Houston Business Journal articles from June 1995

Houston Business Journal archives from June 1995

Mosbacher joins independent power game. (Mosbacher Energy Co.'s formation of Mosbacher Power Group)(includes related article)
June 2, 1995... Firm lures away key Enron execs to run global business Mosbacher Energy Co. has formed a new independent power unit and enticed key personnel from Enron Development Corp. to run it. James J. Steele, who had been managing director at Enron...

Franchisees sue Schlotzsky's in dispute over sandwich turf. (Schlotzsky's Inc.)
June 2, 1995... Eleven franchise holders of Schlotzsky's restaurants in Houston are suing the Austin-based company and the local franchise developer for allegedly overstuffing the market here. The sandwich shop owners are seeking more than $13 million in...

Redevelopers launching first Midtown project. (Caroline McDemko Property Inc.)
June 2, 1995... Houston builder Mike Demko's plan to restore aged apartments in the Midtown area is being hailed as the first of an expected flurry of projects in the near-downtown neighborhood. Demko, with his partner/wife Janet McNerney and Bob Carey, a...

Law firm bags big bankruptcy. (Sheinfeld, Maley and Kay P.C.'s contract with Dow Corning Corp.)
June 2, 1995... When Dow Corning Corp. filed for bankruptcy three weeks ago, the lead attorneys on its Chapter 11 filing had a Houston address. The local bankruptcy firm of Sheinfeld, Maley & Kay landed the job of representing the besieged manufacturer of...

Sonsub works quickly to remedy problem at radioactive waste site. (Sonsub Environmental Services)
June 2, 1995... Houston firm carries out urgent job in northwest Sonsub Environmental Services has completed crucial repair work to prevent spillage of highly radioactive water from a nuclear waste site in Washington state into the Columbia River. The...

Success spurs Friendswood to sell residential operations. (Friendswood Development Co.)
June 2, 1995... Exxon real estate subsidiary begins search for buyer Friendswood Development Co. believes the best time to sell is when business is booming. That's the main reason behind the successful Houston-based firm's decision to find a buyer for its...

Partnership planning to construct $4.4 million Alzheimer's facility. (M Development I)
June 2, 1995... Pine Haven second project launched this year A limited partnership owned by Houston-based Morris Architects has announced plans to construct a $4.4 million facility for the care of patients with Alzheimer's disease. The 38,000-square-foot...

Maxlink Inc.: putting buyers with sellers of excess medical supplies.(Small Business Profile)(Company Profile)
June 2, 1995... Company: Maxlink Inc. Business: Database for sale of excess surgical and medical supplies. Founded: 1992. Employees: 3. Sales: $350,000. Background: Bryan Gregory and Doug Demiano are hoping the waves that continue to rock the health...

Beating the odds to build a restaurant chain. (Los Tios Mexican Restaurants President and owner Rosemary Garbett)(includes related article)(Profile)
June 2, 1995... When Rosemary Garbett's husband died in 1976, the housewife inherited a company with heavy debt. Almost 20 years later, she's still shy about taking credit for the success of Los Tios Mexican Restaurants. Throughout her 22-year marriage,...

Acr Corp. (ACR Group Inc.)(Proxy Report Excerpts)(Company Profile)
June 2, 1995... NASDAQ ACRG 3200 WILCREST DRIVE, SUITE 440, HOUSTON 77042-6019 (713) 780-8532 ACR Group Inc. is a holding company based in Houston which owns and operates businesses engaged in the wholesale distribution of heating, ventilating, air...

State unleashes electric rivalry. (Texas; electric utility competition)
June 9, 1995... The Texas Legislature has unlocked the door to electric competition in Texas, but it appointed the Public Utility Commission to stand guard during the opening of that door. Independent power companies and some large customers would like to...

Kentucky fried tacos? Chains test combo in Houston market. (Houston, Texas Kentucky Fried Chicken restaurants)
June 9, 1995... Four Houston-area Kentucky Fried Chicken restaurants will be adding tacos and burritos to their menus this summer as they meld with Taco Bell. Houston has been chosen as a test city for Pepsico Inc.'s dual-concept project, which includes the...

Partnership headed by Dallas investor buys Innova Building. (David Weinreb; Houston, Texas office building)
June 9, 1995... The distinctive Innova Building in Greenway Plaza has been sold to a partnership headed by Dallas real estate investor David Weinreb. The landmark 10-story building was purchased June 2 for an undisclosed price by Innova Building Partners L.P.,...

