Editor’s note: In recognition of CSBJ’s 20th anniversary, every week during 2009 we’ll publish stories that appeared in the paper during its inaugural year. The following stories appeared during March 1990. To share your memories of Colorado Springs business happenings from 1989-90, visit www.csbj.com and click the 20th Anniversary Blog link.
Omaha-based Commercial Federal Savings has reported a loss of $37.9 million, or $5.47 a share, for the six months ended Dec. 31.
The loss came from a $47 million addition to loan loss reserves. Without the reserves, they would have reported a profit of $8 million, or $1.16 a share.
Commercial Federal operates 20 branches in Colorado and had $5.9 billion in assets on Dec. 31.
Digital Equipment Corp., reeling from a soft computer market, may expand its voluntary severance program to cut payroll and reduce costs.
Digital has reported problems with its new VAX 9000 mainframe computer, although analysts and company officials have indicated the problems are minor.
Digital recently announced that earnings fell 39 percent for the six months ended Dec. 31.
Deluxe Corp., owner of Colorado Springs-based Current Inc., reported 1989 earnings rose 6.5 percent to $153.6 million, or $1.79 a share, from a year earlier.
Fourth quarter earnings increased 8.4 percent to $48.7 million, or $.57 a share, from the previous year.
Revenue for the quarter gained 7.2 percent to $356.7 million.
The Market at Southpark, an 18,000-square-foot shopping center at Mineral Avenue and Broadway in Littleton, has been sold by Rosenbaum/Dean, a local shopping center developer.
The buyer was a newly formed limited partnership, Mineral & Broadway Center Ltd. Purchase price was $15.5 million.
The center is anchored by Cub Foods and Osco.
K.N. Energy reported fourth quarter earnings increased to $9 million, or $.92 a share.
This compares to $2 million, or a loss of $.04 per share, a year earlier.
Revenue for the quarter ended Dec. 31 increased 19 percent to $103.7 million, from $87.1 million in 1988.
Columbia Savings has created a new certificate of deposit, the “1812 CD,” and is giving a recording of the Colorado Symphony Orchestra as a premium.
The tape features Tchaikovsky’s “1812 overture.”
Minimum deposit is $1,800.
Convex Computer Corp., a Dallas-based supercomputer company, will be establishing an office in Colorado Springs.
The new office will become an operations base for software development for the company.
The company has 1,000 employees worldwide and has installed over 600 systems in 33 countries. It anticipates 20 software developers will be employed locally by the end of 1990. The office will be located on Research Parkway.
Convex leads the industry with its extensive product offerings. The company has the largest installed base of supercomputers in the world and provides advanced system software and third-party application programs.
The company specializes in promoting innovative solutions-oriented supercomputing to the scientific, engineering and technical markets at price/performance levels that previously were unachievable.
For example, users of Convex C Series supercomputers have access to leading-edge technology and benefit from powerful systems that run computationally intensive software much faster than price-comparable computer systems.
“Supercomputers are no longer a luxury, but a necessity,” said Robert J. Paluck, founder CEO and chairman of the board of Convex. “Today’s competitive environment requires shorter design cycles, increased design accuracy and faster delivery of products to the marketplace. Convex recognized the growing need for production-oriented supercomputers at affordable prices. We designed the C Series to meet the needs of a wide range of businesses.”
Currently there are more than 350 third-party software packages available that take advantage of the C Series’ advanced architecture. To the user, this means increased performance in running their third-party applications.
Because of the company’s extensive research and development thrusts, they continue to be a leader in the industry. Convex is an innovator in compiler technology and is credited with developing the vectorized C compiler and advanced vectoring Fortran compiler of its own design.
The compilers also accommodate codes that run on Digital Equipment Corp.s’ VAX minicomputers and Cray supercomputers.
To increase software performance, Convex supercomputers run an enhanced version of the industry astandard UNIS operating system. The company sponsors an aggressive third-party software program that has attracted the leading software vendors in a variety of areas and fields.
Convex offers supercomputing to corporations, universities, governmental and research institutes. Among some of their customers are: Ford Motor Co., Texas Instruments, Rockwell International, General Electric, NASA, General Dynamics, the University of Arizona, LTV Aerospace, BASF and Northwest Airlines.
The supercomputers are used in such areas as geophysical research, computational chemistry, mechanical and electrical CAE, image processing, aerospace simulations and molecular biology.
Convex’s management philosophy is built on the team concept and places a high regard for individual contributions. The company attributes its success to its management philosophy and its technological advances.
It is listed on the New York Stock Exchange (CNX) and reported revenue of $158.6 million for 1989 — an increase of 50 percent from 1988.
“Demand for our high-end supercomputers continued to propel the growth we experienced through the first three quarters of 1989,” said Paluck. “In 1989, Convex achieved significant growth because of their market expansion in new geographic areas through the world.”