< I i -H /V1456 j 24,456 / 45,269 I 35,256 &4Z ; 7 1 Bloomberg FINANCIAL MARKETS V COMMODITIES NEWS ? ? ? ? ^ ^wT ? - ?.-?-??????'? * ? ? *? 8BSB55kSr^iti5sj36n?'i^i55'j5ieCi5BB^*fl^QP^^ ?PI MmhImv Aml|amat?l Mm 1* Macks The Bloomberg Amalgamated Index is an equal dollar weighted index of publicly-traded companies dm are either owned or operat ed by African-Americans. The index was developed with a bate value of 100 as of December 30, 1994. D nv(BrH?ifcp)a in* cwv r ' ' 1 ' j ?*?" EN* (Eavfaaaaat) MVS CMT (CmrlswflK) 15 7/M UAH (USMAmom Haafcfccaac) AMS (Aaaar Shaaarf Haapfcal) ; CARA (Caaaoo Mats Laba) dC (Cams, lac.) 11/4 AUU (Aak lac.) S BYPC (Mwy Haaadal Carp) 12 1/2 ; The Bloomberg Amalgamated Index rose, led by Cttaoo Pharmacwxical Labs Inc. The equal dollar weighted indtx of companies that ate calm owned or opaated by Afiirai Anantans rose 0.73 so 197.97. Carver Bancorp he j rose 5/16 to 15 7/16. Granite Broadcasting Corp rote 1/8 to 11 15/16. In ! ; the broader market, the Standard & Boor's 500 index fell 6.42 so 1,115.65. ; The Dow Jones Industiial Average fefl 45-09 to 9,147.57. The Bloombag Amalgamated Index was developed by Bhxxnbcig News in cnopnart,m with | \ Amalgamated I\d>lidieBhc^ an organization that represent mosc than 200 AincaivAraerican newspapers across the United States. Percy Sutton Responds to Accusations With Dignity Recent editorial attacks by the New York Daily News accus ing Inner Oty Broadcasting Corporation of mismanage ment and withholding funds due the Apollo Theatre Foundation, has prompted Percy Sutton to speak out in defense of his reputation; the reputation of his family and Inner City Broadcasting. Mr. Sutton states "We v have worked too hard, and too long, and contributed too much to the rescuing and restoring of the Apollo Theatre to now have our personal and business reputation sullied by these fel"1 charges. "To establish the show, "It's Showtime at the Apollo," I, Percy Sutton, together with Inner City Broadcasting Corporation, put up the * money to design and develop the show, and I, and my fami ly, crisscrossed this nation, in in attempt to get a sufficient lumber of television stations o carry the show, in their var ous formats. It was not an < sasy task but we persevered, md for the first time, in 1997, ' iter eleven years of trying and < osing money, "It's Showtime i it die Apollo" made a profit ? < ind that profit has been sub- t iiitted per the contract to the hpollo Theatre Foundation. Such profit being determined by Western International Syndication, the company which provides production monies tor the mows and then gets its own money, and any profit, from the distribution of the show to television stations, . on a barter basis, and then col lecting monies fiom those who advertise products or services with the show's format. "I am here to tel the public that Inner City has more than lived up to its commitment in the contract with the Apofio Theatre Foundation. Mote than that, Inner City Broadcasting Corporation has been the largest supporter qf the Apollo Thane Foundation in the yean of its existence. rorcy button state* mat Inner City bos more thorn jtagj atp $9 its tmsttOsrs/ to the Apollo Theotre FoutuUtson." "When my family and I decid ed to buy the boarded up and abandoned Apollo Theatre, which was then in Bankruptcy Court, virtually every other ttore in the 125th Street corri dor was empty. Some people nid that 125th Street was dad. We did not believe so. So the Sutton family and Inner City Broadcasting Corporation, with help from Congressman Range! and other public offi cials, began the process of restoring tnc Apollo. "Now, the 125th Sam cor ridor is bustling with traffic, with visiton and consumers. And, property values and State and City taxes on Wat 125th Street have inriTttfil dramatical ly in the years since we decided to invest our time, our energy and our finch in mating and restoring die Apollo theatre. "As We began the process of teaming, restoring and oper ating the Apollo, we concluded that because the Apollo Theatre has been dosed for so long, and an entire generation of Americans knew nothing about this institution that had been a mecca of entertainment, we decided that a good way to attract this new generation was to develop a television show using the name of the Apollo. " Franklin Resources - New Addition to Standard & Poor's 500 Iadex Franklin Resources Inc., is the first money manager to be added to the Standard Ac Poor's 500 Index, a sign that the com pany, with more than $240 bil lion of assets under manage- i mem, is regarded as one of America's biggest and most < influential companies. A umyay mat h?t a mathet value - or < qwdhaiim - afar lean $4.) bttoo so be induded in the S&P 300. Franklins main cap ? about $13j6 bOoa. New Vutbrnl SOeP U5. emnonqt m/t EBoc Shmgjn. who* a member of die axmnifre tbar monimw the henrhmatfc aaodt index. The index ie wcgfimd so that --ur.ajjt i * in. Aj certain dusuksks, wmcn oc me large* in tome of mahet cap, have a greater impart an die performance of the overall index. ii company muse have a market value of at least $4.5 biUion to be ?