Aé Castlégar News>

March 5, 1989

BUSINESS

PWA writes

down

TORONTO (CP) — PWA Corp. of Calgary has written down its 1988 profit to’ account for frequent-flyer programs Offered by its subsidiary, Canadian Airlines International.

For 1988, Canadian Airlines’ parent company wrote down profit by $3.8 million, or 21 cents a share, to account for_possible lagses on- the frequent flyer program

The writedown was after it deferred income taxes of $3.1 million.

PWA reported earnings of $30.3 million, or $1.25 a share, for last year, compared with $57.9 million, or $2.93

accounting change had no significant effect before 1988, PWA

he erosion of profit was outlined in

a PWA offer for all thie shares of War dair Inc. of Edmonton

PWA is planning to buy all Wardair

shares for cash and stock valued at —_

Cominco

profit

about $241: million. The offer closes April 14 and is conditional on federal government approval

BOMB ON BOOKS?

Airlines in the United States are un- der pressure from accountants’ to disclose as a liability the free flights earned by passengers for repeatedly flying the same airline.

Under frequent-flyer programs, passengers build up points that can be cashed in later for rewards ranging from free tickets to upgraded inflight service.

Because of the rapid increase in the number of points being awarded for each trip and the ease with which poin. ts can be claimed, the U.S. accounting profession is demanding that a cost be placed on the programs before passengers redeem their points.

Canadian accounting authorities do not require Canadian airlines to disclose these liabilities.

declares

dividend on shares

Cominco Ltd. has declared a dividend at the rate of 8.85 per cent, or $4.5 cents per share, on its floating rate preferred shares series G, payable on March 31, 1989 to holders of record at the close of business on March 14, 1989.

Cominco Ltd its intention to redeem all of its out standing“loating rate preferred shares 1989. The redemption price will be equal to the sum of $25

Cominco will cause the redemption price to be paid to or to the order of

has also announced

series G on March 31,

registered holders of the preferred shares on or after March iL 1989 on presentation and surrender of certificates at the principal offices of the transfér agent. The Royal Trust Company, c/o the Corporate Trust Department in Vancouver or Toronto.

series

After March 31, 1989, the series G preferred shares will cease to be en titled to dividends-and-the holders of series G preferred shares will not be en titled to exercise any rights in respect of the shares except that of receiving the redemption price

Weekly

stocks

FORONTO (CP) vestors, looking for bargain-basement buys, helped move stock prices up in New York.and Teronto-on- Friday, ad-

week's

Some in

ding to the

markets The Toronto Stock Exchange's 300

17.05

gains on both

composite index rose Friday to 3594.34, managing to gain only 0.91 points for the week

The Dow Jones average of 30 in dustrials rose 8.40 to 2,274.11, stret

the week to. 28.57

points

ching its gain for points. The U.S.

reported the index of leading economic

Commerce Department indicators rose 0.6 per cent in January, in line with advance estimates on Wall Street

Money ma

agers investing in:

stitutions continued some selective

buying of stocks in the of

hopes showing good results when they make their first-quarter reports to clients at the end of this month

Toronto, natural resources did well both on the day and the week, said lain Fraser, an analyst with Midland

Doherty

“This was the 14th day of being in the oversold position,”’ Fraser said. ‘*I think some lower prices are attracting some nibbling from the institutions.”

In Toronto, advancers outnum bered decliners 359 to 291 with!372 un- changed on 26,443,859 shares traded worth $349,492, 364

Televe of the index’s 14 subgroups were up on the day, led by oil and gas, up 1.11 percent, followed by pipelines, which rose 0.99 per cent and gold and silver, up 0.93 per cent. Management led decliners, off 0.16 per cent

Ten groups were up on the week Heading the pack were metals and minerals, up 3.05 per cent, then oil and gas, up 1.67 per cent and utilities, which rose 1.61 per cent. Gold and silver led decliners, down 2.33 per cent, followed by transportation, off 1.54 percent

On other Canadian markets, the Montreal Exchange portfolio closed up 8.21 to 1780.37, for a gain of 21.78 points on the week. The Vancouver Stock Exchange index finished up at 830.89, a gain of 2.86 points for the day and 10,42 for theweek

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Utilicorp breaks record

UtiliCorp United has reported audited 1988 financial results that showed the company achieved records come, operating income, revenues find earnings per share.

