The Charlotte Observer from Charlotte, North Carolina • D2

2D FRIDAY JANUARY 23 2004 THE CHARLOTTE OBSERVER www.charlotte Scripps EW .175 2-27 3-10 Utd Cmty Bks GA .09 3-15 4-1 Waypoint Fncl .14 2-5 2-16 Woronoco Bancorp .19 2-12 3-5 INITIAL Fst Natl Bnkshrs .07 2-1 2-15 Mannatech Inc A .10 2-20 3-12 Shore Fncl new .05 1-24 2-2 x- increased from amount paid prior to split. EXTRA Amer Ins 1.125 1-31 5-3 REDUCED Miss View Hldg .08 2-2 2-17 REGULAR Alex Baldwin .225 2-19 3-4 Allette Inc .2825 2-16 3-1 Amer Ins .02 1-31 5-3 Apex Municipal Fd .048 2-13 2-26 Arthur Gallagher .25 3-31 4-15 BNP Residential Prop .25 2-2 2-16 Bowne Co .055 2-6 2-20 CNS Inc .04 2-20 3-5 Calian Technology .05 2-5 2-19 Cambrex Corp .03 2-6 2-20 Carnival Corp .125 2-20 3-12 Carpenter Tech .0825 2-3 3-4 Cash Am Intl .0175 2-4 2-18 Chittenden Corp .20 1-30 2-13 Cobiz Inc .06 2-2 2-9 DCB Financial Cp .10 1-30 2-17 Donnelly, RR Son .26 2-4 2-28 Dreyfus CA Mun Inco .034 2-12 2-27 Enbridge EnergyPtnrs .925 2-2 2-13 Enterra Energy .10 1-31 2-15 FSF .35 1-30 2-16 Fst Tennesee .40 3-12 4-1 First .0883 2-4 2-17 Franklin Bancorp .08 2-2 2-16 Gulfterra Energy .71 1-30 2-13 Hemlock Fedl .17 1-30 2-10 LSI Industries .072 2-3 2-10 Lockheed Martin Cp .22 3-1 3-31 Modine Mfg Co .1375 2-20 3-4 MorgStanHghYld .04 1-30 2-13 Muni IntermDur .072 2-13 2-26 Muni NY IntermDur .06 2-13 2-26 MuniAssets Fund .066 2-13 2-26 MuniEnhanced Fd .061 2-13 2-26 MuniHldgs CAIns .079 2-13 2-26 Dividends Period Stk ofrecord Pay- able IRREGULAR Hugoton Rlty Tr .1343 1-30 2-13 Knightsbridge Tnkr .80 1-27 2-10 Mesa Royalty Tr .3928 1-27 4-30 Mesabi Trust .30 1-30 2-20 STOCK Alberto-Culver 2-2 2-20 x- 3 for 2 split. Amphenol Corp 3-17 3-29 x- 2 for 1 split. Community Bk Sys 3-17 4-12 x- 2 for 1 split. Eaton Corp 2-9 2-23 x- 2 for 1 split.

