Indiana's all-star stocks.

• Author: Davis, Jeff

WHOLESALE CELLULAR USA

Having conducted its initial public offering April 7, Wholesale Cellular began to see heavy trading volume and price appreciation in early October. Third-quarter earnings reflected net income of $762,000 or $0.16 per share on revenues of almost $45 million, up 128 percent. Growth prospects look very attractive for this wholesale distributor of cellular phones and related products. Latin America comprises roughly 15 percent of sales, with the Middle East and Africa providing promising opportunities. Strong relationships with such manufacturers as Motorola and Finland-based Nokia should facilitate continued growth.

FORUM GROUP

Forum, a manager and owner of retirement communities, recently decided to move its headquarters from Indianapolis to Washington, D.C. Plans to expand along the East Coast and close proximity to senior-citizen lobbying groups are the primary factors behind the move. For the six-month period ended September 30, Forum reported profits of $8 million as opposed to a loss of $755,000 in the previous year. Revenues for the same six-month period grew 25 percent to $65.6 million.

UNITED FINANCIAL BANCORP

Beginning the year at $19 1/4 and meandering to $21 1/4 in early October, this $111 million thrift institution in Vincennes then announced it was negotiating with a potential acquirer. On December 28, National City Bancshares in Evansville announced its intent to acquire United Financial for $44.40 per share. United Financial presented the Evansville bank with an opportunity to expand geographically into both Vincennes and Princeton, while obtaining a very "clean" loan portfolio. The appeal of thrifts continues.

Company City Year-end price Gain

Wholesale Cellular USA Indianapolis $15.13 142% Forum Group Indianapolis $8.00 100% United Financial Bancorp Vincennes $38.00 97% First United Savings Bank Greencastle $27.50 90% Hurco Companies Indianapolis $4.00 78% Thermwood Corp. Dale $1.06 69% Wabash National Corp. Lafayette $39.00 68% Fidelity Federal Bancorp Evansville $17.75 64% Personnel Management Greenwood $13.00 53% UF Bancorp Evansville $34.50 48% CTS Corp. Elkhart $27.75 41% Biomet Warsaw $13.75 34% Acordia Indianapolis $33.50 31% The Somerset Group Indianapolis $12.20 28% Bindley Western Industries Indianapolis $15.13 27% National City Bancshares Evansville $44.50 27% Noble Roman's Indianapolis $5.38 26% Duke Realty Investments Indianapolis $28.25 26%

Source: Raffensperger, Hughes & Co. FIRST UNITED...