THE TIMES 100 : THE BEST PERFORMING COMPANIES IN CALIFORNIA : THE HUMAN FACTOR : Company Notes
Amgen Inc.--Financial results for the 12 months ending with its third quarter were from unaudited figures provided by the company.
Carter Hawley Hale Stores--In 1987, the company changed its fiscal year-end to July from January.The company presented audited financials for the 26-week period ending Aug. 1, 1987. Results for the 52 weeks ending Aug. 1, 1987 are presented on an unaudited basis to allow comparison to the 52 weeks ending July 30, 1988.
Citadel Holding Corp.--1988 year-end data for Citadel Holding Corp. are from an unaudited press release.
Gibraltar Financial Corp.--Company was placed under conservatorship with the FDIC on March 31, 1989.
Henley Group Inc.--On Dec. 31, 1988, Henley Group, as it existed last year, was divided into two companies: Wheelabrator Group, (old Henley renamed) headquartered in New Hampshire, and a new company named Henley Group.
Consequently, 1988 financial results are not comparable to 1987 results.
Shareholders of Henley Group as of April 4, 1988, received on Dec. 31 one share of the Wheelabrator group and 0.225 shares of the new Henley Group for each share of old Henley previously held. After adjusting for this reverse spinoff, stock price appreciation for Henley Group shareholders is 4.5%.
H.F. Ahmanson & Co.--1988 year-end data is from unaudited results provided by the company.
Kaufman & Broad Inc. and Kaufman & Broad Home Corp.--On Feb. 21, 1989, shareholders of Kaufman & Broad Inc. (KBI) and Kaufman & Broad Home Corp. (KBH) approved a restructuring plan in which KBI distributed a share of KBH for each KBI share. Immediately before distribution, KBH paid each of its shareholders a special dividend of $4.50 a share. After the distribution, KBI changed its name to Broad Inc. (BRO) and decided to focus on life insurance and financial services businesses under the umbrella marketing name Sun America. Kaufman & Broad Home Inc. will continue to be engaged in regional on-site housing. Results for Kaufman & Broad Inc. do not reflect this distribution because it occurred after year-end 1988.
PS Group Inc.--PS Group was not eligible for the top 25 by profit margin because income from continuing operations was significantly affected by a one-time event that was not treated as an extraordinary item. PS Group recorded pretax income of $105.5 million from the termination of the PS Group Retirement Plan. Without this gain, PS Group would have recorded a pretax loss of $1.2 million.
Pacific Gas & Electric--On Dec. 19, 1988, the California Public Utilities Commission approved the Diablo rate case settlement reached in June, 1988, between Pacific Gas & Electric Co. and regulators. As a result, PG&E; wrote off $871 million of revenue previously recorded but uncollected through rates, as well as litigation and other costs. That caused a $576-million after-tax decline in earnings, or $1.43 a share, for the year ended Dec. 31, 1988. PG&E; for fiscal 1988 reported net income of $62.1 million, but the preferred dividend requirement of $102.5 million resulted in a loss applicable to common stockholders of $40.3 million, making the company ineligible for the Times 100.
Petrolane Partners--The firm’s initial public offering of common stock was March 19, 1987. Revenue and income figures are pro-forma, as if the company had gone public on Jan. 1, 1987.
SCEcorp--On July 1, 1988, SCEcorp acquired the outstanding common stock of Southern California Edison Co.. SCEcorp has restated all prior financial statements to reflect consolidation of all majority-owned subsidiaries and the corporate restructuring.
Vons Cos.--In November, 1987, Vons Cos. changed fiscal year from June to the Sunday closest to Dec. 31. Audited results for 1988 were presented on a 27-week basis. In the Times 100 Survey, 1988 results have been shown on an unaudited pro-forma basis for the 53 weeks ended Jan. 3, 1988.
