Houston Business Journal articles from January 1992

Houston Business Journal archives from January 1992

Islanders pocket cash from oil spill. (Galveston Island residents; Alvenus oil tanker spill)
January 27, 1992... Beach disaster lawsuit pays more than 1,000 Galvestonians $6.3 million The books are finally closed on a protracted legal battle that has sloshed back and forth in Galveston courts since the ruptured oil tanker Alvenus blackened the island's...

Downtown BMW dealer goes bankrupt. (Houston, Texas automobile dealer Bavarian Autohaus Inc.)
January 27, 1992... David Hobbs BMW, the downtown auto dealer to Houston's upwardly mobile, has collided head-on with its bankers. Security Pacific Automotive Finance grabbed nearly $2 million worth of cars from David Hobbs for alleged non-payment just before...

IRS calls foul on tax status of ex-Rocket. (Internal Revenue Service; former Houston Rockets guard Allen Leavell)
January 27, 1992... Former Houston Rockets guard Allen Leavell has moved from the basketball court to tax court. Leavell is facing off against the Internal Revenue Service in a dispute over a legal point that's blocking professional athletes from a big tax...

Exxon U.S.A. unveils Baytown MTBE plant. (Exxon Corp. Exxon Company U.S.A.; chemical compound which causes gasoline to burn more completely and emit less pollution)
January 27, 1992... Exxon Company U.S.A. plans to add a $100 million gasoline additive plant to its Baytown Refinery complex later this year. The plant will produce up to 7,000 barrels of MTBE, a chemical compound that causes gasoline to burn more completely and...

Clearing the air. (Lyondell Petrochemical Co.'s plan to meet new clean air standards)
January 27, 1992... Lyondell Petrochemical Co. is pressing full steam ahead with its plan to meet tough new clean air standards. The company plans to install a wet gas scrubber system on its massive cat-cracking unit. This complicated device is expected to cut...

Getting fat off the fitness movement. (Academy stores' brisk sale of home workout equipment)
January 27, 1992... Houstonians' New Year's resolutions to get in shape are paying off at the cash register. A.J. Blanchard, vice president of the Houston-based Academy stores, says home workout equipment is moving out the door at twice the usual pace....

Bank bonds with customers on jaunts to faraway places. (Sugar Creek National Bank)
January 27, 1992... Activity may be a little slow at Sugar Creek National Bank this week. Two employees and 26 customers of the suburban bank are traveling together on a trip to New York. The junket is part of the Sugar Land bank's 12-year-old "Poquito Mas"...

City studies ways to reclaim old College Park Cemetery. (Houston, Texas)
January 27, 1992... The wheels of city government are slowly turning in an attempt to reclaim College Park Cemetery. The historic cemetery, where early black leader and Antioch Baptist Church founder Jack Yates is buried, has been abandoned for years. Located...

Trio transforms Fame City into Fun-Plex. (Gary Shrum and brothers Robert and Dick Chado; entertainment complex)
January 27, 1992... Gary Shrum and brothers Robert and Dick Chado bought the Fame City entertainment complex from the Federal Deposit Insurance Corp. last July. Since then, the trio has kept a low profile as they set about fixing broken rides, painting, laying...

Cabot Oil unveils plan to trim work force, starting at the top. (Cabot Oil and Gas Corp.)
January 27, 1992... Company president part of reduction program Cabot Oil & Gas Corp. is serious about downsizing. Last week, the Houston-based exploration and production outfit announced a two-part layoff and consolidation program that immediately lops 8...

Enterra using Kuwait profits to acquire drilling competitor. (oil field machinery manufacturer; Drilling Tools Inc.)
January 27, 1992... Oil equipment firms sign letter of intent Houston-based Enterra Corp. is plowing some of the profits the company made under an exclusive equipment supply deal with the Kuwaiti firefighters back into the domestic oil patch. Last week, the...

Santa Fe Energy, Adobe awaiting shareholder approval for merger. (Santa Fe Energy Resources Inc.; Adobe Resources Corp.)
January 27, 1992... A 95-year-old Houston oil and gas company awaits shareholder approval to merge with a New York competitor. The deal between Santa Fe Energy Resources Inc. and New York-based Adobe Resources Corp. hinges on approval from stockholders in both...

