Pittsburgh Business Times articles from December 1993

Pittsburgh Business Times archives from December 1993

Revenue expectations dip for pro sports franchises. (Pittsburgh, Pennsylvania)
December 27, 1993... PITTSBURGH -- A pall is settling over the town once called the City of Champions, and it has little to do with the routine gloom of Pittsburgh's gray, winter skies. Hemmed in amid heavy competition from nearby cities and a metropolitan...

Future now in ambitious telecom field. (Forecast 1994: Telecommunications)
December 27, 1993... Barriers give way to innovation in cable, cellular, long-distance PITTSBURGH -- If you thought you couldn't keep up with the changes in the local telecommunications industry this year, just wait for 1994, when continued changes promise to be...

Cutting business taxes high on agenda in Harrisburg. (Pennsylvania) (Forecast 1994: State Government)
December 27, 1993... State has surpluses in many areas, but medical assistance still a drain HARRISBURG -- Plodding economic growth. A continued decline in manufacturing. Defense cutbacks and military base closings. Out-migration and slow population growth....

Speculators focus on riverbanks, not on office towers. (Forecast 1994: Real Estate)
December 27, 1993... Developers say loans still scarce; financiers say demand isn't there PITTSBURGH -- Because of a recent push for legalized riverboat gambling in Pennsylvania, the city's three rivers will play a big role in the local commercial real estate...

Local manufacturing industry still awaiting recovery. (Forecast 1994: Manufacturing)
December 27, 1993... Analysts view future skeptically but bright spots are on horizon PITTSBURGH -- Election of a new U.S. president and promises of renewed economic activity were expected to spur a better year for manufacturers, but those hopes eventually...

Environmental industry awaits federal action, funding. (Pittsburgh, Pennsylvania) (Forecast 1994: Environmental Services)
December 27, 1993... Without stiffer U.S. regulation, local firms expect lackluster '94 PITTSBURGH -- The environmental-services sector in the region has everything it needs to emerge as a powerhouse industry in 1994. Everything, that is, except for regulatory...

Many software players aiming for the big time in '94. (Forecast 1994: Computer Software)
December 27, 1993... Emprise, Transarc, Fore Systems all positioned for speedy growth PITTSBURGH -- One need only look at Legent Corp.'s striking new $40 million building overlooking the airport corridor in North Fayette Township to get an idea of where the...

Downtown retail outlook hinges on Gimbels renovation. (Gimbels building, Pittsburgh, Pennsylvania) (Forecast 1994: Retail)
December 27, 1993... Golden Triangle merchants hope for best despite bridge closings DOWNTOWN -- The success or failure of the transformation of the old Gimbels building will be the barometer for Downtown retailers in 1994. If the renovation is successful, said...

Local banks, thrifts might refocus on mortgage and consumer lending. (Pittsburgh, Pennsylvania) (Forecast 1994: Banking)
December 27, 1993... Commercial, industrial loans flat, and earnings probably will be too PITTSBURGH -- Area banks and thrifts can expect another good year in 1994 -- on Main Street, as well as Wall Street. But relative to 1993, the coming year probably won't...

1994 likely to offer difficult choices in the stock market.
December 27, 1993... Strangely enough, lack of worry could be next year's big problem Although virtually all measures of stock market activity set new highs in 1993, it was not an easy year in which to make money. The U.S. economy for most of 1993 was hardly...

First Western Bancorp Inc. (First Western Bancorporation Inc.) (Proxy Corner) (Company Profile)
December 27, 1993... (NASDAQ:FWBI) First Western Bancorp Inc., a New Castle-based bank holding company with branches throughout the northern Pittsburgh area, remains an active player in the mergers-and-acquisitions market -- a strategy that appears favorable to...

Thrift on lookout for chance to buy, CEO Hannan says: chief says drugstore chain must 'innovate, think the unthinkable.' (Thrift Drug Inc. CEO Robert Hannan)
December 20, 1993... O'HARA TOWNSHIP -- Thrift Drug Inc., seeking to expand in an increasingly competitive market, is looking for acquisitions and plans to add at least 25 to 30 more stores to its 500-store chain in 1994, said Robert Hannan, president and chief...

Pennsylvania jacks fees on state-chartered banks: bitter medicine for institutions that converted to avoid OTS bills. (US Office of Thrift Supervision)
December 20, 1993... PITTSBURGH -- About a year ago, a few area savings and loans resolved to rid themselves of costly federal regulators by converting their institutions to state oversight. Now, some are having second thoughts. Why? The Pennsylvania...