Health Care Prop Inv 2-4 3-1 x- 2 for 1 split. Polaris Indus 2-2 2-17 x- 2 for 1 split. Washington Federal 10pc 2-6 2-20 INCREASED AMB Financial Cp .06 2-6 2-20 Alberto Culver Co .15 2-2 2-20 Astoria Financial .25 2-17 3-1 Boston Private Fncl .06 2-3 2-17 Brown-Forman .215 3-8 4-1 City Natl Corp .32 2-4 2-17 Delta Pine Land .12 2-27 3-12 Frst Bncp of Indiana .285 1-31 2-14 Genesis Energy .15 1-30 2-13 Greene County Bncp .40 2-15 3-1 Health Care Prop Inv .835 2-4 2-19 Hudson City Bncp .16 2-6 3-1 IBT Bancorp Inc PA .40 1-30 2-11 Intel Corp .04 2-7 3-1 Interchange Fncl Svcs .125 1-30 2-20 Investors Fncl Svcs .0175 1-30 2-16 MassBank Corp .25 2-2 2-18 Microchip Tech .035 2-12 3-5 New England Business .22 2-6 2-20 Old Natl Bancorp .19 3-1 3-15 Polaris Indus .46 2-2 2-17 Provident Bkshs .245 2-2 2-13 Regions Fncl Cp .33 3-18 4-1 MuniHldgs FLIns .086 2-13 2-26 MuniHldgs Fd .096 2-13 2-26 MuniHldgs FdII .087 2-13 2-26 MuniHldgs InsII .073 2-13 2-26 MuniHldgs Ins .076 2-13 2-26 MuniHldgs NJIns .079 2-13 2-26 MuniHldgs NYIns .079 2-13 2-26 MuniInsd Fd .0386 2-13 2-26 MuniVest FdII .092 2-13 2-26 MuniVest Fd .056 2-13 2-26 MuniYld AZ Fd .077 2-13 2-26 MuniYld CA Fd .081 2-13 2-26 MuniYld CA Ins .073 2-13 2-26 MuniYld FL Fd .077 2-13 2-26 MuniYld FL Insd .078 2-13 2-26 MuniYld Fd .081 2-13 2-26 MuniYld Insd .081 2-13 2-26 MuniYld MI InsII .078 2-13 2-26 MuniYld MI Insd .084 2-13 2-26 MuniYld NJ Fund .08 2-13 2-26 MuniYld NJ Insd .078 2-13 2-26 MuniYld NY Insd .07 2-13 2-26 MuniYld PAIns .083 2-13 2-26 MuniYld QltyII .072 2-13 2-26 MuniYld Qlty .081 2-13 2-26 Newhall .10 2-6 3-5 Northeast Bancorp .09 1-30 2-20 Northwest Bancorp .10 1-30 2-13 Ohio Valley Banc .18 1-30 2-10 Old Natl Bancorp .19 3-1 3-15 Pacific Energy .4875 1-30 2-13 Pepco Hldgs .25 3-10 3-31 Putnm Glbl .023 1-22 1-30 Putnm Glbl IncoTr .029 1-22 1-30 Putnm Glbl IncoTr .03 1-22 1-30 Schlumberger Ltd .1875 2-25 4-8 Sea Containers .0225 2-5 2-20 Sensient Technol .15 2-9 3-1 So Missouri Bncp .09 2-13 2-27 Summit Bncshrs .14 1-30 2-13 TC PipeLines .55 1-30 2-13 Travelers Prop .08 2-4 2-27 Univ Hlth Svcs .08 3-1 3-15 VA Grp .19 1-30 2-23 WSFS Financial Corp .05 2-3 2-17 Westamerica Bncptn .26 2-2 2-13 West Fncl Group .10 1-30 2-13 g- payable in Canadian funds. Radio Ratings Notes Country wrestling match The country music battle, which WSOC-FM seemed to have in the bag, is once again growing closer thanks to a surge by WKKT-FM and a decline for WSOC. In the key drive-time battle, Jeff Roper of WSOC is down 25 percent among all listeners 12 and over in the morning and has fallen from No.

2 last year to No. 7 this quarter. Paul Schadt on WKKT is up 18 per- cent to No. 9. Lackluster Christmas WSSS-FM went to a Christmas music format on Halloween night, getting a jump on WLYT-FM which has cornered the all- Yule format in November for the past two years.

Carols boost WLYT this year and ratings for WSSS (now WKQC, slid slightly. In mornings, where WSSS fired the drive-time team of Sander Walker, Kara Edwards and Robin King and just played Christmas music, ratings were down 18 percent from last year. Quite a WXRC-FM continues to plow through the competition with its retro-70s alternative FM format. An in- dependent station battling the corporate giants of the radio dial, WXRC is up 39 percent vs. a year ago (when it enjoyed a 156 percent gain with its then- new format) and has risen a notch to No.

13 among all sta- tions. And in morning drive, among men in the 25-54 age de- mographic, it ranks No. 7, a hair behind Sports on WFNZ-AM and on WLNK-FM. Women turning WLNK has changed strategy for wooing female listeners by cutting midday music and installing all-day conversation, a format it calls adult con- It seems to be working. WLNK augmented the twin magnets of in the mornings and and in the af- ternoons with comedians Pam Stone in July and Craig Shoe- maker, who went on this month.