In 1988, net income was $40.9 million compared to $30.5 million the prior year, while operating income was $77.2 million yersus $61.6 million last year, and operating ysevenues were $673 million compared to $595 million

Primary~ earnings per~share~were $1.98 conipared’ to $1.64 the prior years. Earnings per share in both years were restated downward by four cents to reflect a two'per cent stock dividend declared on Feb. 1

Results for 1987 were restated to reflect a downward adjustment for the cumulative effect of accounting changes adopted that year in the amount of $2.7 million or 16 cents per common share. Excluding the effect of those changes on prior years, net in come increased 23 per cent in 1988 and primary earnings per share increased 10 per cent over 1987

For the fourth quarter ‘ending Dec 31, 1988, UtiliCorp had a,net income of $10.7 million and-revenues of $187 million, Sofnpared to net income of $9.4 million and revenues of $177 million in the same 1987 quarter

Primary earnings per share were 49 cents Versus 47 centsa year earlier

Average common shares outstan ding increased to 19.4 million in 1988 from 16.7 million in 1987

UtiliCorp issued two million new

shares of common stock in September 1987 and another two million new shares in August 1988

Richard C,, Green, Jr., UtiliCorp president and chairman of the board, said the record 1988 performance was influenced by several factors. The Peoples-Natural Gas division had-a significant rise in earnings due to elimination of excess contfact demand charges, reduced operating costs and higher sales to industrial customers.

Sates increased at all-of-the com- pany’s gas utilities as Winter weather patterns returned to normal after a mild winter the previous year

Two winter-peaking electric utilities

acquired in 1987, West Kootenay Power and West Virginia Power, con tributed full-year earnings for the first time.

Two pending acquisitions announ- ced in. 1988 are expected to be com: pleted by mid-1989, subject to regulatory approvals. Michigan Gas Utilities, the primary asset of Michigan Energy Resources Company, would become UtiliCorp’s seventh utility operation.

UtiliCorp also has agreed to acquire a central West Virginia gas system owned by Cabot Corporation. Part of its territory is adjacent to that of UtiliCorp’s West

Film boom could

VANCOUVER (CP) B.C filmakers fear last year’s boom in Van. couver-area movie production will go bust-unless the provincial government can match tax breaks offered by On. tario and Quebec

“T believe there isa reat risk thar private dollars could move towards attracted by this Wayne Sterloff, chairman

Central Canada initiative,’ and chief executive officer of B.C Film, said

In 1988, for the first time, more

English-language feature films were made in British Columbia than in the rest of Canada

Spending by movie makers in the

province jumped to $30 million from $3 million in 1987

But a 166-per-cent tax writeoff of fered by the Quebec governmentand a 20-per-cent tax rebate announced recently: by the Ontario government threaten to entice that money back to Central Canada

“We re very concerned that it will said Robert Dub: executive director of the B.C “4 think our position basically is that we need a similar kind of Columbia.”

have an impact,” berley, Motion Picture Association

Program in British

Tax breaks could lead to the entren chment of the industry in Ontario and

Virginia Power °

division.The acquisitions -would provide UtiliCorp 140,000 additional customers, for a total of more than 793,000.

UtiliCorp, based in Kansas City, provides gas and electric service to seven states through its divisions, Missouri. Public Service, Peoples Natural Gas, Northern Minnesota Utilities, Kansas Public Service and West Virginia Power, West Kootenay Power in British Columbia is @ Canadian-subsidiary.UtilCo Group, PSO and EnerGroup are non regulated subsidiaries specializing in energy and utility related investments and services

go bust

Quebec, Sterloff said. While British Columbia is looking to expand its film industry, Ontario.is fighting to keep whatithas, he said.

The B.C established a private,

society to provide low-interest loans or

government previously

non-profit

equity investment in productions con trolied by B.C, residents.

Under Ontario’s plan, investors are eligible for a tax rebate — up to $20 for every $100 invested after the production has been completed and audited. The amount of the rebate will be based on the number of Canadian personnel in key creative and artistic

pdsitions.

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PROGRESS ° 7:

Castlegar’s Annual Business and — Industrial Review and Forecast

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The largest single edition we will publish in 1989.