Big Blue bends a little. (International Business Machines Corp. agrees to sell personal computers to approved computer rental firms) (Computers & Business Machines Briefs)(Focus: Computers & Business Machines)
January 27, 1992... A Houston franchisee of PCR Personal Computer Rentals is now able to describe and advertise itself as "IBM-authorized rental dealers" for IBM's line of personal computers. In a stunning reversal of a long-standing policy, IBM Corp. agreed to...

Technology spotlight. (Houston, Texas-area technology manufacturers expand work force) (Computers & Business Machines Briefs)(Focus: Computers & Business Machines)
January 27, 1992... More than 32 percent of the Houston-area technology manufacturers surveyed in the last four months expanded their work force during the past year by an average of 34.4 percent, creating 1,042 new jobs and generating sales opportunities for...

ABT taking off. (American Business Technologies) (Computers & Business Machines Briefs)(Focus: Computers & Business Machines)
January 27, 1992... A Houston-based technology firm whose only product is service grew from two employees and a handful of customers back in 1985 to one of the 1991 Inc. listees of Fastest Growing U.S. Companies. American Business Technologies, with more than 40...

J.R. Reed Tinsley. (Accounting) (Brief Article)
January 27, 1992... J.R. Reed Tinsley, CPA, CFP, has been named a partner with Haynes O'Neal.

William C. Ross. (Architecture & Design) (Brief Article)
January 27, 1992... William C. Ross, CPA, has been named chief financial officer of Ziegler Cooper Inc.

Clifford W. Rackley. (Awards & Grants ) (Brief Article)
January 27, 1992... Clifford W. Rackley, chairman and chief executive officer of Texas Eastern Products Pipeline Co., will assume the duties of president and chief operating officer of the company.

Jay Belote. (Chemical & Petrochemicals) (Brief Article)
January 27, 1992... Jay Belote has been appointed president of Bechtel Petroleum, Chemical and Industrial Co.

Ronald N. McMillan. (Communications) (Brief Article)
January 27, 1992... Ronald N. McMillan has been named president and general manager of the Warner Cable Houston division.

Wm. Allan Smith. (Energy) (Brief Article)
January 27, 1992... Wm. Allan Smith has been named president of USAgas Pipeline Co., an 80 percent owned subsidiary of Global Natural Resources Corp. which is owned by Global Natural Resources Inc.

Larry Heidt. (Energy) (Brief Article)
January 27, 1992... Larry Heidt has been named president of Loffland Nabors U.K. Ltd., the North Sea subsidiary of Nabors Industries Inc.

J.W. "Jim" Arnold. (Energy) (Brief Article)
January 27, 1992... J.W. "Jim" Arnold has been appointed vice president and chief operating officer of DI Industries Inc.'s mid-continent division.

Miguel R. San Juan. (General Business ) (Brief Article)
January 27, 1992... Miguel R. San Juan has been named president and chief operating officer of the Greater Houston Partnership's World Trade Division.

Mitchell D. Lukin. (Law) (Brief Article)
January 27, 1992... Mitchell D. Lukin, Andrew C. Schirrmeister III and David D. Sterling have become partners in the Houston office of Baker & Botts. Each new partner is a member of the firm's trial section.

Thomas W. Comstock Jr. (Manufacturing ) (Brief Article)
January 27, 1992... Donato Francesco Raimondi, president of Milan, Italy-based Raimondi Valvole S.p.A., has been elected to the board of directors of Keystone International Inc. In addition, Fred Wichlep has been named director of communications for the company,...

Dr. Irvin J. Reiner. (Medicine) (Brief Article)
January 27, 1992... Dr. Irvin J. Reiner has been elected chairman of the board and chief executive officer of the Spring Branch Womens Clinic.

Tim Manley. (New Business) (Brief Article)
January 27, 1992... Tim Manley, Richard Voorhies and Gary Hamman have formed Manley Consultants Inc., a consulting engineering firm specializing in environmental and land development engineering. The new company is located at 8700 Commerce Park, Suite 149.

