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CENTURI INC <CENT> YEAR NET
| Oper shr 13 cts vs six cts
Oper net 2,124,013 vs 909,158
Revs 168.6 mln vs 157.6 mln
NOTE: 1986 and 1985 years exclude loss discontinued
operations 6,974,554 dlrs, and 268,000 dlrs, respectively.
| Corporate News |
STANDEX INTERNATIONAL <SXI> BUYS BRITISH FIRM
| Standex International Corp said it
acquired <Alan Duffy Engineering Ltd> of Blackburn, Lancashire,
England, for an undisclosed amount of cash.
The newly-acquired company will operate as part of
Standex's Perkins division, the company said.
| Market and Economy |
TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS
| Treasury Secretary James Baker told
the House Appropriations Committee the United States is still
pressing newly industrialized south Asian nations that have
tied their currencies to the dollar to let those currencies
strengthen against the U.S. currency.
"We have seen some strengthening of those currencies (but)
not as much as we would like," he said.
"We have been somewhat disappointed in the results so far,
but we intend to continue these discussions," he said.
| Market and Economy |
STERLING DRUG <STY> SELLS ASSETS OF SUBSIDIARY
| Sterling Drug Inc said it sold the
assets of its subsidiary Greene Dental Products Inc to Rinn
Corp, of Elgin, Ill.
The cash purchase price was not disclosed.
Greene produces and sells dental X-ray tabs, mount products
and record systems.
| Other |
BALDRIGE SAYS U.S. TO GO AHEAD WITH JAPANESE SANCTIONS
|
BALDRIGE SAYS U.S. TO GO AHEAD WITH JAPANESE SANCTIONS
| Other |
BALDRIGE SAYS U.S. TO IMPOSE JAPANESE SANCTIONS
| Commerce Secretary Malcolm Baldrige
said the United States would go ahead with planned 300 mln dlr
sanctions against Japanese semiconductor exports, despite any
U.S. Japanese talks to avert the trade curbs.
He said in a speech to an export-import group that he was
sure the United States and Japan could work out their dispute
over unfair Japanese trade practices in semiconductor trade,
but "I am sure the sanctions will go in before we work it out."
Sanctions are to be imposed on April 17.
He also said he did not think there would be a trade war
with Japan, because Japan had too much value in exports to the
United States to risk such a war.
"Those fears are unfounded," he said.
He told reporters later that the sharp drop in the
securities market was not due to fears of a trade war, but fear
of inflation and that the Federal Reserve may act on that fact.
Market reaction was also due, he said, to the drop in the
value of the dollar, although trade issues did have some
effect.
Baldrige said that observers who were attributing the drop
in the market to trade sanctions were "barking up the wrong
tree."
He said the market observers will realize this shortly.
Baldrige said his remarks did not mean to suggest anything
about the market or the exchange rate of the dollar.
| Other |
SENIOR U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS
| Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include discussions of a growing
trade row over Japanese semiconductor electronics products.
He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dls on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
The trip is set for April 6-8, the state department said.
| Corporate News |
UNION PACIFIC <UNP>CLOSES VENEZUELAN PARTNERSHIP
| Union Pacific Corp said it has closed
the previously announced 50-50 partnership with Petroleos de
Venezuela SA, Venezuela's national oil company, to own a
160,000 barrel per day refinery in Corpus Christi, Texas.
Union Pacific said the partnership, called Champlin
Refining Co, will acquire the refining and distribution system
owned and operated by Union Pacific's Champlin Petroleum Co
subsidiary. The Venezuelan company also signed a 25-year
feedstock agreement with the partnership to supply at least
140,000 barrels a day of Venezuelan crude oil and naphtha at
market related prices.
| Commodities and Trade |
NIGERIA, GUINEA SET UP IRON ORE FIRM WITH LIBERIA
| Nigeria and Guinea agreed to set up a new
company with Liberia to carry out the 14-year-old
Mifergui-Nimba iron ore project, an official communique said.
The communique was issued after two days of talks here
between Guinean natural resources minister Ousmane Sylla and
Nigerian minister of mines and power Bunu Sheriff Musa.
Originally, Guinea held 50 pct in the project and Nigeria
16.2 pct with firms from several other countries also involved,
but the project ran into problems over funding and the slump in
world iron ore markets.
Musa said Liberia was invited to join and its share will be
decided after a project feasibility study. This would be
completed in May after which finance will be sought. Officials
said the study will be undertaken with the help of the World
Bank, which is also expected to give financial support.
Production, originally estimated at 15 mln tonnes a year,
will be 12 mln initially and is expected to begin in early
1990.
On an agreement between the two countries to prospect for
uranium in Guinea, the communique said Musa and Sylla agreed
that because of poor market conditions, it would be extended to
cover exploration for gold, diamonds, cobalt, nickel and
silver.
| Commodities and Trade |
SCAN-GRAPHICS, CAPTIVE VENTURE CAPITAL MERGE
| <Scan-Graphics Inc> said it has
completed a merger with <Captive Venture Capital Inc> in which
former shareholders of Scan-Graphics have beome majority
shareholders of the merged company and the Scan-Graphics board
has been named the board of the merged company.
It said the merged company is now known as Scan-Graphics
Inc and expects to be listed on the NASDAQ system soon.
It said Captive Venture issued 1,600,000 restricted
preferred shares convertible into 16 mln common shares for
Scan-Graphics. Captive had 2,649,500 common shares outstanding
before the merger.
| Corporate News |
NODAWAY VALLEY CO <NVCO> 4TH QTR JAN 31 NET
| Shr 16 cts vs 23 cts
Net 385,747 vs 549,928
Revs 10.5 mln vs 9,037,596
Year
Shr 40 cts vs 58 cts
Net 946,024 vs 1,352,709
Revs 36.2 mln vs 30.6 mln
| Market and Economy |
<LIGHTNING MINERALS INC> YEAR LOSS
| Shr loss four cts vs loss six cts
Net loss 92,917 vs loss 104,038
Revs 21.9 mln vs 5,091,000
| Commodities and Trade |
BOBBIE BROOKS INC <BBKS> YEAR NET
| Oper shr profit 41 cts vs loss 1.13 dlrs
Oper net profit 3,093,000 vs loss 7,000,000
Revs 35.9 mln vs 31.1 mln
Avg shrs 7,508,096 vs 6,207,723
NOTE: Current year excludes gain of about 2.5 mln dlrs or
33 cts/shr from benefit of tax loss carryforward and includes
pretax gain of about 1.2 mln dlrs from sale of export quota
rights.
Year-ago includes charge of five mln dlrs from discontinued
operations.