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March5, 1989 BI

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Invitational Basketball

NHL bans Probert

DETROIT (AP) Bob Probert’s short, but notorious career with the Detroit Red Wings was dealt perhaps its final blow Saturday when he became the first player expelled from the NHL for getting caught with cocaine

NHL president John Ziegler said in a’ written statement the league won't tolerate drug involvement by its players.

“‘Itis a special privilege to play in the National Hockey League," he said. ‘If you choose to be involved with illegal drugs, you will lose that privilege

“*If (drug use) is your choice, we want you out of our business.””

The league’s response came two days after the 23-year old all-star right winger was arrested early Thursday while entering the United States from Canada

Customs agents said they found 14.3 grams of cocaine after a search was done of occupants in a vehicle crossing the Detroit-Windsor, Ont., border

Probert, whose home town is Windsor, was charged with one count of importing cocaine and could face up to 20 years in prison and a$1-million US fine if convicted

A plea of not guilty was entered for Probert on the smuggling charge and he was released on a $50,000 bond. ‘One condition of his release is that Probert have three urine tests a week until his March 22 preliminary hearing

LOWED HEARING

Ziegler said Probert would be allowed a formal hearing after criminal proceedings were settled

Asked if it was a lifetime ban, NHL spokesman Shan non Shay said ‘*

Probert, considered one of the toughest fighters in the NHL, has been in alcohol rehabilitation five times and was suspended from the Red Wings twice this season for disciplinary reasons

for now, itis.”

Coasch Jacques Demers said the league's action was expected

“I'm not surprised because the National Hockey League has been very strict on those rules,” Demers said in

St. Louis, where the team was scheduled to play the Blues on Saturday night. ‘‘I didn’t expect them to bend.”

““Tthink it’s a sad situation.”

Team captain Steve Yzerman said he wasn’t sure the team or the league has seen the last of Probert

“This was a general statement,"’ Yzerman said. “It leaves everydoor open.”

“Who knows what will happen, one year, two years or five years down the road? Our attitude is.after he’s tried, they'll make another decision.””

EXPELS OTHERS

Only three other NHL players have been expelled from the league, all for gambling, Shay said

The late Babe Pratt, then with the Toronto Maple Leafs, was expelled in the 1945-46 season, but was rein stated after nine games.

Two) other players, Billy Taylor of the New York Rangers and Don Gallinger of the Boston Bruins were ex pelled in 1948, They were reinstated in 1970, when they were ido old to return to the game, Shay said

Other NHL players caught with drugs have been suspended, but not expelled, Shaw said

Probert was Detroit's third-leading scorer last year with 29 goals and 33 assists. He set a team playoff record with2t points on eight goals and 13 assists

He was one of a group of Red Wings caught drinking after curfew during the Campbell Conference final in Ed monton. The Red Wings were eliminatéd from the playoffs by the Oilers the next day

“Bob Probert could have been 10 years from now a multi-millionaire and had it all, but it’s not going to be and I have no control over that,"’ Demers said

Demers said he didn't know Probert had been in volved with drugs, but he had confronted Probert with rumors of cocaine use numberous times.

Each time, Probert denied the allegations.

Disciplinary problems limited Probert to playing in only 25 of the team’s 66 games this seasonl. He has four goals, two assists and 106 penalty minutes

FURANO, Japan (AP) Vreni Schneider didn’t niind finishing third in a women!s slalom race because the loss to Swiss teammate Maria Walliser meant nothing. The placing, however, gave Schneider the overall World Cup ski title

**[ had no pressure as 1 won the race yesterday,’ Schneider said Saturday, about 24 hours after moving into position to win her fir st overall title. ‘I skied well and freely today

“Winning the World Cup overall title was a big goal for me, so-Lam-very happy-""

The victory Friday was Schneider's 12th this season. It was her sixth straight in the shalom,

Schneider,

AAI second.”*

tried

Schneider ski champ

Prior to Saturday, she had won five straight giant slaloms. victory was in a combined event Schneider's finish gave her 15 points, raising her season total to 326, an unbeatable 77 more than Walliser. Two more races will be held in Japan next week with each victory worth 25 points. who compiled a combined time 21.98 seconds for two runs, had a wobbly start in the first downplayed its importance “It was not that big of a mistake

inthe firstrun,"’ she said.

