OCR Text |
Show Ryder Inc.s Revenues Healthy Detroit on a Roll concerts Friday and Saturday. Wendell J. Ashton, president of the Utah noted that symphony Symphony, sponsorships range from $16,000 to $100,000, depending upon the fees of guest artists, and that the Ryder sponsorship was larger than most. Ryder, which is based in Miami, Fla., announced earlier this week that net earnings during the first quarter of 1984 were up 30 percent over the same period last year. Revenue from continuing operations reached $572.4 million compared to $440.9 million for the period a year n Ryder System, Inc., whose subsidiary is Ryder Truck Rental, generated some $170 million in revenues from its Utah operations last year, according to M. Anthony Burns, president and chief executive officer. That compares to $8 million two years ago, Mr. Burns added. The dramatic difference is due largely to Ryder's acquisition in the past two years of three Salt Lake best-know- Automakers Note Record Profits Salt Cake ribnni' By Edward Miller Associated Press Writer DETROIT General Motors Corp. said Friday that it earned a record $1.6 billion in the first quarter this year, putting Detroit automakers well on the way to a second straight year of record profits. The profit by the world's biggest carmaker came to $5.11 a share, compared with earnings of $653.1 million, or $2.08 a share in the first quarter a year ago. That put the U.S. auto industry's profit total for the quarter at more than $3.2 billion. The whole industry made a record $6.1 billion last year. The companies are on a roil, said Scott Merlis, automotive industry analyst for Shearson-America- n Express in New York. Merlis said the automakers this year will double their combined 1983 earnings. Ford, Chrysler Gain Ford Motor Co. reported Thursday that it made $897 million in the quarter, nearly half its record 1983 profit. Chrysler Corp. made $705.8 million for the quarter, more than it earned in all of 1983, its record year. "GMs performance was signifir cantly ahead expectations, Merlis said, because Detroits cars "are coming out so fully loaded with options. Large cars are selling so well again. Americans are seeing the big car as a status symbol again, Merlis said. GM itself attributed its showing to d a increase in car sales, cost cutting, and big profits in the financing of cars by its credit subsidiary, General Motors Acceptance ' Merlis said Ford's earnings should pick up further because of improved car sales and currency exchange rates later this year that will bolster Fords European profits. Chrysler Earns $705.8 Million Chrysler Corp. said last week it earned $705.8 million in the first quarter, more than the record $701 million it earned in all of 1983. American Motors Corp. said Wednesday it made a modest $5.1 million profit in the quarter comloss of $66 pared with a million and that it will try to en year-earli- more-profitab- it Business City-base- Saturday Morning April Section B irregular route common carriers, and Commercial Carriers, Inc., a transporter of automobiles from railhead to dealership. Mr. Burns noted Ryders increased business presence in Utah during a press conference Friday afternoon at Hotel Utah in which the firm announced it has provided $45,000 to sponsor Utah Symphony 28, 1984 Page N.Y. (AF) -ROCHESTER, Most corporate chiefs who make millions of dollars are worth every penny of it, in spite of what critics say, researchers at a University of Rochester conference said Friday. Chief executive officers are talented people who single-handed- ly make the difference between shareholders making or losing millions of dollars, and should be paid accordingly, panelists said. The stuff thats being bandied about in the popular press is and ad hoc. Its the most superficial appeal to emotion, Harold Demsetz, a researcher from the University of California at Los Angeles said in an interview. profit equaled $4.90 a share and was more than four times the $211 million profit, or $1.17 a share, earned in the first quarter a year ago. Socal Announces Plans to Expand Mine in Vernal "If we limit compensation, were going to lose our best people. Workers want the very best people they can get, so their company does well and they make more money, Jensen said. Chief executives, like rock musicians, get paid exactly according top-lev- 11 NEW YORK (AP) - NCR Corp. Anderson Chairman William was the highest-pai- d executive in America last year, with salary, bonuses and stock options totaling $13.2 million, Business Week magazine says. Anderson, who recently retired from the computer, electronics and business information company, earned nearly twice as much as Phillip Caldwell, chairman of Ford Motor Co., the second-highepaid executive on Business Week's annual list. Caldwell earned $7.3 million, Business Week said in its May 7 issue. The executive pay figures include base salary, bonuses and which owns a third