammerHead for about a day, according to Knott's officials. No one was hurt and damage was cosmetic, but the timing was hardly optimal for Knott's.

The incident happened the same day that an employee at Six Flags Magic Mountain was killed by a roller coaster at the Valencia park and just days after a Coney Island coaster derailment injured two people. Such accidents have heightened concerns about the industry's safety at a time when Knott's is pushing for state legislation that could make it tougher for injured riders to win damages from parks if the patrons broke park rules or contributed to their own injury through reckless behavior. Hunch Is Here; Dalmatians on the Way The Disney merchandising machine is cranking into high gear for the upcoming release of "The Hunchback of Notre Dame." The film's Hollywood premiere isn't until June 21, but Disneyland visitors can already purchase T-shirts, plush toys and other Hunch tchotchkes at the park. A couple of gift shops are being reconfigured to sell nothing but Hunch merchandise, while Disney also will hype the film with its medieval Festival of Fools, the park's upcoming live stage show that will also open June 21. Still, the marketing blitz for Disney's upcoming live-action film version of "101 Dalmatians," could prove even more bodacious.

To plug the film's Thanksgiving release, Disneyland will give its dog-eared Autopia a much-needed face-lift with a new "101 Dalmatians" theme, park sources have confirmed. Sharp-eyed visitors can already see the new black-and-red design on the front of the attraction. Word has it that the cars will be repainted with Dalmatian spots. Throw in a few creepy cutouts of Cruella DeVil and Disney brass have got themselves an updated attraction for the cost of kibble. Maria Dickerson covers tourism for The Times.

She can be reached at (714) 966-5670 and at marla.dlckersonlatlmes.com Resignation: Henry Huta was holdover director at the troubled Santa Ana pollution controls maker. ByJOHNO'DELL TIMES STAFF WRITER SANTA ANA In the wake of a string of annual losses that topped $101 million, Wahlco Environmental Systems Inc. said Monday that longtime chairman, president and chief executive Henry N. Huta has resigned. Mark Plaumann, an officer of the Connecticut-based investment firm that bought 81 of Wahlco's ALLERGAN Continued from Dl analysts said.

Kenneth Abramowitz, an analyst with Sanford C. Bernstein Co. in New York, noted that Allergan is "bite-sized" for any number of giant drug companies, though he said the company isn't under immediate pressure to merge. Allergan stock closed at $38,125 a share in New York Stock Exchange trading Monday, down 37.5 cents. Analysts say Allergan enjoys strong positions in markets for ophthalmic drugs, items used in cataract surgery and solutions for contact lenses all niches whose growth has slowed in recent years.

They say the company's involvement in the development of new drugs for treating acne, psoriasis, glaucoma and cancer provide its best prospects for future growth. However, its attempt to grow also through acquisitions of about a dozen companies in the last four years caused its operating costs to shoot up. Overall, it invested about $250 million in about a dozen companies, mostly in ophthalmic or dermatological markets. Although none of the acquisitions was sizable, the cumulative costs were significant, Shepherd said. A slowdown in some businesses and pressure from cost-conscious managed-care plans also cut into company margins, the company said.

The company's first-quarter results only confirmed the need for consolidation, Shepherd said. Earnings increased a scant 3 to $23.1 million, or 35 cents a share, while sales climbed 13 to $29.8 million. BONDS Continued from Dl Gedale Horowitz, a senior managing director with Salomon the county's financial advisor. "But we have here what we hope is the final act in this very interesting drama." Investment bankers in charge of selling the deal said they expect the county probably will pay a higher price to borrow, with many Wall Street fund managers demanding more returns in exchange for taking another chance on Orange County. Still, officials are predicting strong demand for the bonds, which are insured by MBIA Inc.

and carry triple-A ratings. Orange County officials say they are expecting to pay a penalty of up to .15 as punishment for the nation's largest municipal bankruptcy filing on Dec. 6, 1994. Penalties could cost the county $30 million or more over the life of QUALITY ft PRICE Specializing exclusively in nair transplants Operation on single patient basis Full physician attention 1-800-200-8339 (714)854-8500 KSS Cempm Suite A 250, kvlrw Offering AirTouch '95 Sales (in millions) Merck $16,681 $13,767 American Home Products QrietnLMworc Qnnihh I $13,376 Glaxo Wellcome 1 $12,358 Pfizer 1 $10,021 Allergan $1,067 Sources: Allergan annual report, Oppenhelmer Although Shepherd has assumed the duties of chief operating officer, Haugen will remain with Allergan through the end of the month. Haugen, who is 44 and lives in Irvine, has been with the company 20 years, a spokesman said.

Haugen couldn't be reached for comment. Shepherd, who plans to discuss the company's reorganization in a meeting today with analysts in New York, said Haugen had been the 30-year bonds. Tom Beckett, director of finance for Orange County, said he hopes to sell the bulk of the county's bonds with a yield of 6.10 to 6.20. But an investor with a major Los Angeles investment fund who said she is interested in the bonds, said she will demand at least a 7.00 return. "It was good to see the county management team today and hear they are committed to debt repayment," said the investor, who asked that her name not be used.

"But most of my questions were already answered by the bond Fidelity National Financial Invests in Software Firm By JAMES S.GRANELLI TIMES STAFF WRITER IRVINE-With an eye on the growing field for computerized real estate information, Fidelity National Financial Inc. said Monday that it has agreed to purchase a 19.8 stake in a small California computer services company for an undisclosed amount of cash. Fidelity, the nation's fourth-largest title insurer, said it is also picking up the right to acquire an additional 20 of SmithNorris Corp. in Pleasanton later. In addition, Fidelity will lend the privately held software company $2 million for expansion.

SmithNorris produces a series of products that help county and city governments access and share common information quickly and simply. It also provides public access via computer to public documents. The company uses scanners to copy public records such as deeds, liens, mortgages and other legal documents into computer systems. "Computer technology in real estate services has tremendous growth possibilities," said Andrew F. Puzder, Fidelity's general counsel.

Puzder said the investment could also lead some day to its own paperless county title plants, where hard copies of deeds, mortgages, taxes and other property records now reside. "But for now, we want to get the company up and running and profitable," Puzder said. was unusual. "We don't agree with that rat-' ing. We don't agree with that assessment," said Christopher Var-elas, the county's chief financial advisor.

Instead, Varelas said the county could. get low borrowing rates, reducing the expenses paid by the county during the next 30 years. He cited the county's strong security features, including insurance and a special state fund and a lack of bond supply in the market this week. "All those forces will triangulate to mean a good rate for Orange County" he said. BIG tubes starting I0W as 5893 CS31203 COME AND SEE WHY MITSUBISHI IS THE fl RATED BIG SCREEN AND WHY MORE AND MORE Of TOUR FRIENDS ft NEIGHBORS ARE BUYING THEIRS FROM REELTIME 3 LET OUR EXPERTS DESIGN THE PERFECT HOME THEATER JUST FOR YOU.

Financing on cprovl Cm oK at story O.C. Stock Watch Of the 100 largest publicly traded companies in Orange County, these 10 made the biggest change in price on Monday. Biggest Losers UMt uk KClMKC Invitro Intl $1.06 $0.19 Koll RE Group United Leisure $1.38 Vans Irvine Sensors J18.44 $6.50 Index: 158.97 on a value of 100 calculated on Dec. 29, 1994 Biggest Gainers Lad Mta KChang United Rstmts. $1.63 8.33 Bridgford Foods $8.75 7.69 Watson General $2.13 6.25 "5733 St.

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