Boston Business Journal articles from July 1990

Boston Business Journal archives from July 1990

Edison proposes modernization of Sobo power plant. (Boston Edison Co.)
July 2, 1990... EDISON PROPOSES MODERNIZATION OF SOBO POWER PLANT For years, many South Boston residents have awakened every morning to find their cars dusted with a fine coat of the black soot that emanates from the imposing power plant that dominates one...

Flynn to rule on strike ordinance. (Ray Flynn, mayor of Boston)
July 2, 1990... FLYNN TO RULE ON STRIKE ORDINANCE Facing a possible showdown with labor groups and the Boston City Council, Mayor Ray Flynn this week will decide whether to veto council legislation restricting an employer's ability to hire replacement...

Eliot Savings Bank. (Debriefing)
July 2, 1990... Eliot Savings Bank, the Boston thrift, is reported to be on the verge of being closed by federal regulators--the latest victim of the national thrift fiasco. The bank, with assets listed at $489 million, lost $51 million last year, primarily...

Home Owners Savings Bank. (Debriefing)
July 2, 1990... Home Owners Savings Bank, the Burlington-based S&L that was seized two months ago by federal regulators, is now up for sale. The Resolution Trust Corp., which will orchestrate the sale, did not comment on potential bidders but advertised the...

Bank of New England. (Debriefing)
July 2, 1990... The Bank of New England rearranged top management again, naming D. Bruce Wheeler, 43, to the post of president and CEO, and bumped current president Leo R. Breitman to the post of vice chairman. Wheeler will take ove corporate and retail...

Foxboro Co. (Debriefing)
July 2, 1990... The Foxboro Co. finally found the buyer it was looking for when Siebe PLC, a British industrial controls maker, bought the company a weekend ago. The selling price for Foxboro totaled $656 million, causing the company's stock to jump nearly 13...

Stride Rite Corp. (Debriefing)
July 2, 1990... Stride Rite Corp. in Cambridge filled its number one slot with Ervin R. Shames, the former CEO of The Kendall Corp.. Stride Rite was left in the lurch last month when Ronald J. Jackson jumped ship after just six months to head up Fisher-Price...

British connection proves unlucky for Fenwal. (manufactures automotive and aerospace industry fire protection devices)
July 2, 1990... British connection proves unlucky for Fenwal Ashland-based Fenwal Inc., which manufactures fire protection devices for the automotive and aerospace industries, laid off 49 employees last month. The layoffs are just the latest in a three-year...

BNE cans the branch that wasn't. (Bank of New England)
July 2, 1990... BNE cans the branch that wasn't Remember those signs that were hanging for months in the street-level windows of 125 Summer St., the ones that announced Bank of New England's impending move to the new office tower? Well, those signs have...

The newest in banking, finally. (automated teller services)
July 2, 1990... The newest in banking, finally New England banks, after years of lagging behind the rest of the industry's venture into electronic banking services, are finally catching up. This summer BayBanks Inc., the region's leader in automated...

Bill Nowlin. (founder of Rounder Records) (Personnel File) (company profile)
July 2, 1990... BILL NOWLIN A rounder, folksier sound Tucked away in a ramshackle Cambridge warehouse, the main office of Rounder Records looks like a cross between a crowded attic and a teenager's bedroom. Posters and record covers hang on the wall,...

Phoenix Technologies Ltd. (Corporate Album) (company profile)
July 2, 1990... Phoenix Technologies Ltd. THE BUSINESS * Phoenix Technologies Ltd. (PTEC-NASDAQ) develops and distributes Basic Input/Output System (BIOS) code software products that are used in the personal computer industry. The company...

Houston Advertising. (Boston on the Record)
July 2, 1990... Houston Advertising announced the promotion of Donald B. Effler from executive vice president/general manager to agency president. Effler, who joined Houston last fall after managing major accounts at Scali, McCabe, Sloves in New York and...

Hager Telecommunications Inc. (Boston on the Record)
July 2, 1990... Hager Telecommunications Inc. announced two key management promotions recently. Kenneth Brater, former vice president of sales, was named president and CEO, and Domenic Tarzia, past vice president/technical, was appointed vice president of...