Anatomy of a tax hike: speed, timing were keys; Murphy, other supporters used persuasion, politics to get it done. (Pittsburgh mayor-elect Thomas S. Murphy)
December 20, 1993... HARRISBURG -- It failed in 1991. It failed in 1992. But a bill authorizing a 1 percent sales tax for Allegheny County gained approval with breathtaking speed in the state Legislature's closing days of 1993. How it happened is a legislative...

Some municipal leaders grumble, but may find dissent prohibitive.
December 20, 1993... PITTSBURGH -- Dazed by the state Legislature's speedy passage of the regional-asset district tax plan? Many Allegheny County municipal leaders are too. They are unsure of how the tax-restructuring bill works, what effect it would have on...

Distant malls expect no mad dash if Allegheny County tax enforced: proposed increase in sales tax to help other-county malls a bit.
December 20, 1993... MONACA -- If a new sales tax is adopted in Allegheny County, some shoppers may choose malls in surrounding counties. But mall managers in outlying areas are not expecting a wagon train of shoppers streaming out of the Pittsburgh area. Ron...

Follow-up retail survey shows personal safety a concern; but registers filling with cash as retailers reporting good year.
December 20, 1993... PITTSBURGH -- The cash registers may continue to ring during the Christmas shopping season, but some well-to-do shoppers have altered shopping habits because of a fear of crime. "I shop only in the morning," a Sharpsburg-area housewife said....

Enelow again departs Four Rivers as software maker releases new product: former chairman walks away from struggling firm, retains ownership. (Four Rivers Software Systems Inc.; Four Rivers co-founder Michael Enelow)
December 20, 1993... MONROEVILLE -- Michael Enelow, co-founder of the struggling Four Rivers Software Systems Inc., has stepped down as chairman and as a member of the company's board of directors, the company confirmed last week. Henry Wilde, president and...

Local hospitals tracking federal case to assess viability of Blue Cross plan; Western Pennsylvania Blue Cross says its plan will not be affected.
December 20, 1993... DOWNTOWN -- Blue Cross of Western Pennsylvania's controversial best-rate guarantee clause is now under even greater scrutiny because of a U.S. Justice Department civil investigation of a similar clause used by Independence Blue Cross of...

Symphony shortfall worsened in '93: expense cuts set stage for Heinz grant; budget deficit grew despite increased draw from endowment.
December 20, 1993... DOWNTOWN -- The Pittsburgh Symphony's operating deficit widened to $3.7 million in the latest fiscal year, more than three times the red ink reported only two years ago, according to financials just released. At the same time, the...

Roddey takes country-road approach in cable race: high-profile advertising veteran likely to pop up anywhere in city's business, social scenes. (Pittsburgh businessman James Roddey) (People to Watch)
December 20, 1993... GREEN TREE -- Pittsburgh businessman James Roddey, as a youth growing up in Corpus Christi, Texas, wanted to become a television star, but the only post-college job he could find was leasing property for a billboard company. That...

Potential for 'independent' electricity kills power line: Jersey utility avoids long-term risks associated with $500 million project. (Duquesne Light Co.)
December 20, 1993... DOWNTOWN -- In the end, it was the market that killed Duquesne Light Co.'s cross-state power-line project, not the angry protests that came to symbolize the ill-fated effort. Like the airline, trucking and natural-gas sectors that were pushed...

World Class Processing to refinance, expand capacity: Ambridge-area steel finisher builds on success of startup. (World Class Processing Inc.)
December 20, 1993... AMBRIDGE -- World Class Processing Inc., a finisher of flat-rolled steel, plans to add a second production line to its facilities in 1994. The production expansion is coupled with an expected refinancing of loans it received before operations...

Teaching old buildings new tricks demands market, design sensitivity: lack of new construction creates new interest in office conversions. (Special Report: Modern Office)
December 20, 1993... DOWNTOWN -- When Mark McCormick walked into the old Gimbels department store for the first time, he wanted to move into the 79-year-old building. "It's going to be an exciting building," said Mr. McCormick, a Downtown architect who is...

