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Newspaper
Lawrence Journal World
Location
Lawrence, Kansas, United States of America
Date
May 12, 1998
Page
12
Payless ShoeSource Inc of Topeka reports a 16 percent increase in net income to 37.8 million on sales of 681 million for the quarter ended May 2, aided by Easter demand and a spring transition. Diluted earnings per share rose 24 percent to 1.00 and same-store sales climbed 3.3 percent.
Apple Computer abandons a radical overhaul of its Macintosh operating system. Responding to user and developer pressure, the company will merge Rhapsody features with the existing OS. The resulting Mac OS X, due next year on high end Macs, supports multitasking.
Monsanto plans multibillion acquisitions to expand in agricultural biotechnology. It will acquire the remaining 60 percent of DeKalb Genetics for about 2.3 billion dollars, paying 100 per share for 23.1 million shares. The firm also aims to buy Delta & Pine Land of Scott Mississippi, a leading cotton seed breeder and producer.
Seagram Co is reportedly close to acquiring PolyGram for about 10 billion dollars to strengthen its music unit and rival Time Warner and Sony. PolyGram shares rose after The Wall Street Journal report, which neither company confirmed amid talks that followed EMI Group PLC's unraveling last week.
David Wittig, already Western Resources president, will become chief executive officer on July 1 succeeding John Hayes. Hayes will move toward chairmanship as Western Resources eyes a planned merger with Kansas City Power & Light to form Westar Energy. Wittig, KU alumnus, has a long Wall Street background and led major transactions, with compensation details disclosed in the proxy.
McGrew Real Estate Inc. merged with Coldwell Banker Gill Real Estate Inc. and plans a two-building office development at 4100 W. Sixth St in Lawrence. The project includes 4,600 square foot offices and 1,500 to 6,000 square foot office condos for small firms, with construction soon and the Eldridge lot under contract.
Coldwell Banker McGrew Real Estate holds a ribbon cutting at 11:30 a.m. Friday May 22 for its new office at 4100 W Sixth St in Lawrence. The NW growth corridor location will host Brown and the commercial team, with about 16 residential agents joining the northwest expansion. The firm now has about 70 agents after the merger.
Monday's tallies list Farmer's Cooperative South Elevation Wheat at 2.95 and corn 2.21, Midland Elevators at 3.00 wheat and 2.26 corn, with North Elevator wheat 3.00 and 2.26 corn. Kansas feedlot sales see a quiet trade, 16 200 cattle week-to-date with bids 64-65 and last Friday 66, plus Omaha hog and cattle quotes and nonferrous metal prices from New York markets.
Wheat in Torrka Kansas 1998 is developing ahead of 1997 crop which yielded 506 million bushels. 99 percent jointing and 24 percent headed compared with 93 percent jointing and 23 percent headed on average. East central region Douglas County shows all wheat jointed and 16 percent headed. Statewide ratings: 23 percent excellent, 55 good, 18 fair, 4 poor.
Western Resources plans an experimental sale of wind generated power to customers. Two 750 kilowatt turbines would produce about 5.2 million kilowatt hours annually, enough for roughly 550 households. If successful, the company may expand to up to 50 megawatts to serve over 15,000 households. site selection will occur in coming months.
Sunbeam Corp chairman Al Dunlap announced major cuts as Sunbeam absorbs Coleman Co plus Mr. Coffee and First Alert brands. Four facilities will close in Pocola Oklahoma Cedar City Utah Maize Kansas and Costa Rica leaving 9500 workers. Wichita plant spared though some units at the East Pak operation face layoffs and 1300 jobs vanish overall. Local experts say Wichita and Maize plants are core assets with efficient operations despite the overhaul.
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