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Mormon News: All the News about Mormons, Mormonism and the LDS Church
Posted 03 Jun 2001   For week ended June 1, 2001
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Business News

Jet Blue's Neeleman Makes Fortune
This week's Fortune magazine looks at the phenomenal success of Jet Blue Airways and its LDS CEO David Neeleman, comparing him to Southwest Airline's Herb Kelleher. With his airline so successful, Neeleman is naturally compared to Kelleher: both have successful airlines providing low-cost service in unexpected places. But Neeleman is very different from Kelleher.

Merger of LDS Publishers Dissolves
The purchase of longtime LDS publisher Horizon Publishing and Distribution by newcomer Cornerstone Books announced last Fall has fallen apart, the victim of financial woes. Last August Cornerstone owner Richard Hopkins agreed to purchase Horizon, where he once worked, from its only owner, Duane Crowther, who was going on an LDS mission. But Hopkins says that when financing fell through unexpectedly, the combined firm was left without enough capital. The unexpected turn of events left the LDS market smaller, without the 12 to 24 new titles that Hopkins planned to publish each year.

MSI: Dell, Hollywood, Cadence Push Mormon Stock Index Up as Others Down
Increases in the stock prices of Dell Computer, Hollywood Entertainment and Cadence Design combined to push the Mormon Stock Index up 3% for last week, while the New York Stock Exchange, Dow Jones Industrials and the S&P 500 all fell. The MSI also outperformed the NASDAQ, which rose 2.4%, for the week.

Other Business News

TenFold to be Delisted
NEW YORK, NEW YORK -- The staff of the Nasdaq stock market determined May 25th that TenFold Corp. no longer meets the minimum net tangible assets requirement for continued listing on the stock market. The company is appealing the decision, which would put it off the national stock market and leave TenFold as a penny stock. It would also leave TenFold's investors without the ability to easily buy and sell the stock, since stocks traded off the national market often have little activity. TenFold, which was listed on the Mormon Stock Index before it fell beneath the MSI's $100 million capital requirement, is led by Mormon Gary Kennedy.
TenFold Announces Receipt of De-Listing Notification from NASDAQ National Market
PRNewswire 29May01 B4

MITY Enterprises Posts FYE 2001 Results
OREM, UTAH -- MITY Enterprises, the Orem, Utah-based manufacturer of innovative institutional furniture posted earnings for its fiscal year ending March 31st today, announcing that the firm had an operating loss for the year on increased sales. The firm blamed the results on inventory write-offs, additional bad debt reserves and impaired goodwill. The company is best known for its Mity-Lite tables, which are used extensively by the LDS Church. MITY is run by LDS Church member Gregory L. Wilson and since it is based in Orem, Utah, it also employs many Church members.
MITY Enterprises Inc. Announces Results for Fourth Quarter/Fiscal Year
Business Wire 31May01 B4


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