Western Gas income up for quarter, year
Western Gas Resources Inc. announced Thursday that net income for the fourth quarter increased 125 percent, to $135.7 million or $1.76 per share, compared with income of $60.2 million or 80 cents per share for the same period last year. Fourth-quarter revenues totaled $1.3 billion.
For the year, net income increased 60 percent to $203.8 million, or $2.67 per share, compared with income of $127.8 million, or $1.73 per share, in 2004. Revenue for the year was $3.96 billion.
Adam Aircraft gets support partner
Centennial Airport-based Adam Aircraft plans to partner with Singapore Technologies Engineering Ltd., the aerospace arm of Singapore Technologies Aerospace Ltd., to do engineering, logistics, maintenance, repairs and overhaul support for Adam Aircraft planes.
Adam hopes to lower the cost of ownership and provide total support for its aircraft. ST Aerospace would also have the option to invest up to $50 million in Adam Aircraft within seven years.
TransMontaigne signs Marathon agreement
TransMontaigne Partners LP, a Denver-based provider of supply-chain services for refined petroleum products, announced Thursday that it had entered into a new five-year terminal agreement with Marathon Petroleum Company LLC.
TransMontaigne will provide Marathon with approximately 1 million barrels of asphalt storage capacity throughout its Florida facilities. Terms of the agreement were not announced.
Snowboard park sets opening dates
Echo Mountain, a new snowboard park near Squaw Pass, will open March 4-5 for 300 Access Pass holders only, then will be open to the general public.
The resort on Thursday started selling passes for $99 on its website, www.echomtnpark.com. Starting March 9, the park will open noon to 9 p.m. Thursdays and Fridays, and 9 a.m. to 9 p.m. Saturdays and Sundays.
Enron witness says she had concerns
A former Enron Corp. vice president of investor relations testified Thursday that in the months before the company failed in late 2001, she witnessed behavior by top company executives that concerned her, but she didn’t think crimes were being committed.
“I observed events that I thought were wrong, so I did make a conclusion. I didn’t make a conclusion that it was legal or illegal,” Paula Rieker said under cross-examination in the fraud and conspiracy trial of company founder Kenneth Lay and former chief executive Jeffrey Skilling.
Colorado Mills owner to restructure
Mall developer Mills Corp., owner of Colorado Mills in Lakewood, announced Thursday that it has hired financial advisers to explore a possible company sale and is cutting jobs as part of a corporate restructuring.
The restructuring will result in the loss of 77 jobs. The company employs about 1,100. The Arlington-based real estate investment trust has been forced to restate and lower its earnings in recent months. The company said Thursday it does not expect to meet a March 16 deadline for completing its 2005 annual report.
Anheuser-Busch sees more profit growth
Anheuser-Busch Cos., the largest brewer in the U.S., said Thursday it is confident that it will restore profit growth in 2006 through a new price plan and cost-cutting measures.
The maker of Budweiser said it continues to target average annual growth of 7 percent to 10 percent in per-share earnings. Anheuser-Busch did not give a specific earnings outlook for 2006, but said it continues to expect earnings per share to increase from its “normalized” 2005 profit of $2.31 per share.
Prince plans to raise $6 billion in stock sale
Saudi Prince Alwaleed bin Talal, who amassed the world’s fifth-biggest fortune with timely investments in companies including Citigroup Inc., now plans what may be this year’s biggest initial stock sale.
Alwaleed wants to raise about $6 billion by selling a stake in his Kingdom Holding Co., a person familiar with his plans said. In an interview, the prince said he will offer at least 30 percent of the Riyadh-based firm, Saudi Arabia’s biggest company by revenue. Through Kingdom Holding, Alwaleed holds a 4.3 percent stake in Citigroup Inc.
Northwest labor talks fail to produce deal
Labor talks at Northwest Airlines Corp. failed to produce a deal on the day before a judge is expected to decide if the carrier can reject its pilot and flight attendant union contracts.
Negotiators are set to meet in Judge Allan Gropper’s chambers in New York today to tell him what progress they’ve made.
