The Orlando Sentinel from Orlando, Florida • Page 25

1 Orlando Sentinel THURSDAY, OCTOBER 26, 2000 B5 Almanac Worth Repeating "If the surrender to Wall Street, which was foolishly looking for near-term results and stock gains on a five- to 10-year turnaround project." KEN MCGEE, GARTNER GROUP ANALYST, ON REORGANIZATION Inside Money 3 iCr-GsrTRESiJr INTERNET FOR New digs for WWF -vjx, Expect a 'new look for NYCs new Planet By JERRY JACKSON OF THE SENTINEL STAFF The conversion of the Official All Star Cafe at Times Square to a Planet Hollywood restaurant is nearing completion, and the Orlando-based company said this week that some of the new features eventually will be incorporated into other outlets in the chain. When the multilevel restaurant opens in New York in mid-November, it will have "a completely new look featuring a more contemporary, lighter feel," the company said. The restaurant will have a state-of-the-art radio and television studio, private screening room, a separate bar and lounge area and private party spaces. Robert Earl, chairman and chief executive of Planet Hollywood, checked out the work Tuesday along with actor Bruce Willis, the company's best-known celebrity promoter, and Brendan Sexton, president of the Times Square Business Improvement District. The restaurant will seat 700, and some of the dining areas will include ta-bleside monitors tuned to entertainment channels for movie previews and Planet Hollywood-produced material.

Company officials also said that the movie-theme memorabilia displays will be rotated more frequently by movie studios, which will directly control some of the display cases. Those are some of the changes to be added to the Orlando restaurant and others in the chain. In an effort to jazz up the menu, panned in previous years by some critics, the New York restaurant will feature "special regional selections" such as New York cheesecake prepared by Carnegie Deli. Planet Hollywood International Inc. closed its All Star Cafe eatery in late September and began converting it to a Planet Hollywood as part of the company's post-Chapter 1 1 bankruptcy reorganization strategy to focus on the core restaurant chain.

DUbert BY SCOTT ADAMS GAA! THERE'S A WHOLE WORLD OF KNOWLEDGE AND ENTERTAINMENT AT rAY FINGERTIPS. wouldn't find in other Macy's stores. Louder, vibrant colors displaced some of the grayer tones in women's clothing, while the winter colors in men's clothes came in short sleeves. "I predict total success for Macy's in Puerto Rico, especially since they opened before Christmas," said Rebecca Camacho, 36, whose sister was searching for the Fiesta line of dishes that Camacho had bought for her at Macy's in Washington, D.C. "Puerto Ricans just love to shop." Two local high-end department stores, Velasco and Gonzalez Padin, closed down some years ago.

J.C. Penney and Sears, long focused on fashion in Puerto Rico, brought in more designer lines to fill the void. Now Macy's has joined them. "It was about time they opened one here," said Jeffrey Galloway, 36, a hotel banquets supervisor who grew up going to Macy's in Manhattan. Galloway and his wife, Maytee Zor-rilla, 32, walked away with a $250 fountain for the living room.

"They'll make back what they spent on this store by Christmas," he predicted. Today Timeshare Investment Conference, through Friday, 200 delegates, Hyatt Regency Orlando International Airport. Informix Software User Conference, through Saturday, 1,500 delegates, Orange County Convention Center. Industrial Fabrics Association, through Saturday, 6,250 delegates, Orange County- Convention Center. Birthdays Rich Murphy, launch site director, Boeing Launch Systems, Titus-ville, 55.

On TV Mark McCormack, chairman, IMG Sports Management, Nightly Business Report, 6:30 p.m. CB, 60. Friday Durable goods orders for September, U.S. Commerce Department, 8:30 a.m, Washington. Industries Earnings Clear income zooms Clear Channel Communications Inc.

on Wednesday reported net income for the third quarter of $448.9 million, compared with net income of $1.5 million in last year's quarter. Net revenues were $1.6 billion, up 98 percent over the third quarter of 1999 and after-tax cash flow was $338.9 million, an increase of 55 percent from the 1 999 quarter. After-tax cash flow per share was 72 cents, compared with 60 cents for last year's quarter. Florida Progress notes gain Florida Progress Corp. of St.