1985 is for eight mths ended Dec 31, 1985. In that year,
company changed to calendar year from previous fiscal year
ended April 27, 1985.
| Other |
CELLULAR COMMUNICATIONS INC <COMM> NINE MTHS
| Dec 31 end
Shr loss 1.26 dlrs vs loss six cts
Net loss 11.4 mln vs loss 400,000
Revs 12.5 mln vs 4,049,000
NOTEL Company changed fiscal year to December 31 end.
Prior year net includes gain 4,454,031 dlrs from sale of
minority interests in Connecticut partnerships.
| Commodities and Trade |
WILSON BROTHERS 4TH QTR
| Shr loss 30 cts vs loss 31 cts
Net loss 1.0 mln vs loss 1.0 mln
Revs 2.3 mln vs 1.7 mln
Year
Shr profit 0 10 cts vs loss 45 cts
Net profit 508,000 vs loss 1.5 mln
Revs 5.8 mln vs 6.7 mln
NOTE:1986 year and qtr net includes loss of 37,000 dlrs and
538,000 dlrs, respectively from from discontinued operations.
1986 net includes 1.7 mln dlr credit. 1985 year and qtr
includes gain of 1.0 mln dlrs and loss of 190,000, respectively
from discontinued operations.
| Market and Economy |
(POLORON PRODUCTS INC) YEAR OPER NET
| Oper shr 26 cts vs 16 cts
Oper net 948,000 vs 480,000
Revs 25.4 mln vs 19.9 mln
NOTE: Excludes loss of 6.7 mln dlrs or 1.82 dlrs/shr vs
gain of 453,000 dlrs or 15 cts from discontinued operations.
1985 also excludes extraordinary gain equal to 34 cts/shr.
1986 ended Dec 31 and 1985 ended Nov 30. In 1986, company
changed fiscal year end to Dec 31.
| Market and Economy |
DISTRIBUTED LOGIC CORP <DLOG> 1ST QTR LOSS
| Qtr ended Jan 31
Shr loss nine cts vs profit 13 cts
Net loss 231,256 vs profit 341,730
Revs 2,793,677 vs 3,676,296
| Market and Economy |
GENEX CORP <GNEX> YEAR LOSS
| Shr loss 94 cts vs loss 1.25 dlrs
Net loss 12.1 mln vs loss 15.9 mln
Revs 3,307,000 vs 16.2 mln
NOTE: Current year includes writedown of 8.5 mln dlrs.
| Other |
BIC CORP <BIC> SETS QUARTERLY
| Qtly div 15 cts vs 15 cts prior
Pay April 30
Record April 14
| Other |
CULP INC <CULP> SETS QUARTERLY
| Qtly div two cts vs two cts prior
Pay May 26
Record April 21
| Corporate News |
BROADER U.S. EEP SOUGHT BY REPUBLICAN LAWMAKERS
| Republican members of the House
Agriculture Committee said they will propose amendments
tomorrow to a pending trade bill increasing funding for the
export enhancement program, EEP, and significantly expanding
the scope of the program.
At a press conference, Republican lawmakers said they would
propose expanding EEP to include all countries "willing to
purchase additional commodities at reasonable prices."
In addition, the Congressmen said they would propose
extending the life of EEP to five years from the current three
years and increasing the EEP funding ceiling to 2.5 billion
dlrs from 1.5 billion at present.
The Agriculture committee tomorrow will begin drafting
amendments to an omnibus trade bill now before the House.
Responding to the Republican plan, Agriculture Secretary
Richard Lyng and Trade Representative Clayton Yeutter said they
favor a flexible, targeted use of EEP instead of an
across-the-board program which they termed too costly.
The Republican Congressmen also said they will offer an
amendment to the trade bill instructing the U.S. Agriculture
Department to value the bonus commodities used for EEP at the
market value, rather than the cost of acquisition.
But Lyng said USDA already plans to change to market value
accounting rather than acquisition value, in order to avoid
hitting a funding ceiling for eep of 1.5 billion dlrs.
Lyng said under market value accounting only about 700 mln
dlrs of EEP commodities have been used to date. Using
acquisition value, USDA officials said the value is higher.
| Commodities and Trade |
WALL STREET STOCKS/AMES DEPT STORES <ADD>
| Ames Department Stores Inc fell 1-7/8
to 23 in what analysts said was a reaction to a surprise
announcement earlier today by the company that earnings in the
fiscal year ended January 31 will decline sharply.
Ames said it expects to report earnings of between 72 and
77 cts per share compared with 1.19 dlrs per share in the
previous year.
"We were looking for 1.15 dlrs," said an analyst at a major
Wall Street firm who declined to be identified. Ames said most
of the decline resulted from an inventory shortage at its
Secaucus, N.J. distribution center.
"The obvious suspicion is that there has been some kind of
fraud or theft," said Ralph Shulansky, senior vice president of
Ames. "We do not have hard evidence we are still putting things
together."
He said it would take several weeks for the company to
complete an investigation. He said there are no law enforcement
officials involved at this time.
He declined to quantify the inventory shortage but said it
was the major reason for the decline in earnings. A decline in
gross margin percentage and an increase in the effective tax
rate also contributed to the downturn, Ames said.
| Financial Reports |
TARO VIT INDUSTRIES LTD <TAROF> YEAR LOSS
| Shr loss eight cts vs profit nil
Net loss 488,759 vs profit 14,289
Sales 6,067,676 vs 5,047,383
| Commodities and Trade |
TRIBUNE <TRB>, SCRIPPS <SCRP> EXCHANGE PAPERS
| Tribune Co said it exchanged cash and
the assets of eight of its Sunbelt Publishing Co community
publications circulated in the Naples and Fort Myers, Fla.,
area for assets of nine community papers in suburban Tampa and
St. Petersburg published by Gulf Coast Newspapers Inc.
Gulf Coast is a subsidiary of the E.W. Scripps Co (doing
business as Scripps Howard).
No additional financial details were disclosed.
| Corporate News |
CANADA INDUSTRIAL PRODUCTION UP 2.53 PCT
| Canadian industrial production rose 2.53
pct in December after falling 0.51 pct in November, Statistics
Canada said.
The federal agency said year-over-year production was off
0.65 pct in December, compared with a decline of 1.65 pct in
November.
| Commodities and Trade |
U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS
| Undersecretary of State Michael
Armacost will visit Tokyo next week for meetings with
high-level officials that will include talks on the growing
trade row over Japanese semiconductor electronics products.
He is the first high-level U.S. official to visit Japan
since President Reagan announced last week plans to impose
tariffs worth up to 30 mln dlrs on Japanese electronic goods on
April 17 in retaliation for Tokyo's alleged failure to live up
to a pact on microchip trade signed last September.
Deputy State Department spokeswoman Phyllis Oakley said the
trip is set for April 6 to 8.
U.S.-Japanese talks of this kind are regularly held each
year at this time, she told reporters.
The Armacost discussions with Deputy Foreign Minister
Ryohei Murata and other senior Japanese officials will focus on
U.S.-Japanese foreign aid programs and political security
issues of mutual concern, she added.
