Show mss tiUTTii m &&& DOW JONES at liner Tuesday January 26 1 999 Business Editor 6254245 Browning president Gofoel Executive win remain as CEO of firearms company U S Repealing Arms reer in the SanbartExamner staff dustry spans 33 years MORGAN - Don Gobel has nd of US Repeating Arms Co for the past seven His cain- Charles as president of Guevremont US Repeating will take over I Arms Co although he will y as chief executive officer of operations Browning made the announce BrowningUS-- Gobal merit Friday RAC America Gobel had been president and as president and chief operations I CEO of Browning for 19 years officer and Gobefs CEO duties I stepped down I Browning and re-iru- in day-to-da- will be focused on worldwide strategic direction and policy Guevremont and Benjamin Colas president of Brow-ningUSR- International will report to Gobel who will continue to key positions at the companies since 1978 and will continue to handle all sales responsibilities Guevremont former vice president of sales for BrowningUSRAC America has held several been vice presi- - Oswald dent of the division since 1987 over" Guevremont represent BrowningUSRAC steps down Gobel said the ou&inrss oas a young energetic team of professionals in place following the retirement of several key members of his staff “We have our game plan in place and this team is ready ‘ and eager to execute it" he said It’s a good feeling to have total confidence that we have such a strong team in place ready to take in industry organizations EARNINGS 0 Chris wald has been I er of 1997 For the year Boeing earned Sll billion or $115 a share on revenue of $562 billion compared with a loss of $178 million or 8 cents a share on revenue of in fourth-quart- er 1 $458 billion in 1997 The company delivered 559 commercial jetliners in 1998 ver- 374 a year earlier but the company was still feeling the effects of the Asian financial crisis Some aircraft delivered in late 1998 were under short-teroperating leases Boeing said commercial aircraft revenues for the year were $355 billion up $86 billion from sus m 1997 But operating margins on commercial jets were 4 percent for the year down from 5 percent in 1997 because of pricing pressures and the mix of aircraft delivered Boeing is delivering more 777 737 models and newer programs that have higher production costs The new 737 models have yet to turn a and profit The company warned that the same pressures will continue to affect operating margins in 1999 when the company expects to de Citigroup Inc NEW YORK - Inc Ud Citigroup the nation’s largest banking company posted profits from operations of $14 billion or 60 cents a share for the final quarter of 1998 Citigroup’s results while topping analysts' estimate of 56 cents a share declined 26 percent from the fourth quarter of 1997 when the bank had operating profits of $19 billion or 80 cents a share The operating numbers e do not include charges related to the merger between Citibank and Travelers Group as well as severance costs for the one-tim- - er Economic update set for Thursday SALT LAKE CITY - A Utah TV ads Super Bowl-styl- Press NEW YORK - Consumers’ confidence in the economy edged up slightly in January to its highest level since August as a growing number of Americans believed there are more jobs available But a survey of consumers released today by the Conference Board found that while Americans feel better about their current financial situation than they did a month ago they are slightly less Minus ‘Seinfeld’ Upscale clothing retailer relied on sitcom’s references for business The Associated Press LEXINGTON Ky - J Peterman the company whose d clothing nostalgic catalog has been imitated by other retailers and satirized on “Seinfeld” filed for bankruptcy high-price- protection from its creditors Monday h e New York real estate tycoon Donald Trump (above) on location in the Big Apple films a scene in a limousine for a Pizza Hut commercial featuring the Big New Yorker Pizza Fran Drescher (right) relaxes with a slice of the pizza while filming the same commercial scheduled to air during the Super Bowl on Sunday DIG IN: West Albertson’s plans securities issuance - BOISE Idaho Albertson's Inc has notified the US Securities and Exchange Commission that it plans to raise as much as $25 billion by issuing debt securities The filing is related in part to Albertson's pending $117 billion acquisition of American Stores Co Albertson's spokesman Mike Read said The company also will use some of the money for debt retirement working capital and other acquisitions Albertson's is working to close its deal with Amencan Stores during the first quarter of this year Courtesy Pizza Hut Consumer confidence up flie Associated economic update titled “Climbing the Wall of Worry” will be presented from 7:30 to 9 am Thursday at the Doubletree Hotel John W Mitchell chief economist for US Bancorp s Western Region will review current economic indicators in Utah and the West and make predictions about the future See EARNINGS8A confident about the outlook for the next six months The Conference Board reported its index of consumer confidence rose 09 point to 1276 from a revised 1267 in December The index dropped sharply in October and has sined been making a steady recovery “Favorable employment conditions continue to lift consumer confidence levels” said Lynn Franco associate director of the Conference Board a New York-base- d business-finance- d private research group “While consumer expectations have softened over the last several months this vital sector of the economy continues to be optimistic Consumers’ appraisal of the current state of our economy is running at decade-hig- h levels signaling further growth in the months ahead" under a court’s supervision while it develops a plan to return to solvency Company founder John Pe- in Lex-ingtterman told WKYT-Tthat the “holiday season V on US West welcomes competition ruling Latest decision by FCC another step toward giving customers choices The Associated Forty-fiv- e percent of consumers responding to the survey said jobs currently are plentiful compared with 425 percent who said so a month ago But fewer people said they expect better economic