Robert A. Walton. (Boston on the Record)
July 2, 1990... Executives at Information Handling Services Group Inc. (IHS) announced a number of management changes at CLSI. Robert A. Walton was named president of CLSI; James A. Hofbauer as executive vice president and chief operating officer; Bruce H....

John C. Brouillard. (Boston on the Record)
July 2, 1990... Among recent company promotions, John C. Brouillard was appointed executive vice president and chief financial officer of Hill Department Stores Inc. Eugene J. O'Donnell was promoted to executive vice president of general merchandise manager....

James L. McKeown. (Boston on the Record)
July 2, 1990... James L. McKeown was named president and chief operating officer of Cummings Properties Management Inc., while Michael Pascavage was named vice president. McKeown currently oversees all leasing and property management activities. He's also...

Kenneth R. Leibler. (Boston on the Record)
July 2, 1990... Kenneth R. Leibler, president of the American Stock Exchange, was appointed as president and chief operating officer at Liberty Financial Companies Inc. Leibler is responsible for eight operating companies, including two investment management...

Boston Technology. (Earnings)
July 2, 1990... Boston Technology Cambridge Qtr. ended 4-30-90 1990 1989 Change % Sales 10.03 3.52 184.9 Net income 0.63 0.35 77.1 Margins (%) 6.3 10.1 -3.8 Earnings 0.03 0.02 ...

Central Co-op Bank. (Earnings)
July 2, 1990... Central Co-op Bank* Somerville Qtr. ended 4-30-90 1990 1989 Change % Sales 2.00 1.54 30.2 Net income 0.22 -0.12 NM Margins (%) NM NM NM Earnings 0.12 -0.06 ...

Child World. (Earnings)
July 2, 1990... Child World Avon Qtr. ended 5-5-90 1990 1989 Change % Sales 130.05 131.65 -1.2 Net income -7.42 -5.14 44.3 Margins (%) NM NM NM Earnings -0.65 -0.45 ...

Co-op Bank of Concord. (Earnings)
July 2, 1990... Co-op Bank of Concord Condord Qtr. ended 4-30-90 1990 1989 Change % Sales 1.77 5.32 -66.8 Net income -5.29 0.89 -698.0 Margins (%) NM NM NM Earnings -1.56 0.26 ...

Designs. (Earnings)
July 2, 1990... Designs Chestnut Qtr. ended 4-28-90 1990 1989 Change % Sales 19.57 12.17 60.8 Net income -1.02 -1.12 -8.8 Margins (%) NM NM NM Earnings -0.20 -0.22 ...

Dynatech. (Earnings)
July 2, 1990... Dynatech Burlington Qtr. ended 3-31-90 1990 1989 Change % Sales 116.75 98.25 18.8 Net income 4.29 0.10 4417.9 Margins (%) 3.7 0.1 3.6 Earnings 0.43 0.01...

General Cinema. (Earnings)
July 2, 1990... General Cinema Chestnut Hill Qtr. ended 4-30-90 1990 1989 Change % Sales 642.79 636.86 19.7 Net income 29.77 893.87 -96.7 Margins (%) 4.6 166.5 -161.9 Earnings ...

Helix Technology. (Earnings)
July 2, 1990... Helix Technology Waltham Qtr. ended 3-30-90 1990 1989 Change % Sales 11.60 14.30 -18.9 Net income 0.09 0.94 -90.9 Margins (%) 0.7 6.6 -5.8 Earnings 0.03...

J. Baker. (Earnings)
July 2, 1990... J. Baker Hyde Park Qtr. ended 5-5-90 1990 1989 Change % Sales 105.05 59.46 76.7 Net income 3.23 2.01 60.9 Margins (%) 3.1 3.4 -0.3 Earnings 0.32 0.24...

Neiman Marcus. (Earnings)
July 2, 1990... Neiman Marcus Chestnut Hill Qtr. ended 5-5-90 1990 1989 Change % Sales 370.78 342.55 8.2 Net income 4.04 4.70 -14.1 Margins (%) 1.1 1.4 -0.3 Earnings -0.06...