"Although an exchange of views on bilateral relations is
expected, the talks are not directly related to U.S.-Japanese
trade relations," she insisted.
But, in response to questions, Oakley acknowledged that
trade will be discussed.
Japan's 58.6 billion dlrs trade surplus with the United
States last year has come under fire in Congress, which is
concerned about the loss of jobs to foreign competition and
with the record 169 billion dlrs U.S. Trade deficit in 1986.
| Corporate News |
ROYEX OFFERS 50 DLRS/SHR AND 40 DLRS/WARRANT FOR INTERNATIONAL CORONA
|
ROYEX OFFERS 50 DLRS/SHR AND 40 DLRS/WARRANT FOR INTERNATIONAL CORONA
| Corporate News |
U.S. CARGO PREFERENCE SQUABBLE CONTINUES
| The U.S. Agriculture Department said
it will begin charging interest tomorrow on the over 12 mln
dlrs the Department of Transportation, DOT, owes USDA to pay
for its share of the cost of shipping food aid on U.S. vessels.
USDA General Sales Manager Melvin Sims told the Senate
Appropriations Agriculture Subcommittee his department had
billed DOT 12 mln dlrs, and that interest on that amount and an
additional charge would begin accruing April 1.
USDA's Foreign Agricultural Service Administrator Thomas
Kay told Reuters DOT could owe USDA as much as 20 mln dlrs.
The two departments are trying to hammer out an accord on
how to fund the increasing share of food aid required to be
shipped on U.S. flag vessels under a 1985 farm bill provision
on cargo preference.
Sims said the agencies were near to reaching a memorandum
of understanding governing how DOT would pay for its share of
the cargo preference costs.
Under the 1985 bill, the percentage of food aid shipments
carried on U.S. vessels was to increase gradually over three
years to 75 pct in 1988 from 50 pct.
Although the increased cost was to be funded by DOT, Sims
said that department to date has contributed no money.
| Corporate News |
BARUCH-FOSTER CORP <BFO> 4TH QTR LOSS
| Shr loss 92 cts vs profit one ct
Net loss 2,487,439 vs profit 48,709
Revs 1,788,141 vs 4,167,070
Year
Shr loss 1.50 dlrs vs profit 48 cts
Net loss 4,073,724 vs profit 1,309,412
Revs 8,193,455 vs 15.7 mln
NOTE: 1986 year net includes 3,095,305 dlr writedown of oil
properties and reserves.
| Corporate News |
LIFETIME <LFT> TO BUY SHARES OF NIPPON LACE
| Lifetime Corp said it agreed to buy
five mln shares, or 16 pct, of <Nippon Lace Co Ltd> for 3.28
dlrs a share, or 16.5 mln dlrs.
It said it plans to enter the health care business in
Japan.
In addition, it said <Koba Electronics Co Ltd>, an
affiliate of Lifetime, will buy four mln unissued shares, or a
12 pct stake, of Nippon for 20 mln dlrs or five dlrs a share.
The company said Ohta Shoji, chief executive officer of
<Toho Mutual Life Insurance Co>, owns the majority of Koba
Electronics' shares. Toho Mutual Life is also the largest
shareholder in Nippon Lace, the company said.
Lifetime also said the <Private Bank and Trust of Zurich>,
on behalf of Lifetime director and shareholder Terence Ramsden,
intends to subscribe for two mln shares of Nippon Lace at the
same price paid by Lifetime.
| Commodities and Trade |
GOULD <GLD> DIVISION GETS FINANCING
| Gould Inc's systems protection
division said it selected Merrill Lynch Interfunding INc to
provide financing for the purchase of the division from the
parent company.
Terms were not disclosed. The agreement was announced in
February and Gould expects the transaction to be completed by
the end of April.
The agreement assures the retention of more than 600 jobs
at a northeast Philadelphia plant which had been in jeapardy
when Gould had accepted a tentative offer from Westinghouse INc
which was later terminated.
| Corporate News |
WELBILT <WELB> COMPLETES ACQUISITIONS
| Welbilt Corp said it
completed the previously announced acquisitions of the assets
of L and M Manufacturing Co and Food Machinery Engineering Co,
two manufacturers of automated bakery production equipment
headquartered in Toronto.
| Financial Reports |
SCHWAB COMPLETES PURCHASE OF SCHWAB AND CO
| Charles Schwab announced the
completion of the 280-mln-dlr purchase from BankAmerica Co of
Charles Schwab and Co Inc and its holding company Charles
Schwab Corp.
The leveraged buyout is being financed by a syndicate of
seven banks led by the Security Pacific National Bank unit of
Security Pacific Corp <SPC>, the announcement said.
Charles Schwab and Co is the nation's largest discount
brokerage firm.
The Schwab announcement said BankAmerica received 175 mln
dlrs in cash, 50 mln of 10 pct senior subordinated debentures,
55 mln dlrs of nine pct junior subordinated debentures and the
right to receive 15 pct of the appreciated value of the common
equity of the new company over a maximum period of eight years.
Security Pacific also acquired a stock appreciation right,
equal to 1.8 pct of the value of the new company's fully
diluted common stock, Schwab said.
The right is exchangeable into warrants upon transfer to a
Security Pacific non-affiliate, Schwab said.
BankAmerica originally acquired Schwab in 1983 for 57 mln
dlrs worth of BankAmerica common stock.
The sale of the profitable discount brokerage firm back to
Charles Schwab was aimed at raising capital and was seen by
banking analysts as a means of heading off a hostile takeover
attempt by First Interstate Bancorp <I>.
| Corporate News |
INTERMEDICS INC <ITM> 1ST QTR NET
| Oper shr 26 cts vs 18 cts
Oper net 2,877,000 vs 1,363,000
Revs 44.3 mln vs 40.8 mln
Avg shrs 10.9 mln vs 10.5 mln
NOTE: prior qtr excludes loss 475,000, or five cts per
share, for discontinued operations for the sale of subsidiaries
Intermedics Intraocular Inc, Electronics Inc, and Intermedics
Infusaid Inc.
Excludes 1987 qtr 1,694,000 operating loss carryforwards vs
78,000 qtr prior.
| Other |
ROYEX MAKES BID FOR INTERNATIONAL CORONA
| <Royex Gold Mining Corp> said it is
making an offer for <International Corona Resources Ltd> of 50
dlrs per share and 40 dlrs per warrant.
The offer covers four mln Corona common shares and all
outstanding 9.50 dlr Corona share purchase warrants expiring
August 31, 1987, Royex said.
Royex said that if it gains four mln Corona common shares,
its interest in Corona will increase to 50 pct from 38 pct. It
also said that if more than four mln shares are tendered, it
will pay for them on a pro rata basis.
