Show ww nr- - w vv w WV 1 a il II I fill new the Is Of nake teriff eers 4uestar Corp said Wednesday it achieved its highest net income in four years in 1989 with all of its principal business lines improving their earnings over the previous year The company reported 1989 net income of $50757000 or $255 per share compared with $25851000 or $128 per share a year earlier Questar said the comparison included a $19932000 or $103 after-tawrite-dowper share of oil and gas properties in 1988 under the full-coaccounting method Excluding the write-dowQuestar's 1988 net income was $45783000 or $231 per share 11D Cash Questar chairman president Pnd chief executive officer said each of the company's busi nesses "has developed successful strategies to move forward despite such obstacles as volatile oil and gas Prices and changes in federal regulation of the interstate pipeline industry" Net income for the fourth quarter of 1989 ended Dec 31 was $17072000 or 84 cents per share compared with $14160000 or 72 cents per share for the same period a year earlier Questar said its natural gas transmission subsidiary Questar Pipeline Co earned a record $21077000 in 1989 compared with $18271000 the previous year: The company said Questar Pipeline results reflected an 11 percent increase in deliveries though its system during the year Questar Pipeline's net income for the fourth quarter of 1989 was $7420000 compared with the year earlier total of $5823000 the company said Mountain Fuel had net income of $21956000 in 1989 compared with $20437000 the prior year Questar reported indicating total deliveries by the utility in 1989 rose 5 percent Mountain Fuel's net income for the fourth quarter of 1989 was year lnth lyees if 35 - the tions )avis dais in-I- y 31 eep- - d ems ion this ' ' lees ' 777 S memes and Ts v ' men— caches 'to cost ' larolyn r Joe tcation t Carol News- - or The retary:' !xpand " said of ion production held virtually constant Questar said its exploration and lew tu- - 1uctive ' ned to Ise d lan-- in-- ferent ' ' ' - - ' ' $7316000 - $7008000 a 1 :09 8a9n v dent ' 1 fk k1 AO lit : i' Street shopping around businesses I iquidating its financial holdings and for the thousands planning by of employees likely to be fired Details of the staggering financial troubles that caused the firms demise vvere outlined in papers filed with US Bankruptcy Court by Drexel's parent which listed more than 2000 ereditors and close to $3 billion in liabilities Fourteen of the top 22 listed unseeured creaitors are foreign-ownecompanies Drexel an aggressive and entrepreneurial investment house that financed some of the largest corporate takeovers of the 1980s collapsed following a steep fall in value of its huge junk-bonportfolio and an erosion of confidence after the firm admitted to securities crimes The parent company Drexel Burnham Lambert Group Inc filed for Chapter 11 protection from creditors shortly before midnight Tuesday after defaulting on $100 million in short-terdebt and failing to arrange new financing It was the largest securities industry bankruptcy filing ever The parent listed liabilities of $289 billion and assets of $37 billion in the petition for bankruptcy court reorganization Including subsidiaries total debt exceeds $3 billion the papers show The filing affects only the parent company not the securities subsidiary Under federal bankruptcy law broker-dealer- s are ineligible for Chapter 11 reorganization The largest unsecured creditor listed is Taiyo Mutual Life of Tokyo owed $697 million Drexel and the parent still owe the government $50 million in September and $100 million in September 1992 The payments are part of a $350 million fund set up to reimburse investors as part of Drexel's settlement of civil and criminal securities fraud charges Employees meanwhile packed boxes filled with personal belongings computer printouts and files that were inspected by uniformed security guards as they left Drexel's downtown Manhattan headquarters Resumes and phone calls from Drexel workers flooded other Wall Street firms executives reported Drexel has not formally laid off its 5300 employees but is devising severance packages officials said rate treasurer for Questar lie previously was corporate treasurer R Curtis Burnett has been named vice president public affairs for Questar His appointment is effective April 1 lie will succeed R La Vann Cox who is retiring Mr Burnett was assistant vice president public affairs And Michael B McGinley has been named vice president of a Universal Resources Corp Questar oil and gas exploration Mr and production subsidiary McGinley will direct the activities of Questar Enerwhich recently was gy Co irs---- '444' 114 4 Mead Ms g merged into Universal Prices Mixed in Dull Session nance moved to file for Chapter 11 bankruptcy protection and liquidate The firms demise left many questions unanswered about the outlook bond market and for the high-yielthe possible effect of pervasive debt problems on the economy as a whole But analysts said the markets took the news as no great