Petersburg on Wednesday said its third-quarter profits increased 9 percent as the company's taxes were reduced for alternative fuel tax credits. Florida Progress reported net income of $1 50.3 million, or $1.53 a diluted share, compared with $137.3 million, or $1.40 a share, in the year-ago period, beating estimates. Revenues were $1.3 billion, compared with $1.1 billion last year. Florida Progress is being acquired by Energy Inc. Harris focuses on pro forma Harris Corp.

of Melbourne reported Wednesday a loss of $34.8 million, or 51 cents a share, for the quarter ended Sept. 29, compared with a profit of $1.3 million in the year-earlier quarter. Sales for Harris's first quarter rose 15.4 percent to $460.4 million from mm rmc $398.8 mil- fS lion. But Harris and Wall Street focused on its pro forma figures excluding acquisition-related costs and the sale of its switch business. Pro forma profit totaled $41.7 million, or 61 cents a diluted share, three times more than $12.4 million, or 16 cents a diluted share, in the 1999 quarter.

That figure beat Wall Street's estimate of 17 cents a share. Busch pours profits Anheuser-Busch Cos Inc, the world's largest brewer, reported an 1 1 percent rise in third-quarter profits Wednesday, meeting analysts' estimates. The St. Louis-based brewer said it earned $514.5 million, or 56 cents per share, in the quarter ended Sept. 30, compared with $461.5 million, or 49 cents, in the same period a year ago.

Third-quarter net sales, which include excise taxes, rose 5.4 percent to $3.4 billion. IVillage loses less Online women's network Village Inc. reported a third-quarter loss from continuing operations of $16.2 million, or 55 cents a share, compared with a loss of $24.9 million, or 98 cents a share, for the 1999 quarter. Revenues rose to $20.2 million from $8.7 million a year-ago, the New York-based company said. DuPont falls 14 percent DuPont the No.

1 U.S. chemical company, Wednesday said third-quarter operating earnings fell 14 percent. DuPont based in Wilmington, said earnings before special items declined to $537 million, or 51 cents a share, from $625 million, or 59 cents, a year earlier. Third-quarter revenue came to $6.87 billion, up from $6.62 billion. STUART RAMSONASSOC1ATED PRESS In this corner Richard A.

Grasso, chairman of the New York Stock Exchange, raises the World Wrestling Federation championship belt outside the stock exchange Wednesday as the WWF moved from the Nasdaq to the NYSE. ICE CREAtAI I'rA SO HUNGRYI NO EATING IN YOUR CUBICLE, Builder's troubles leave 30 in a bind By JACK SNYDER OF THE SENTINEL STAFF Renaissance Homes, a small Orlando home builder in business for about a dozen years, has run into financial problems and left more than 30 buyers with homes that are incomplete or not yet started. A lawyer hired by the company to help sort through its problems said Wednesday he thinks arrangements can be made to complete the houses. Frank M. Wollf said preliminary discussions with the lenders and developers involved have been encouraging.

He characterized Renaissance Homes which operates under two names, Renaissance Homes by Genesis Group Inc. and Genesis National Inc. as a good builder whose cost accounting got it into trouble. Asked whether the company might file for federal bankruptcy court protection from its creditors, Wollf said that, whatever route is taken, "the goal will be get the homes completed and delivered as quickly as possible." The company has been building in Wedgefield and Avalon Park in east Orange County and at Phillips Landing in southwest Orange. Its homes are priced from $125,000 to about $600,000.

Wollf said there are seven uncompleted houses in Avalon Park, nine in Wedgefield and three in Phillips Landing. Most of the homes that haven't been started are in Wedgefield, where there are 13. According to Orange County government records, only two construction liens totaling a little more than $30,000 are outstanding against the builder. One is in Avon Park, for payment on a swimming pool, and one is in Phillips Landing for cabinet work. Beat Kahli, chief executive of Avalon Park Associates, said he is working with stranded buyers and the builder to solve problems in that development.