Craig's to close 10 Houston-area retail stores, cut 150 local jobs. (Craig's Stores of Texas Inc.)
June 9, 1995... Craig's Stores of Texas will shut down 10 of its 13 Houston-area retail clothing stores this summer and lay off about 150 employees. Craig's, one of Houston's oldest retail chains, will begin store closings this month, and by July 31 it plans...

Profile's of Houston's top 10 publicly-traded corporations. (Texas)(Top 100 Public Companies)
June 9, 1995... 1 TENNECO INC. Chairman and chief executive officer: Dana G. Mead. Stock price: High - $58.12; Low - $37.38. Total dividend: $1.52 per share. Tenneco Inc. Chairman Dana Mead calls 1994 the first year in recent history that Tenneco was...

SCI will acquire Indiana company for $250 million. (Service Corporation International; Gibraltar Mausoleum Corp.)
June 9, 1995... Service Corporation International will acquire Indiana-based Gibraltar Mausoleum Corp. in a cash, stock and debt deal worth about $250 million. The Houston-based funeral home and cemetery operator, which is the world's largest, will issue 3.3...

A prescription for growth on Wall Street. (Owen Healthcare Chmn. Dian G. Owen)(Company Profile)
June 9, 1995... The death of her husband left Dian Owen in control of Owen Healthcare. Now she's preparing to take the nation's leading provider of hospital pharmacy management services public. At one time, Dian Owen lived and breathed Owen Healthcare Inc....

Haun Industries find profitable niche in oil patch engine parts.(Company Profile)
June 9, 1995... Company: Haun Industries. Business: Oil field engine parts manufacturer. Founded: 1985. Employees: 11. Sales: $2 million. Background: Darrell Haun knew his company's future was bright when employees had to move inventory onto the...

Revenues rise after largest buy in Smith International's history.(Top 100 Public Companies)
June 9, 1995... The acquisition of controlling interest in M-I Drilling Fluids by Smith International Inc. propelled that company to the ranks of Houston's largest oil and gas servicing companies. The purchase of M-I Drilling from Dallas-based Dresser...

Western National revenue loss blamed on volatile interest rates. (Western National Corp.)(Top 100 Public Companies)
June 9, 1995... Fluctuating interest rates caused Western National Corp.'s revenues to fall by more than 20 percent last year, a number that analysts say is not necessarily indicative of the company's performance. Western National posted 1993 revenues of $768...

Compaq's increase in net income, investor reaction didn't compute. (Compaq Computer Corp.)(Top 100 Public Companies)
June 9, 1995... In most cases, an 88 percent increase in earnings on the year won't send shareholders into mass selling. But Compaq Computer Corp. suffered a 19 percent decline in stock price when its 1994 earnings were announced in January of 1995. Because...

Continental's retooling cost puts net earnings in downward spiral. (Continental Airlines Inc.)(Top 100 Public Companies)
June 9, 1995... Continental Airlines Inc. took a charge of $446.8 million during the fourth quarter of 1994 to cover the costs of grounding airplanes, closing facilities and other actions that the company says will return the airline to profitability. The...

Western National Corp. (Proxy Report Excerpts)(Company Profile)
June 9, 1995... NYSE WNH 5555 SAN FELIPE, SUITE 900, HOUSTON 77056 (713) 888-7800 Western National Corp. is the parent of Western National Life Insurance Co. Western National Life is one of the 50 largest life insurance companies in the United States. ...

Big Chicago bank comes to Houston; FBOP controls North Houston Bank. (Chicago, Illinois; FBOP Corp.; Houston, Texas)
June 16, 1995... The owners of North Houston Bank have become the latest to sell controlling interest to a larger, out-of-town holding company. Chicago-based FBOP Corp. has paid $7.2 million to boost its ownership of the 33-year-old North Houston Bank to nearly...

City putting squeeze on grease traps. (Houston, Texas)
June 16, 1995... The City of Houston plans to adopt a strict grease trap ordinance by the end of this summer - and the proposed new rules are giving some businesses severe indigestion. Oddly enough, many restaurants are supporting the ordinance, but many...