Listenership is up 20 percent among women in the 25-54 age bracket and it has moved up a notch to No. 4 in that demographic, just behind WLYT-FM. Advertising gold In the 25-54 age demo- graphic that advertisers covet, the top stations are, in order: WBAV-FM, WNKS-FM, WRFX-FM, WLNK-FM, WLYT-FM. Among men in that age de- mographic, the top stations are, in order: WRFX-FM, WBAV- FM, WBT-AM and FM, WNKS-FM, WXRC-FM. Among women in that age demographic, the top stations are, in order: WBAV-FM, WNKS-FM, WLYT-FM, WLNK-FM, WKKT-FM.

The morning drive Top morning shows among all listeners are, in order: Joyner Morning (on hiatus be- fore moving to WCHH), Boy and Morning Jeff Roper, Lite Morning and Paul Schadt. MARK WASHBURN Mortgage Survey 15-year fixed U.S. average Last week Week ago Year ago Rate 4.95 4.97 5.36 Points 0.6 0.7 0.6 Southeast average Rate 4.98 4.98 5.35 Points 0.7 0.7 0.7 30-year fixed U.S. average Last week Week ago Year ago Rate 5.64 5.66 5.97 Points 0.6 0.6 0.6 Southeast average Rate 5.63 5.63 5.95 Points 0.7 0.7 0.7 Adjustable-rate U.S. average Last week Week ago Year ago Rate 3.56 3.62 4.03 Points 0.7 0.7 0.7 Southeast average Rate 3.44 3.46 3.96 Points 0.8 0.8 0.8 SOURCE: Federal Home Loan Mortgage Corp.

ing from Concord in 1962. It grew to popularity as a Top 40 station in the 1970s and switched to an urban format after disco died a decade later. It grew to become one of the strongest urban stations in the South with a potent blend of and a powerful drive-time show, Breakfast that launched in 1995. WBAV-FM was launched as a sister station to WPEG in 1994 with an urban adult contempo- rary format. Last year, the In- finity-owned station started mov- ing away from syndicated shows, putting local personalities into most time slots.

It was a costly change, but the investment paid off: Ratings surged and this month WBAV hit the No. 1 spot for the first time. Its morning lineup of Beatrice news show from 5 to 6 a.m. followed by Tom Joyner made it a leader in the all-important drive-time. And ratings have doubled at middays since Cheryl Patterson known on the air as took over the 10 a.m.

to 3 p.m. shift. WCHH-FM went through a va- riety of formats including smooth jazz and rhythmic oldies in the late 1990s before settling on hip-hop in April 2001. It made inroads against the powerful WPEG, but later fell back in the ratings. Owned by Atlanta-based Radio One, switch this week to urban contemporary pits it di- rectly against WBAV.

Stations with format lead rankings in Charlotte Radio from 1D renewing his contract and had just learned they were rebuffed. The switch comes only days af- ter WBAV celebrated the news it was No. 1 in the Arbitron rankings for the first time, tying with its sis- ter station WPEG, both owned by Infinity Broadcasting. rise was fueled by show, which hit No. 1 in morning drive- time with a 27 percent surge in the autumn ratings.

For WCHH-FM, owned by At- lanta-based Radio One, snaring the Joyner show was nothing short of a coup. The station has a fraction of the transmitter reach of WBAV and runs No. 14 in the overall ratings. WCHH abandoned hip-hop music Wednesday night and switched to an adult urban con- temporary format, giving up its youth-oriented approach and aiming for the mainstream 25-54 audience with hits from the 1970s, and Debbie Kwei, WCHH general manager, confirmed the station was abandoning its 92.7” nickname in favor of and had applied to the FCC for new call letters, WQNC-FM. She said the station had pulled its on-air personalities and was deciding who would be used in the future.

The strategy since 2001 had been to appeal to the same market people in the 18 to 34 age range that WPEG dom- inates. WCHH made early gains after changing its format, but rat- ings had faltered recently. Its new format puts it in direct competi- tion with WBAV for the adult ur- ban market and for the kinds of listeners that Joyner attracts. Infinity executives said they decided what to do with mornings and said they felt be- trayed by company. asked them point-blank, you going to and they said Avery said.

were led to believe that the contract would be said Bill Schoening, senior vice presi- dent of six Charlotte sta- tions. been in conversations with them along the said Neil Foote, director of communi- cations for Dallas-based company, Reach Media. think they were misled and we were looking at the bigger pic- ture in terms of where we wanted to go with the radio In exchange for the move in Charlotte, Radio One agreed to pick up show on its sta- tions in the Ohio cities of Dayton and Columbus, Foote said. show is not expected on WCHH until after Jan. 28, when the WBAV contract ex- pires.

