Reported by Star-Bulletin staff & wire
Friday, February 28, 1997
Reported by Star-Bulletin staff & wire
Friday, February 28, 1997
The developer of the Dole Cannery posted a $62.1 million loss in the fourth quarter partly due to cost overruns and limited success in leasing space in the Iwilei retail project. Dole Cannery hurts
company's bottom lineMuskegon, Mich.-based Horizon Group Inc. yesterday said its quarterly loss, which translates into a net loss of $2.27 a share, compares with a fourth quarter 1995 net income of $10 million, or 68 cents per share.
The company said it took a $32 million write-down from its ambitious Dole Cannery project. Horizon said that in the fourth quarter its interest and operating expense in the Iwilei project totaled $1.2 million.
Horizon also slashed its first quarter 1997 dividend yesterday by 34 percent to 35 cents a share, from 53 cents. Horizon's financial difficulties come as Jeffrey Kerr, Horizon's founder, resigned as the company's chairman and chief executive officer on Feb. 10.
"(Horizon's) board . . . is obviously concerned with the performance of the company and is taking steps to address the problems," said Norman Perlmutter, Horizon's chairman.
HOOKSETT, N.H. - The insurance company Cigna Corp. will buy Healthsource Inc., a health maintenance organization with members in 16 states, for about $1.7 billion in cash. Cigna Corp. to buy
HMO for $1.7 billionThe deal announced today demonstrates the movement by health insurance providers to team up to expand their base of subscribers so that they can command better deals from providers and reduce costs.
Cigna said Healthsource gives it access to new markets and enhances its position in other markets. The deal will leave Cigna with HMOs with about 5.3 million members and a traditional health insurance covering 7 million people.
WASHINGTON - The United States and Taiwan have agreed to a free market aviation agreement that ends restrictions on flights between the two countries, the U.S. Transportation Department said today. U.S., Taiwan
reach 'open-skies' pactThe accord will lift curbs on bilateral passenger and cargo operations, enabling each country to fly to any city in the other country as often as it wishes as well as to fly beyond to third countries. The deal also allows U.S. and Taiwanese carriers to market their services jointly in "code-sharing" pacts.
