20 March 2002
The Star-Ledger Newark, NJ
(c) 2002. The Star-Ledger. All rights reserved.
Six Flags' loss widens Six Flags Inc., the amu***t park operator
that owns New Jersey-based Great Adventure, took a roller coaster-like
dip as its net loss widened last year. It reported a fourth-quarter
loss of $134 million yesterday, compared with a $122 million loss for
the previous fourth quarter. For all of 2001, Six Flags lost $56.8
million, compared with $46.3 million the previous year.
Fourth-quarter revenues fell 6 percent, to $82.5 million, from $87.6
million in the year-ago period. Total 2001 revenues rose nearly 4
percent, to $1.05 billion, from $1.01 billion last year.
"Our domestic performance in 2001, while below our expectations, was
reasonably good especially in light of the difficult economic
environment," Chairman and Chief Executive Officer Kieran Burke said.
Shares rose 7 cents to close at $15.47. - Susan Todd The public
interest An anonymous benefactor made a $1 million donation to fund a
program that supplements the salary of students from Rutgers
University School of Law who go into public-interest work.
The endowment at the Newark school will benefit the school's Loan
Repayment Assistance Program that is available for all graduates who
make a five-year commitment to public-interest work.
Because the cost of law school is so high, many students feel they
can't afford to work in public- interest jobs because they tend to pay
less than private firms. The American Bar Association says the average
student graduates with $80,000 in loans.
"Without (the program), public-interest work would not be a viable
career choice for many of our graduates," Stuart Deutsch, the school's
Students at the law school created the program several years ago.
Until now, it has been funded through a voluntary fee of $20 to $25
that students pay each semester, the law school said.
Students who take a public-interest job may apply for a loan from the
fund to supplement their income and pay law school loans. If they stay
in public-interest law for five years, the loan is forgiven. - Kate
Coscarelli Real-estate roundup The McMahon Development Group, a
California firm, said it paid $4.5 million for a former trucking
company warehouse at 2393 Vauxhall Road in Union. The 100,000-
square-foot building was sold by Kreilkamp Trucking, which was
represented by Leonard Miller Jr. of Cushman & Wakefield. McMahon
plans to redevelopment the single-story property into a distribution
Preferred Freezer Services Inc. said it has completed construction of
a 137,000-square-foot frozen- food warehouse and corporate
headquarters in Jersey City. Preferred, the nation's second-largest
refrigeration company, moved into the new building from Pennsylvania.
It plans to hold a grand opening next week for the building at 100
Polar Way in Jersey City's Greenville section.
NRT, a New Jersey-based national brokerage network, said it had
acquired the operations of Coldwell Banker Stevens in Washington,
D.C., and Baltimore, and Coldwell Banker Realty Pros Ltd. in the
Washington area. -George E. Jordan Lucent plunges - again Lucent's
stock was hammered for another day, losing 10 percent after Deutsche
Telekom, its largest customer in Europe, said it would cut spending.
The stock closed at $4.38, down 40 cents, after Deutsche Telekom
announced a 10 percent cut in capital spending. The carrier froze
spending at $7.94 billion a year for the next three years, compared
with $8.73 billion last year.
While Lucent touted a deal where Deutsche Telekom would test more of
the company's optical networking equipment, the market focused on the
spending cut - which comes on top of a cut announced last week by
Dutch carrier KPN NV.
Lucent cut its sales projections last week, sending its stock into a
tizzy. The company previously had said sales for the current quarter
would be up 10 to 15 percent. The guidance went against everything its
competitors were saying, yet the company reiterated it as recently as
three weeks ago -even as telecom carriers kept announcing deeper
spending cuts. - Ellen Simon And finally . . . NexMed Inc. began a
longer-term Phase III trial its cream for treating erectile
dysfunction. . . . M.H. Meyerson & Co. Inc. said it will apply for a
federal tax refund of about $2.5 million based upon recently enacted
tax legislation. That legislation, part of President Bush's
stripped-down economic stimulus package, allows companies to carry
back losses for five years instead of the two years allowed under the
prior law. The U.S. Small Business Administration reported a 53
percent increase in loans to women-owned businesses in New Jersey for
the first five months of fiscal 2002, from Oct. 1 to Feb. 28. . . .
Managed-care provider Consumer Health Network has acquired Northeast
Health Direct, a preferred provider organization serving New England.
. . . Wire One Technologies Inc. announced the launch of the company's
new video streaming services. -Staff and wire services