conditions in the coming months and the number who said they expect their incomes to increase over that time dropped 53 percentage points from 287 percent to 234 percent J Peterman The Chapter 11 petition enables the company to operate 9 Utah ECONOMY January level pushed up by belief that there are more jobs available OGDEN - Weber State University accounting students soon will otter free tax help to residents who need assistance preparing individual income tax forms 626-607- elimination of 10400 jobs announced last month Including those expenses Citigroup posted net income of $677 million or 28 cents a share down from $14 billion or 59 cents a share for the last three months of 1997 For the full year the New York-base- d bank reported operating profits of $63 billion or $266 a share compared with $78 billion or $318 a share in 1997 Including all one-tim- e charges net income totaled $58 billion or $243 a share down from $67 billion or $274 a share in 1997 ARCO LOS ANGELES ARCO renet ported a 1998 fourth-quartloss of $794 million or $247 per share after a net charge of $864 million The net charge reflects asset writedowns restructuring costs and a tax refund In the 1997 fourth quarter ARCO earned $382 million or $117 per share For 1998 ARCO reported net income of $452 million or $140 per share down from $177 billion or $541 per students to The service will be available Feb 8 through March 31 "During this time of year accounting firms everywhere are busy preparing taxes for clients We want to create a similar opportunity for students to test their skills" said Mike Minnoch vice president of Beta Alpha Psi WSU's accounting honor society Student volunteers are trained by the Internal Revenue Service and will answer questions about tax preparation and the selection of correct forms Patrons can meet with a volunteer in Wattis Business Building Room 215 from 5 to 6:30 pm Mondays or 3 to 4:30 pm Wednesdays Appointments are not necessary Residents also can drop off their tax information Monday through Friday from 8 am to 5 pm at the same location More information is available by calling Beta Alpha Psi at liver 620 aircraft SEATTLE - The Boeing Co posted a $465 million profit in its fourth quarter reversing a loss from a year ago and beating Wall Street's estimates The huge aircraft manufacturer earned 48 cents a share for the October-Decembperiod in contrast to a loss of $498 million or 5 1 cents a share a year earlier Analysts surveyed by First Call Corp expected Boeing would earn about 42 cents a share Revenue rose to $171 billion up 46 percent from $117 billion TOP OF UTAH offer tax help million quarter Associated Press BRIEF WSU named senior vice president for the outdoor products division He has b O 7A Os- Boeing has $465 The 11un 923293 4 2961 fe is out any of its 600 employees 400 of whom work in Lexington Calls to the company by the Associated Press were not immediately returned Peterman started his business in 1987 with a catalog noted for its quirky copy which featured in catalog was soft” which extended personal musings about the retro-styl- e clothing caused inventory overstocks and accessories told lawyers Company the final three seasons WKYT there were no immedi- of Dining “Seinfeld” the character ate plans to close any of the 13 or stores PETERMAN8A to off See lay company’s Press DENVER - Officials for US West Inc said they welcome a ruling by the US Supreme Court reinstating federal rules aimed at quickly opening the $110 billion local telephone market to competition The court in splintered voting said a 1996 law lets the Federal Communications Commission set pricing rules for companies and others that want to start offering local phone service long-distan- Monday’s ruling is a big although not complete victory for the government’s goal of speedily letting customers nationwide choose their local phone company much as they now can choose a company long-distan- David Beigie spokesman for the phone company that serves about 25 million customers across the West and Midwest said the ruling makes clear that potential competitors are responsible for providing additional services such as data and Internet communications The company had feared that be forced to provide basic service and other services to it would competitors at the cost of new business development “We see a lot that we like here Now we can invest in new services” he said “This ruling makes crystal clear that we need to provide a basic level of compe- tition” But the company is still prohibited from competing for long distance phone service under a 19 ruling by federal regulators On Friday the company reported a 62 percent increase in net income in the fourth quarter over the same period a year ago when the regional phone company’s results were dragged down by a regulatory charge The company serves customers in Utah Arizona Colorado Idaho Iowa Montana Minnesota Nebraska New Mexico North Dakota Oregon South Dakota Washington and Markets NORTHWEST Grain percent spnng tup 3) Monday POCATELLO White wheat 3 ST tup 10) Parley 3 bO istaaoyt 14 3 55 tup 4) ordinary winter 2 74 OGDEN - White wheat 2 73 (down 2) baney 3 70 steady! 14 oercem spnng 3 36 tup 4) 11 percent winter 3 00 (up 4i PORTLAND White wheat 3 12 (up 6! baney 4 percent 85 00 (down i 00 to steady! spnng 4 36 tup 5) 11 percent winter 3 55 (up 4) CALDWELL - White wheat cwt 3 82 (up 9) barley NA METALS PRICES Monday Aluminum - 55 2 cents per tb London Metai Exch Copper - 65 00 cents per lb NY Merc spot Lead - 48 cents per id Zinc - 4880-493cents lb delivered Tin - $3 4795 Thu Metals Week composite pnceperlb Gold Silver-$- 5 $287 80 troy oz NY Merc soot 160 troy oz NY Merc spot - $i 75 00 per 76 lb task N Y - $352 50 troy oz N Y Merc spot Mercury Ptatfoum INTEREST RATES Wyo- ming The Clinton administration had argued that such competition will happen sooner if price rules are set by the federal government rather than by each of the 50 states State regulators and compa- nies that now monopolize local phone service had said the pricing rules must be set by the states Lyear bond note 5 11 4 69 3 81 449 4 42 5 00 5 1$ twll Federal Funds Municipal Bonds - Standard-Examin- staff and wire services |