The Business Journal - Serving Phoenix & the Valley of the Sun articles from December 1993

The Business Journal - Serving Phoenix & the Valley of the Sun archives from December 1993

Few Arizona women serve on company boards.
December 31, 1993... Corporate representation of women called 'sad' While women have gained momentum in executive circles, only a small number have made it into the boardrooms of Arizona's public companies. The 45 companies profiled in Corporate Arizona -- The...

Vencor plans new hospital in West Valley.
December 31, 1993... Vencor Inc., a specialty hospital chain for catastrophically ill patients, is building a $2.5 million hospital in Peoria and is renovating an old psychiatric facility in Tucson to open another hospital there. The Louisville, Ky.-based chain...

Playing hardball in campaign for stadium. (includes related article on baseball investors)
December 31, 1993... If and when a Major League Baseball expansion team is granted to Phoenix, the first official victory will be recorded sometime around April 1, 1997. The first unofficial victory, though, could come as early as Jan. 15, 1994. That contest is...

Two Valley tech firms in top 200. (Three-Five Systems Inc.; MicroAge Inc.)
December 31, 1993... Valley-based Three-Five Systems Inc. and MicroAge Inc. ranked alongside dozens of multibillion-dollar companies in Upside magazine's annual list of the top 200 publicly traded technology companies. The Upside 200 is composed of U.S....

Perma-Finish expands its capacity.
December 31, 1993... Perma-Finish Inc., a Phoenix company that specializes in powder-coat paint finishing, has expanded its production capacity with a $200,000 investment in new equipment. Powder coating is a dry painting technique developed in response to...

Hornets buzz local creator of Suns' animated intro. (Rhonda Graphics Inc.)
December 31, 1993... Rhonda Graphics, the local company that created the animated introduction for the Phoenix Suns, has produced a similar video for the Charlotte Hornets. The graphics company continues to work with the Phoenix Suns, beefing up the new TV spot...

She keeps busy as head of three groups. (Nancy Russell)
December 31, 1993... Nancy Russell calls herself a cheerleader for political action and free enterprise in Arizona. That is a fitting description of the passion she brings to issues in her job as head of three of the state's key industry groups: the Arizona...

Residential market charges into '94; shortage in labor and housing lots could curb growth. (Focus On The Year In Advance: Residential Real Estate) (Industry Overview)
December 31, 1993... The Valley's booming residential market will grow at an even greater pace in 1994, say Valley real estate experts, but that growth may be slowed some by a shortage of labor and lots. "Single-family housing continues to be the major bright...

No new Class A office construction is expected. (Focus On The Year In Advance: Residential Real Estate) (Industry Overview)
December 31, 1993... The new year will abound with activity in the office space market, say Valley real estate analysts, but not to the point of any new construction of Class A buildings. Activity in the apartment and retail sectors also is poised for a...

Medical office construction is booming. (Focus On The Year In Advance: Health Care)
December 31, 1993... At least a dozen major medical office building projects are planned for 1994. The new facilities will employ hundreds of professionals and support staff Valleywide in addition to providing hundreds of jobs in the construction industry. This...

Small tech firms to lead way in 1994. (Focus On The Year In Advance: High Tech)
December 31, 1993... Construction by major employers including Intel and Motorola is sure to grab headlines in 1994, but small technology firms and emerging industries also will play major roles as growth picks up in Arizona. Fueling that growth, however,...

America West, Southwest have lofty goals to achieve in 1994. (America West Airlines Inc.; Southwest Airlines Co.) (Focus On The Year In Advance: Aviation)
December 31, 1993... The Valley's two largest airlines, America West and Southwest -- and the airport they serve, Sky Harbor International -- have some high-flying goals to accomplish in 1994. America West Airlines plans to find more than $100 million in equity...

Small businesses coming up with ad dollars. (Focus On The Year In Advance: Advertising)
December 31, 1993... Top advertising executives in the Valley predict that 1994 will be a record-setting year for the industry. One indicator of a thriving industry is when entrepreneurs with new products call for advertising help, says Bob Walters, executive...