surprise given the weakening that has been going on for months in enthusiasm for junk bonds and other - investments "leverageSome Wall Streeters believe the waning of "junk" debt might set the stage for a revival of traditional financial values that could put the stock and bond markets on a sounder long-terfooting NEW YORK (AP) — The stock market edged upward in a drifting session Wednesday showing few ill effects from the collapse of Drexel Burnham Lambert Inc The Dow Jones average of 30 industrials rose 22 to 262432 Advancing issues slightly outnumbered declines in nationwide trading of New York Stock Exchange-listestocks Volume on the floor of the Big Board came to 13853 million shares against 144 44 million in the previous session Stock prices turned in a mixed showing Tuesday as Drexel which rose to prominence in the 1980s as the champion of "junk bond" fi The company said the average selling price of oil increased 24 percent to $1702 per barrel in 1989 while production decreased 14 percent for the year because of normal declines 1:L - t ' business in Jackson Hole She is currently president of the Wyoming Heritage Society and a member of the National Public Lands Advisory Council which advises the Bureau of Land Management director and the secretary of the interior A 1957 graduate of the University of Wyoming Ms Mead also is a member of the Jackson State write- gasi property 03 resiMs Mead is a principal in a cat- - the prior year due taenrd r ' lifelong Wyoming down ' 1:' 3 been named to Questar's 13- member board of directors A 'z iL Wyoming rancher has a experiencing :'0' Mary Mead a with compared year earlier oil I Finn Posts Losses d much-publicize- d Ity Robert II Woody I 989 mountain REPORT OF CONDITION business on December Weekly Air-Far- Beginning Sunday the ness pages of The Salt Lake Tribune will carry a weekly report comparing air fares on the markets out of 13 top Salt Lake City The fares are based on data gathered each Wednesday from the Official Airlines Guide The assembly of data is funded by the Utah Air Travel Commission as a public service On succeeding Sundays additional fares on random markets may be included Selection may also be based on the "bargain of the week" for either domestic or international travel on a carrier 'serving Salt Lake City Because carriers can raise or 'lower fares on a moment's actual fares quoted by carriers and travel agents may vary from those on the UATC list busi- air-rout- e - i3 ?i i 51 4 t "1 r'' 1 Isi TOTAL ASSETS TOTAL ASSETS J i 1 I - i i 1 - i 2 )-- 44 40 1 RAta :44 4:-:- tt--'-' r4 'r i:44''''' J1 -- 4' I !'qi re t rt I 1467092t ::: 76000 136000 211000 1462021& Ic ' 11000 12592000 I I 121illik 113129000 8000 1A42000 111t11021 15411)w 111301k' 1144704)00 bank do hereby declare that these John M 1000011 Vice PresidentCashier of the above-narne- e PePocts of Condition one income (including the supporting schedules) hove been prepared In conformance with the instructions Issued by the oppropriate Federal repulatory authority One ore true toitte best of my knowledge One belief Correct-Attest- : JOHN M TAGGART Vice PresidentCashier We the undersigned direCtors (trustees) attest to the correctness of this Report al Condition fIncludint the Sewell schedules) and declare that h has been examinee by us one to the best of our knOwleckle ono Ithsliel has been prepared in conformance with the instructions issued by the appropriate Federal regulatory outhority and is true and correct - 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I p m ' I '''S d':-- ' '4 t I LIABILITIES 41 The sessions which will begin Feb 28 will be at the chamber's Bnefing rentet 175 E 400 South Suite 600 Information ablit registration is nvailable by railing the chamber - 92(1000 Other liabilities - figlisy The 12 Salt Lake Area Chamber of Commerre's Business Development Series courses will be held from 7:30 to 9:30 a m A story in Wednesdays Tribunc incorrectly listed the time as 7 30 le 930 and reserve I 6 Time of Courses ' t $6309000 I 214000 interestbeorind Macintosh flo C of C Clarifies ) y BFRESTAtt CHARLES M MATHIS JR sales remained unchanged the government said Wednesday "It's a reflection- that the economy has slowed down- said Thomas Runlewicz an economist with the ATKA Group in Bala Cynwyd Pa The Commerce Department said inventories were down 02 percent to a ceasonally adjusted $7952 billion after rising 0 5 percent in November and 03 percent in October It was the first decline since a 01 percent drop in October 1988 and the largest since inventories slipped 0 6 percent in December 1986 At the same time sales were flat at a seasonally adjusted $5225 billion November sales were revised downward from a 0 7 percent to a 04 percent gain Sales fell 05 percent in October 1 28000 4907000 29S000 Llikokrrirs OF UTAH Deportment of Financial Institutions i Jonathon B Bronson Supervisor Of the statement OT conditions of the above WASHINGTON (AP) — Business inventories fell in December for the first time in more than a year while ill - t STATE Inventories