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Show ii'iniin Utah Basking As Haven For Workers y The Salt yi nr.y iiy y "liiy lake Tribune Wednesday, September Tylt-y- yy C5 12, 1984 American Stores Co. Announces Dividend of 16 Cents a Share thousand new jobs were created in Utah last year. And Utah, The Pest Kept Secret" is no longer a secret. inquiry on location and doing business in Utah is as high as it has ever been. But, warns Evelyn Lee. director of the Utah Economic & Industrial Development Divisons, other communities and other stales also are heavy into soliciting business and industrial location. Utah has much to offer in desirability of location and in the quality and training of its work force, she Thirty-thre- tiy e e said. But it would do well to mane sure its regulatory and tax laws also are American Stores Co. board of directors Tuesday declared a quarterly cash dividend of 16 cents a share on common stoex.. The dividend is payable Oct 5 to shareholders of record Sept. 24. The board also declared a quarterly cash dividend of $1.3775 per share on its $5.51 cumulative preferred slock, payable Dec. 10. to shareholders of record Nov. 23. American Stores, a Salt Lake food and drug store chain, also announced that its board of directors has authorized the firm to redeem all outstanding 9 3,4 percent sinking fund debentures due July 1. 2001. Although the company said it expected to redeem the debentures City-base- d within the next two months, it set no date. A spokesman said the redemption amount of the 9 7,8 percent sinking fund debentures outstanding is $8,110,000. ha$.been authorized "to facilitate the consummation of the subordinated debt financing which the company is currently working and, accordingly, is contingent upon such financing. Outstanding Debentures The company also said it intends to redeem all outstanding 0 78 percent sinking fund debentures due Aug. 1, 1303, sometime after the conclusion of its acquisition of the remaining common and preferred stock of Jew el Cos. Inc., which it does not now own. The principal amount of the 9 3 8 percent sinking fund debentures is million. The principal $27,360,000 The 9 7 8 percent debentures are redeemable at 101 110 percent of their principal amount and the 9 38 debventures at 105.325 percent. The redemption will also include accrued interest to the fixed redemption date. Debentures are a bond backed by the general credit of the issuer but not secured by a mortgage or lien on any specific property. 1'hey normally have a stated maturity date and rate of interest and are normally the most common kind of bond issued by large, well established corporations with good credit rating. Net Earnings Increase American Stores Co. also an nounced Tuesday a 26 percent increase in net earnings for the second quarter ended June 28 to $34,446,000, or $1.07 a share. That compared to $27,369,000, or 83 cents a share for the same time in 1983. Second quarter sales increased 33 percent to $2,605,957,000 compared to the same time last $1,966,639,000 year. American Stores said the impact on financial remits nf the Chicago, based Jewel Cos. Inc., which it purchased earlier this year, in the second quarter and half-yea- periods r amounted to a $489,362,000 sales increase. That meant an increase in net earnings, after deducting interest expense related to acquisition borrowings and other purchase accounting c adjustments, of $990,000, or 3 cents per share. For the half-yea- r period ended June 28, American Stores earnings increased 23 percent to $60,403,000, compared to $49,236,000 for the same period last year. Net earnings per share increased 25 percent to $1.85 a share, compared to $1.48 a share the same time last year. Half-yea- r sales were up 22 percent to $4fift9,i5h,000 compared to the same time last year. Average common shares outstanding for the half-yea- r periods in 1984 were 29,636,000 and 29,517,000 in 1983. American Stores operates 1,016 food, drug and combination food an drug stores in 28 states. $3,848,698,000 attractive to outside investment, she told the Sait Lake Rotary Club luncheon Tuesday. Utah, she noted, has a sales and use tax on equipment. Twenty-ninother states, including Utahs "Four Corners" neighbors, do not. That sales and use tax, she said, can weigh in a location decision of a company. Consider the problem for such as an electronics or company which has a major capital investment in computers. Nevada, she noted, has neither corporate nor personal income taxes. e Pointing to major expansion anand pending in office and business space, Mrs. Lee noted: "We have had a good track record for 20 years. While we don't want to give away the state with tax abatements or such, we must look at legislation that has impacted on major decisions involving location of new business. nounced Utah, she said, is not only in competition with other states and cities in the nation but countries around the world. typical company seeking an A ex- pansion or relocation, she said, will have reduced its location alternatives to at least 11 viable choices when it comes to making a final decision. "We want to make sure we keep in step with the times." Geokinetics Claims 8314,000 3rd Quarter Losses Geokinetics Inc., Salt Lake shale oil firm, said it lost $314,000 in the third quarter compared to a loss of $177,000 for the year-agquarter. It said, however, losses were of a City-base- d o . nature, and were g based on a decision to continue operations of retorts at its Kamp Kerogen operations in Uintah County at its own expense to gather additional operational data. It said its financial position continues strong, with assets of $2,255,000 compared to liabilities of $654,000. It said costs would decrease significantly through realization of a joint venture agreement Gilbert Shale Oil Co., subsidiary of Peter Kiewit Sons, Inc. that anticipates loan guarantees and price supports from the Synthetic Fuels Corp. ! gives you immediate long distance connections even at the busiest hours. AT&T gives you discount rates 70 of the time: 60 off weekends, 60 off nights, and 40 off evenings. AT&T gives you Reach Out America,3" a new plan that lets you pay by the hour, AT&T Under the joint venture, Gilbert would assume all costs of maintain- ing the Kamp Kerogen field site and out project development when the SFC signs a binding contract. The joint venture would be known as Seep Ridge Shale Oil Co., to be owned 85 percent by Kiewit and 15 percent by Geokinetics. carry not the mile. AT&T gives you AT&T Opportunity Calling,5" which lets you earn credits for the Principals have signed a letter of intent with the SFC for a daily commercial operation based on loan and price guarantees of $45 million. The government would provide an initial guaranteed price of $42.50 a barrel, and would pay difference betweeen the guaranteed price and the market price. It also would guarantee loans for 60 percent of the cost of constructing the Seep Ridge production facility. 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"Since the first Reynolds plant in Salt Lake City began recycling newspaper in July, consumer response has been overwhelming, said Salt Lake plant manager A1 Remington. Company St Church Forties PUNCH FIESTA FRUIT When other companies say they're like AT&T that says a lot about us. Only one company sets the standards. For clear long distance connections. For ease of service. For efficiency and convenience. And other companies still have a long way to go to measure up. can take a lot of things for granted with AT&T because we don't. Thats why theres no substitute for the real thing. That's AT&T. For more information, call: 1 800 You 222-030- 0. Reach out and touch someone. The mreyu hear the better we sound .SLUSH ORDER DEPT. DECKER LAKE sq tt. Otl'ce and Warehouse space available immedialcly Dock high, ground level entry. 9 600 Call AW OwnerBroker 972-250- 0 l. I li il inns 4 i I l 90 0.0k. m f 0k 0J 0 0, 0 0k 0k...-0- A. 0. 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