Cable Design Technologies Corp. (Proxy Report Excerpts) (Company Profile)
December 20, 1993... (NASDAQ:CDTC) Until recently, electronic-data-transmission cable maker Cable Design Technologies remained what appears to be one of the region's better-kept growth secrets. That is, until it quietly went public last month with about 3.5...

Bagging the lion: Mellon a new beast with Dreyfus deal. (Mellon Bank Corp., Dreyfus Corp.)
December 13, 1993... For first time, fee income would exceed income from bank loans DOWNTOWN -- Just call it "J.P. Mellon." Mellon Bank Corp. essentially became a non-bank bank last week, with its $1.85 billion deal to buy Dreyfus Corp., the mutual fund giant....

Housing Authority mired by lawsuits. (Pittsburgh Housing Authority)
December 13, 1993... Construction contractors battle agency over changes, payments DOWNTOWN -- The city of Pittsburgh's Housing Authority is getting caught in a growing web of lawsuits filed by construction contractors who claim the agency is mismanaged and...

Yes, Neville Island. (business revival for former industrial dump)
December 13, 1993... Discarded by heavy industry and dismissed by most as a dumping ground, a sullied island bounces back NEVILLE ISLAND -- For Bill Biedenbach and his partner, J. Murray Frank, Neville Island is a perfect place to do business. Never mind that...

Cellular One walks last mile of digital quest. (Cellular One Inc.)
December 13, 1993... Company will spend $10 million for tech edge over Bell Atlantic STRIP DISTRICT -- In a first for the cellular telephone industry in Pennsylvania, McCaw Cellular Communications Inc./Cellular One is going completely digital. The company is...

Health care professionals evaluating congressional signals on CEO pay. (chief executive officer)
December 13, 1993... Hospital execs brace for scrutiny over the size of their paychecks PITTSBURGH -- A congressional committee has sent a message to the nation's hospital industry that it is concerned about what it considers high salaries for hospital chief...

Park endures criticism in revamping old steel site. (U.S. Steel Corp. Homestead Works redevelopment project manager Kelly Park) (People To Watch)
December 13, 1993... Effort to initially create green field in Homestead Works development has been unpopular HOMESTEAD -- For Kelly Park, patience is an important virtue. Mr. Park, the 32-year-old project manager for the redevelopment of the former U.S. Steel...

Insurers size up Medicaid market as state looks on. (Special Report: Health Care Quarterly)
December 13, 1993... Cost-cutting push creates niche for savvy managed-care companies DOWNTOWN -- The Medicaid managed-care market is wide open and prospective industry players are lining up to grab a piece of it. David O'Brien, president of Gateway Health...

Graying of region forcing evolution in health care, resources for elderly. (Special Report: Health Care Quarterly)
December 13, 1993... Care networks being created as alliances gain favor with providers CRANBERRY TOWNSHIP -- Michael Hendrickson, president and chief executive officer of Lutheran Affiliated Services, lays out a forecast for the future of elderly care that...

Physicians linking up with hospitals as pressure mounts to manage care. (Special Report: Health Care Community)
December 13, 1993... Dizzying array of new alliances created as paranoia prevails McCANDLESS TOWNSHIP -- As president of Passavant Hospital's medical staff, Dr. Kian Kooros has an inside line on some physicians' sentiments concerning likely changes in their...

Envision future health care system now or fall behind. (Special Report: Health Care Community)
December 13, 1993... Test today's buyer's market now; don't wait for federal, state acts In his Sept. 22 address to Congress, President Bill Clinton said, "This health care system of ours is badly broken and it is time to fix it." Few would disagree with his...

Tuscarora Inc. (proxy report excerpts) (Proxy Corner) (Company Profile)
December 13, 1993... (NASDAQ: TUSC) Packaging-materials manufacturer Tuscarora Inc. over the last fiscal year continued to make modest gains in its net sales. But a generally slow-growth market and difficulties over the past year at computer giant IBM Corp. all...

High-tech heaven! (Ottawa, Ontario) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... Ottawa's storied history translates into modern technological wonderland How did a quiet Canadian city become one of the premier high-tech hot-spots in North America? It all started in 1948 with the birth of an electronics company,...

Leading the charge: small and medium-sized companies fuel Ottawa's high-tech growth. (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... High technology is booming in Ottawa, thanks in large part to a wave of up and coming software and electronics companies. Some of these companies - half a dozen in the past six months - have chosen to go public, and have seen their initial...