Great American could be last major acquisition. (Great American Banks of Phoenix) (Focus On The Year In Advance: Banking)
December 31, 1993... The buying spree of Arizona banks should slow in 1994 because most of the industry's assets already have changed hands at least once in the past decade. There are a few small acquisitions to be completed in 1994 among the state's banks. But...

Arizona's economic recovery bodes well for Valley lawyers. (Focus On The Year In Advance: Law)
December 31, 1993... Providing clients with high-quality, cost-effective services will continue to be the focus of the Phoenix legal community in 1994. "We're directed more and more at trying to improve the quality of our work, and the service and speed in which...

US West peddling Phoenix Plaza. (U S West Inc.; office complex)
December 24, 1993... US West Inc., owner of Phoenix Plaza, a $66 million office complex, is trying to sell the property. If the sale of the Central Avenue complex is completed, it will be one of the largest commercial real estate deals of the '90s in Phoenix,...

Mental health funds for state jeopardized. (Arizona's Medicaid program)
December 24, 1993... The federal government is threatening to yank millions of dollars away from Arizona's Medicaid program if the state doesn't figure out how to reduce the administrative costs for its mental health program. The Health Care Financing...

Suns exemplified change in attitude among businesses. (Phoenix Suns basketball team; Sun Valley, Arizona businesses)
December 24, 1993... A change in attitude was perhaps the single most significant development in the business sector throughout the Valley during 1993. Quite simply, 1993 marked a year of optimism -- and nothing captured or exemplified that attitude more than the...

Fatal falls plague Canyon. (Grand Canyon)
December 24, 1993... Most people who visit the Grand Canyon give the craggy edges a wide berth. Those who dare to step closer are the brave or the foolish -- and sometimes the dead. Seven people accidentally have slipped over the canyon's edge to their deaths...

Thomas-Tvert wins Norwest Bank's ad account. (Thomas-Tvert Inc.; advertising contract; Norwest Bank Arizona N.A.)
December 24, 1993... Norwest Bank Arizona has awarded its estimated $2 million statewide advertising contract to Thomas-Tvert. Twenty-seven local agencies bid for the account, which could be one of the largest single-contract deals in state advertising this year....

Baseball's projected impact improves. (major league baseball expansion team; economic impact)
December 24, 1993... A Major League Baseball expansion team in Phoenix makes more economic sense now than it did in 1990, according to a comparison of two studies -- one new, the other three years old. According to the new study, ongoing operations of a team and...

Job-training fund recipients sought. (Arizona's Work Force Recruitment and Job Training Program)
December 24, 1993... The state has spent only one-third of the money it has earmarked for job training and is looking for eligible companies, particularly small businesses, to receive the rest. Arizona's Work Force Recruitment and Job Training Program has...

Swift buys land to expand Phoenix headquarters. (Swift Transportation Company Inc.; Phoenix, Arizona)
December 24, 1993... Swift Transportation Co. has acquired land in three states to build new facilities, including an expansion of its corporate headquarters in Phoenix. The construction is part of Swift's long-range strategy for expansion, says chief financial...

AHCCCS director a 'do it' type of person. (Arizona Health Care Cost Containment System director Mabel Chen) (Profile)
December 24, 1993... Dr. Mabel Chen, the new director of the state's health care program for the poor, isn't afraid to take on any new challenges, whether it's moving her family to a new country or heading up a $1.6 billion organization. "She's an amazing...

Residential rebound sets stage for retail. (Arizona; residential real estate) (Focus on the Year in Review)
December 24, 1993... Perhaps the biggest business story of 1993 was the rebound of the residential real estate market. It is certainly one of the surest signs of economic recovery in the Valley. Both the new and resale home markets achieved their biggest annual...

Banks fixed balance sheets, made record profits. (Arizona banks) (Focus on the Year in Review)
December 24, 1993... Arizona banks continued to clean up their balance sheets during 1993 -- and they posted record profits, a factor contributing to a wave of mergers and acquisitions the industry experienced. Lending continued to be an area for improvement for...

