OCR Text |
Show NEWTAX LAWS: Are making things more complex for divorced Americans. E7 BUSINESS < 4 THURSDAY JuLy 2003 WWW.SLTRIB.COM Provo network plan praised YESTERDAY'S MARKET Indicators © DowJones mee, \ NASDAQ eemorens By Mark EppiIncton The Salt Lake Tribune CLOSE: 9142.84 PROVO The $36 million fiber-optic network Provo leaders envision is still on the drawing boards, but City Council members got a previewthis week During a stylish video presentation, council mem. bers watched everyone from Mayor Lewis Billings to Close: 1,678.73 NYSE S&P 500 Energy Departmentofficials tocity residents pitch the network proposed to makehigh-speed Internet, TV channels, phoneservice andvideos available to every homeandbusinessin Provo. CLOSE: “It's like a water pipe. CLOSE: atavery highspeed,”Billings said on thevideo. 5,590.55 993.75 Utah's Top Performers | Bi 7a The Utah Index measures the stock of the ———7 state's CLOSE: 225.25 that flows data into homes “It's not just high speed, speed,” it's screaming high Mary Delamare-Schaefer, Provo Energy De- partment marketing manager, said about the Garlick told the council after the video. Before climb aboard, however, cour bers have some nagging worries, For starters, there City Council sees a preview ofthe fiber-optic proposal the sticker shock $36 million and Internet. Added resident Mel Smith, “The video on demand fits right into my lifestyle. | want to watch a movie whenI want to watchit.” In summation: People love it and want moreofit and soon. “We possible, ant to move this train forward as soon as Provo Energy Department Director Kevin estimated to $38 million run betw to build the system City administrators propose to finane: iProvo fiber-optic network with a 20-year bond th carries a 6 percent interest rate. Once in place, the network would be leased to ion per would net an estimated $14 million t Thc providers then million a year t lease the system, money the city would use to retir: the bond. The potential dividends are gre 4 plethora year from service subscribers. would pay Provo an estimated high-techservices to Provo subscribers and only See NETWORK, [cs EPA, US Magdiscusssettling lawsuit major hel companies. ALYSIS Inspired bya bigger-than-expected rise in factory orders,investors sent stocks sharply higher Wednesday, taking advantage of lower pricesafter last week's declines and extending the market's advanceto a second day. The Dow Jonesindustrials surged 101 points. At loggerheads: Thetwosides agreethat the Utah company dumpsa lot ofnastystuffbut not on whetherthatviolates federal environmental law Merit Medical optimistic on 2nd quarter earnings Settlement talks are under way in the court fight over hazardous pollut ants at the US Magnesium plant. According to filings in U.S. District Court, the company and the U.S. Environmental Protection Agency arelook: ing at resolving their dispute over the Merit Medical Systems Inc. on Wed nesday projected its earningswill ex. ceedanalysts’ predictions when second-quarter results arereleased three weeks from now The consensus of biotechnology in: dustry analysts was that the South dumping of dioxin and otherhazardous chemicals at the Tooele County mag Jordan-based medical equipment maker would earnabout cents per shareforits stockholders in the quar nesium processing plant. Dennis ter ended June 30. Other thanto fore Downs, director of Utah Division of cast earnings better than that, specific per-share earnings will not be released by the company until July 23. Howe Merit dic ase some preliminary figures, estimating second-quarter sales of approximately $34.5 million. That would be a 20percent increase over sales for second quarter 2002 of $28.8 million. The company’s stock appeared to Solid and Hazardous Waste, confirmed benefit fromthene wk, By Jupy Fanys The Salt Lake Tribune that his agency has agreed to furnish technical assistance to help settle the 2001 lawsuit 1 knowthere have been discussions between the company and the EPA people,” said Downs, whose agency oversees the law USMag is accused of ignoring. Attorneys from both sides did not Merit shares closed at $21.84 on Wednesday, up $1.89 from Tuesday's trading on the Nasdaq Bob Mims respondto requests for comment on the negotiations. In May, they asked U.S. District US Magnesium’s plant on the west side of the Great Salt Lake spews enough hazardous emissions each year to rank high among the