Wilson Griffin Architects. (contracts) (Brief Article)
January 27, 1992... Wilson Griffin Architects has reported that it is providing architectural services for a toxicology lab, outpatient radiology lab and office space for Hermann Hospital.

Halliburton Co. (contracts) (Brief Article)
January 27, 1992... Halliburton Co. has reported that Brown & Root Industrial Services Inc., the contract maintenance division of Houston-based Brown & Root Inc., will assume responsibility for the management and operation of Halliburton Industrial Services...

River Oaks Insurance Services Inc. (acquisition by Willis Corroon Group PLC) (Brief Article)
January 27, 1992... River Oaks Insurance Services Inc. has reported that the acquisition of its business and assets has been completed by Willis Corroon Group plc.

American Transitional Hospitals Inc. (name change) (Brief Article)
January 27, 1992... American Transitional Hospitals Inc. is the new name for American Transitional Care Inc. The new name is intended to distinguish the company from nursing homes that do not offer a full range of transitional-hospital services.

Sonsub Inc. (Contracts) (Brief Article)
January 27, 1992... Sonsub Inc. has received a contract from Coflexip to mobilize two remotely operated vehicles, an AROWS class Challenger and a Recon IV-S, aboard the Flex Service Three to assist with subsea power cable laying at Exxon's Harmony and Heritage...

Fox Media. (Contracts) (Brief Article)
January 27, 1992... Fox Media has been named agency of record for Cravens, Dargan and Co.

Bernstein & Associates Inc. (Contracts ) (Brief Article)
January 27, 1992... Bernstein & Associates Inc. has been named by the law firm of Arnold, White & Durkee to provide public relations for the firm's offices in Austin, Arlington, Va., Chicago and Houston.

Black/Rives Public Relations. (Contracts) (Brief Article)
January 27, 1992... Black/Rives Public Relations has been selected to provide public relations services to Kettle Restaurants Inc. In addition, Maremma Italian Restaurant has selected the firm to produce a direct-mail piece and handle ongoing promotions and media...

R.O.I. Medical Marketing Inc. (Contracts) (Brief Article)
January 27, 1992... R.O.I. Medical Marketing Inc. has been chosen by Houston Women's Obstetrical & Gynecological Associates P.A., to assist in marketing and public relations.

Shirley Barr Public Relations Inc. (Contracts) (Brief Article)
January 27, 1992... Shirley Barr Public Relations Inc. has been named by Two Pesos Inc. to provide marketing communications for its new concepts including food court cafes in shopping malls and International Short Stops.

Associated Healthfocus Houston. (Contracts) (Brief Article)
January 27, 1992... Associated Healthfocus Houston, a subsidiary of Wharton's Healthfocus, has been named exclusive provider of physical rehabilitation therapy services in Houston by PruCare.

Spaw-Glass Inc. (Cypress-Fairbanks Independent School District contract) (Contracts) (Brief Article)
January 27, 1992... Spaw-Glass Inc. has been awarded a $10.8 million contract by Cypress-Fairbanks Independent School District for construction of the 206,000-square-foot Cy Fair Junior High School #9. The school is being designed by PBR Architects Inc. and is...

AIM High Yield Securities Inc. (Dividends) (Brief Article)
January 27, 1992... AIM High Yield Securities Inc. has declared a dividend of 4 cents per share from net investment income to shareholders of record on Jan. 14. Ex-dividend date and reinvestment date is Jan. 15 and payment date is Jan. 31.

Common Sense Trust - Government. (Dividends) (Brief Article)
January 27, 1992... Common Sense Trust -- Government paid an annual long-term capital gain distribution of 7 cents per share on Dec. 31 to shareholders of record on Dec. 31. The reinvestment price will be the net asset value of shares on Dec. 31. The Fund also...

Common Sense Trust-Municipal Bond Fund. (Dividends) (Brief Article)
January 27, 1992... Common Sense Trust-Municipal Bond Fund has declared a monthly dividend of 6.2 cents per share from net investment income to be declared on a daily basis over the 22 business days in January. The reinvestment price will be the net asset value of...

