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By Times staff, wires
© St. Petersburg Times, published April 19, 2000
Business in brief
UNIROYAL TO BUY MANUFACTURER: Uniroyal Technology Corp., a Sarasota company that produces light emitting diodes (LEDs) at a plant in Tampa, is buying Sterling Semiconductor, a Sterling, Va.-based company that makes silicon carbide materials used in semiconductors. Uniroyal is paying 1.46-million shares of stock in the deal and is assuming $4-million of debt. While the deal gives Uniroyal direct access to one of the materials used in LEDs, it also hopes to expand Sterling's reach into the wireless communication industry. Uniroyal's stock closed at $19.75, up $4.63.
FLORIDA GAS PRICES SLIDE: Gas prices continued to edge downward in Florida in the past two weeks. Statewide, the price of a gallon of self-serve regular unleaded gas dropped 4.6 cents to an average of $1.516, AAA Auto Club South said. The average per-gallon cost dropped even further in Tampa, down more than a nickel to $1.468. The price in St. Petersburg was $1.471, down from $1.508. Port Richey had the lowest price in the state at $1.448, down from $1.485.
TREASURY PLANS NEW ROUND OF BUYBACKS: The Treasury Department will buy back $2-billion of the national debt Thursday, the latest in a series of debt repurchases. The Treasury Department said that it wants to buy back 14 outstanding issues of 30-year bonds that will mature between February 2020 and August 2025. The bonds carry coupon interest rates ranging from 6.250 percent to 8.750 percent. In January, the Treasury Department said it would like to buy back up to $30-billion of debt this year.
TEXAS COMPANY OPENS TAMPA BRANCH: Aperian, an Austin, Texas-based company formerly known as MSI Holdings, has opened an Internet Web hosting data center in downtown Tampa that expects to employ between 30 and 50 people. The data center can provide a location for businesses to operate broadband Web sites by connecting directly to the Internet "backbone" and avoiding slower local telecommunications loops. Aperian, which has 120 employees, also operates data centers in Austin and Dallas.
UPSCALE MALL SLATED FOR ORLANDO AREA: Neiman Marcus, Macy's and Bloomingdale's will anchor a new 1.2-million-square-foot regional mall off Interstate 4 near Universal Orlando. Construction is scheduled to begin in September for Mall at Millenia, which is supposed to open in 2002. The project is a joint venture between the Michigan developers Forbes Company and Taubman Centers Inc. Taubman is also building International Plaza in Tampa that will be anchored by Dillard's, Lord & Taylor, Neiman Marcus and Nordstrom when it opens in 2001.
Gulf West Banks Inc. of St. Petersburg reported first-quarter net income of $777,000, compared with $553,000 a year earlier. A report Tuesday had incorrect figures.
INTERNET B2B BANDWAGON EXPANDS: Five major health care products distributors are the latest in their industry to create an Internet site to challenge online companies. AmeriSource Health Corp., Cardinal Health Inc., Fisher Scientific International Inc., McKesson HBOC Inc. and Owens & Minor Inc. said they would invest a total of $100-million in the venture, known as NewHealthExchange.com. The exchange would be a place where buyers and sellers can interact, streamlining the buying process and saving money.
MERRILL LYNCH TO PARTNER IN WEB VENTURE: Merrill Lynch & Co. and HSBC Holdings PLC, owner of Hong Kong's largest bank, are forming a partnership to build an Internet banking and investment services business. The new company will provide on-line banking and brokerage services to customers outside the United States. HSBC, which owns Hongkong and Shanghai Banking Corp. Ltd., and New York-based Merrill Lynch will fund the new business with as much as $1-billion in start-up money.
JDN LOSES MAIN CREDIT LINE: Shares of JDN Realty Corp. fell nearly 4 percent a day after the company said it lost its main funding source -- a $200-million credit line from its lead bank groups. The announcement comes two months after the real estate investment trust said that it would revise four years of earnings to reflect undisclosed compensation to two former executives. Last week, the company said it had discovered further financial problems in its records. Shares of JDN closed at $8.38, down 19 cents.
FPL TO GIVE REFUND AS SETTLEMENT: FPL Group Inc. said it will cut rates and refund $65-million to utilities and other wholesale customers as part of a settlement with the Federal Energy Regulatory Commission. As part of the settlement, the utility will adopt fixed wholesale rates rather than rates based on a formula. FPL, parent to Florida Power & Light Co., said it doesn't expect the rate cut or refund to have a material effect on earnings.
MEN IN BLACK RIDE GETS SEAT BELTS: Universal Studios Florida has added seat belts to its newest attraction, the Men in Black Alien Attack, after two people suffered minor injuries on the ride. The ride was temporarily closed after a small child slipped out Sunday night. The child had a bruised shoulder and his father suffered a sprained ankle when he tried to retrieve his son. The $70-million ride reopened Tuesday.
NASD BARS CLEARWATER MAN: The National Association of Securities Dealers barred Horace Richard Hillberry of Clearwater from the securities industry for misrepresenting variable life insurance policies he sold while working for Prudential's Pruco Securities Corp. The association said he misrepresented the insurance as a pension plan and falsely told customers they could acquire policies for little or no additional cash by using cash values or future dividends from existing policies. The association said it would not attempt to collect the fine of up to $50,000 it also imposed unless Hillberry tried to return to the industry. Hillberry said he has no plans to work in the securities industry.
EX-KELLER ATTORNEY TOLD TO RETURN MOST OF FEES: U.S. Bankruptcy Judge Paul M. Glenn has ordered Tampa lawyer Domenic L. Massari, former attorney for Keller Financial Services, to return most of the $2.1-million he received in legal fees. Massari previously repaid $300,000 but has not turned over another $683,544 Glenn ordered him to repay seven months ago. The ruling Friday brings Massari's debt to Keller to about $1.5-million. Keller financed used cars by selling notes and preferred stock to retirees, who still are owed about $90-million. The Clearwater company filed for bankruptcy two years ago. Massari could not be reached for comment.
NEW FIRST UNION CEO TAKES OFFICE: Ken Thompson officially took over as chief executive of First Union Corp., informing shareholders the bank will focus on wringing performance out of the operations it has in the coming year rather than buying its way to growth. Thompson is replacing chairman Ed Crutchfield, who is battling lymphoma. Thompson said after the meeting that "90 percent of what I do is going to be things I learned from Ed Crutchfield."