January 31, 1990 |
Pacific Enterprises, parent of Southern California Gas Co. and the Thrifty drugstore chain, said Tuesday that its 1989 net income fell 5% because of higher interest costs on money borrowed for acquisitions in 1988. The Los Angeles-based company posted net income of $211 million on revenue of $6.76 billion, compared to 1988 net income of $222 million on revenue of $5.93 billion. The 1988 net income figure included $16 million from the sale of property.
May 13, 1989 |
A group of Southern California Gas Co. workers came close to electing one of their union officials to the board of the gas company's parent firm, Los Angeles-based Pacific Enterprises, a vote tally made available by the company Friday showed. Sam K. Weinstein, Western regional director of the Utility Workers of America union, received 41.6% of the votes cast during Pacific Enterprises' annual meeting Thursday at the Regent Beverly Wilshire Hotel. The strong showing for Weinstein was the result of California's cumulative corporate voting law, which allowed Pacific stockholders to vote 15 times for Weinstein if they didn't vote for any of the incumbent directors on the company's slate.
July 3, 1990 |
Investors defrauded in a massive 1988 insider trading scheme may be entitled to compensation from $19 million in alleged illegal profit surrendered by one of the defendants, officials said Monday. The Securities and Exchange Commission filed a proposed plan in a New York court for distributing the money allegedly obtained in what at the time was the second-largest insider trading case in U.S. history. In 1988, the SEC accused Fred C. Lee, a Taiwanese national living in Hong Kong, and Stephen K.
November 18, 1988 |
Stock and bond rating service Standard & Poor's said Thursday that it will scrutinize Pacific Enterprise's operations and financial plans to determine whether the investment rating of the company's bonds and preferred stock should be lowered. The Los Angeles-based firm--a diversified holding company that owns Southern California Gas Co., the Thrifty drugstore chain and oil and gas operations--has about $2.5 billion of consolidated debt and preferred stock outstanding, according to S&P.
March 19, 1988 |
Wall Street's blue chip index recorded a post-crash closing high Friday, but its final tally was below the 2,100 level reached earlier because of selling tied to the Triple-Witching Hour, leaving the market mixed. The Dow Jones industrial index, which rose 21.72 points Thursday, finished up 1.33 points, at 2,087.37. For the week, the index advanced 52.39 points. New York Stock Exchange volume was a busy 248 million shares, the second highest of the year, eclipsed only by the 275.
March 15, 1991 |
Some Pacific Enterprises shareholders decided this week that the long-feared cut in the stock's cash dividend is a done deal. The company's straight-shooting chief executive, James Ukropina, says that isn't so. But he was candid enough to warn in the company's 1990 annual report of the possibility of a cut, and that candidness has cost Pacific dearly.