The Tampa Times from Tampa, Florida • 30

Thursday, May 27, 1982 8C ACmJElTimTML Jim Walter, Freedom have bay area analysts buzzing -if 3L Jeff Smith Business Editor First Brentwood, the holding company for Brentwood received a large share of the blame for the horrendous first quarter. The California-based holding company lost $3.55 million for that period and reported $8 million in losses for the six months ended March 31. Walter spokesman David Townsend said the sale if completed would involve a securities exchange. Townsend said late Wednesday that the corporation had no specific timetable on the proposed transaction. "But if we weren't extremely optimistic, we wouldn't have released the statement," Townsend said.

"We think the transaction would go through." Townsend said the California companies have had an extremely negative effect on Walter's earnings and said it has been no secret that the Tampa-based company has sought to rid itself of the subsidiaries. Freedom, which recently announced an $85 million commercial and financial office complex at its Dale Mabry headquarters, has remained extremely tight-lipped about its merger talks. "I've learned a lot about the securities regulations in the past few days," said Daniel Quigley, executive vice president of Freedom, late Wednesday afternoon. Quigley said the deal could be completed in a week or two months. "It depends on a number of items, none of which I can discuss right now.

I'm not trying to be evasive, but I have to be." Freedom, an aggressive billion stock association, ranks 36th among the nation's top 100 thrifts and is Florida's third-largest The company chose to release its statement after uncertainty and acquisition rumors caused the company's stock to climb two points recently. Quigley wouldn't discuss who the involved institutions are, who initiated the talks or who will be acquired. Tampa Bay area stock analysts have had varying reactions to the announcement Some have issued buy orders on Freedom, feeling it is an excellent acquisition or merger prospect Others have remained relatively quiet saying interest rates will determine the company's merger fate. The past week has been aa intriguing one for those who follow corporate takeovers and mergers particularly for those who tend to pay close attention to the dealings of Tampa companies. First, Freedom Savings and Loan Association of Tampa issued a terse and rather mysterious statement saying it was involved in discussions that could lead to the merger of Freedom with one or more commercial banks in Florida, as well as possible investment in Freedom by one or more out-of-state financial institutions.

Then Tampa-based Jim Walter Corp. said in a one-paragraph release that it was involved in negotiations concerning the potential acquisition of its Los Angeles-based wholly owned subsidiaries First Brentwood Corp. and Brentwood Savings and Loan Association by California Federal Savings and Loan Association of Los Angeles through a securities exchange. Now, that may seem rather confusing to those who aren't familiar with corporate procedure concerning merger and acquisition talks. The primary rule is you never tip your hand until the transaction is locked up, If you believe a company that announces a multimillion-dollar, financial complex believes in its future, then you might guess Freedom would be the company doing the acquiring.

its recent loss position and its general attractiveness also make it an intriguing takeover target Freedom lost $4.4 million in the first quarter of 1982. That came on the heels of a $5.7 million deficit for fiscal 1981. Freedom President Fred F. Church has always been a straight shooter and he didn't sugarcoat the negative news at the company's shareholders meeting in April. "They (the losses) are not good, but they are honest no games have been played.

We have a plan and we will continue to follow it moving as aggressively as prudence will allow." Church said the company had discarded short-term, quick-fix solutions and would continue to move into full-service commercial banking to improve its position. The Tampa financial community will have to wait to see what Church and Quigley have planned this time. or you may find yourself answering some rather embarrassing questions after the announced deal falls through. The Walter announcement shouldn't come as a major surprise to anyone who has followed the home building giant's plight in recent years. The company's profits dipped to $23.4 million in fiscal 1981, compared with $84.2 million in fiscal 1980 and $98 million in 1979.

And the company lost $7.4 million in the first quarter of 1982, compared with a $385,000 loss for the same period a year ago. Walter can attribute much of the losses to the depressed housing industry, and part of that translates to First Brentwood Corp. and Brentwood 1 'I 1 A X58 I1 t. tie I I I- New Congo River Rapids expected to increase Busch Gardens crowds By JEFF SMITH 1,400 passengers per hour, bouncing and bumping; them off man-made rocks and spinning barrels. The course, designed to resemble the Congo River area of Africa, includes some $250,000 of exotic foliage and vegetation.

The idea behind the ride is the search for a giant 17-foot-long crocodile that has terrorized a local Congo River village. However, there won't be any live crocodiles in the water, assured Glenda Gilmore, publicity director for Busch Gar-'. dens. Busch officials said water rides are popular in Florida because of the summer heat. The log flume ride is among the park's most popular, Gil-more said.

The ride was announced in November after a disappointing winter season. Busch executives hope it will lure more people into the park, particularly this summer. Caborn estimated it could boost attendance up to 15 percent The park attracts about during the summer months and that could reach 1 million this year, he said. Not coincidentally, the ride will be open in time for the Memorial Day weekend. It officially opens today.

Business Editor i The new $6 million Congo River Rapids ride at Busch Gardens is designed to do two things get you into the park and then get you wet. Judging from the response from Tampa Bay area media during a special presentation Wednesday, it will accomplish both. The ride, located on a 7-acre site between the Congo and Timbuktu areas of The Dark Continent was showcased to more than 150 media representatives and Anheuser-Busch executives. The ride lasts about five minutes, but seems longer probably because you're tossed around constantly. Riders board a 12-passenger, 13-foot-diameter raft that floats freely down a winding, white water course.