Tenneco Inc. (Dividends) (Brief Article)
January 27, 1992... Tenneco Inc. has declared a regular first quarter dividend of 40 cents per share on its common stock, payable on March 10 to stockholders of record on Feb. 14. In addition, the company has declared a dividend of 75.5 cents per share on its...

TEPPCO Partners L.P. (Dividends) (Brief Article)
January 27, 1992... TEPPCO Partners L.P. has declared a quarterly cash distribution of 55 cents per unit, payable on Feb. 14 to unitholders of record on Jan. 31.

Union Texas Petroleum Holdings Inc. (Dividends) (Brief Article)
January 27, 1992... Union Texas Petroleum Holdings Inc. has declared a regular quarterly dividend of 5 cents per share on its common stock, payable on Feb. 18 to stockholders of record on Jan. 31.

Allwaste Inc. (Earnings) (Brief Article)
January 27, 1992... 1st Qtr. ended Nov. 30 1991 1990 revenues in 1,000s $53,478 $42,852 net income (loss) in 1,000s 3,175 (1,224) per share .09 (.03)

Eastex Energy Inc. (Earnings) (Brief Article)
January 27, 1992... 4th Qtr. ended Dec. 31 1991 1990 revenues in 1,000s $38,009 $30,371 net income (loss) in 1,000s 607 35 per share .14 .01...

ICO Inc. (Earnings) (Brief Article)
January 27, 1992... Year ended Sept. 30 1991 1990 revenues in 1,000s $37,490 $36,292 net income (loss) in 1,000s (3,562) 936 per share (.25) .06

Kent Electronics Corp. (Earnings) (Brief Article)
January 27, 1992... 3rd Qtr. ended Dec. 28 1991 1990 revenues in 1,000s $21,986 $18,261 net income (loss) in 1,000s 1,479 955 per share .26 .24

Proler International Corp. (Earnings) (Brief Article)
January 27, 1992... 3rd Qtr. ended Oct. 31 1991 1990 revenues in 1,000s $29,965 $29,957 net income (loss) in 1,000s (3,325) 45 per share (.71) .01

Republic Waste Industries Inc. (Earnings) (Brief Article)
January 27, 1992... 3rd Qtr. ended Sept. 30 1991 1990 revenues in 1,000s $14,519 $12,068 net income (loss) in 1,000s 1,933 629 per share .09 .07

Rowan Companies Inc. (Earnings) (Brief Article)
January 27, 1992... 4th Qtr. ended Dec. 31 1991 1990 revenues in 1,000s $67,351 $75,704 net income (loss) in 1,000s (17,757) 2,929 per share (.24) .04...

Sterling Electronics Corp. (Earnings) (Brief Article)
January 27, 1992... 3rd Qtr. ended Dec. 28 1991 1990 revenues in 1,000s $28,684 $25,771 net income (loss) in 1,000s 280 108 per share .07 .03

Conoco Norway Inc. (contracts) (Energy) (Brief Article)
January 27, 1992... Conoco Norway Inc., a Norwegian affiliate of Conoco Inc., has issued a $350 million (U.S.) contract to Norwegian contractors to build the concrete hull for a tension leg platform to produce oil and gas from the field. The contract is for...

Exxon Corp. (oil and natural gas discovery) (Energy) (Brief Article)
January 27, 1992... Exxon Corp. has reported the discovery of a potentially significant accumulation of oil and natural gas in East Breaks Block 945 located 150 miles south of Galveston. The discovery may contain reserves in excess of 100 million oil equivalent...

Amoco Production Co. (gas supply contract) (Energy) (Brief Article)
January 27, 1992... Amoco Production Co. has reported that its Amoco Trinidad Oil Co. subsidiary, will spend up to $300 million (U.S.) in the next ten years to meet commitments of a new gas supply contract it has signed with the National Gas Company of Trinidad...

The National Petroleum Council. (Government Contracts) (Brief Article)
January 27, 1992... The National Petroleum Council has selected Bechtel Corp. and Bechtel Environmental Inc. to assist in estimating the cost of meeting present and future environmental and safety regulations facing the U.S. refining industry. The assessment is...