APS firing of Snell & Wilmer a sample of upheaval in law. (Arizona Public Service Co.) (Focus on the Year in Review)
December 24, 1993... The past year brought change and upheaval to the Valley's legal community. That upheaval included the single biggest law firm story of 1993: Arizona Public Service Co.'s firing of Snell & Wilmer as its general counsel. The $3 million...

America West and Southwest post a banner year. (America West Airlines Inc.; Southwest Airlines Co.) (Focus on the Year in Review)
December 24, 1993... America West and Southwest -- the two major carriers at Sky Harbor International Airport -- both reported profits and several significant events in 1993. Besides being the only two major airlines to be profitable for the entire year, the two...

Tourism industry surges as King controversy clears up. (Arizona; Martin Luther King Jr.) (Focus on the Year in Review)
December 24, 1993... After struggling through the early part of the 1990s, Arizona's tourism industry set all-time standards in 1993. Tourists came in record numbers, and they left record amounts of money here. Year-end hotel occupancy statistics are not yet...

Health care reform will affect nearly all employers. (Pres. Bill Clinton's health care reform) (Focus on the Year in Review)
December 24, 1993... President Clinton's health care reform proposal without a doubt was the biggest issue in the health care industry this year, potentially affecting every employer in the nation. The proposal is spurring all sorts of activities among Arizona...

Sales boom, capital crunch mark 1993 high-tech. (high technology industry) (Focus on the Year in Review)
December 24, 1993... Chip makers made news throughout 1993, as did public offerings and the continued capital crunch on technology companies. Suppliers and semiconductor manufacturers including Intel Corp., Motorola Inc. and Microchip Technology rode a boom in...

United woos America West. (United Airlines Inc.; America West Airlines Inc.)
December 10, 1993... United Airlines is looking at fueling America West Airlines' reorganization efforts to emerge from Chapter 11 bankruptcy protection. Tony Molinaro, a spokesman for United Airlines, says United spoke recently with America West about the...

Vegas deals for Valley's tourists. (rivalry between tourist industries of Las Vegas, Nevada and Phoenix, Arizona)
December 10, 1993... The fragile truce between those in the Phoenix and Las Vegas tourism industries has started to crumble. Until recently, hoteliers in the cities 290 miles apart operated largely independently of each other because they catered to different...

Baseball investors can expect return of about 5 percent. (plans for major league baseball franchise in Phoenix, Arizona)
December 10, 1993... So much for the get-rich-quick-through-baseball theory. Investors in a potential Major League Baseball expansion team are seeking just a 5 percent return on their money, says Jerry Colangelo, leader of the group. That is about equal to the...

Securities market in Arizona experiencing boom.
December 10, 1993... More Arizona firms are going to the public markets to raise cash, according to figures from the Securities Division of the Arizona Corporation Commission. Security offerings registered with the state increased by almost 19 percent, from...

Norwest, others to bid for Great American. (Norwest Bank Arizona N.A.; Great American Bank F.S.B.)
December 10, 1993... The RTC could sell 58 Great American Bank branches across the state by month's end. While several banks are expected to bid on the deal, many say Norwest Bank Arizona likely will be the most aggressive. The 20 Great American branches in Fry's...

Three Arizona firms win share of federal technology grants. (Technology Reinvestment Program)
December 10, 1993... A McDonnell Douglas Aerospace project, computer manufacturing classes at Northern Arizona University and a new center for manufacturing in Phoenix have won funding in rounds two and three of the $472 million federal Technology Reinvestment...

Depression has huge financial toll on business. (workplace depression in Arizona)
December 10, 1993... Work used to make Delores Witherspoon sick -- quite literally. "I had a terrible fear that I would vomit in public. I lost weight, felt awful and was under a great deal of stress.... I'd only manage to show up at work three out of five days...

FHP Health Care to offer new managed care plan. (FHP Inc.)
December 10, 1993... Phoenix-based FHP Health Care and its affiliate Great States Insurance Co. plan to offer a managed-care plan that coordinates workers' compensation insurance and group health coverage in one program. The FHP 24-hour Managed Care Program will...

Mullen does downtown's dirty work. (Downtown Phoenix Partnership Exec Dir Margaret Mullen)
December 10, 1993... Phoenix Mayor Paul Johnson has described her job as dealing with everything from public policy issues to where to put Port-A-Johns. Margaret Mullen, executive director of the Downtown Phoenix Partnership Inc., laughs and says Johnson's...