Kahli said he is trying to get the development's five other builders to finish the houses. In cases where down payments have been made but no work has started, Kahli said he thinks he can sell those lots to the other builders at higher prices, covering some or all of the Renaissance customers' down payments. Lot prices in Avalon Park have risen sharply in the year or so since Renaissance Homes contracted to buy them, he said, so a new builder probably would be willing to pay the higher prices, and the difference could be used to help recoup the down payments, "Avalon would like to see these homes completed and will continue to work with Renaissance toward that goal," Khali said. ing a lack of political cohesion, instability in the Balkans and tension between Greece and Turkey. Deutsche Bank economist Hans Meltzer didn't hold much hope for the European Central Bank's staging another intervention since the United States, a reluctant partner at best, is seen seeking to stay out of future market dabblings.

"The ECB has the ammunition in terms of foreign reserves to dare it," Meltzer said. "But markets always want to see America in the boat. That's when Interventions are most successful." Macy's opening in Puerto Rico makes big splash with shoppers By IVAN ROMAN SAN JUAN BUREAU SAN JUAN, Puerto Rico Just feet from the Farberware, mothers took snapshots of their babies with models dressed as Betty Boop and Olive Oyl. Nearby, relentless crowds pulled out cash and flashed credit cards to pay for things such as Krups coffee makers. The first day of business at the first Macy's department store outside the mainland United States had management beaming.

Thousands of people strolled through the store on its opening day in San Juan's premier mall, Plaza Las Americas. The party atmosphere at what is already a household name to many Puerto Ricans marked the latest milestone in the island's highly desirable and fiercely competitive retail market. 'We're very happy just look around you," said Peter Sachese, Macy's vice chairman and director of stores, as he surveyed the fragrance and cosmetic counters. 'We've had a terrific response from the Puerto Ri- can community." This newest of Macy's 186 U.S. stores was molded to fit the tastes, weather and culture of the Caribbean.

Macy's chose Puerto Rico as the place for its overseas debut because so many of the residents are familiar with the chain, particularly its New York and South Florida stores, and because Plaza Las Americas has a reputation as one of the best retail malls in the northern hemisphere. Thanks largely to the success of Saks Fifth Avenue at Florida Mall, Macy's also plans to open a store in southwest Orlando in 2002, along with Bloomingdale's and Neiman Marcus. The trio is set to bring upscale retail to Central Florida with a bang and with an emphasis on attracting the tourists who visit the area each year. The new Macy's in San Juan has less to do with tourists and more to do with locals. The customers milling about the three-story, store Wednesday found the designer labels and kitchen department they were accustomed to on the mainland but also a mix of colors and fabrics they "It's hard to answer that one because it's come down so fast," said Jane Foley, a currency analyst with Barclays Capital in London.

"But the downward trend is still there." In trading in New York, the euro hit a new low of 82.62 cents against the dollar, surpassing its previous low of 83.24 cents reached last week, before closing at 82.81 cents. Since its introduction at the beginning of 1999, the euro has fallen nearly 30 percent. It could drop even more: Some traders are predicting that the currency, Jused in 11 European Union county, Traders send euro in freefall to new low against dollar will bottom out at 75 cents, Foley said. The euro went into a freefall Wednesday, with traders selling after finance ministers and central bankers of the so-called Group of 20 gave no clear intervention warning at their summit in Montreal. The lack of action is in contrast to the strong language issued by the Group of Seven countries before their September summit in Prague, Czech Republic.

Meanwhile, Lou Jiwei, China's first deputy minister of finance, was quoted in The Financial Times as expressing concern over the future of the euro, cit Finance ministers meeting in Montreal gave no clear sign that they will intervene to shore up the euro. ASSOCIATED PRESS FRANKFURT, Germany With the world's top finance ministers silent on stepping in to buoy the embattled euro, money traders sent the currency below 83 cents against the dollar for the first time Wednesday, leaving some to ask: Fowlowcanitgo? 4.