Oprotech. (Earnings)
July 2, 1990... Oprotech Billerica Qtr. ended 3-31-90 1990 1989 Change % Sales 20.24 17.31 16.9 Net income 0.87 0.93 -6.7 Margins (%) 4.3 5.4 -1.1 Earnings 0.16 0.18...

Sandwich Co-op Bank. (Earnings)
July 2, 1990... Sandwich Co-op Bank* Sandwich Qtr. ended 4-30-90 1990 1989 Change % Sales 1.30 2.51 48.4 Net income -0.63 0.71 188.7 Margins (%) -48.3 28.1 -76.4 Earnings ...

Spire. (Earnings)
July 2, 1990... Spire Bedford Qtr. ended 3-31-90 1990 1989 Change % Sales 4.84 4.05 19.3 Net income 0.15 0.06 161.0 Margins (%) 3.2 1.5 1.7 Earnings 0.04 0.02 ...

Developers build new markets. (Boston area)
July 9, 1990... Developers build new markets Squeezed by the Boston area's overbuilt real estate market, commercial developers are jockeying for new business in the competitive field of real estate investment. Developers that aren't in deep trouble are...

Muck-to-manure plant may grow a tidy profit. (Massachusetts Water Resource Authority)
July 9, 1990... Muck-to-manure plant may grow a tidy profit In Milwaukee, they like it so much they have written a poem about it. In Georgia, they put it on their golf courses. And now, we are about to make it in Massachusetts. By 1991, the...

Lotus Development Corp. (Debriefing)
July 9, 1990... Lotus Development Corp. Lotus Development Corp. of Cambridge won its suit against a competitor charged with copying too closely Lotus' popular 1-2-3 spreadsheet program - a watershed decision that will influence the future of the software...

Interleaf Inc. (Debriefing)
July 9, 1990... Interleaf Inc. Two Massachusetts companies, Interleaf Inc. of Cambridge and Alliant Computer of Littleton, warned analysts last week that the companies' quarterly earnings would be lower than predicted. Interleaf predicted a $2.9 million, or...

Alliant Computer. (Alliant Computer Systems Corp.) (Debriefing)
July 9, 1990... Alliant Computer Alliant Computer of Littleton, warned analysts last week that the companies' quarterly earnings would be lower than predicted. Interleaf predicted a $2.9 million, or 25-cent-a-share loss for the quarter ending June 30, while...

Microcom Inc. (Debriefing)
July 9, 1990... Microcom Inc. Microcom Inc. of Norwood increased its estimate of quarterly losses last week to 48 cents a share, up from the previously predicted 43 cents a share. The company's stock price was nearly halved last month when word of a loss...

Polaroid Corp. (Debriefing)
July 9, 1990... Polaroid Corp. In a move to offset poor instant-camera and film sales, Polaroid Corp. of Cambridge has decided to let Minolta Corp. of Japan market its high-end instant camera under the latter's brand name. Polaroid president I. MacAllister...

University Loan Services. (Debriefing)
July 9, 1990... University Loan Services Federally chartered Student Loan Marketing Association (Sallie Mae) agreed last week to buy University Loan Services, a Cambridge-based student-loan company. The private purchase for an undisclosed amount will not...

Waterhouse bill: override possible. (Boston labor relations bill) (Follow on the News)
July 9, 1990... Waterhouse bill Override possible The Boston City Council will meet in special session this week, kicking off an effort to override Mayor Ray Flynn's veto of a controversial labor relations bill. The legislation - which Flynn considers...

Aer Lingus in a donnybrook with Logan labor. (Boston's Logan International Airport)
July 9, 1990... Aer Lingus in a donnybrook with Logan labor The future of 20 Aer Lingus union employees stationed at Boston's Logan Airport is at the center of a three-year-old contract dispute that could escalate into a strike if the current stalemate in...

Big Green could be big lift for organic pesticides. (BioTechnica)
July 9, 1990... Big Green could be big lift for organic pesticides In keeping with the recent surge of "green consumerism," researchers at BioTechnica are watching closely as the US Environmental Protection Agency re-examines old pesticides in response to...