Royex said the purchase price for each Corona share
consists of one Royex convertible retractable zero coupon
Series B first preference share at 20 dlrs nominal value, one
Royex convertible 6-1/2 pct Series C first preference share at
20 dlrs nominal value, one five-year 7.50 dlr Royex share
purchase warrant and four dlrs in cash.
The price for each Corona warrant consists of 1.75
convertible retractable zero coupon Series B first preference
share at 35 dlrs nominal value and one five-year 7.50 Royex
share purchase warrant.
Royex said both series of preference shares will be
convertible into Royex common shares, initially on a basis of
3.33 common shares for each preference share converted.
| Financial Reports |
U.S. 1987 CORN, SOYBEAN ACREAGE ESTIMATES CORN 67,556,000 ACRES, BEANS 56,885,000 - USDA
|
U.S. 1987 CORN, SOYBEAN ACREAGE ESTIMATES CORN 67,556,000 ACRES, BEANS 56,885,000 - USDA
| Commodities and Trade |
U.S. 87 WINTER WHEAT PLANTINGS 48,195,000 ACRES, DURUM 3,137,000, OTHER SPRING 13,515,000
|
U.S. 87 WINTER WHEAT PLANTINGS 48,195,000 ACRES, DURUM 3,137,000, OTHER SPRING 13,515,000
| Commodities and Trade |
U.S. 1987 COTTON, SORGHUM ACRES ESTIMATED ALL COTTON 10,353,700, SORGHUM 11,844,000 USDA
|
U.S. 1987 COTTON, SORGHUM ACRES ESTIMATED ALL COTTON 10,353,700, SORGHUM 11,844,000 USDA
| Financial Reports |
USDA PUTS MARCH 1 U.S. WHEAT STOCKS AT 2,253,143,000 BU
|
USDA PUTS MARCH 1 U.S. WHEAT STOCKS AT 2,253,143,000 BU
| Other |
U.S. 1987 SUGARBEET ACREAGE ESTIMATED BY USDA AT 1,249,000 ACRES VS 1,232,500 IN 1986
|
U.S. 1987 SUGARBEET ACREAGE ESTIMATED BY USDA AT 1,249,000 ACRES VS 1,232,500 IN 1986
| Commodities and Trade |
USDA PUTS MARCH 1 U.S. CORN STOCKS AT 8,246,849,000 BU, SOYBEANS - 1,384,208,000
|
USDA PUTS MARCH 1 U.S. CORN STOCKS AT 8,246,849,000 BU, SOYBEANS - 1,384,208,000
| Commodities and Trade |
OVERLAND EXPRESS INC <OVER> YEAR LOSS
| Shr loss 9.31 dlrs vs loss 1.62 dlrs
Net loss 16.2 mln vs loss 2,770,243
Revs 99.4 mln vs 96.2 mln
| Corporate News |
A.H. ROBINS <QRAH> FILES MONTHLY REPORT
| A.H. Robins Co said it filed its
consolidated net earnings report for February, which amounted
to 6,720,000 dlrs, compared to 4,646,000 for the comparable
month the year prior.
Consolidated net earnings for the two months ended Feb 28,
1987, amounted to 23.9 mln dlrs, compared to 15.4 mln dlrs for
the comparable period a year earlier, it said.
A.H. Robbins, which is in Chapter 11, said it filed the
report with the U.S. trustee overseeing its case.
| Industrial and Sector News |
BUTLER <BTLR> TO PURCHASE NATURALITE
| Butler Manufacturing Co said it
signed a letter of intent to purchase <Naturalite Inc>, a
designer of skylights.
Terms were not disclosed.
Naturalite had sales of about 20 mln dlrs in 1986. The
transaction is expected to be completed in May and subject to
both boards' approvals.
| Corporate News |
MECHTRON INTERNATIONAL CORP <MCHT> YEAR NET
| Shr three cts vs 80 cts
Net 46,000 vs 1,220,000
Revs 11.5 mln vs 13.0 mln
Avg shrs 1,608,000 vs 1,530,000
| Financial Reports |
DEVON RESOURCE INVESTORS <DIN> YEAR END DEC 31
| Shr loss 14 cts vs profit 23 cts
Net loss 835,000 vs profit 950,000
Revs 8,617,000 vs 11.8 mln
| Financial Reports |
SAFETY-KLEEN <SK> COMPLETES ACQUISITION
| Safety-Kleen Corp said it has
completed the acquisition of McKesson Envirosystems Co, a unit
of McKesson Corp <MCK> for an undisclosed amount.
Safety-Kleen, an industrial, automotive parts cleaning
service, said McKesson Envirosystems has solvent recycling
plants in Illinois, Kentucky and Puerto Rico.
| Corporate News |
DOW <DOW> AMENDS RESINS PRICE INCREASE
| Dow Chemical Co's Thermoplastic
Resin Department said it is amending a recent price increase
for Magnum ABS (A) resins announced March 3 for an effective
date of April 1.
Dow said that effective April 15 the selling prices for
most grades of Magnum ABS resins for the injection molding,
custom sheet and automotive markets will rise six cts a pound,
instead of the three cts a pound announced previously.
Dow also said that the selling prices for performance
grades of the resins to the same markets will increase eight
cts a pound, rather than five cts as announced before.
The company said that Magnum ABS resins for pipe extension
will increase three cts a pound, effective April 9, as
previously reported.
Dow said it altered the increase to reflect changes in the
industry over the past month.
| Corporate News |
ECHO BAY HAS NEVADA GOLD DISCOVERY
| Echo Bay Mines Ltd said it
discovered a gold deposit in the Cove area near its McCoy gold
mine in Nevada.
Echo Bay said it encountered gold in 39 of 42 drill holes
at Cove. It said seven holes averaged 0.185 ounce gold a short
ton and 1.8 ounces of silver, with the seven intersections
averaging 118 feet in thickness beneath 25 feet of overburden.
The discovery is on the McCoy property, one mile northeast
of the McCoy open pit, heap leach gold mine, which is expected
to produce about 85,000 ounces of gold this year, Echo Bay
said.
| Corporate News |
BOWL AMERICA INC <BWLA> UPS PAYOUT
| Qtly div 11 cts vs 10 cts prior
Pay May 14
Record April 17
| Financial Reports |
CONCORD FABRICS INC <CIS> 2ND QTR NET
| Shr 62 cts vs 38 cts
Net 1,110,484 vs 677,192
Revs 36.6 mln vs 31.1 mln
Six mths
Shr 92 cts vs 68 cts
Net 1,649,453 vs 1,211,597
Revs 68.2 mln vs 58.5 mln
| Corporate News |
AMERICAN PACESETTER <AEC> 4TH QTR NET
| Oper shr profit 92 cts vs loss six cts
Oper net profit 1,351,000 vs loss 112,000
Revs 22.8 mln vs 28.7 mln
Avg shrs 1,465,926 vs 1,968,601
Year
Oper shr profit 1.81 dlrs vs profit three cts
Oper net profit 2,837,000 vs profit 59,000
Revs 84.8 mln vs 69.9 mln
Avg shrs 1,569,287 vs 1,980,432
Note: Current qtr figures exclude gain from discontinued
operations of 533,000 dlrs, or 37 cts per share vs loss of
480,000 dlrs, or 24 cts per share.