Bio Energy Landscape and Maintenance. (Texas Transportation Commission contract) (Government Contracts) (Brief Article)
January 27, 1992... Bio Energy Landscape and Maintenance has received an 18-month, $44,474 contract for landscaping Highway 288, Highway 332 and FM 2004 in Lake Jackson.

Powerline Electric Inc. (Texas Transportation Commission contract) (Government Contracts) (Brief Article)
January 27, 1992... Powerline Electric Inc. has received a $12,700 contract to install a flashing beacon on Highway 6 at Mustang Road in Galveston County. The contract is scheduled to be completed by March of 1992.

Durwood Greene Construction Co. (Texas Transportation Commission contract) (Government Contracts) (Brief Article)
January 27, 1992... Durwood Greene Construction Co. was awarded the $1,310,731 contract to reconstruct the roadway, add turn lanes and provide 10-foot shoulders on FM 1764 at Interstate 45; add a right turn lane and advance signing to the Gulf Greyhound Race track...

Hubco Inc. (Texas Transportation Commission contract) (Government Contracts) (Brief Article)
January 27, 1992... Hubco Inc. received a $648,235 contract to repair and maintain Highway 146 in La Porte from Main Street to Highway 225; to make drainage improvements to Highway 146 in Seabrook from NASA Road 1 to 4th street; remove asphalt pavement on Loop 201...

Allwaste Inc. (contracts) (Brief Article)
January 27, 1992... Allwaste Inc. has reported that its wholly-owned subsidiary, Allwaste Recycling Inc. of Cleveland, Ohio, has entered into agreements to provide recycled glass cullet to various Owens-Brockway Glass Container Inc. plants. Owens-Brockway is the...

Destec Energy Inc. (acquisition of 50% interest in two power projects) (Brief Article)
January 27, 1992... Destec Energy Inc. has reported that it has completed the acquisition of a 50 percent interest in two power projects under development in Florida, representing approximately 208 megawatts of electric generation capacity. Destec purchased the...

Baroid Corp. ($8 million charge to earnings) (Brief Article)
January 27, 1992... Baroid Corp. has reported that it will record a charge to earnings of approximately $8 million to restructure the U.S. operations of its business units. The charge will be reflected in the results for the fourth quarter of 1991 and will include...

Enron Corp. (portfolio of natural gas resource agreements) (Brief Article)
January 27, 1992... Enron Gas Services, a division of Enron Corp. of Houston, has introduced the first-ever branded portfolio of natural gas resource agreements. The packages are designed to help natural gas distribution companies and end users prepare for and...

Garnet Resources Corp. (oil discovery and exploration) (Brief Article)
January 27, 1992... Garnet Resources Corp. has reported the status of its Florida No. 1 test well in the Putumayo region of southwestern Columbia. The company stated that the well, which is approximately six miles southeast of its Miraflor No. 1 oil well...

Nabors Industries Inc. (acquisition of three international land rigs) (Brief Article)
January 27, 1992... Nabors Industries Inc. has reported the acquisition of three international land rigs and related logistical equipment from Noble Drilling Corp., effective Jan. 2, 1992. The three rigs are located in Syria, Malaysia and Thailand. The rigs in...

National Healthcare Alliance Inc. (contracts) (Brief Article)
January 27, 1992... National Healthcare Alliance Inc. has reported that it has been contracted by Mutual of Omaha for preferred provider network services. The NHA provider network of hospitals and physicians in the Houston and Austin areas will be utilized by...

Nuevo Energy Co. (sale of oil and gas properties) (Brief Article)
January 27, 1992... Nuevo Energy Co. has reported that it has completed the sales of certain non-strategic oil and gas properties for a total of $11.3 million. The properties were part of a package purchased from Kilroy Co. of Texas in June of 1991 and were sold...

Santa Fe Energy Resources Inc. (merger with Adobe Resources Corp.) (Brief Article)
January 27, 1992... Santa Fe Energy Resources Inc. has reported that it has filed a registration statement with the Securities and Exchange Commission relating to its shares of capital stock to be issued upon consummation of its merger with Adobe Resources Corp....

Southdown Inc. (expected net loss report) (Brief Article)
January 27, 1992... Southdown Inc. has reported that it expects to report a net loss of approximately $40 million to $45 million, or $2.65 to $2.95 per share, for the year ended Dec. 31, 1991. The estimated fourth quarter net loss is approximately $21 million to...