of Carter Hawleys voting stock, rejected the deal. The Limited urged Carter Haw- leys directors to accept its offer executives make most of their money from stock options, which would have been worth nothing unless the stocks price had risen. when they meet Saturday. Following The Limiteds announcement, Carter Hawley's stock rose $2.62W a share, to $32, on the New York Stock Exchange. The Limiteds stock fell 12 Vis cents to and General Cinemas $19.62V2, slipped 12Vi cents to $39.87Vj. General Cinema, a bottler and movie-theatoperator based in Newton, Mass., said Friday it would not sell any of its Carter Hawley shares to The Limited without permission from Carter Hawleys directors. Carter Hawley, a Los Ange other pay such as stock options. Rounding out the top 10 were of David Tendler, Inc., $6.9 million; Thomas S. Murphy, chairman of Capital Cities Communications Inc., $6.1 million; Daniel B. Burke, president of Capital Cities, $4.35 million; William S. Cook, president of Union Pacific Corp., $4.3 mil- Bucyrus-Eri- e lion. And Edward R. Telling, chairman, Sears, Roebuck & Co., $4.2 million; Gerard A. Fulham, chairman, Pneumo Corp., $3.9 million; Donald E. Petersen, president, Ford Motor, $3.8 million; George - SAN FRANCISCO (UPI) Standard. Qil of California said Friday it will proceed with plans to build a $250 million phosphate fertilizer plant) and slurry pipeline in Utah and Wyoming. The project involves expansion of a phosphate mine in Vernal operated by Socal subsidiary Chevron Resources, and construction of a slurry pipeline. The pipeline would carry crushed phosphate over the Uinta Mountains to a fertilizer plant that will be built at Rock Springs, Wyo. The fertilizer plant, which will use sulfur produced by Chevron USA in Carter Creek, Wyo., is to have a 400,000-toper year capacity for production of ammonium phosphate fertilizer. n route joins two others now being serviced by TWA out of Salt Lake City. The other two flights go to St. Louis, TWAs hub. TWA has been operating in Salt Lake City for approximately five years. According to Ms. Hansen, the introduction of the wide body plane to Salt Lake City is greatly needed since the city has a big international market. The plane will fly out of the international terminal. And although it continues out of New York to Germany, passengers will have ready access at JFK Airport to other TWA international flights. The introduction of the wide body plant here within 30 days, the Pocatello Assembly Facil- ity Company announced. PAFCO is an operating subsidiary of New Wider Plane Upgrades TWAs Service Trans World Airlines will upgrade its Salt Lake City service with the introduction Sunday of a widebodied airplane which will provide international flights out of Utah. -According to Libby Hansien, manager of passenger sales for TW, the new Lockheed 1011 will provide travelers access to John F. Kennedy International Airport in New'York and continue its flight on to Frankfurt, Germany. Before reaching New York, the plane wil make a stopover in Denver: We think this will be a great service for TWA and Salt Lake City passengers, said Ms. Hansen, who adds that besides its increased passenger load capacity, the plane has the best safety record of any aircraft. The plane will depart Salt Lake International Airport daily at 8:16 a.m. and return at 10:37 p.m. The - More POCATELLO, Idaho (AP) $1 million in modification work will be started at the former Buc- Mor- plane to Salt Lake City comes at the right time, according to Ms. Hansen, who noted that TWAs peak season runs from May 15 to the end of September. Ms. Hansen noted that TWA is the only airline to offer service to Germany. The plane will offer 28 first-clas- s seats, 48 businessman seats and 195 coach seats. The L1011 will almost double the passenger capacity of TWAs other planes, The plane is operated by three Rolls Royce engines, with a cruising altitude of 33,000 feet and maximum cruising speed of 602 miles per hour. World Stearns-Catalyti- c at the investment firm Bear, Stearns & Co. Plant to Get Facelift Soon than yrus-Erie retailer, has been fighting being taken over by The Limited, a much smaller retailer based in Columbus, Ohio. Trying to thwart The Limited's initial offer, Carter Hawley enlisted General Cinema as an ally by selling it $300 million of Carter Hawley preferred stock. General Cinema agreed to vote its block as Carter Hawley wished and also received an option to buy Carter Hawleys profitable Walden Books unit. Carter Hawley also began buying up its own shares to keep them away from The Limited, a maneuver that raised the stake held by General Cinema to 33.3 percent of the total stock outstanding. The Limited will know by Sunday whether they have a deal, said Monroe Greenstein, a retail analyst d though General Cinema Corp., Jensen also noted that the Weissman, chairman Philip ris Inc., $3.7 million. billion in 1983. The Limited NEW