Current year figures exclude gain from discontinued
operations of 752,000 dlrs, or 48 cts per share vs loss of
452,000 dlrs, or 23 cts per share.
| Financial Reports |
DEVON <DIN> REPORTS INCREASE IN RESERVES
| Devon Resource Investors said as
of January one, its estimated proven reserves increased
by 443,000 net equivalent barrels to 32.4 billion cubic feet of
natural gas and 660,000 barrels of oil, compared with 29.5 bcf
of gas and 700,500 barrels of oil as of Jan one, 1986.
Devon said that its estimated future net revenues
attributable to reserves is about 58 mln dlrs with a present
value, discounted at 10 pct, of 38 mln dlrs.
It also said that it expects to have sufficient cash flow
to cover its annual payout of 60 ct per unit and expand its
drilling budget in 1987.
| Financial Reports |
CORRECTED-ELDER-BEERMAN STORES CORP<ELDR>4TH QTR
| Feb One end
Oper shr 89 cts vs 1.31 dlrs
Oper net 3,348,000 vs 4,885,000
Sales 126.8 mln vs 120.1 mln
Year
Oper shr 1.67 dlrs vs 2.15 dlrs
Oper net 6,302,000 vs 8,013,000
Sales 380.9 mln vs 352.1 mln
NOTE: Prior year net both periods excludes gain 1,998,000
dlrs from reversion of overfunded pension plans.
Corrects current year operating net.
| Financial Reports |
31-MAR-1987
| 31-MAR-1987
| Financial Reports |
GETTY PETROLEUM <GTY> YEAR NET
| Shr 1.54 dlrs vs 1.09 dlrs
Qtly div four cts vs four cts prior
Net 17.1 mln vs 11.5 mln
Revs 953.2 mln vs 1.33 billion
Avg shrs 11.1 mln vs 10.5 mln
NOTE: Cash dividend payable April 21 to holders of record
April 10. Shr figures adjusted for five pct stock dividend
declared March 31.
| Corporate News |
GETTY PETROLEUM <GTY> SETS STOCK DIVIDEND
| Getty Petroleum Corp said its
board declared a five pct stock dividend payable on April 21 to
shareholders of record April 10.
The company also declared a regular cash dividend of four
cts a share and reported 1986 net income rose to 17.1 mln dlrs
from 11.5 mln dlrs.
| Financial Reports |
1ST CENTRAL FINANCIAL <FCC> SEES HIGHER EARNINGS
| First Central Financial Corp said it
expects earnings to rise significantly in 1987 and said it is
actively seeking an acquisition.
The property and casualty insurance company's chairman and
chief executive officer, Martin J. Simon, told Reuters in an
interview that he expects earnings of 33 cts a share in 1987
compared with 25 cts a year ago.
He said, "the company currently has the sufficient momentum
to achieve those earnings and the successful completion of
licensing applications to operate in Pennsylvania, Delaware,
Connecticut and Ohio should fuel our earnings."
The company is currently licenced to operate only in New
York state.
Simon estimated that the company would earn seven cts a
share in the first quarter compared to three cts in the same
quarter a year ago, and eight cts a share in the second quarter
compared to five cts earned in 1986. He expects the company to
earn nine cts a share for each of the final two quarters of
1987.
In addition, Simon said, First Central Financial "is
actively looking for, and has several acquisition brokers
looking for a small life insurance company to acquire."
He said the acquisition should be in the 10 mln dlr range
and will be part of a strategy of expanding the company into a
"wide spectrum of insurance services." No specific company has
been targeted as yet, "but I would like to make my first
acquisition in 1987," he said.
He said First Central Financial would not itself be an easy
takeover target. It wants to remain independent, he said, and
has implemented a staggered board of directors system. In
addition, Simon, the company's biggest shareholder, holds about
960,000 of the 6.2 mln ouitstanding shares.
| Commodities and Trade |
ECHO BAY <ECO> HAS NEVADA GOLD DISCOVERY
| Echo Bay Mines Ltd said it
discovered a gold deposit in the Cove area near its McCoy gold
mine in Nevada.
Echo Bay said it encountered gold in 39 of 42 drill holes
at Cove. It said seven holes averaged 0.185 ounce gold a short
ton and 1.8 ounces of silver, with the seven intersections
averaging 118 feet in thickness beneath 25 feet of overburden.
The discovery is on the McCoy property, one mile northeast
of the McCoy open pit, heap leach gold mine, which is expected
to produce about 85,000 ounces of gold this year, Echo Bay
said.
| Commodities and Trade |
IMPERIAL OIL <IMO.A> IN TALKS WITH SUPPLIERS
| Imperial Oil Ltd, 70 pct-owned by Exxon
Corp <XON>, is negotiating with it major crude oil suppliers
concerning the effects of a trial deregulation of Alberta's
shut-in crude oil production, scheduled to be implemented on
June 1, a company spokesman said.
"From our point of view, it's a question of entering into
negotiations or discussions to make appropriate changes to
contracts to reflect the changes that are going to take place
on June 1," spokesman John Cote told Reuters in reply to a
query.
Commenting on published reports that Imperial had suspended
its oil supply contracts, Cote said: "It's not a question of
cancelling or suspending any of the agreements at this point."
On June 1, Alberta's Energy Resources Conservation Board
will lift its crude oil marketing prorationing system,
regulating shut-in light and medium crude production, on a
trial basis to the end of 1987.
Under the new system, producers and refiners will be
allowed to negotiate volumes of shut-in oil to be delivered
under purchase contracts.
Shut-in crude is the surplus between the total amount of
oil being produced and the amount being purchased by refiners.
"We have talked to a number of our major suppliers, and
we've discussed the upcoming change with them, but nothing has
been finalized," Imperial's manager of western crude supply Gary
Strong said.
Under Alberta's trial system, Imperial wants to match a
reasonable supply of crude against the company's forecast
demand for its refineries, Strong said.
"We have to know what they have and how that relates to what
we need in total," he said.
Strong said figures on the amount of crude production
Imperial purchases from outside suppliers were not immediately
available.
| Financial Reports |
BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS
|
BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS
| Financial Reports |
USDA AGAIN EXTENDS FARM OPERATING PLAN DEADLINE
| The U.S. Agriculture Department said
it has extended until April 17 the date by which Agricultural
Stabilization and Conservation county offices must determine
eligibility of individuals or other entities for payments under
1987 farm programs.