Columbia calls halt to hospital closures. (Columbia/HCA Healthcare Corp.)
June 16, 1995... After closing four Houston-area hospitals in less than a year, officials at Columbia/HCA Healthcare Corp. claim that they are through wielding the corporate axe. At least for now. "There won't be any other mergers or consolidations of...

Morgan Stanley raiding rivals to open office here. (Morgan Stanley Group Inc.; Houston, Texas)
June 16, 1995... In a bid to rebuild its energy consulting business, Morgan Stanley Group Inc. has raided the local offices of two investment banks to form its first Houston office. Six investment bankers and analysts from rival CS First Boston Inc. will form...

Attorney buys historic building for restoration. (Scott Arnold)
June 16, 1995... Until now, renovation of historic downtown buildings has been limited to a few residential ventures, but attorney Scott Arnold is adding an office project to the mix. Arnold has started restoration of the 115-year-old, three-story building at...

Mobley exits hazardous waste, plans two oil recycling plants in Houston. (Mobley Environmental Services Inc.; Houston, Texas)
June 16, 1995... Facilities will cost $4 million, will go on line in 1996 Mobley Environmental Services Inc. exited the hazardous waste business last week and launched a major push into the non-hazardous waste recycling industry. The Kilgore-based company...

Corporations pay price to reclaim VAT refunds in Europe. (value-added tax)
June 16, 1995... This year, Gundle Environmental Systems Inc. expects to reclaim about $10,000 in value-added taxes its associates paid while doing business in Europe. That figure may not seem like much, but it's a small fortune considering the time and...

Down-to-earth engineer makes mark on municipal infrastructure systems. (HJV Associates Inc. owner, Herb V. Johnson)(Small Business Profile)(Company Profile)
June 16, 1995... Company: HVJ Associates Inc. Business: Geotechnical and environmental engineering services. Founded: 1985. Employees: 32. Sales: $2.5 million. Background: Herb Johnson has always been a down-to-earth guy. That's one reason his company, HVJ...

Small businesses proliferate in Houston area. (Houston, Texas)
June 16, 1995... The Houston area was one of the nation's 10 fastest-growing small business markets between 1988 and 1992. And, according to new research by American City Business Journals, there's still plenty of room for more. Two sets of statistics derived...

Rising costs represent chance to reevaluate firm's travel policies.(Business Travel)
June 16, 1995... Despite some recent unexpected turbulence in the airline industry, companies now have an opportunity to plot a smoother course for managing travel costs in the future. Airline commission caps have led retail travel agencies to begin charging...

Garnet Resources Corp. (Proxy Report Excerpts)(Company Profile)
June 16, 1995... NASDAQ GARN 333 CLAY STREET, SUITE 4500, HOUSTON 77002 (713) 759-1692 Garnet Resources Corp., a Delaware corporation, is engaged primarily in the exploration, development and production of potentially significant oil and gas properties...

Nuclear dump reopens, eases pressure on Texas. (Chem-Nuclear Inc.'s Barnwell low-level waste facility)
June 23, 1995... South Carolina ends moratorium on Barnhill Texas generators of low-level radioactive waste, including the state's two nuclear power plants and some medical facilities, can again send their waste to South Carolina. After a yearlong moratorium...

Hollywood dropout films new action in video games for girls. (Girl Games owner Laura Groppe)
June 23, 1995... Laura Groppe doesn't want the old jokes about woman drivers applied to the information superhighway. In the past year, Groppe, an award-winning Hollywood co-producer and assistant director, has personally invested more than $200,000 to build...

Sueba launching 'lakeside' subdivision. (Sueba USA Corp.; Houston, Texas)
June 23, 1995... Waterfront lots are a rare commodity inside the city limits of Houston, and Sueba USA Corp. is gambling that Houstonians will flock to an enclosed community where they can build lakeside homes. The Houston-based residential development company...

Bank buys: Charter enters La Porte, Houston Savings heads north. (Charter Bancshares Inc.; La Porte Bancorp.; Houston Savings Association; acquisition of Great Southwest Bank)
June 23, 1995... Charter Bancshares Inc. is moving into La Porte with an agreement to acquire La Porte State Bank, a 102-year-old financial institution. Charter will pay $3.7 million in cash, and the acquisition should be complete before the end of the year....

Bank buys: Charter enters La Porte, Houston Savings heads north. (Houston Savings Association's acquisition of Great Southwest Bank)
June 23, 1995... Houston Savings Association is making inroads into the north Houston market with the acquisition of 5-year-old Great Southwest Bank. Houston Savings and Great Southwest agreed last week to a mostly cash acquisition that will give Galleria-area...