Down Sales Unchanged For December '89 :1 I LOSSES DEFFPPED PUPSUANT To 12 USC 1823(1) AND i It ' Deposits: In domestic offices eionleterest4oeorind Apiit A - the State of Utah al the ctose al ASSETS no-lic- e ' in 1099 31 Cosh and due from deposPory lent01910ns: balances and currency and coin a Noninterest-bearin- a balances b Interest-bearin- g SecurPles Federal lunch sold Loons one lease financina receivoblet a Looms and leases net of unearned Income b LESS: Allowance or loon ond lease losses el Loans and leases net of unearned Income allowance Premises and lived assets intongible assets Other assets Take care of business with a professional presentation system or your competition will List e recognitiw one-tim- s' commercial Area ! of the costs to sell and restructurp about $280 million in assets to cut inrerest rale risks The 1988 quarter also include a $1 million addition to provisions for' losses On loans leases and foreclosed real estate The 1989 fourth quarter loss prtn vision of $22 million for loanSt leases and foreclosed real estate wan i less than half of the 1988 fourth quarter provision Yearend assets were $591 mill n at the' lion down from $828 in same time a year ago The shrink in assets Mr Richards' said was calculated and primarily reflects a decision to not make loans unless they can be profitable and not e to pay for high cost deposits Stockholder equity at year's end was $21845603 or $849 a sham compared to $351 million or $1315 a share at the same time a year agot capital-to-asse- t The year-enratio more than meets regulatory standards he said In 1989 the firm made timely lig- uidation of its high-risbond portfp lio without a loss Mr Richards not7' t ed Reserves had been previously set7 up in 1988 Had these high-risbonds been re' tamed Olympus may have hadá much higher cost to recognize be'! cause of the subsequent nose dive of ' the "junk bond" market he said Shares of Olympus Capital tradti'‘ on the national market The annual meeting : will April 23 at 11 am at corporate ofi flees in downtown Salt Lake City Report ot condltkm ot "American etvestrnernFirsonclorot Sandy Tribune Offers 1 ii $108-millio- Olympus is parent of olympus Bank a federal savings bank II said results reflect actions which added $145 million to reserves against losses on loans leases and foreclosed real estate The loss compares to a net loss of $171 million the year before John L Richards executive vice presidvsnt and chief operating officer told The Tribune "We have been ext remely conservative in valuing our loan portfolios "Vi'llen there is hint of a possible loss we have elected to set up a provision for it instead of ignoring it" Mr Richards said that during 1989 the company generated positive income from core business operations During the year it added an additional $3 million to reserves against potential losses on the Resort Center at Park City In prior years it had put $86 million in reserves aside for the center Mr Richards said the firm has now sold — or has under contract to sell — 50 of the 70 units of the center which it acquired in 1983 from a California developer Olympus was the principal lender Mr Richards also said the firm has developed a plan to sell off the retail commercial space on the center's plaza level "We are still working on a strategy for the Columbine restaurant and private club and the office space" The 1989 reserve total included a $4 million provision covering a warehouse in Salt Lake County The remainder generally covered Inter- TOTAL k: 1 ' properties he said The fourth quarter shovved a net' loss of $656000 compared to $183 milhon for the year-agquarter s''': The year-agquarter included 'a Tribune Business Editor Olympus Capital Corp Salt Lake City financial sei vices conipany announced a tut loss of $13 4 million in -: 1::! I Beefs Up Reserves it- : Page 3 B ‘ NEW YORK (AP) — Drexel Burnham Lambert Inc took further steps Wednesday to dismantle an operation that once vas lite envy of Wall Bank board of directors Questar's board of directors also approved the appointments of three new vice presidents for Questar and an affiliated company Stephen E Parks has been named vice president and corpo- Questar Corp Wednesday announced the appointment of a new director and three vice presidents '' Questar also said its exploration and production affiliates had combined net income of $10997000 in 1I ' ' Section Drexel Busy Dismant Bond Empire Questar Has Nor Director Picks 3 Vice Presidents n de-Th- e production affiliates had earning of $3721000 in the fourth quarter of 1989 compared with $2260000 in the comparable period a year earn er in older fields The average natural gas price was 3 percent lower at $188 per thousand cubic feet while e a mat-use- usmess Questar Posts Dramatic Gains Highest Net Income in 41 Years has e il) t 1990 13 1 im to ap- att gaiit Zeibutic Thursdiu Morning—Fe Ionian 10 ---- at - d° :- ' :' '' - Vii :'' t' - r'!647"''111!!!!!!"!!‘41 (- - ' ' ' 4774 '” t xr pi' ': ' - 's — ' ' - ' - i:ikIA--ri-:-:i‘:'64v1 ' - - : I 4'''r t '00- t - tt |