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Show Business The Salt Lake Cribune WORLDBRIEFS Page D-9 "Ea | "sees0 Analysts Say 4,472.75 868.82 +4.24 Recession Creeping Up -$0.90 30 INDUSTRIALS $1.3490 +7.61 +2.50¢ By James H. Rubin ‘THE ASSOCIATED PRESS WASHINGTON — flurryof fresh data, including the sharpest drop in factory orders in nine months, suggests the economy's slowdownis more drastic than analysts suspected and the risk of a recession cannot be ignored The stock market, rallying from a drop early in the session, climbed to another record. The Dow Jones industrial average rose 7,61 points to 4,472.75. Bondsrallied, pushing the yield on the Treasury's main 30-year bond downto 6.60 percent. The Commerce Department said Thursday factory orders fell for the third straight month in April, the first time in nearly two years that has happened. The 1.9 HuntsmanPackaging Corp., part of the Huntsman Group of companiesbasedin Salt Lake City, has acquired Performance Films Corp. of Dallas, Texas. Performance Films produces three-layer plastic films used in cookie, cracker and cereal boxes David H. Huntsman, chief executive officer and vice chairmanof BRIEFLY. HuntsmanPackaging, said the acquisition allows the company to Western Leisure Inc. is meet one of its longstanding obopeninga Salt LakeCity office jectives — to become a full-serto handle its meetings division vice supplier of plastic film. Huntsmananticipates that 1995 Thenewoffice is in the Arrow revenues for Performance Films Press Square Building near the corner of West Temple and will approach $10 million. Other companies in the Hunts- 100 South. The company proman Group include Huntsman vides telephone-operator serChemical Corp., the country’s vices. largest privately-held chemical oO company and Huntsman Corp., GadgetsofSalt Lake Cityis the former Texaco Chemical Co opening a secondstore. It is loThe Huntsman-held companies anticipate 1995 revenues of ap- cated at the corner of 7200 South and 900 East in Salt proximately $4 billion Lake County. The company provides electronic goods at Officer New President discount prices. percent decrease was the largest since a 2 percent drop in July The slowdown maybeintensifying, analysts said, pointing to a key business survey that showed manufacturing stopped growing in Mayforthefirst time in nearly two years. “It’s not too early to seriously considera recession,” said economist Cynthia Latta with DRI- oO Kent H. Cannon has been named presidentof the Salt Lake City-based Beneficial Life Insurance Co., owned by The Church of Jesus Christ of Latter-day Saints. Cannon previously served as executive vice president and actuary for the company. He has been anofficer of Beneficial Life since 1985 and is a fellow in Society of Actuaries. Cannon earlier served several years as a principalina consulting actuarial firm Cannon succeeds Jay B. Horrocks, who is retiring after 40 years with the company, the past eight as president Cannon's appointmentis effective July 1, according to Beneficial’s chairman Boyd K. Packer, acting president of the Council of the Twelve Apostles of the LDS Church Postal Service Honors 2 Utah Businessmen The U.S. Postal Service has honored Stephen R. Cove: man of the board for Cov: ership Center in Provo, and Mike Jones, president of Skymail International in Salt Lake City. Coveyreceived the Postal Services’s Industry Excellence Award for tripling his business the last three years through the By Hillary Chura THE ASSOCIATED PRESS CONCORD, N.H. — In one of the biggest bribery cases in U.S. corporate history, two former Hondaexecutives were con’ Thurs of taking millions in payof! to award dealer:ships and keep dealers supplied with hot selling Acuras and Hondas. Dennis Josleyn, former West Coast Honda sales manager for American Honda Motor Co., and John Billmyer, formerseniorvice president, will appeal, their lawyers said. Prosecutors say dealers in 30 states gave $15 million in cash, Rolex watches, fur coats, Mercedes-Benzes, furniture, business suits and college tuition to Billmyer, Josleyn and other American Honda executives. In return,the dealers got lucrative dealerships and cars that could be sold for thousands of dollars