YORK (AP) Inc. said Friday it would pursue its takeover offer for Carter Hawley Hale Stores Inc. even said. n Net earnings from continuing operations rose to $19.4 million, or 85 cents per share, 36 percent greater than comparable net earnings of $14.2 million or 63 cents per share in the first three months of 1983. Ryder System reported revenues of $2.4 - to their market value, Jensen said. Look at Michael Jackson. I'd be astonished to find he makes less than $50 million a year. Is that fair? Hes generating all kinds of benefits for millions of people," he Phibro-Salomo- ago. Limited Pursues Takeover Bid The Highest Paid in U.S. S. The conference occurred at the end of a week that saw a flurry of criticism of rich management compensation plans and included speakers from Harvard UniversiInstitute of ty, Massachusetts Technology, and the universities of Chicago, Pittsburgh, Illinois, Utah and Washington, among others. William E. Brock III, the U.S. special trade representative, said Thursday that ballooning pay for executives of the top U.S. automakers threatened to complicate labor negotiations and make U.S. companies less competitive with the Japanese. The previous record net income for GM was set in the fourth quarter of last year, $1.3 billion. GMs sales for the first quarter, also were a record, $23 billion, breaking the previous quarter's record of $20.8 billion. Ford earned $1.87 billion in 1983. The previous quarterly record profit for Ford was set in the final $781 million. quarter of last year Shareholders, and employees as well, should be glad to see their top executives earn good money, said Michael Jensen of the University of Rochester, the conference organizer. d businesses: Interstate Contract Carrier Corp. and Western Express, two of the nation's largest Executives High Salaries Worth It Corp. first-quart- in bigger, cars. The earnings figures are expected demands to fuel by the United Auto Workers union in contract talks this summer at Ford and GM. Contracts at both companies expire Sept. 14 and talks begin in July. Chryslers UAW contract has another 18 months to run. Union members gave up the equivalent of $3 billion in wages and benefits in 1982 contracts with the Big Three automakers as the U.S. auto industry struggled through its worst sales slump since the Great Depression. Report Defies Critics one-thir- Fords er ter the market Corp., which bought the plant a few months ago from Bucyrus-Erie- . PAFCO will make energy modules for the oil and gas industry, primarily in the Overthrust Belt of Wyoming and Utah. Booth said he expects production to start this fall. Richard Booth, PAFCO vice pres ident and general manager, said Thursday his company will employ local contractors to enlarge doors, install oxygen, acetylene and carbon dioxide lines, and modify plumbing. Maintenance work will be done on large cranes used to lift and shift heavy equipment inside buildings. Offices inside two buildings will be remodeled. We will be installing a considerable amount of carpeting or tile," Booth said. We will also be installing around 20 acres of fencing and modifying some parking areas. Board Lists 156 Properties Sold in Week Properties sold over the Salt Lake Board of Realtors multiple listing service during the week ending Friday numbered 156 and were valued at $11,776,503, announced P. David Jensen, president. The property and their values cluded 129 homes, $9,241,853; in- eight condominiums, $537,750; eight apartmentduplexes $607,500; four commercial buildings, $771,500 and seven vacant lots, $617,900. The average single family home sold for $71,642 compared to $73,679 last year. Coincidently, during a comparative week last year the same number of properties sold this week were sold over the boards multiple listing service. The value of the property was $11,760,261. Lease any Benz. From $368.71 a month.' Our own short sleeve Oxford shirts are an outstanding 190 value. Low lease prices Big selection of 1984s Let's talk today! models available too Cool comfort at a great price. Our own short sleeve Oxford shirts in solid shades of white, blue, yellow, ecru or pink, also stripes or a tattersall check. All are comfortable, carefree blends of cotton and polyester. KEN GARFF IMPORTS .525 South State Salt Lake City Youve earned u N 521-660- 4 it! 'Plus tax THE WORLDS MOST ADVANCED ROTARY LAWN MOWER. SJ Someday all lawn mowers will have the features has today: An Automatic the Honda HR-2system. Roto-Sto- p Decompression easy-stato stop the blade within seconds when the lever e deck is released. A blade. A Capacitor and carbon-steo- l discharge ignition. And many, many more 14V2-17- 1 . 16.90 each 348.00 rt one-piec- V IT'S A Arthur Frank HOWM. engine ... 3592 So. 9th East Phone 262-126- 14 models to choose 6 Usefour Arthur Frank Charge, MasterCard, American Express, Visa Calk ' iw )l 28-264- . Fashion Placo L62 L964 CrussKjaUs Plana 421 ' 0101 a |