The abrupt changes Thursday were disconcerting to some fans. think that the switch could have been handled better, be- cause a lot of listeners awoke to confusion this said La Toya Hankins, a fan of former spectrum of music. understand that this was probably a decision dictated by business, but still it speak well of both appreciation for the Mark Washburn: (704) 358-5007; TODD SUMLIN STAFF PHOTO a great day in radio drama, people said Cheryl Patterson during an off-air moment in her Thursday show. Popular morning radio show switches stations Joyner from 1D that everybody packs up, goes home and you get them back to work on this Since 1987, companies with underfunded pension plans have been required to invest in their plans based on the rate of return they could expect from 30-year Treasury bonds. When the gov- ernment stopped issuing new 30-year bonds in 2001, compa- nies were forced to contribute more money as interest rates dropped.

A two-year fix passed Con- gress in 2002 and expired in De- cember. It still used calculations based on assumptions of what the 30-year bond rate would be. The latest fix would let compa- nies assume that money in their pension funds is earning about 6 percent interest, based on a cor- porate bond index, rather than the 2 percent to 3 percent as- sumed rate of return the past two years. The higher the assumed rate of return, the fewer dollars in new contributions companies would have to make. Delphi the larg- est automotive parts supplier, expects the change to free up to $700 million to $900 million over the next five years.

Alan Dawes, chief financial officer of the Troy, company, said Delphi is at a disadvantage when compared with foreign competitors that have govern- ment-sponsored pensions. critical to have that cash to continue to Dawes said. pension plan was un- derfunded by around $4 billion at the end of 2003. Dawes said Delphi put $1 billion into its pen- sion fund last year and plans to pour $600 million into it this year and again in 2005. But Delphi is a relatively young company, with about two retirees for every 10 active em- ployees.

Its pension burden is small compared with Detroit- based General Motors Corp. GM has 25 retirees for every 10 active employees and will have to pay out $6 billion in pension benefits this year. the long term, this issue is going to be significant for many companies with mature work said Chris Preuss, a GM lobbyist. Unions support the change even though it will produce smaller corporate contributions. Organized labor fears that many companies will otherwise opt to dissolve their plans or declare bankruptcy and turn the plans over to the Pension Benefit Guaranty Corp.

The government agency, which insures pension plans with premiums paid by sponsor- ing companies, may not pay the full pension that was promised. Last week, the pension agency announced a record $11.2 billion deficit in 2003 due to a record number of pension plan bank- ruptcies. Senate debating relief for pension payments Contributions from 1D Kodak was slow to get into digital photography, and now, without a swift conversion, risks fading into history, analysts warn. got good momentum, particularly in our digital port- which turned a profit for the first time in 2003, Chief Executive Dan Carp said Thurs- day. can see now into the future and have scoped out a three-year plan to ensure we stay Kodak posted a fourth-quar- ter profit of $19 million, or 7 cents a share, down sharply from $113 million, or 39 cents, a year ago.

Excluding restructuring and other one-time items, earnings were $199 million, or 70 cents a share. That beat the consensus forecast of 52 cents a share among analysts surveyed by Thomson First Call. Sales rose 10 percent to $3.78 billion from $3.44 billion. Wall Street appeared to wel- come sharper focus on digital technology. Kodak shares climbed $3.49, nearly 13 percent, to close at $30.95 on the New York Stock Exchange.

In Octo- ber, the stock was down to nearly $20, an 18-year low. needed, but it radically increases the risk profile of the company. got a company going from oligopoly to a very competitive said analyst Shannon Cross of Cross Research-Soleil Securi- ties in Short Hills, N.J. global work force peaked at 136,500 in 1983. It now employs 35,500 people in the United States, including 20,600 at its fading manufacturing hub in Rochester.

It eliminated up to 6,000 jobs in 2003. Founded in 1881 by George Eastman, Kodak turned point- and-shoot photography into an overnight craze when it came out with a $1 Brownie camera in 1900. By 1927, it held a virtual monopoly of the U.S. photo- graphic industry. By the 1980s, Kodak still had nearly two-thirds of color-film sales worldwide.

