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Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 24 Feb 2001   For week ended July 23, 2000
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Business News

  Mormon Stock Index Drops Slightly In Volatile Market
The performance of the stocks in the Mormon Stock Index varied widely in the week ended July 14th as 1-800 Contacts and Micrel Semiconductor jumped more than 10 and nearly 20% while Caldera Systems and Ten Fold dropped 19 and 35% amid the release of several company earnings reports. The index itself managed to stay relatively stable, dropping just 1/2 percent to 129.85, from 130.54.

  Geneva Steels Itself for Reorganization
Geneva Steel filed a Chapter 11 reorganization plan last week that may bring about an end to its financial troubles. In saving the company, however, the shareholders will lose their ownership interest in the company.

  LDS Firms Are Closed Sunday -- Quite Happily
"From a financial point of view, it doesn't make a lot of sense." So says Dave Davis, Macey's attorney and human resources director, about the policy of closing its Utah stores on Sunday. Macey's loses nearly $3 million by the practice, which runs counter to the prevailing trends in retail.

Other Business News

Micrel Posts Record Quarterly Revenue and Earnings for Second Quarter of 2000
SAN JOSE, CALIFORNIA -- Micrel Semiconductor, the firm run by LDS Church member Ray Zinn, posted record revenue and earnings for the second quarter. Both revenue and earnings were up over the previous year, revenue by 72 percent and earnings by 117 percent. "Our second quarter results mark the seventeenth consecutive quarter of growth in sales and earnings (before charges) for Micrel and our twenty fifth consecutive quarter of gross margin expansion, once again demonstrating Micrel's ability to consistently grow revenues and earnings in both good times and bad," said Zinn.

The company's earnings were helped by the introduction of 26 new products during the quarter, including the first resulting from its acquisition of Altos Semiconductor, a temperature sensing integrated circuit that has a single lead.

Micrel Posts Record Quarterly Revenue and Earnings for Second Quarter of 2000
Excite News (PRNewswire) 20Jul00 B4


Huntsman Agrees to Buy Rohm and Haas' Thermoplastic Polyurethanes
PHILADELPHIA, PENNSYLVANIA -- LDS Businessman Jon Huntsman's Huntsman Corporation has agreed to purchase Rohm and Haas' Thermoplastic Polyurethanes unit for $120 million. The business had sales in 1999 of about $75 million from 500 customers in 68 countries. The business has operations in Europe, North America and i Hong Kong.

Huntsman says it plans to integrate the business with its Huntsman Polyurethanes divsion, making it a global strategic business unit.

Women get short shrift in Steel's 49th novel
Excite News (PRNewsWire) 20Jul00 B4

Rohm and Haas to sell TPU business and European salt unit
Excite News (Reuters) 20Jul00 B4


Kiplinger Looks At Marriott's Role in History of Time Shares
WASHINGTON, DC -- An article on the popularity of Time Shares reviews the role of the Marriott corporation in popularizing Time Shares. Until the 1980s, Time Shares had a poor image, characterized by unethical salesmen and poor-quality properties. But the entrance of Marriott into the market in the mid-1980s, changed the market, turning the real estate units into something more like a country club membership.

Since Marriott's entry, other high-end hotel and entertainment firms have also offered Time Share properties, including Disney in 1991, Four Seasons and Ritz-Carlton hotels. And buyers are now snapping up the units, at the rate of 300,000 in 1998 alone, in spite of the fact that the resale value of the units is often as little as half the purchase price.

Trading Places
Kiplinger's Magazine Jul00 B4


BYU Business Professor Joins Board of I-Link
DRAPER, UTAH -- BYU Business Professor Hal Heaton has joined the Board of Directors of I-Link, a provider of enhanced voice/data services run by LDS Church member John Edwards. Heaton, who was a professor of finance at Harvard University and at Santa Clara University before coming to BYU, will serve as chair of the board's audit committee.

I-Link Welcomes Finance Industry Leader Hal Heaton to its Board of Directors
Excite News (Business Wire) 17Jul00 B4
Former Harvard University Professor to Provide Expertise in Financial Development


Lion House bakery's Deserts in New Book
SALT LAKE CITY, UTAH -- The deserts of the well-known Lion House cafeteria are featured in a new book from Deseret Book's Eagle Gate Publishing. The book includes more than 400 recipes including cakes, spoon desserts, pies, cookies, sweetbreads and specialty drinks.

Among the deserts are those named for the LDS Church presidents, including the Joseph Smith Custard Pie, David O. McKay Baked Apples, Ezra Taft Benson Lemon Meringue Pie or Spencer W. Kimball Raspberry Cheesecake. The book follows in the tradition of the original Lion House cookbook, which was published more than 20 years ago.

Lion House bakery has become a sweet tradition
Salt Lake Tribune 19Jul00 B3
By Kathy Kapos Stephenson: Salt Lake Tribune


Marriott to Sell Australian Hotel Just Months After Purchase
BRISBANE, AUSTRALIA -- Marriott International is looking to sell the 330-room Surfers Paradise resort just months after purchasing the property for $63 million. As part of its business strategy, Marriott tries not to hold real estate, owning only 15 of the 2,000 hotels it operates worldwide, according to Ed Fuller, president of Marriott Lodging International, "We are constantly trying to reduce this ownership portfolio."

Marriott purchased Surfers Paradise from a bankruptcy court as a way of keeping the property operating and preserving its interests in the property.

Marriott gives quick flick to Surfers hotel
Australian Financial Review 18Jul00 B4
By Kathy Mac Dermott


Corvis Successfully Completes Field Test With Williams Communications
COLUMBIA, MARYLAND -- Fiber-optic networking firm Corvis announced in mid July that it had successfully completed a trial of its network hardware with carrier Williams Communications, demonstrating the ability of the hardware to transmit signals 2,000 miles without needing to regenerating the signals. The successful test means that Corvis' technology could cut network operation costs by up to 75 percent.

Corvis, Williams Go Long
Inter@ctive Week 17Jul00 B4
By Joe McGarvey: Inter@ctive Week


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