Jerome Sitter, director of ASCS's Cotton, Grain and Rice
Price Support Division, said the decision meant farmers have
until April 17 to file a farm operating plan indicating how
many persons would be involved in their farming operations.
Earlier this year USDA extended the deadline to April 1
from March 1, Sitter said.
ASCA Administrator Milton Hertz said in a statement that
the extension was necessary because of heavy workloads at
county ASCS offices.
Hertz said ASCS county officials "have had to make a large
number of eligibility determinations for individuals and other
entities, such as corporations and partnerships, in preparation
for imposing the 50,000-dlr-per-entity cap."
"These offices already had a very heavy workload due to the
large number of applications for both the 1987 farm programs
and the Conservation Reserve Program," Hertz said.
| Financial Reports |
HARVARD INDUSTRIES <HAVA> ANNOUNCES STOCK SPLIT
| Harvard Industries Inc said its board
approved a two-for-one stock split in the form of a special
stock dividend of its outstanding common stock.
The special dividend is payable May 28, 1987, to
stockholders of record April 24, 1987.
The split will be effected by one additional share for each
common share held, the company said.
| Corporate News |
OVERLAND EXPRESS INC <OVER> YEAR LOSS
| Shr loss 9.31 dlrs vs loss 1.62 dlrs
Net loss 16.2 mln vs loss 2.8 mln
Revs 99.4 mln vs 96.5 mln
NOTE: 1986 includes loss of 3.9 mln dlrs from
restructuring.
NOTE: loss 1986 includes 3.9 mln dlrs for restructuring
costs associated with disposal of property.
Loss also includes the sale-at-a-loss of the company's
aircraft.
| Financial Reports |
USDA ACCEPTS BID FOR BONUS WHEAT TO ALGERIA
| The U.S. Agriculture Department said
it had accepted a bid for an export bonus to cover a sale of
durum wheat to Algeria.
USDA General Sales Manager Melvin Sims said the Commodity
Credit Corp accepted one bid from Cam USA Inc on a sale of
18,000 tonnes of durum wheat.
Sims said the bonus was 42.44 dlrs per tonne and shipment
was scheduled for June 20-30, 1987.
An additional 246,000 tonnes of durum wheat are still
available to Algeria under the export enhancement program.
| Financial Reports |
ARTRA GROUP INC <ATA> 4TH QTR OPER LOSS
| Oper shr loss 1.60 dlrs vs loss 1.17 dlrs
Oper net loss 4,261,000 vs loss 2,816,000
Revs 28.9 mln vs 11.7 mln
Avg shrs 2,817,616 vs 2,685,592
Year
Oper shr profit 23 cts vs loss 1.10 dlrs
Oper net profit 863,000 vs loss 2,390,000
Revs 85.9 mln vs 60.4 mln
Avg shrs 2,754,258 vs 2,541,967
NOTE: Excludes loss of 1.9 mln dlrs vs loss 3.5 mln dlrs in
qtr and gain 46,000 dlrs vs loss 3.9 mln dlrs in year from
discontinued operations.
Also excludes loss of 1.7 mln dlrs in current qtr from
reversal of tax loss carryforwards.
Includes gain of 6.6 mln dlrs in current year from purchase
of Envirodyne Industries Inc shares and charge of 1.4 mln dlrs
in current qtr from research and development costs.
1986 both periods includes operations of Sargent-Welch
Scientific Co, acquired on Nov 30, 1986 and interest in
Rosecraft Inc since June 4 and Lawrence Jewelry Corp since Oct
22.
1985 both periods includes interest in R.N. Koch Inc since
Feb 8, 1985.
| Financial Reports |
CCC CREDITS FOR MEXICO SWITCHED TO WHEAT--USDA
| The Commodity Credit Corporation
(CCC) has switched 10 mln dlrs in credit guarantees to Mexico
to cover purchases of U.S. wheat, the U.S. Agriculture
Department said.
The credit guarantees were previously earmarked for sales
of U.S. dry edible beans and rice, it said.
The action reduces the guarantee lines previously
authorized of dry edible beans to by five mln dlrs to 45 mln
dlrs and for rice from five mln to zero and increases coverage
for wheat sales from five mln to 15 mln dlrs.
| Financial Reports |
ALLIED-SIGNAL <ALD> COMPLETES UNIT SALE
| Allied-Signal Inc said it
completed the previously announced sale of its Linotype Group
to Commerzbank AG of West Germany.
The purchase price was not disclosed.
Eschborn, West Germany-based Linotype had 1986 sales of
more than 200 mln dlrs, the company said.
| Financial Reports |
U.S. OFFICIAL SEES EVIDENCE OF EXPORT GROWTH
| Beryl Sprinkel, chairman of the
White House Council of Economic Advisers, said he sees "growing
but incomplete evidence that (U.S.) export volumes are finally
strengthening."
In remarks prepared for a speech today in Los Angeles,
Sprinkel said the decline in the dollar's value since 1985 had
"largely" restored U.S. cost competitiveness in world markets and
appeared to signal an end to U.S. trade imbalances.
"I am confident that further improvements in our trade
performance will contribute significantly to U.S. growth in
1987," he said.
| Corporate News |
CITIBANK SAYS IT RAISES BASE RATE TO 7-3/4 PCT FROM 7-1/2 PCT
|
CITIBANK SAYS IT RAISES BASE RATE TO 7-3/4 PCT FROM 7-1/2 PCT
| Commodities and Trade |
GAF <GAF> PLANS NO CHANGES IF OFFER ACCEPTED
| GAF Corp chairman Samuel Heyman told
Reuters he did not foresee major changes in Borg-Warner <BOR>
if GAF's 46 dlr-per-share offer to acquire Borg-Warner is
successful.
"We have great respect for Borg-Warner mangagement," Heyman
said, following a speech at the American Institute of Chemical
Engineers annual meeting. "We don't have any particular changes
in mind."
Earlier today, GAF announced that a 3.16-billion-dlr-offer
was presented to the board of directors of the Chicago-based
company.
Last week, GAF had purchased additional shares of the
company for 40-1/8 dlrs, increasing its stake in Borg-Warner to
19.9 pct.
In 1985, GAF made an unsuccessful effort to acquire Union
Carbide Corp for five billion dlrs, and has since expressed an
interest in acquiring a chemical company that would complement
its own chemical business.
When asked whether GAF would consider selling the
non-chemical assets of Borg-Warner if its takeover offer is
accepted, Heyman declined to comment.
He also refused to say whether GAF would consider
increasing its the dollar value of its takeover offer if the
initial proposal is rejected.
Heyman emphasized that he considered the GAF offer to
Borg-Warner to be a friendly one.
"We think we made a fair offer that is good for Borg-Warner
management and good for its shareholders," Heyman said.
In his speech, Heyman said he feared too many chemical
companies were attempting to specialize in the same high margin
niche products.