City receives no reports of trouble after demise of towing regulations. (Houston, Texas)
June 23, 1995... A federal law that has led some towing firms in Texas to raise their rates at the expense of vehicle owners has had little impact in Houston, city officials say. But Mayor Bob Lanier apparently fears that it might. The issue revolves around...

Ruby Tuesday restaurants return for second helping in Houston. (Ruby Tuesday Group; Texas)
June 23, 1995... Ruby Tuesday restaurants are preparing to make a comeback in the Houston market. After abandoning local expansion plans in the economic downturn of the mid-1980s, Alabama-based Morrison Restaurants Inc. is taking another fling at the city,...

An agent of change in Houston banking. (Texas Commerce Bank Chmn.-Pres.-CEO Marc J. Shapiro)(Company Profile)
June 23, 1995... Following in the footsteps of legends, Marc Shapiro reshaping the corporate culture at Texas Commerce Bank to meet the challenges of the 21st century. Not long after Marc Shapiro joined Texas Commerce Bank as a green MBA graduate, he...

Gepetto's: small player breaking into big leagues of pizza business.(Company Profile)
June 23, 1995... Company: Gepetto's. Business: Restaurant chain. Founded: 1982. Employees: 75. Sales: $2 million. Background: After five years in corporate accounting, Ralph Cicatello decided it was time for a little fun. Nearly 12 years later,...

Local telephone service rates to drop as deregulation law passes. (Texas)(Focus on: Business Communications)
June 23, 1995... Business customers will likely be first to realize lower prices for service Telecommunications officials are predicting upcoming competition in the local telephone service industry will quickly translate into lower prices for business...

Houston becomes second city to receive new 'bundling' service. (Texas; GTE Mobilnet Inc.'s cellular digital packet data services)(Focus on: Business Communications)
June 23, 1995... Houston recently became only the second city to receive a new technology that takes advantage of idle cellular channels to save users money. GTE Mobilnet, a unit of GTE Personal Communications Services, announced in April the availability of...

Camco International Inc. (Proxy Report Excerpts)(Company Profile)
June 23, 1995... NYSE CAM 7030 ARDMORE, HOUSTON 77054 (713) 747-4000 Camco International Inc. is a leading worldwide oilfield equipment and service company. Total shares of common stock outstanding as of March 10, 1995 24,083,380 Stock price as of fiscal...

Funds take Lott to bankruptcy court. (H.A. Lott Inc.)
June 30, 1995... Contractor appealing judgment as dispute deepens over private jail projects The combination of private jails and municipal bond financing has led Houston's second-largest building contractor into federal bankruptcy court. Nine municipal...

Radio rivals protest as new station begins broadcasting.
June 30, 1995... The startup of a new Houston radio station has its management smiling, its competitors grumbling and the Federal Communications Commission still pondering. The sign-on in May of KFCC-AM (1270) came about either by skillful maneuvering or by...

Manufacturer bucks trend, moves to city from suburbs. (Woodlands Millwork Ltd.; Houston, Texas)
June 30, 1995... Bucking a recent corporate trend, Woodlands Millwork Ltd. plans to move its suburban headquarters into the heart of Houston. While major companies like Kent Electronics Corp. and Schlumberger Inc. have chosen suburban climes in place of the...

Houston energy executives return from Mexico ready for business.
June 30, 1995... A high-powered contingent of Houston energy executives returned from a landmark trade mission to Mexico last week eager to do business south of the border. Local companies are poised for major forays into natural gas distribution and...

Machines are no match for manual labor at circuit board assembly firm. (VJ-Assemblies Inc.)(Company Profile)
June 30, 1995... Company: VJ-Assemblies Inc. Business: Electronic subassembly contractor. Founded: 1972. Employees: 14. Sales: $1.25 million. Background: Melanie Jimmerson Bradford is probably one of the few people in the assembly business who...

A left-brain, right-brain ad agency. (Fogarty Klein and Partners Advertising Inc.)(Company Profile)
June 30, 1995... Fogarty Klein & Partners has climbed to the top with vivid imagination and effective management skills At 8:30 on a June morning, the three principals of Fogarty Klein & Partners gather in a conference room, sip coffee and toss around...