But it was slow to exploit new markets, such as point-and-shoot 35mm cameras, enabling Tokyo-based Fuji to jump from obscurity 25 years ago to challenge Kodak for No. 1. BLOOMBERG NEWS CONTRIBUTED TO THIS ARTICLE. Job losses continue at Kodak Film from 1D well. Dellinger had planned to relo- cate a floor manufacturing com- pany he owns to Plant 4 from Rowan County.

But he said now focused instead on the de- molition. certainly going to be a landmark in Kannapolis that will disappear if planning to demolish part of said Kan- napolis council member Rich- ard Anderson, who once worked in Plant 4. progress, and if he cannot find a suitable use for it with other companies then all for In July, Kannapolis-based Pil- lowtex announced it was clos- ing and laying off all 7,650 work- ers, including 4,800 in North Carolina the largest single lay- off in N.C. history. Dellinger hopes to build a shopping center in two to three years on the vacant land and lat- er renovate left of Plant 4.

Possibly two years later, the old mill could house shops on the first floor, offices on the second and condos on the third, he said. The remaining space is struc- turally sound and nice looking, Dellinger said. not cluttered with a lot of buildings that have been built on to it from the he said. The firm has started taking down lights and removing ven- tilation systems. Demolition is scheduled to start in about six months, he said.

City Manager Mike Mahaney said supportive of mixed- use development for the site. that adds addi- tional businesses and brings more people down here is a good Mahaney said. Ronnie Glassberg: (704) 786-2185; Pillowtex plant faces wrecker Mill from 1D Today, Bank of America will pass out Panthers buttons to workers in its uptown towers and to fans at the pep rally. also hanging a 10-foot banner in Founders Hall for fans to sign. And in perhaps its most notice- able show of team spirit, the bank plans to illuminate Panther paws on the sides of its headquarters building using lighted windows.

The paws could appear as early as this weekend. In Boston, Fleet also plans to hand out buttons and is looking into displaying a Patriots logo at its headquarters building. The banks have other activities in the works as well. The big showdown, though, is a planned bet between Bank of America Chairman Ken Lewis and Fleet Chairman Chad Gif- ford. The banking chiefs likely will make food part of the wager, but the details been set, said Bank of America spokes- woman Mary Waller.

been talking about Waller said. very much up for At the pep rally today, Lewis plans to wear the jersey the Pan- thers gave him last week after his bank bought the naming rights to the home field. Boston scheduled a pep rally, so Gifford may not have a similar oc- casion for donning gear. As the official banks for the teams, the companies get perks such as signs and ATMs in stadi- ums, commercials during radio broadcasts and other opportuni- ties to link their names with the hometown team. Besides the Pan- thers, Bank of America is the offi- cial bank of 14 other pro teams, in- cluding four others in the Na- tional Football League.

sponsorships could eventually be added to that roster, muddling any future rivalries. The banks are hoping to make their merger official in April, pending regulatory and share- holder approval. The outcome of the Feb. 1 game cause a pre- mature break-up, Waller said. the end, having fun with she said all on one winning Merging banks pause for football BofA from 1D Equity firm buys interest in textile company INVESTING Blue Point Capital Partners said Thursday that it has invested in an Alabama textile company, a rare piece of good news for that industry.

Blue Point, a private equity firm with offices in Charlotte, gained a controlling interest in Nexcel Synthetics LLC by investing in its target range of $20 million, said Blue Point managing partner Shan- non Smith. Blue Point also helped Nexcel, which makes specialty fi- bers for carpet backing and other uses, obtain an undisclosed amount of bank financing. are several sectors in the textile industry that are very Smith said of the deal. is an example of Blue Point, which also has offices in Seattle and Cleveland, has made more than 60 investments with a total value of $500 million. Charlotte investment bank Edgeview Partners advised Nexcel in its transaction.

Edgeview also was involved in the sale recently of two defense firms. It advised Ohio-based Hunter Defense Technol- ogies in its $90 million sale to equity firm Behrman Capital, and ad- vised Paratus Capital and Key Principal Partners in their sale of Or- egon-based OECO to Danaher Corp. for an undisclosed price. RICK ROTHACKER Bank wins state OK to open in Hendersonville BANKING Mountain 1st Bank Trust Co. said Thursday that its application to open a new bank in Hendersonville had been approved by the N.C.

Banking Commission. The move came only four months after The South Financial Group Inc. of Green- ville, S.C., completed its merger with Mountain- Bank Financial Corp. RICK ROTHACKER Daily Briefing.