Pizzeria Uno delivers fresh to the supermarket. (Uno Restaurant Corp.)
July 9, 1990... Pizzeria Uno delivers fresh to the supermarket Pizzeria Uno, the fast-growing, West Roxbury-based restaurant chain, is making a major push to put its Chicago-style deep-dish pizza pies on grocery store shelves. Analysts are applauding...

Hospital refinances. (University Hospital)
July 9, 1990... Hospital refinances The University Hospital in Boston is completing a major refinancing package that will save the hospital approximately $32 million over the 30-year term of a new bond issue, or about $1.18 million each year. The hospital...

Universal health on hold: Senate vote confirms doubts in House. (Massachusetts. General Court) (Beacon Hill)
July 9, 1990... Universal health on hold The Department of Medical Security (DMS), which administers the state's universal health care law, suffered a major legislative setback when the Massachusetts Senate decided to follow the lead of the House of...

Lloyd L. Hill. (Fast Track: Health & Science)
July 9, 1990... Lloyd L. Hill Lloyd L. Hill was promoted to president at Kimberly Quality Care, the nation's leading health care services and personnel company, it was announced recently. He began with the company, then Kimberly Services Inc., in 1980 as...

Robert Langer. (Fast Track: High Technology)
July 9, 1990... Robert Langer Phoenix Technologies Ltd. recently announced some management changes. Robert Langer was appointed to chief financial officer; Jack Kay joined the team as vice president of worldwide sales; and Brian Eisenberg became general...

Gerald T. Cameron Sr. (Fast Track: Manufacturing & Retail)
July 9, 1990... Gerald T. Cameron Sr. AMRAY Inc., a Bedfordbased manufacturer of scanning electron microscopes, announced four key management appointments recently. Assuming chairman of the board and CEO duties is Gerald T. Cameron Sr..

Ergo Computing Inc. (Corporate Notes)
July 9, 1990... Ergo Computing Inc. Ergo Computing Inc. of Peabody will soon introduce a compact, high-performance personal computer which may be used as either a full-function desktop or powerful lightweight portable. Named the Brick, the machine is...

Westerbeke Corp. (Corporate Notes)
July 9, 1990... Westerbeke Corp. Westerbeke Corp. of Avon agreed in principle to acquire certain assets of Universal Motors product line. Westerbeke manufactures marine engine and air conditioning products intended principally for recreational marine...

Progress Software Corp. (Corporate Notes)
July 9, 1990... Progress Software Corp. Progress Software Corp., a Bedfordbased developer and marketer of the PROGRESS fourth-generation language and relational database management system, signed a letter of intent to acquire Intelligent Business Programs...

Stratus Computer. (Corporate Notes)
July 9, 1990... Stratus Computer Stratus Computer, a Marlboro-based supplier of fault-tolerant computers for online processing applications, expanded its worldwide marketing capabilities by signing companies in Saudi Arabia, Turkey and Greece to market,...

BBN Advanced Computers. (Corporate Notes)
July 9, 1990... BBN Advanced Computers BBN Advanced Computers signed an agreement with ARGO Graphics Corp. in Tokyo to distribute the BBN TC2000 computer system in Japan. Headquartered in Cambridge, BBN develops highperformance multiprocessing computers for...

GENESYS Software Systems Inc. (Corporate Notes)
July 9, 1990... GENESYS Software GENESYS Software Systems Inc. of Methuen announced the availability of Disaster Recovery, a service for GENESYS customers which ensures quick response, fast backup capabilities and uninterrupted processing in case of...

Phillip Sharp: biotech's point man.
July 9, 1990... Phillip Sharp Biotech's point man Last month, an MIT graduate student discovered a unique invitro system for studying the AIDS virus. Impressive, but really no big deal. Discoveries in MIT's biology labs routinely challenge the world's...

Safer seeks cash to weed out competitors.
July 16, 1990... SAFER SEEKS CASH TO WEED OUT COMPETITORS Newton-based Safer Inc., the country's leading manufacturer of natural pesticides, is considering potential offers for buyers or investors - a move driven by the company's need for additional capital...