From flying post office to international air carrier. (USAir Inc.) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... Ever since its genesis in 1939 as a "flying post office," USAir (back then it was called All American Aviation) has been the carrier of choice for small-town America. By the 1970s, it's true, the airline was as strong in the big markets (New...

Major league city. (Ottawa, Ontario) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... Metropolitan Ottawa has undergone some dramatic facelifts in recent years. Not only have the National Gallery of Canada and the Canadian Museum of Civilization added more character to an already beautiful landscape, but the city has quickly...

Metropolitan Ottawa: a great place to do business! (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... Why should a business come to Metropolitan Ottawa? There isn't a simple one-word answer to this question. Metropolitan Ottawa offers something for every business, small or large. Michael Cowpland, president of world leader Corel Systems...

Taking the steel out of Steeltown. (Pittsburgh, Pennsylvania) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... No longer the steel capital of the world, Pittsburgh is becoming an international leader in high-technology From its cultural and sporting events to its high-tech industries, anyone who has heard the term "Steeltown" will find Pittsburgh a...

A tale of two airports. (Ottawa's Macdonald-Cartier International Airport, Pittsburgh Airport) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... With US Air's recent startup of direct flights between Ottawa and Pittsburgh, travelers now get double the flying pleasure as they move between two of the top airports in North America. Described as "near-perfect" by a consultant in 1992,...

Where the conventioners meet. (Ottawa, Ontario) (Connections Linking Pittsburgh & Ottawa)
December 13, 1993... In native dialect, "where the rivers meet," is where you'll find the best Canada has to offer both in tourism and convention activities. Chosen in 1858 as the capital for the United Provinces of Canada, Ottawa has learned it must meet the...

Examiner reopens investigation of Phar-Mor after seeing memo.
December 6, 1993... Company fought not to turn over 1991 note to Giant Eagle's Shapira PITTSBURGH -- On the eve of issuing its final report, a court-appointed examiner investigating the Phar-Mor Inc. scandal has reopened discovery proceedings because of...

'We don't hug.' (Pennsylvania Professional Employment Network)
December 6, 1993... No, but the unemployed who attend Papen meetings do share job leads, so 1,300 hopefuls have joined up MONROEVILLE -- When white-collar professionals find themselves out of work, a lack of support systems and feelings of shame often keep them...

Leybold buys site for $7.4 million. (Leybold Vacuum Products Inc.)
December 6, 1993... Deal represents one of area's most expensive transactions in '93 EXPORT -- A Westmoreland County manufacturer of industrial vacuum equipment has made one of the most expensive real estate transactions in the Greater Pittsburgh area this...

Legent Corp. swallows TeamOne in stock payout worth $10 million. (LEGENT Corp.)(TeamOne Systems Inc.)
December 6, 1993... Software developer's buyout binge continues with California company NORTH FAYETTE TOWNSHIP -- Computer software developer Legent Corp. has agreed to acquire TeamOne Systems Inc. of Sunnyvale, Calif., in exchange for about 410,000 common...

Political support rises for business-enhancement bills.
December 6, 1993... Effort to clean industrial sites gains unusual bipartisan support HARRISBURG -- Despite the highly publicized political enmity in the state Senate, Democrats and Republicans have agreed to put their heads together on a couple of real issues,...

Sister Geibel puts Carlow on growth track. (Grace Ann Geibel, president of Carlow College)
December 6, 1993... Enrollment's up, the operating budget surplus is up and new courses have been implemented OAKLAND -- Riding the crest of a national wave of rising enrollment at women's colleges, Sister Grace Ann Geibel of Carlow College is seeking to boost...

Banks cashing in on growing market for local debit-card retail purchases. (Special Report: Personal Finance)
December 6, 1993... Giant Eagle, Mellon Bank take plunge into point-of-sale trend PITTSBURGH -- More than a decade after tumbling out of the financial industry's chute, debit cards are taking hold in Western Pennsylvania -- and just in time for the holidays....

Stock options could take expense hit under proposal. (Financial Accounting Standards Board's proposal forcing companies to report stock options as real expenses on their current balance sheets) (Special Report: Personal Finance)
December 6, 1993... FASB proposal could make shares costly, less popular compensation GREENSBURG -- Like many fast-growing, entrepreneurial companies, Sulcus Computer Corp. (AMEX:SUL) places a lot of value on its stock-option program. As the Greensburg-based...