June 20, 1989
United Education & Software, an Encino operator of trade schools, said its fiscal first-quarter profit plunged 98% from a year earlier on a 7% decline in revenue. In the quarter ended April 30, United Education's net income dropped to $24,000 from $1.1 million, while its revenue fell to $20.6 million from $22.2 million. United Education blamed the declines on relatively low unemployment rates, which reduced enrollment at its training schools, and higher interest costs.
June 27, 1989
AIFS Inc., a San Francisco company that sells and operates educational programs, disclosed in a U.S. Securities and Exchange Commission filing that it owns 5% of United Education & Software, a troubled chain of vocational schools based in Encino. In the document, AIFS said it may seek to take over the company, although such wording is common in SEC filings that disclose stock ownership. In an interview, Roger O. Walther, AIFS chief executive, said the company is investing in United Education because he believes that its stock price does not reflect the company's value.
April 18, 1989 |
Nine of the world's largest banks filed lawsuits Monday demanding that Bank of America be found responsible for hundreds of millions in losses arising from the most expensive foul-up in the history of the U.S. student loan program. In identical suits filed in U.S. District Court in Los Angeles, the banks said they have already lost more than $350 million and that losses are expected to reach between $450 million and $650 million. One of the nine, Bank of Tokyo, said it alone has lost $177 million.
April 30, 1989 |
In some quarters, Maxxam Inc. wouldn't rate as anybody's favorite corporation. The Los Angeles-based real estate development company has a history of attracting negative publicity, including a loud chorus of condemnation over the accelerated cutting of redwood trees after its move into California's lumber industry in 1986. But investors applauded last year when Maxxam bought KaiserTech, the parent of Oakland-based Kaiser Aluminum & Chemical. Maxxam's shares rose 225% in the past year, showing the greatest stock price appreciation of all California companies surveyed by MZ Group of San Francisco.
April 11, 1989 |
Stock prices for most San Fernando Valley-area companies rose during the first quarter of the year, led by entertainment companies and firms that may be takeover candidates. Gainers outnumbered losers 3 to 2 for the quarter that ended March 31. Of 56 stocks of major companies in the Valley area, 31 rose in price in the quarter, 20 fell, and five were unchanged. The results, compiled for The Times by Communications Research Group of Austin, Tex., included stocks of companies with headquarters in the area from Glendale to Camarillo, whose shares traded publicly for more than $3 at the start of the quarter.
July 17, 1990 |
United Education & Software Inc., the parent of embattled trade-school operator United Education & Software, which filed for Chapter 11 bankruptcy reorganization last December, said Aaron Cohen resigned Friday as president and chief executive officer. Cohen was replaced by United Education's chairman, Stanley R. Schoen. Cohen also announced plans to resign as president and chief executive of the company's subsidiary, but that must be approved by the U.S. Bankruptcy Court, the company said.