State funds cut deal with FDIC: Feds split the difference with bank insurers. (United States. Federal Deposit Insurance Corp.)
July 16, 1990... STATE FUNDS CUT DEAL WITH FDIC Despite concerns that state-chartered banks' private deposit insurance funds might go bust if more member banks fail, both the banks and the funds are sounder these days, having struck attractive deals with the...

Ferry services send out an SOS.
July 16, 1990... Ferry services send out an SOS Swamped with financial troubles, a commuter boat outfit mothballed its daily runs across Boston Harbor last week in an effort to keep the company afloat. It's the second time that the company, Harbor Trans...

Shawmut National Corp. (Debriefing)
July 16, 1990... Shawmut National Corp. Shawmut National Corp. reported that an increase in its nonperforming assets jumped 20 percent, or $200 million, in the second quarter of this year. The announcement was prompted by Wall Street rumors that the bank was...

Fleet/Norstar Financial Group. (Debriefing)
July 16, 1990... Fleet/Norstar Financial Group Fleet/Norstar Financial Group filed last week to raise an additional $700 million through securities, money the bank needs to pay off old debts and invest in the bank's subsidiaries.

Microcom. (Debriefing)
July 16, 1990... Microcom The market flogged Microcom's stock for the second time in a month as news of the company's losses made its way down Wall Street. The Norwood-based computer company has seen its stock fall from over $18 to just over $6 a share...

Ropes and Gray. (Debriefing)
July 16, 1990... No text Captured

Hale and Dorr. (Debriefing)
July 16, 1990... No Text Captured

Bingham, Dana and Gould. (Debriefing)
July 16, 1990... Bingham, Dana & Gould Last year was a banner year for law firms in Boston despite the world collapsing around them - perhaps more of a sign of smart management than a netter business climate. A survey by American Lawyer Magazine cited Ropes...

Tax on services is sure to be taxing for DOR. (Massachusetts. Department of Revenue)
July 16, 1990... Tax on services is sure to be taxing for DOR If Gov. Michael Dukakis signs the recently passed $1.2 billion tax package expanding the sales tax base to include 594 services, the Department of Revenue (DOR) will be saddled with the "very...

BNE: ready to sell. (Bank of New England N.A.) (Follow on the News)
July 16, 1990... Ready to sell A North Shore community group has received more funding that moves it closer to an agreement with the ailing Bank of New England (BNE) to purchase 11 apartment buildings with 77 affordable housing units. Salem Harbor...

Designs: on the rebound. (Follow on the News)
July 16, 1990... Designs On the rebound Designs Inc., the Chestnut Hill-based retail chain, reported a 65 percent increase in sales to $9.4 million in June from $5.7 million compared to the same period last year. This includes sales from 25 stores that were...

Microcom: first-quarter earnings blues. (Follow on the News)
July 16, 1990... Microcom First-quarter earnings blues Microcom Inc. (MNPI-NASDAQ) announced that its previously estimated earnings and revenues for this quarter, its first for fiscal year 1991, will fall short of recently stated projections. Microcom...

Cartoon Corner isn't just kidding around.
July 16, 1990... Cartoon Corner isn't just kidding around Around his Woburn office, David Bergrun, chief executive officer of Cartoon Corner Corp., answers to the name Top Cat. And the name fits. Top Cat was a savvy tom who tramped around town with a...

Leading Edge tries to clone its initial success. (Lead ing Edge Industries Inc.)
July 16, 1990... Leading Edge tries to clone its initial success With an infusion of cash from a Korean PC clone manufacturer and the acquisition of marketing talent from its competition, Leading Edge is alive again in the personal computer clone market that...

Bay State exports automation technology.
July 16, 1990... Bay State exports automation technology While Massachusetts may be losing its manufacturing base, the state has quietly become a leader in automation systems. Massachusetts companies have become adept at creating systems and technology that...

A new tool for activists: community reinvestment pressure builds. (Bank Notes)
July 16, 1990... A new tool for activists Community activists are wielding a new weapon to pressure banks to invest more in minority and low-income neighborhoods. The state banking commission now has records of all the state-chartered banks' community...

