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TOKYO BIDS TO STOP CHIP ROW BECOMING TRADE WAR
| Japan is seeking to prevent its computer
chips dispute with the U.S. From erupting into a full-scale
trade war, government officials said.
"We hope that the dispute on this specific issue won't have
an adverse effect on our overall relationship with the United
States," a Ministry of International Trade and Industry (MITI)
official said.
On Friday, Washington announced plans for as much as 300
mln dlrs in tariffs on Japanese electronic goods for Tokyo's
alleged failure to live up to a bilateral computer chip pact.
That agreement, reached last year after heated
negotiations, called on Japan to stop selling cut-price chips
in world markets and to buy more American-made semiconductors.
Foreign Ministry officials immediately tried to isolate the
fall-out from the dispute by seeking to separate it from Prime
Minister Yasuhiro Nakasone's planned trip to Washington at the
end of April.
While Japan has already done about all it can to make sure
the chip pact is working, the government is studying measures
it can take in other fields to defuse American anger and ensure
the trip's success, they said.
"The perception of Japan in the (U.S.) Congress is very bad,"
one official told Reuters. "We would very much like to do
something to respond to that."
In an apparent effort to prevent the chip dispute from
spreading to other areas, MITI officials sought to depict the
U.S. Action as a severe warning to Japanese semiconductor
makers, not to the government.
Faced with a belligerent domestic chip industry and an
angry American Congress, the Japanese government has been
forced to walk an increasingly fine line in the semiconductor
dispute, trade analysts said.
They said that it was an open secret that Japan's largest
chip maker, NEC Corp, was not happy with what it viewed as the
draconian measures MITI was taking to implement the pact,
included enforced production cuts.
The angry response of Japanese chip makers yesterday to the
announcement of the U.S. Tariffs highlighted the difficulties
the government faces in taking further action.
"Japanese semiconductor manufacturers have complied with the
U.S./Japan agreement," said Shoichi Saba, Chairman of the
Electronic Industries Association of Japan.
He accused the U.S. of being "irrational." He said the U.S.
action had made the bilateral chip pact "meaningless."
Saba's comments contrasted with those of Prime Minister
Yasuhiro Nakasone, who said Tokyo wanted to solve the dispute
through consultations.
Japan is expected to send a high-level official to
Washington early next month to try to convince the U.S. Not to
go ahead with the tariffs on April 17.
Trade analysts say Tokyo is likely to outline industry
plans to step up purchases of U.S. chips and to propose a joint
investigation into U.S. allegations of chip dumping.
| Financial Reports |
FED EXPECTED TO ADD TEMPORARY RESERVES
| The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
They expect it to supply the reserves indirectly by
arranging 1.5 to two billion dlrs of customer repurchase
agreements. The Fed may add the reserves directly instead via
System repurchases.
Federal funds, which averaged 6.18 pct yesterday, opened at
6-3/16 pct and stayed there in early trading. Analysts said the
rate is under upward pressure partly from settlement of 8.25
billion dlrs of five-year Treasury notes.
| Corporate News |
U.S. APPEARS TO TOLERATE FURTHER DLR DECLINE
| In a bid to hasten Japan's promise
to speed up its economic growth and open markets to foreign
trade, top U.S. officials appear once again to have signaled
their tolerance of a lower dollar.
Treasury Secretary James Baker and one of his top aides,
Assistant Secretary David Mulford, said last week there was no
target for the dollar, a statement that sent the yen soaring
against the dollar, despite massive central bank intervention.
"That was no slip of the tongue," said one western monetary
official, who asked not to be identified.
For now, the strategy appears to be working. Japanese
officials said late last week a package to bolster domestic
demand will be ready in early April. Until last week, there
were few indications the package would be ready anytime soon.
The Reagan administration, facing an uproar in Congress
over the apparent lack of progress in cutting the 169.8 billion
dlr trade deficit, is learning now that to extract results from
Japan, dramatic action is required.
Last week the White House imposed unprecedented tariffs on
certain Japanese electronic goods after Tokyo failed to adhere
to a semi-conductor pricing accord between the two countries.
The shift in U.S. strategy, in part designed to appease
mounting Congressional anger over Japanese policies, comes just
two weeks before industrial nations reconvene here to review
the Paris agreement to stabilize currencies.
And news that Japan earned a record 18 billion dlr trade
surplus in the first two months this year just underscored the
need for urgent action, in the view of U.S. officials.