The raft is propelled down the 19-foot-wide course by two large pumps that push 170,000 gallons of water per minute. There also are two wave makers, five geysers, a waterfall and a cavern. Busch Gardens Marketing Manager Rod Ca-born said the ride is capable of handling up to 7 Hillsborough's business climate earns 12th spot By GEOFF NORDHOFF Business Writer Hillsborough County's business climate was ranked 12th among Florida's 67 counties, according to a survey by the University of South Florida's New College in Sarasota. Dade County earned the top rating. The survey also ranked Pinellas County second, Broward County third and Jefferson County fourth, while Gulf County in the Florida Panhan-' die was ranked last According to the survey, the four top-ranking counties were virtually tied, differing by only one point in the final ranking.

The study considered 22 factors in four major categories in determining the ranking, including county government fiscal policy, costs of production, labor force availability and general economic environment The factors included tax rate, the local government debt burden, the amount of commercial banking activity and the number of workers. According to the survey's factors, Dade County was strongest in working age population, population density and commercial banking activity and change. Most of its weaknesses were government- related factors, including tax rate, debt welfare expenditures and unemployment compensation. Hillsborough County's most favorable rankings were in energy costs, working age population, population density and population change and the number of commercial banking establishments. its least favorable rankings included mostly government-related factors, such as the tax rate, changes in the tax rate, the growth of expenditures compared with revenues, the size of its debt and union activity.

Pinellas County emerged as a favorable business area overall, with no obvious problems, according to the survey. The advantages of Pinellas County included energy costs, working age population, cost of materials and commercial banking activity, the study found. "That makes me feel good," said executive vice president Paul Getting of the St Petersburg area Chamber of Commerce. He said St Petersburg and the county had worked together very successfully over the past several years in attracting new industry. "The Tampa Bay area needs to sell itself as an area, not just as individual counties," Getting said, explaining that the Tampa International Airport has helped bring new industry to Pinellas County.

The study at the request of the Sarasota County Chamber of Commerce was done by the college's workshop on economics under the direction of associate professor Dana N. Stevens It was financed by the college and income from its sale will go the college foundation. It was intended to complement a study done earlier this year by the accounting firm of Alexander Grant which said Florida had the best business climate of the 48 contiguous states. The study said two regions were the most favorable to business. One was southeast Florida, including Dade and Broward counties, while the second was Central Florida from Volusia County on the east coast through Orange County to Hillsborough and Pinellas counties.

The mostly rural counties in the Panhandle and along the Georgia border were found to be the least favorable for business growth or August StMbterTAMPA TIMES Busch Gardens unveils its Congo River Rapids ride to media members who board and shoot down the white water course. New brokerage program lists St. Pete as stockholder Reach the Home About Florida With just one weekday issue of The Tampa Tribune and Tampa Times you reach 64 of all Hillsborough County adults who own homes. Reach the home owner by advertising regularly in The Tampa Tribune and Tampa Times. Call 272-7455 (Retail), 272-7450 (National), 272-7500 Florida Federal Savings and Loan Association of St Petersburg has announced it will be a stockholder in the new INVEST stock brokerage program, and will be one of the first savings and loan associations in the country to offer the program to its customers.

The program was approved earlier this month by the Federal Home Loan Bank Board, and pending further regulatory approval, will begin operation this fall. INVEST will handle the purchase and sale of various securities, as well as provide investment advice. Sun Banks of Orlando will offer, starting next Tuesday, a new higher yield certificate account not subject to the legal limits on maximum interest paid to savers. The account can be opened with a $500 minimum, and has a maturity of at least 3.5 years. Additional deposits of $100 or more can be made during the first year.

The customer also can select an account at a variable or fixed interest rate. Levitz Corp. of Miami has declared a quarterly dividend of 25 cents per share, payable July 26 to shareholders of record July 6. First City Federal Savings and Loan Association of Bradenton has received Federal Home Loan Bank Board approval to merge with Frank- lin Federal Savings and Loan Association of St Petersburg. The new association will be headed by First City President James J.

Heagerty and will have 21 offices in Pinellas, Sarasota and Manatee counties with assets of $750 million. The University of Tampa will offer 18 business and management course in continuing education, scheduled for June at the school's seminar center in Tampa. The courses include one in computer operations management on Wednesdays from 6:30 p.m. to 9:30 p.m. and a course in commercial lending June 3-4.

The cost of the computer operations course is $300. For more information call 251-8786. The Network of Executive Women will sponsor a seminar for businesswomen called Strategic Positioning and Maneuvering in Business next Wednesday from 10 a.m. to 4 p.m. at the Marriott Hotel in Tampa.

The cost is $35 for network members and $45 for nonmembers. For more information and registration call 870-3801. GEOFF NORDHOFF THE TAMPA TRIBUNE Wat tiRtmpa men Source: Be Won Associates Continuing Market Studies, 1982. 1 MBHHMMMHMBHMMHMHHSMHMnHBMBMHMHHHHMHIv LOW AS 111 L' a it a tl ti a Arrive close-in vz. jr- xui live ii.

uuc-iiA at hassle-free Midway Airport. As low as $119 to Chicago, $149 to our other cities. et And Kids Fly Free! (12 years under with a paying passenger) Midway Airlines Reservations: 1 (800) 621-5700. Ask your travel agent for Midway (MDW). "''--L r.

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