Downhill specialist Walliser,

skiing in rain, flashed down the 48. gate Furano Gondola course in. 2:20.37. She posted the fastest times in both runs — 1:12.03 and 1:08.34 — in her first giant slalom victory this season. She won two downhill races earlier in the season

The other

Walliser, who said, ‘tit was sen: sational to beat Vreni,”” nearly a second head of Mateja Svet of Yugoslavia. Svet’s time was 2:21.24

finished

two minutes

But she

“My two runs were better than hers as she lost her balance during the first_run,"’ Walliser_said_of Schneider. ‘It’s easy for me to win the downhill, but it’s very difficult to win the giant slalom

best in the

BURRIDGE SCORES THREE

Bruins ice Canucks

BRUINS6 CANUCKS4

BOSTON (AP) — Randy Burridge scored three goals and Cam Neely added a goal and three assists Saturday as the Boston Bruins defeated the Vancouver Canucks 6-4

Burridge, with his second hat trick in 10 games, helped the Bruins extend their NHL unbeaten streak to seven games with a6-0-1 mark

Goalie Reggie Lemelin, with an eight-game un defeated string of his own, had 24 saves in the Boston nets, including stops on breakaways by Petri Skriko, David Bruce and Tony Tanti

Rich Sutter had two goals and an assist for Vancouver

Burridge opened the scoring with a power-play goal at 9:23 of the first period, the first man-advantage score against the Canucks after successfully killing 16 straight penalties

Sutter got the goal back at 12:51, converting a pass by Larry Melnyk while being held in the Bruins’ crease

HABS6 WHALERS 1

HARTFORD, Conn. (AP) — Guy Carbonneau and Ryan Walter scored 70 seconds apart in the second period leading the Montreal Canadiens pasi the Hartford Whalers 6-1

Stephane Richer, Claude Lemieux, Mats Naslund and Bobby Smith also scored for the Canadiens, who have 96 points and overtook idle Calgary for the most points in the NHE

Brian Hayward stopped 22 shots — all but Brian Lawton's power-play goal at 15:40 of the first — as Mon treal improved its record to 6-1 ovér the Whalers this season

Russ Courtnall added three assists, including One on Carbonneau’s game-winning goal at 10: 18 of the second

Richer tied the game on the power play at 17:53 of the first when he took a pass from Chris Chelids in the slot and wristed the puck past Hartford goaltender Mike Liut

Carbonneau broke the tie with his ninth game-winner a shot from inside the blue line, and Walter made it 31 at 11:28 when he took a pass from Russ Courtnall in the sloi and slid the puck past several players screening Liut

NORTH STARS 4 ISLES 3

BLOOMINGTON, Minn. (AP) — Frantisek Musil’s first goal of the season at 13:13 of the third period broke a 3 3 tie and lifted the Minnesota North Stars to a 4-3 victory over the New York Islanders in an NHL game

Musil did not have a good angle on the shot from 10 feet, but it was just hard enough to sneak through the pads of Islander goalie Jeff Hacketts

The Islanders had tied the score on a short-handed goal by Patrick-Flatley at 1:33 of the third period. Flatley’s goal came when Randy Wood took the puck away from the North Stars’ Basil McRae and drilled a long-range shot at Minnesota goalie Jon Cassey

Casey made the initial save but the rebound came right

RICH SUTTER . .. two goals and on assist

out to Flatley, who scored his ninth goal of the Season arc Habscheid’s first of two goals at 14 seconds of the second period ignited a quick three-goal explosion for the North Stars, who had fallen behind 2-0. Habscheid’s opening goal on the power play set the-stage-as the North Stars outshot the Islanders 13-4 in the second period BLACK HAWKS 3 LEAFS3

TORONTO (CP) — Troy Murray's second goal of the game early. in the third period lifted the Chicago Blackhawks into 3-3 tie with the Toronto Maple Leafs.

Jeremy Roenick passed to Murray on a 2-on-1 and Murray slid his t8th goal into the open side of the net at 1:03

Tom Fergus, Ed Olczyk and Vincent Damphousse scored for Toronto, who now trail fourth place Minnesota by. six points for the. final playoff berth in the Norri: Division

Dirk Grahamalso scored for Chicago.