Sysco Corp. (acquisition of certain assets of Collins Foodservices Inc.) (Brief Article)
January 27, 1992... The SYGMA Network Inc., a wholly-owned subsidiary of SYSCO Corp., has acquired certain assets of Collins Foodservice Inc., a subsidiary of Bunzl USA Inc. The new operation will supply specialized chain restaurant customers from a facility...

Tejas Gas Corp. (new general partnership with Ensearch Gas Transmission Co.) (Brief Article)
January 27, 1992... Tejas Gas Corp. has reported that effective Jan. 1, ENSERCH conveyed all of the assets and business activities of its wholly-owned natural gas pipeline subsidiary, Enserch Gas Transmission Co., to a new general partnership formed with Tejas....

Union Texas Petroleum Holdings Inc. (redemption of senior subordinated reset notes) (Brief Article)
January 27, 1992... Union Texas Petroleum Holdings Inc. has reported that it has elected to redeem all of its outstanding $100 million senior subordinated reset notes due Nov. 1, 1993, and all of its outstanding $310 million, 13 percent subordinated notes due July...

Vaalco Energy Inc. (drill stem testing on West Linapacan oil well) (Brief Article)
January 27, 1992... Vaalco Energy Inc. has reported the results of its drillstem test on the West Linapacan A-2 well from perforations in the Galoc Limestone from 7,850 feet to 7,910 feet. Following a stimulation treatment of the test interval, the well was...

Vallen Corp. (distribution agreements) (Brief Article)
January 27, 1992... Vallen Corp. has reported the signing of multiyear sales and distribution agreements between Sage Alerting Systems Inc. and its Vallen Safety Supply Co. subsidiary. The agreements provide for Vallen Safety Supply Co. to act as sales...

Stewart & Stevenson Services Inc. (Proxy Report Excerpts) (Company Profile)
January 27, 1992... NASDAQ SSSS P.O. Box 1637, Houston 77251-1637 (713) 868-7700 Stewart & Stevenson Services Inc. is engaged in two business segments: engineered power systems and distribution. Engineered power systems include the designing, packaging,...

Lanier to 'retire' from real estate. (Houston Mayor Bob Lanier)
January 20, 1992... Mayor plans to sell land, apartments after putting properties in trust When Mayor Bob Lanier moved into City Hall this month, he effectively closed the door on his real estate career. "I'm shifting from one interest to another," Lanier...

Restaurant goes bankrupt after three overhauls. (Bubba 'n' Luigi's)
January 20, 1992... Houston restaurateur Richard Tenenbaum is hoping that the third time will be a charm for his beleaguered, often-overhauled restaurant on the West Loop. The restaurant entrepreneur who brought the city the hugely successful Monument Inn and...

Sales gimmicks rise as CD rates fall. (certificate of deposit)
January 20, 1992... Banks, thrifts use variety of promotions to boost money-market business The interest rate on a certificate of deposit at Westheimer National Bank has slipped from 4.15 percent to 3.75 percent to 3.65 percent -- in just three weeks. The...

Food samplers feud over employment law.
January 20, 1992... Kasey Kirby cooked up a thriving business handing out food samples in grocery stores. But dealing with state regulators over employment issues has left a bad taste in her mouth, the entrepreneur says. "They're after me for $18,000 in...

Fill 'er up and check the oil. (Conoco Inc.'s contract to provide jet fuel to Federal Aviation Administration) (Brief Article)
January 20, 1992... Houston-based Conoco Inc. is sure to give this customer service with a smile. The oil company has captured a contract to provide 2 million gallons of jet fuel to the Federal Aviation Administration. The cost of the fuel is just over $1...

Muy mall. (Two Pesos Inc.'s latest concept, mall cafe in Town and Country Village, to be used as model for future franchises) (Brief Article)
January 20, 1992... Two Pesos Inc. is taking its show on the road with a local prototype. The Mexican food restaurant chain opened its newest location a month ago in Town and Country Village. The Houston-based company's latest concept, a mall cafe, will be...