nation’s worst polluters. The federal government says the plant is breaking environmental law. Judge Dee Benson to delay action on thelawsuit for three more months dur- agreement, so it appearsa settlement is some ways off in the future,” said ing “further negotiation and explora. tion of settlement possibilities.” The likelihood of a settlement remains 1-800Contacts appointees 1-800 Contacts Inc. on Wednes announced the appointmentof B state W. Bethersas chief financial officer has seen no draft an in January, 2001, filed a $1 billion suit against the magnesium-mining com pany then known as Magnesium Corporation of America, or MagCorp. The company, EPAsaid, refused to comply with the nation’s cradle-togra’ hazardous: aste law. Mean while, there was arisk that ardous Salt Lake. The plant is or the west edgeof the Great ; about 65 miles west of Salt Lake Cit Having argued with the state ov waste compliance fi years, MagCorp held firn its hazardous byproducts from the company might harm workers and wash into the Great Sov EPA, be and David M. Saylor as vicepresident of operations. Bethers comesto the Draper-based Once beloved hopping malls are evolving online provider of contact lenses from TAC Worldwide, a technology staffing company in Dedham, Mass., where he also served as CFO. When Bethers takes his new post next Wednesday, in terim1-800 Contacts’ CFO Robert Hunter will return to his duties nancial vice president Once thedarling of the retail industry, the be- Joved shoppingmall is approachingdinosaur sta tus as developers look toward smaller formats to satisfy shoppers’ tastes. as fi. Prior to TAC Worldwide, Bethers led SupplierMarket.com’s financialex pansion prior to the company’s sale to Ariba Corp. in 2000. Before that, the Brigham Young University master of business administration graduate It's a transformation driven by consumers as time constraints and suburban sprawl reshape shopping habits. These days a trek to cruise the corridors of the big mall is considered a luxury amongthe grab-and-go crowd worked for the Marriott Corp Saylorrecently joined 1-800 Con: Consumers are speaking and they want con venience,” said David Bossy, a principal at Mid tacts after serving as operations direc tor for Sloan Valve Co., a plumbing America Real Estate Group in Oakbrook Terrace i Park, fl Crate & Barrel, for instance is movingits stores out of shopping centers and into spots products manufacturer in Franklin Bob Mims By SreEVEN OBERBECK the Salt Laake Tru The Nasdag Stock Market has pulled the plug on proposed Bulletin Board Exchange, a yearlong eff ceived as a way to bring respectat il put held companies that fall short of quali! major national stoc k exchange Several dozen Utah companies whose fi standards, said Reed Topt Salt Lake City offic prives them of the »pportur Barrel spokeswoman. Peoplear ‘eso short of time, they don’t have the time to walk through a mall anymore. We had a At Hawrseay x Tribe fle pts prime location in the center when we opened 15 yearsago, Kahn said ofthe original space inside Areas such as The Gateway near downtown Salt Lake City, with outdoor, street-like walkways, are The Nasdaq originally planne Bulletin f d quotatior the shopping center supplanting traditional indoor malis and forced companies that failed to qualify for the we NASDAQ,| See MALLS, £5 department stores throughout the country. lated market that coul platform for their stock t © th o— SKIP A FEW RUNGS ON YOUR WAY ~ UP THE CORPORATE LADDER.Top professors. Smaller cl WES MLE Flexible schedules are 1 nies of the costs and burde have busier lifestyles, said Bette Kahn, a Crate & The new store, outside of the tir shares quoted on Nasdaq's 01 Bulletin Board system were tentially eligible for listing on the BBX Nasdaq's announcement relieves those Utah comp: nearby to better serve its customers. In many cas es, the retailer needs more space so it can offer CORRECTION OPY/ stops BBX system furniture along with its mainstay of houseware items. But the company also realizes that consumers MatlinPatterson Global Opportuni ties Partners, which owns 49 percent of the Huntsman Cos., transferred owner ship of Vantico to Utah-based Hunt man, but Vantico's operationswill re main wherethey are. A headline in Wednesday's Business section sug gested otherwise Utah companie affected as Nasdaq TRisune Srare anp Wink Reports Bo1-832 2200 www.westminstercollege.edu it BBX |