Leaf left winger Wendel Clark, who had been out all season with a back injury before returning last Wednesday in‘New York, had'two assists in his first home game since Feb. |, 1988.

Chicago” veteranDoug Wilson was crunched by a Todd Gill body check in the second period, hurting the same left shoulder that required surgery Igst year. He was unable to continue. Ice packs were. applied and the Blackhawks’ all-time assists leader among defenceman was to be examined today in Chicago.

WINGS5 BLUES4

ST. LOUIS (AP) — Peter Klima scored his second goal of the game at 2:50 of overtime giving Detroit a 5-4 NHL victory over the St. Louis Blues that extended the Red Wings unbeaten streak to six games.

Klima’s 17th goal of the season came after Brett Hull's 30th goal of the season had given St. Louis a 4-4 tie at 3:32 of the third period.

The loss dropped St. Louis into a third-place tie with Minnesota in the NHL's Norris Division, one point behind Chicago and six ahead of Toronto

Trammell gets $6.5M

LAKELAND, Fla. (AP) — Detroit shortstop Alan Trammell signed a $6.5-million contract Saturday after just five minutes of negotiations with general manager Bill Lajoie Yes

Trammell, negotiating without an Trammell, agent, suggested a figure, Lajoie agreed and the two shook hands. It was that simple,

prise.

what other making,” tsiop said. * mind.

three-year,

baseball season,

much to Trammell’s sur

talked 1 know

“I talked with some people,

with the players association 1,568 games

middle the five-time all-star shor Jhad a couple of figures in

I threw one at him and he said,

who has played in the major leagues since theend of the 1977 enters 1989 with a career .290 average

He also has 133 home runs, 678 runs batted in and collected 1,650 hits in

infielders are “I'm really happy because my goal was to play 15 years and this contract

will put me right at 15 years.””

The agreement, which runs through 1992, is the richest contract ever ten dered in the history of the Tigers.

“This is an exceptional contract, said Lajoie, reputed to be one of the toughest bargainers in baseball. ‘‘But we feel Alan is an exceptional player and the same kind of person.”

“We feel he symbolized the Tigers

SEVEN-SECOND SAVIOR

Shell celebrates two

By CesNews Staff John Obetkoff popped in six goals

for Hi Arrow Thursday but it wasn’t enough as Shell came from behind to notch an 11-10 win in the final seven seconds of a game in Castlegar Recreational Hockey League play at the Community Complex

Shell got on the board early with @ pair of goals from Sten Mattell and Chief Mercer before the two-minute mark, but Hi Arrow answered with a pair from Obetkoff and a single from Clay Martini. Shell's Murray Pearson and Hi Arrow’s Kevin Kirby traded goals, but Wayne Zino scored for Shell on the power play after Kirby went to the box for hooking

Hi Arrow took a one-goal lead early in the second with a goal Obetkoff, which was answered by Shell's Tassone at the five-minute mark. Then Obetkoff notched two and Antignani took one to put Hi Arrow on top 8-5 at the end of the second period

A-goal- by Obetkoff in the first two minutes of the third put Hi Arrow up 9- $..But a power play goal by Mercer for Shell seemed to ignite Shell

Hi Arrow scored its last goal of the night- before Shell took over. Randy Carlson with two, Kelly Keraiff and Pearson put four into Hi Arrow’snet. before

As the clock ticked-away-the-last with a net

from

Sandman Inn 10-5

AND AWAY SHE GOES . shot from Shell's Kevin Kirby in Thursday night's cliffhanger.

Mercer put Shell two up with two goals in the first five minutes of play, Dave MacKinnon stretcher

. Hi Arrow goalie Tim Horkolf deflects o

Duane Weir perked up his team with a pair of goals for Sandman midway through the second. Shell replied with a goal from Bruno Tassone to wind up period two with a 5-3 lead

answered from Wayne

seconds of the game, Keraiff took the puck from teammates Nazaroff and Tassone with seven seconds left and blasted it into the Hi Arrow net

On Wednesday, Shell dumped the

Salekin with less than five- minutes remaining in the first, But Shell's Pear son and Him Nazaroff buried a couple in the Sandman net to end the period 4- 1

The two teams traded four goals in the first eight minutes of the third, but Tassone, Brad Makortoff, and Pear son popped in three unanswered markers to end the game.