above sticker price. Hondas were in short supply in the 1980s because Japan restricted U peonieyile Bank of Provo ed a five-star rating from BauerFinancial Reports of Florida. The bank's tangible capital ratio and total riskbased capital ratio exceeded twicethe level requiredby federal regulators. Bauer analyzes andratesall U.S. banks, thrifts and credit unions, o Capsoft Development Corp. in American Fork is re- leasing a Windows version of APS Usersoftware, a deplatform for document assembly systems built with CAPS Author, a DOS-based application development tool CAPS User for Windows bridges between DOS and Windowsbyallowing end users to choose an operating environment for their CAPS practice ican automakers. Assistant U.S. Attorney Michael Connolly said he knew of no larger commercialbribery case. Josleyn and Billmyer were convicted of conspiracy. Josleyn also was convicted of racketeering and fraud for skimming money from sales training and advertising schemes. Josleyn, 48, could get up to 35 JP Realty Inc. in Salt Lake City has declared a 4042-cent per share cash dividend that will be paid on July 18 to shareholders of record as of June 30, JP Realty owns and Jones received the Sales Parttional mail volume and revenues for thepostal servicein Utah. operates retail shopping center properties in 10 westernstates. Kaysville Business Park Is Showing Signs of Life By T.J. Quinn THE SALT LAKE TRIBUNE KAYSVILLE — The buddingflowersandall that are nice, but there's one particular blossom that has ason. Kaysville officials smiling thi After 10 years ofsitting dormant, the city’s business park is about to take off. Five companies are either beginning construction or awaiting approval for final plans and should open shopwithintheyear. Thegrowth is a relative explosion for the 175-acre park, which has hadone tenant inits lifetime. And that oneis only3 years old The city knewit would haveto be patient when it decided to openthepi k south of 200 North, west of Interstate15, saidcity e onomicdevelopment direetor Mel Ward. But they're breathing easier anyway It's nice to see somethingsell,” Wardsaid Sonice, in fact, that Wards id he has not thought about whythecity’s fortune s ung sc suddenly. I don't know whatledto it hesaid “Everything By Steven Oberbeck 290 280 ‘THE SALT LAKE TRIBUNE ZCMI’s management has watched as one major U.S. departmentstore chain after anoth- 270 260 250 er has gone out of business during MJJASOND 1994 Source: Department of Commerce AP McGraw Hill, a Lexington, Mass., forecasting firm. “But I wouldn’t want to bet too much money on oneatthis point.” Analysts said the odds now favor a harder landing than previously predicted. But they said the economy is approaching another turning point that could lead either to new momentumora further retreat. “The economyis taking a bigger hit than was expected. The soft landingis giving evidence of being a bumpylanding as of now,’ said Robert Dederickofthe Northern Trust Co. in Chicago. The next key indicator is the May employment report to be announced today by the Labor Department. isting buildings. the past 15 years, or vanished by merging with larger competitors. The 126-year-old Salt Lake City-based company — 52.3% of which is owned by the Church of Jesus Christ of Latter-day Saints — is oneof the last regional department store chainsstill doing business underits original name and ownership. Yet, it hasits share of suitors. The past several months, ZCMI is said to have been approached about its willingness to be taken over by some of the country’s largest department-store chains, including Ohio's Federated Department Stores, the lowa-based Younkers Ine. and in recent weeks the Arkansas-based Dillard Department Stores. It is no secret that Dillard has had an interest in us for 20 years,” says Richard H. Madsen, ZCMI’s president and chief executive officer. At one time or another, Madsen says, ZCMI has been approached bynearly every major department store chain’ His response: “We are not for sale.” Madsen, however, understands the interest of those who have madeoffers. ZCMI has been bucking an industry trend, prospering while many other department stores have struggled. “It is natural they would