Discounts deeper than usual this season. (retail discounts for Christmas shoppers)
December 10, 1993... Holiday shoppers are raking in the bargains this year as retailers drop prices to attract customers. The sale tags went on before the traditional day-after-Thanksgiving shopping kickoff, with most items at many stores sporting...

Shanti Group opens charity store to raise funds. (Phoenix Shanti Group)
December 10, 1993... The Phoenix Shanti Group is opening the Shanti Charity Store this month, a move that it hopes will help put the non-profit group on firmer financial ground. Shanti is the only group in Arizona dedicated to providing health care and support...

County balks at Jerry's deal. (Jerry Colangelo, president of chief executive officer of the Phoenix Suns)
December 3, 1993... Jerry Colangelo's group of investors will be denied the free baseball stadium it is seeking, county officials say. Colangelo, president and CEO of the Phoenix Suns, last month outlined a plan that called for Maricopa County to build a $200...

Scottsdale hospital plans to redevelop adjacent 'slum' land. (Scottsdale Memorial Health Systems Inc.)
December 3, 1993... Scottsdale Memorial Hospital Systems Inc. plans to acquire land surrounding its Osborn hospital in downtown Scottsdale for future expansion of its medical campus. Some of those plans include outpatient facilities, medical office space and...

Arizona adventure tourism rides risky insurance trail.
December 3, 1993... Arizona's horseback and trail-riding industry soon may ride off into the sunset, tour operators say. Other forms of adventure tourism, including hot-air balloon rides, river raft rides and desert jeep tours, could drift, plunge or drive off...

Aztar dives into three riverboat casino ventures.
December 3, 1993... Officials of Aztar Corp., a Phoenix-based hotel and casino company, are betting on the ever-expanding gambling market. The company is pursuing plans to develop three casino riverboats along the Mississippi and Ohio rivers and a land-based...

Oversight suggested for Department of Revenue.
December 3, 1993... A joint legislative panel is recommending that an oversight committee be developed to review state Department of Revenue tax policies and procedures. The committee would consist of tax lawyers, legislators, accountants and lay people who...

TV spots give Bowmar stock a 150 percent boost. (Bowmar Instrument Corp.)
December 3, 1993... Phoenix-based Bowmar Instrument Corp.'s stock price shot up 150 percent during November, even though the company's only new developments were some spots in the news. The electronics manufacturer was featured on CNBC's Street Talk program...

'Visionary' printer carves $30M niche. (Nasser Farrokh, founder and CEO of Great Western Publishing Co.) (Company Profile)
December 3, 1993... The people who know Nasser Farrokh describe him universally as "a nice guy." But this is one nice guy who finished first -- four times. Great Western Publishing Co. is the product of four self-started businesses, all of them successful, says...

NAFTA means more business for local lawyers. (North American Free Trade Agreement)
December 3, 1993... Some local lawyers have NAFTA to thank for increased business in this time of legal downsizing. Valley attorneys specializing in transactional, environmental and intellectual property law can expect a heavier workload now that NAFTA has...

Tucson firm's device measures precise roughness. (Wyko Corp.)
December 3, 1993... Wyko Corp. grew out of the University of Arizona in 1982, where president James Wyant was a professor at the Optical Sciences Center. Wyant's focus was technology for measuring the roughness of various surfaces -- and that caught the interest...

This wheelchair lets users stand up for themselves. (Rehabilitaion Technologies Inc.'s Excelsior motorized wheelchair)
December 3, 1993... Dale Perry Jr.'s work is giving a new perspective to people confined to wheelchairs. His Excelsior motorized wheelchair allows paraplegics, quadriplegics and other non-ambulatory individuals to recline, sit up, stand and move about freely...

Hotline directs callers to nearest recycling facility. (Recycling Hotline)
December 3, 1993... Officials at the Recycling Hotline spent the days after Thanksgiving preparing for the days after Christmas. Hotline officials updated their interactive computerized phone system with information on 19 sites throughout the Valley where old...