Gerald Scott: helping business help itself. (Personnel Profile)
July 16, 1990... Gerald Scott Helping business help itself Jerry Scott is willing to fight for Massachusetts. One weekend a month, he does so as a captain of a National Guard infantry division with a tradition born in the battles of Lexington and Concord....

Boston' retail buildup: why some continue building malls despite the slump. (Monthly Real Estate Supplement)
July 16, 1990... Boston's Retail Buildup Why some continue building malls despite the slump By boom time standards, retail development is slumping right along with the rest of the real estate industry. But unlike most other segments of the commercial...

Two-family properties still popular for buyers. (Monthly Real Estate Supplement)
July 16, 1990... Two-family properties still popular for buyers Two-family homes are a frequent choice for first-time homebuyers eager to scoop up property, report several area realtors. "Two-families are very marketable for affordability reasons," said...

Candela comes into focus: solid technology, earnings lift stock. (Candela Laser Corp.) (Stock Watch)
July 16, 1990... Candela comes into focus Increased investor confidence in laser technology and the fiscal operations of Wayland-based Candela Laser Corp. (CLZR-NASDAQ) is propelling the company's stock on Wall Street. Last week Candela's stock surged to...

Spire Corp. (Proxy Report Excerpts) (company profile)
July 16, 1990... Spire Corp. THE BUSINESS * The Bedford-based Spire Corp. was founded in 1969 by its current president and CEO, Roger Little. The company currently has 181 employees, 40 percent work in the technical areas of the company. * Spire...

D. Bruce Wheeler. (Boston on the Record: Fast Track)
July 16, 1990... Deborah Bombaci Deborah Bombaci was promoted to vice president of account services at Bombaci and Mitchell Associates. She was previously an account manager at the firm, where she's been working six years.

Leo R. Breitman. (Boston on the Record: Fast Track)
July 16, 1990... Leo R. Breitman Leo R. Breitman has been tapped to fill the position of vice chairman and senior credit policy officer of Bank of New England Corp. In addition, D. Bruce Wheeler was named president and chief operating officer of the bank....

Repligen Corp. (Boston on the Record: Corporate Notes)
July 16, 1990... Repligen Corp. Repligen Corp. announced a public offering of two million shares of common stock at $15.50 per share. The Cambridge-based biotech company is currently working on an AIDS vaccine and other HIV-related projects. Of the total...

Affilated Banc Corp./Vanguard Savings Bank. (Boston on the Record: Corporate Notes)
July 16, 1990... Affiliated Banc Corp. Affiliated Banc Corp. announced that its wholly owned subsidiary, Vanguard Savings Bank, will charge off real estate loans of $2.1 million during the current quarter and increase the allowance for possible loan losses...

Kim Thanh Inc. (Boston on the Record: Incorporations)
July 16, 1990... KIM THANH INC. KIM THANH INC., 74 Harrison Ave., ground fl., Boston 02111. Jewlers. Pres: Tung Van Nugyen, 474 Tremont St., #22, Boston 02116. Treas: Tam Cam Luu, 474 Tremont St., #22, Boston 02116.

Lun Fat Produce Inc. (Boston on the Record: Incorporations)
July 16, 1990... LUN FAT PRODUCE INC. LUN FAT PRODUCE INC., 65 Harrison Ave., Suite 403, Boston 02111. Wholesale and retail. Pres: Peter Tham, 7 Rebecca Rd., Auburndale 02165. Treas: Ricky Chao, 12 Woodlawn St., Jamaica Plain 02130.

Morland Associates and Marine, Inc. (Boston on the Record: Incorporations)
July 16, 1990... MORLAND ASSOCIATES & MARINE, INC. MORLAND ASSOCIATES & MARINE, INC., 333 Victory Rd., Marina Bay, Quincy 02171. Yacht, boats and marine equipment. Pres: Charles C. Moretto, 4 Heatherwood Dr., Milton 02186. Treas: Robert S. Mirabito, 52 Broad...