take notice of what ZCMI has been doing,’ Madsensays. Several stock market observers say there maybe another reason. ZCMI has a “book value” of nearly $25 a share, whileits stock trades lightly on the NASDAQ system in the $10- to $12-a-share range. Book valueis determined by dividing the company’s net assets by the number of issued shares. For its fiscal year ended Jan 28, 1995 CMI reported a net in- comeof 51.69 per share, from revenuesof lion. One yearearlier, the companythat operates 17 stores in Utah. Idaho and Arizona posted revenues of $235 million and net in- See ZCMI, Page D-11 receiving Rolex watches, Hong years in prison. Billmyer, 65, Kong shopping sprees and house could receive upto five years. The payments from dealers; from a men remained free on bail until former American Honda sentencing Aug employee who said he im; Sixteen former Honda | plored the companyto do and Acura executives, something about rutwo former dealers, an | ~ moredkickbacks advertiser and a lawyer| Josleyn and Billmyer pleaded guilty earlier to admitted accepting gifts charges including rackefrom dealers teering, perjury and Josleyn claimed — but fraud. None has been | Honda denied — that the sentenced. | company condoned the Duringthetrial, jurors | kickbacks to compensate heard from dealers who admitted giving execu- John Billmyer for poor salaries. Billtives swimming pools and enve- myer’s lawyers told the jury that if he did participate in a conspiralopes stuffed with cash; from at least one executive who admitted cy, it was not the schemethe goy- a ernmentalleged andthatthe statute of limitations had expired. Bilimyer’s protege, Stanley James Cardiges, testified he gave 3illmyer at least one Rolex watch from a dealer. Dealers testified they gave Billmyer thousands in cash, helped himpay for his Palm Springs, Calif., home and built him poolthere. Josleyn admitted receiving at least $1.2 million from dealers and the advertising and training programs. The case unfolded in New Hampshire when an Acura dealer sued, claiming he had beentreated unfairly. There is one thing more thrillin, youre ever wanted w 245hp dot test drive a 1995 J tukable han drivi le, bumper you can have all of the a 1995 J ir NJ6: its value, Because if nper er I luxury and the ability ty become a for $699/mon uth. Visit our showroom and ‘699 | ‘69!D) DOWN PAY MEN Kaysville tenants must start from scratch. Ultimately, Sommerkorn said, the Freeport Center may have been a benefit to Kaysville, spinning off customers who werenotinterested in Syracuse @ See KAYSVILLE, Page D-11 “Bravo * 8 numbered memory * Time atamped * Call romindor © Assorted colors $310 in Utah's exploding, I guess,” Many new business parkssit dormant for a long time, said Wilf Sommerkorn, Davis County's economic development director. Prospective tenants want to make sure the park will survive and most don’t wantto be thetest case “Once someone does take a chance, everybody sees the first guy put his toe in the water and if he doesn't ale theysay, ‘Great! Let’s get in!’ * Sommerkorns The nearby Freeport Center in Syracuse also may have beena distraction for desirable businesses, he said, since the center is well-established and has ex- e3ee | TELEPHONE “Nec Sport DIGITAL PAGERS i a“ = Is Not Up for Sale Telal new ordersin billions of dolias, seasonally adjusted exports to ease pressure on Amer- oO ner Award for doubling interna- mn" Rock-Solid ZCMI orders Former Honda Executives Guilty in $15 Million Bribery Case Dynatronics Laser Corp. of Midvalehas signed an agreement with a Japanesedistributor of medical products. The deal covers Japanese sales of Dynatronics’ ultrasound-therapyline of products, systems. use of advertising mail Page D-11 300 Huntsman Buys Dallas Company Of Beneficial Life TRADEWINDS Plus” yent surrounding a 19% fiw fi tw iking the top al en hep Jaguar dealer 1 YEAR FACTORY WARRANTY © © # © 16 Number Memory Time Stamp Call Romindor Priority Message, Lock i +0.09 PAGED-8 nunin FRIDAY, June 2, 1995 KEN GARFF JAGUAR 125 S Slate Street Salt I ake City, UT (801 ) 521-6111 % *1 YEAR ADVANCE SERVICE PAYMENT REQUIRED otivation Feo PHONE: 533-1111 1171 South West Temple HOURS: MONDAY-FRIDAY 8 AM - 5 PM JAGUAR” == |
