Allegheny Beverage Corp., underscoring the shift in the company's emphasis since it acquired The Macke Co. in 1981, announced yesterday that it is changing its corporate address from Baltimore to Cheverly, a Washington suburb.
"We love Washington and plan to be a part of Washington," said Allegheny Chairman Morton M. Lapides in announcing the move during the company's 40-minute annual meeting yesterday.
"We've had support in Washington like we never had in Baltimore," Lapides added.
Noting the large financial support the company has gotten from Riggs National Bank and Perpetual American Federal Savings & Loan Association, Lapides said, "Baltimore banks are not big enough to handle the borrowing we need."
More than banking needs, however, company officials said the move reflects the large role Macke's operations are playing at Allegheny. Macke is located in Cheverly.
Two years ago, the company moved all of its top accounting and financial employes to Cheverly, adding 30 employes to the nearly 400 who were already located in Cheverly.
"We have no plans to move anybody else," Lapides stressed, noting after the news conference that he still plans to use his Baltimore office as his main base.
Nonetheless, he noted, there is considerably more room to expand in Cheverly.
Macke's operations--including its food and vending services, laundromat operations, janitorial services and Desk & Furnishings retail stores--accounted for 47 percent of the company's revenues last year. The soft-drink business, on the other hand, accounted for 34 percent of the company's $453 million sales.
Revenues continue to grow strongly, and "earnings continue fantastically," Lapides told the three dozen shareholders who attended the meeting yesterday.
Under what he termed conservative projections, Lapides said he expects a 24 percent increase in profits for the first six months of this year. When the financial figures are audited, Lapides indicated he expects earnings to total $4.2 million ($1 a share) for the first half of 1983, compared with $3.93 million (83 cents) for the first half of 1982.
For all of 1983, Lapides said he is "very, very bullish," expecting earnings to climb from $2.17 to $2.55 or $2.60 a share.
Despite his enthusiasm about moving the corporate headquarters to Cheverly, Lapides tried to downplay the impact for Baltimore shareholders, saying that the company does not plan to move all of its operations to Cheverly.graphics/1 photo: Allegheny Beverage Corp. Chairman Morton M. Lapides during recent interview. By Dudley M. Brooks--TWP.