He said they were turning their backs on core commodity
chemical businesses.
Heyman said the chemical industry has taken a total of
seven billion dlrs in pre-tax writeoffs during the past two
years to trim balance sheets.
He predicted that the U.S. chemical industry, which
reported a total of 13 billion dlrs in 1986 profits, would see
a 20 pct gain in earnings this year because of increasing
exports, cheaper feedstock costs and the weakened U.S. dlr.
| Commodities and Trade |
TRANSWORLD LIQUIDATING <TWT> TO DISTRIBUTE
| Transworld Corp Liquidating Trust said
it expects to make an initial distribution to beneficiaries
valued at 20.10 dlrs per unit from the proceeds of the sale of
Hilton International Co.
The value of the distribution assumes yesterday's closing
price of UAL's common stock of 56.50 dlrs per share.
Earlier, UAL announced that it completed the purchase of
Hilton International Co for 835.7 mln dlrs in cash and 2.5 mln
shares of UAL Inc common stock.
Total value of the sale is about 977.2 mln dlrs, Transworld
said.
Pursuant to the sale, UAL exercised its option to
substitute cash for 200 mln dlrs of debentures and 55,493
shares of common stock, Transworld Liquidating said.
Each unit of beneficial interest in the trust will be
allocated 0.051675 shares of UAL common stock.
The aggregate value of the distribution is 975.8 mln dlrs.
The balance of the cash in the trust will be held by the Trust
until April 29 and will be used to satisfy all ouststanding
liabilities and obligations of the trust.
After satisfaction of its liabilities and obligations, the
trust would make a second distribution to its beneficiaries of
any remaining cash on or about April 29.
Trading in the beneficial interests, which are listed on
the New York Stock Exchange, will cease after today. In order
to receive the distribution, beneficiaries must surrender the
certificates representing their beneficial interests.
The trust was formed at year end 1986 to facilitate the
sale of Hilton International.
| Financial Reports |
MOBILE AMERICA CORP <MAME> YEAR END DEC 31
| Shr 2.25 dlrs vs 1.35 dlr
Net 1,199,791 vs 724,755
Revs 11.7 mln vs 9,105,952
| Corporate News |
U.S. SENATE PASSES HOUSING BILL
| The Senate passed a two year
extension of federal housing programs, including 15 billion
dlrs for lower income housing assistance over two years. The
vote was 71 to 27.
Total value of the bill was estimated at 31 billion dlrs.
The bill permanently extended the authorization for Federal
Housing Authority mortgage insurnce.
The bill also extended the urban development grant program,
the national flood insurance act, the rural housing program as
well as several other housing programs. The bill now goes to
the House.
| Other |
INTERNATIONAL DAIRY QUEEN <INDQA> 1ST QTR NET
| Ended February 28.
Shr 18 cts vs 13 cts
Net 1,706,601 vs 1,226,609
Rev 42.7 mln vs 36.3 mln
Avg shares 9,695,444 vs 9,537,043
NOTE: Company's full name is International Dairy Queen Inc.
| Financial Reports |
DE TOMASO INDUSTRIES INC <DTOM> YEAR NET
| Shr 2.90 dlrs vs 1.44 dlrs
Net 8,862,000 vs 4,391,000
Revs 221.6 mln vs 265.3 mln
NOTE: Translated from Italian lire in U.S. dollar
equivalents at the exchange rate prevailing at Dec 31, 1986.
| Financial Reports |
COLEMAN SEES 23 CTS A SHR 1ST QTR CHARGE FROM HEAT EXCHANGER REPLACEMENT PROGRAM
|
COLEMAN SEES 23 CTS A SHR 1ST QTR CHARGE FROM HEAT EXCHANGER REPLACEMENT PROGRAM
| Commodities and Trade |
FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE
|
FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE
| Corporate News |
U.S. CREDITS FOR ECUADOR SWITCHED TO VEG OIL
| The Commodity Credit Corporation
(CCC) switched five mln dlrs in credit guarantees to Ecuador to
provide for more sales of U.S. vegetable oil, the U.S.
Agriculture Department said.
The credit guarantees were previously earmarked for sales
of U.S. cotton, feedgrains and wheat.
The action reduces the guarantee lines previously
authorized for sales of cotton from 1.5 mln dlrs to 500,000
dlrs, for feedgrains from four mln to two mln and for wheat
from 45 mln dlrs to 43 mln dlrs and increases coverage for
vegetable oil sales from two mln to seven mln dlrs, the
department said.
| Other |
COLEMAN <CLN> SEES 1ST QTR CHARGE
| Coleman Co said it expects a
first-quarter charge against earnings of 1.6 mln dlrs, or 23
cts a share, as a result of its voluntary program to replace
condensing heat exchangers in its early Model 90 series
high-efficiency residential gas furnaces.
The company said extensive testing indicates a problem
found in the furnaces is not safety related. Coleman said it
noted an increasing number of heat exchangers in certain
furnaces made from March 1984 through December 1985 were
returned because of corrosion.
| Financial Reports |
PHILADELPHIA SUBURBAN <PSC> BUYS SOFTWARE FIRM
| Philadelphia Suburban Corp said
it acquired Mentor Systems Inc, a Lexington, Ky., computer
software company, for common stock.
Detailed terms were not disclosed.
Mentor specializes in public sector accounting systems. It
has 73 employees at its Lexington facility, four branch offices
in the Midwest and one in New York.
| Financial Reports |
PACIFIC GAS SAID ACCOUNTING CHANGE WILL REDUCE 1987 NET BY 470 MLN DLRS
|
PACIFIC GAS SAID ACCOUNTING CHANGE WILL REDUCE 1987 NET BY 470 MLN DLRS
| Corporate News |
TRIBUNE/SWAB-FOX COS INC <TSFC> 4TH QTR LOSS
| Shr loss 15 cts vs nil
Net loss 4,356,285 vs profit 300,000
Year
Shr loss 12 cts vs profit five cts
Net loss 2,744,826 vs profit 2,490,262
NOTE: 1985 earnings restated for discontinued operations
Per-share results reflect payment of preferred dividends
Company did not release revenues
| Corporate News |
BARRINGER RESOURCES INC <BARR> YEAR END DEC 31
| Shr profit 70 cts vs loss 33 cts
Net profit 2,598,000 vs loss 687,000
Revs 7,438,000 vs 6,467,000
NOTE: 1986 net includes 2,168,000 dlrs or 61 cts a share
for gain on cancellation of long-term debt through a debenture
offer.
| Financial Reports |
CONCORD FABRICS INC <CIS> 2ND QTR OPER NET
| Ended March one
Oper shr 47 cts vs 41 cts
Oper net 840,484 vs 732,000
Revs 36.6 mln vs 31.1 mln
Six mths
Oper shr 77 cts vs 75 cts
Oper net 1,379,453 vs 1,338,346
Revs 68.2 mln vs 58.5 mln
NOTE: Excludes net gain of 27,000 dlrs or 15 cts/shr in
current qtr and six mths from disposal of discontinued
operations.
