Business and Industry Developments in the US

Fort Worth's Lockheed Martin Tactical Aircraft Systems has received a contract to develop the next major software upgrade for the F-16, a project that will include Link 16 data link, Joint Helmet-Mounted Cueing System, and AIM-9X. Meanwhile, Houston's Equistar Chemicals is shutting down its gas phase high density polyethylene reactor at Port Arthur, a move aimed at maximizing value. In a separate development, Bank United Corp. has announced earnings of $29.1 million for the first fiscal quarter of 1999. On the mergers and acquisitions front, Consolidated Restaurant Companies, Inc. has completed its acquisition of Spaghetti Warehouse for about $62 million.

Key Takeaways:

• Lockheed Martin Tactical Aircraft Systems is developing a new software upgrade for the F-16, including Link 16 data link, Joint Helmet-Mounted Cueing System, and AIM-9X, with US Air Force unique additions such as the AGM-158 Joint Air-to-Surface Standoff Missile.
• Equistar Chemicals will shut down its gas phase high density polyethylene reactor at Port Arthur on March 31, resulting in a reduction of 300 million pounds per year in HDPE capacity.
• Bank United Corp. reported earnings of $29.1 million for the first fiscal quarter of 1999, with assets totaling $14.8 billion as of the end of 1998.
• Consolidated Restaurant Companies, Inc. has completed its acquisition of Spaghetti Warehouse for about $62 million, expanding its presence in the Italian segment.
• American Airlines is building a $1 billion, 59-gate terminal at JFK International Airport, which will be the largest and most advanced terminal at the airport when completed in 2006.
• Job-seeking students can now plan their careers online at Texas Instruments' career web site at http://www.ti.com/recruit.
• Conoco and Exxon have entered into an agreement to exchange interests in 59 deepwater blocks in the Gulf of Mexico, with Conoco acquiring a 50 percent interest in 29 of Exxon's blocks and Exxon acquiring a 50 percent interest in 30 of Conoco's blocks.

Statistics:

• 300 million pounds per year: Reduction in HDPE capacity resulting from Equistar Chemicals' shutdown of its gas phase high density polyethylene reactor.
• $20.3 million: Net earnings of Centex Construction Products of Dallas in this year's third quarter, a 54 percent increase over the same quarter a year ago.
• 54 percent: Increase in Centex Construction Products' net earnings for the year's third quarter.
• $84.8 million: Fiscal 1999's third quarter revenues of Centex Construction Products, a 20 percent increase over the same quarter a year ago.
• 59.2 percent: Ownership stake of Centex Corp. in Centex Construction Products.
• 90 cents: Earnings per diluted share of Bank United Corp. for the first fiscal quarter of 1999, before deducting expenses related to its litigation against the federal government.
• $29.1 million: Earnings of Bank United Corp. for the first fiscal quarter of 1999.
• $14.8 billion: Assets of Bank United Corp. as of the end of 1998.
• $12.5 billion: Assets of Bank United Corp. on December 31, 1997.
• $1 billion: Cost of American Airlines' new terminal at JFK International Airport.
• 59 gates: Capacity of American Airlines' new terminal at JFK International Airport.
• 2006: Expected completion year of American Airlines' new terminal at JFK International Airport.
• 1,000 additional construction jobs: Expected to be created by American Airlines' new terminal project.
• 50 percent: Interest acquired by Conoco in 29 deepwater blocks from Exxon.
• 50 percent: Interest acquired by Exxon in 30 deepwater blocks from Conoco.
• 59 deepwater blocks: Number of blocks exchanged between Conoco and Exxon in the Gulf of Mexico.
• 10,000 feet: Maximum depth capable of drilling by Conoco's ultra-deepwater drillship, the Deepwater Pathfinder.
• 5 years: Initial term of Conoco's ultra-deepwater drillship, the Deepwater Pathfinder, in the Gulf of Mexico.