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FINANCIAL MARKETS V
COMMODITIES
NEWS
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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.
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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
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?
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
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3 ? First
Citizens
? Bank
Established 1898
MankvrtMC
www.flr8tcitizen8.com
1-888-FC DIRECT
1-888-323-4732