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A Fortune 500 client who poked fun at FlightSafety International Inc.'s shabby corporate offices three years ago convinced Chairman Albert L. Ueltschi to finally put some money into redecorating the place.
He hired designers and architects who came up with fancy plans to build conference rooms and solariums at the company's La Guardia Airport headquarters. But when the bill reached $100,000, he threw them out and simply ordered new carpeting.
The offices at FlightSafety -- the nation's leading independent trainer of pilots -- are now finally getting a more extensive makeover. But don't expect mahogany desks to replace the traditional metal furnishings or other fancy touches. FlightSafety's legendary 72-year-old chairman may be worth $566 million, he may run a company with a market value of $1.49 billion, but he intends to count every penny.
"FlightSafety has but one goal -- to increase shareholder value," says Willard W. Brown, an analyst with Dean Witter Reynolds Inc. "There is no fluff here. There is no company dining room, no marble floors. This is what a company is supposed to do."
In six years, Mr. Ueltschi has more than doubled FlightSafety's revenues to $231.3 million and earnings to $65.6 million, or $1.93 per share, in 1989. Revenues rose 26.6% in 1989 from 1988's $182.7 million. Profits did even better, up 31.2% from 1988's $50 million, or $1.48.
Most say that the sky's the limit for the company. The only question mark is Mr. Ueltschi himself. Now 72, he is the heart of the company. And while he keeps himself fit, it isn't clear what could happen when his heirs control the company.
For now, Mr. Ueltschi's only concentrating on more thrust for the company. "We're just getting started," he says.
FlightSafety trains...