Year-ago excludes loss of 54,808 dlrs or three cts in qtr
and 126,749 dlrs or seven cts in six mths from discontinued
operations.
| Financial Reports |
P.C. QUOTE INC <PCQT> YEAR LOSS
| Shr loss 30 cts vs loss 44 cts
Net loss 1,135,805 vs loss 1,461,792
Sales 3,398,893 vs 2,075,260
| Other |
<EXECUTIVE HOUSE INC> YEAR LOSS
| Shr loss 26 cts vs loss six cts
Net loss 535,110 vs loss 129,433
Revs 787,000 vs 622,130
| Financial Reports |
PAINE WEBBER RESIDENTIAL REALTY INC <PWM> DIV
| Qtrly 25 cts vs 16 cts
Pay March 30
Record March 13
NOTE: Prior qtr is for two months operation, October and
November and represents a parital dividend.
| Corporate News |
LORI CORP <LRC> 4TH QTR OPER NET LOSS
| Oper shr loss 14 cts vs loss 49 cts
Oper net loss 22,000 vs loss 441,000
Revs 22.6 mln vs 13.6 mln
Year
Oper shr profit 14 cts vs profit 47 cts
Oper net profit 1,952,000 vs profit 2,794,000
Revs 76.2 mln vs 56.4 mln
NOTE: 1986 4th qtr and year oper net excludes a loss of
54,000 dlrs for discontinued operations, and a a gain of
218,000 dlrs and 2,393,000 dlrs, respecitvely, for
extraordinary item.
1985 4th qtr and year oper net excludes a loss of 77,000
dlrs and about 54,000 dlrs, respectively, for discontinued
operations and a loss of 285,000 dlrs and a gain of 2,757,000
dlrs, respectively, for extraordinary item.
| Commodities and Trade |
HONDURAS SEEKING VESSELS FOR BULK WHEAT SHIPMENT
| Honduras will tender April 2 for
U.S. and non-U.S. flag vessels to import 19,369 tonnes of wheat
in bulk, an agent for the country said.
The agent said Honduras is seeking vessels to deliver
7,369 tonnes during a period that includes laydays of April
15-30, and 12,000 tonnes with laydays of May 15-30.
Offers are due no later than 1200 hrs EST, April 2, and
will remain valid through the close of business the following
day, the agent said.
| Financial Reports |
OTF EQUITIES INC <OTFE> 4TH QTR NET
| Shr profit 28 cts vs loss 32 cts
Net profit 1,190,000 vs loss 686,000
Revs 40.8 mln vs 2.2 mln
Year
Shr profit 20 cts vs loss 49 cts
Net profit 2,021,000 vs loss 1,162,000
Revs 103 mln vs 9.5 mln
Avg shrs 4,206,371 vs 2,124,967
| Corporate News |
DOME PETROLEUM LTD YEAR OPER SHR LOSS 6.94 DLRS VS LOSS TWO CTS
|
DOME PETROLEUM LTD YEAR OPER SHR LOSS 6.94 DLRS VS LOSS TWO CTS
| Commodities and Trade |
API SAYS DISTILLATE STOCKS OFF 2.52 MLN BBLS, GASOLINE OFF 260,000, CRUDE OFF 4.23 MLN
|
API SAYS DISTILLATE STOCKS OFF 2.52 MLN BBLS, GASOLINE OFF 260,000, CRUDE OFF 4.23 MLN
| Financial Reports |
OMNICOM GROUP <OMCM> SETS REGULAR PAYOUT
| Qtlry div 24.5 cts vs 24.5 cts
Pay April 6
Record March 16
| Corporate News |
SALEM CORP <SBS> 4TH QTR LOSS
| Shr loss 1.82 dlrs vs loss 16 cts
Net loss 2,285,000 vs loss 264,000
Revs 23.0 mln vs 14.6 mln
Year
Shr loss 1.59 dlrs vs profit seven cts
Net loss 2,467,000 vs profit 112,000
Revs 77.3 mln vs 75.8 mln
NOTE: Includes loss of 1.1 mln dlrs or 70 cts/shr from
asset writedowns and cost reductions.
| Corporate News |
CONSUMERS POWER SEES ONE-TIME 1ST QTR LOSS OF SEVEN CTS/SHR FROM SUIT
|
CONSUMERS POWER SEES ONE-TIME 1ST QTR LOSS OF SEVEN CTS/SHR FROM SUIT
| Financial Reports |
DOME PETROLEUM TAKES 1986 WRITEDOWNS TOTALLING 2.08 BILLION DLRS
|
DOME PETROLEUM TAKES 1986 WRITEDOWNS TOTALLING 2.08 BILLION DLRS
| Financial Reports |
DOME PETROLEUM LTD <DMP> YEAR LOSS
| Shr loss 6.94 dlrs vs loss two cts
Net loss 2.20 billion vs profit 7.0 mln
Revs 1.55 billion vs 2.44 billion
Note: 1986 shr and net include writedowns totalling 2.08
billion dlrs before a reduction in deferred income taxes of 571
mln dlrs. Net also includes 214 mln dlrs in accumulated foreign
exchange losses
Canadian funds
Note continued: shr after preferred dividends
| Financial Reports |
U.S. STEELMAKERS, UNION SEEK RENEWED IMPORT CURB
| The U.S. specialty steel industry
and its union said they will seek a three-year extension of
President Reagan's import restraint program to give the
industry more time to restore competitiveness.
They said they will tell the U.S. International Trade
Commission (ITC) Thursday that "termination will have disastrous
consequences for American companies and workers."
The current four-year voluntary program reached with
foreign exporters ends this summer and the ITC must advise
President Reagan on the economic effect of its termination.
The Specialty Steel Industry of the United States and the
United Steelworkers Union said in statement that imported steel
was still flooding the domestic market and continued curbs were
needed to restore the industry's health.
Reagan is to decide by July 19 whether to renew the
restraint program.
| Financial Reports |
HOLDER COMMUNICATIONS <HOLD> TO BUY FIVE FIRMS
| Holder Communications Corp said it
agreed to buy five privately held companies with combined 1987
revenues expected to be about 25 mln dlrs.
Holder plans to issue 32 mln common shares to buy the
Nashville-based companies, all of which are owned by Jack
Norman and Joe Shaw, their families and employees.
The companies include radio stations WKXC-AM and WWKZ-FM,
which operate in the New Albany/Tupelo, Miss., market, and
General Masonry Inc, a contractor in the Southeast.
The acquisitions are subject to approval by Holder
shareholders and the Federal Communications Commission.
| Financial Reports |