< . ? included in the S&P500." "There is a list of candidates we look at each time we need to find a replacement for the index," said Shutgin. Franklin is replacing CoreStates Financial Corp., which was acquired by First Union Corp. First Union is a component of the S&P 300 Index. Each time a stock like Comitates is dropped from the S&P 500, index funds must replace those shares with the new entrant - in this case - Franklin Resources Inc. " Granite Broadcasting: i" Reports Record Results Hranitr Broadcasting Corp oration announced inaeaae* of 14 percent in net revenue, 15 per cent in bwdatt cash flcmr and 193 percent in after-tax cadi flow for the three months ended S Match 31,1998. This reflects sig S nificandy improved operating results driven laigeiy by Olympic, local and political advertising and one additional month of opera tions of its newest station :: WDWB-TV, the WB affiliate serving Detroit, Michigan ?? * "Granite Broadcasting ? it on the of the Black publicly-traded cotpo : : rations monitored by \\ At API/Bloomberg Index." ? \. ' m '. ? .' ?? Commenting on the results, Don Cornwdl, Chairman and Chief Executive Officer said, "TO are pleased with our firet quarter financial and operating progress, which reflects the diver sity of our network affiliations, the increased sire of our station group, and the ratings strength of our stations. Our CBS affiliat ed stations turned in a strong first quarter supported by Olympic coverage and achieved revenue growth exceeding 20 percent. Despite the popularity of the Olympics on CBS sta tions, our ABC and NBC affili ated stations, as a group, achieved solid revenue gains. They are also well positioned for the balance of the year because of the strong ratings they achieved during February. "Our Detroit station, WDWB-TV, gained revenue and audience share and increased its revenue by more than 20 percent, despite compe tition from the Winter Olympics, due to Granites '> active management efforts and ? the momentum of the WB net I work. Detroit's local advertising community recognized the dm mode improvement in theoper aoons of our station with a more than 30 percent increase in spending. National advertis ing also showed progress, a gain of more than 8 percent. "Thus far, second quarter pacings are strong for the Granite group and we are opti mistic for continued revenue growth as we enter the political advertising season. Ratings in Detroit remain very strong and we expect to continue our investments to improve the operations of WDWB - espe cially in die areas of program ming, promotion and sales - to ensure continued ratings and revenue growth." Granite Broadcasting Corp oration, one of the Blade pub licly-traded corporations moni tored by the API/Bloomberg Index, operates eleven televi sion stations in geographically diverse markets reaching nearly 8% of the nation's tdevision households. Bloomlterg Nn*t African-American Women - Emerging Entrepreneurs African-American women and single mothers dominate the ranks of persons becoming entrepreneurs, says Kay Kdley Cole, president of Private Ventures, Inc., a small business training and consulting compa ny which has trained more than 700 small business owners over die last nine years. "We believe it is a stereo typical myth that single moth ers are prime candidates for government assistance or low paying jobs," Cole said. "We're finding that single moms are more likely to son a business, and many are doing it without outside funding. We prepare them for the challenges of start ing their own business." In a sampling of 227 of [~~ PVI clients preparing to start their own business, more than 50 percent were women. African-American women out numbered the men in becom ing business owners, and about half of the women were starting service-type businesses. Of the survey, 26 percent of the poten tial small business owners indi cated they needed outside financing to start operations. Cole, who parlayed a suc cessful career in retailing and then starting PVI can speak from experience. As an African American female owner of her own small business training and consulting company, die has provided small business consult ing for downsized and/or dis placed workers for Fortune 500 companies such as General Motors and Ford Motor Company, and for organizations such as the United Auto Workers/GM Center and the U.S. Department of Housing and Urban Development. PVI empowers new busi ness owners with the key to starting their own business planning. Clients learn to use the business plan as a tool and for would-be and small busi ness owners, PVI offers a seven week seminar which adapts the basic tenets of senior manage ment in the corporate world to small business ownership. Besides the seminars, small business owners can avail themselves to phone consulta tions; interactive internet assis tance will be available in the near future. PVI was formed in 1987, and is currently in the process of acquiring national accreditation as a training organization through the Accrediting Council for Continuing Education and Training. PVI is licensed by the Michigan Department of Education to provide structured courses in on-going education. For more information, call 313-662-5544. Bloomberg News I ? . ;v . ? BUSINESS BANKING ) ! Ralph K. Shelton, President Southeast Fuels Greensboro, NC Ralph Shelton knows the coal business. As president of Southeast Fuels, he has built its reputation as a reliable source of coal to such major consumers as Duke University and CP&L. Ralph Shelton also knows what he wants from a bank. 'Fust Citizens is a mid sized bank with a personality geared to respond to businesses quickly and simply." Southeast Fuels provides excellent service to its customers. First Citizens supplies the banking services to maintain that excellence.' ? "First Citizens' line of credit is a great product. And with their system of electronic payments, we can transfer money fast They're really a great bank to work with." Business Banking Services from First Citizens. Qpick, simple, responsive. The way business wants to bank. lOO y /> \ 3 ? First Citizens ? Bank Established 1898 MankvrtMC www.flr8tcitizen8.com 1-888-FC DIRECT 1-888-323-4732