Nonetheless, U.S. officials see signs of improvement in the
deficit. "I'd be stunned if we were not going to derive some
benefits (from the lower dollar) soon," said one.
In Paris, leading industrial nations agreed to cooperate
closely to foster currency stability within ranges reflecting
"underlying economic fundamentals" or economic reality.
The agreement envisages those fundamentals to include Japan
and West Germany stimulating their economies and the United
States cutting its budget deficit.
The three nations, joined by France, Britain and Canada,
agree these policies are essential to redress huge global trade
imbalances.
But analysts say markets have signalled the underlying
fundamentals imply a lower dollar, rather than a stable one.
Markets, in effect, are less confident than governments
that these measures -- including U.S. budget deficit cuts
agreed by Congress and the White House --will be carried out.
Nonetheless, the dollar's sharp fall has not undermined
cooperation. A U.S. economic policymaker said the accord was on
track and Tokyo and Bonn seem "to want more stimulative measures
which is what the Paris accord calls for."
International monetary sources said exchange market
developments generally have not unsettled policymakers,
although Japan is an obvious exception. "Everybody feels it can
still be managed," one source said of market developments.
But last week, the Bank of Japan spent an estimated five
billion dlrs intervening to halt the rise in the yen, and other
central banks about one billion dlrs.
Another monetary source said Japan was upset with America's
half-hearted attempt to halt the falling dollar, flouting the
Paris accord outright.
The source, close to the top levels of Japanese economic
policymaking, said Japan's understanding of the accord was that
the yen would be kept at around 154 to the dollar, the level it
stood at when the accord was struck.
The source said Tokyo was extremely worried by Washington's
use of the exchange rate to change Japanese policies. It was a
"pointed reminder" to Japan to do something about the trade
issues, the source said of the dollar's fall against the yen.
By departing last Sunday from the language of the Paris
accord -- that nations agreed to foster currency stability
around current levels -- Baker triggered a run on the dollar.
Later in the week, Mulford too said there was no target for
the dollar and called on Japan and West Germany to live up to
their international responsibilities and stimulate growth.
But U.S. officials said recent market developments will not
unravel the spirit of the Paris agreement.
"There's a realisation now that you cannot leave things
alone, everyone agrees that the external (trade) imbalances
ought to be adjusted," one official said.
"While no-one is going to cede national sovereignty, we
certainly seem to be moving towards much closer co-operation,"
another U.S. official said.
The officials said the meeting here, where the six will be
joined by Italy, will be a status report.
"Japan will have to explain what the state of their program
is and Germany will report on its plans. Maybe there's a need
to move faster," one source said.
Mulford told Congress last week the Paris accord called, in
effect, for currency stability for several months. This would
buy time for Japan and West Germany to speed up their economic
growth and help bring down the U.S. trade deficit.
His comments appeared to serve notice on other major
nations that Washington cannot wait too long for action to
reduce the gap between the Japanese and German trade surpluses
and the U.S. trade deficit.
| Financial Reports |
BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE
| The United States and Japan will
soon settle their trade dispute over semiconductors, U.S.
Commerce secretary Malcolm Baldrige said on television.
Baldrige, referring to the U.S.-Japan trade agreement on
semiconductors, said: "Their government wants to live up to it.
Their industries haven't been doing it, and I think we'll have
a good settlement to spare both sides."
"I think the Japanese understand full well that they haven't
lived up to this commitment," he said.
He added: "I do not think there will be a trade war at all."
On Friday, Washington announced plans to put as much as 300
mln dlrs in tariffs on Japanese electronic goods from April 17,
because of Tokyo's failure to observe the agreement.
The officials said the tariffs would be ended as soon as
Japan started adhering to the agreement. But they said there
was little chance Japan could react quickly enough to avert the
higher tariffs.
Baldrige said the Reagan administration hoped the strong
U.S. Action against Japan would convince Congress to tone down
protectionist trade legislation now being drafted.
He denied the action had been taken for that reason.
| Financial Reports |
U.S. BANKER PREDICTS FURTHER DOLLAR FALL THIS YEAR
| A leading U.S. Banker said the dollar
was likely to fall another five to 10 pct this year and an
improvement in the huge American trade deficit would be only
temporary at current world exchange rate levels.
Kurt Viermetz, worldwide treasurer of Morgan Guaranty Trust
Co, told Arab currency traders meeting here that the steady
depreciation of the dollar had not gone far enough to rein in
U.S. deficits on a lasting basis.
| Corporate News |
INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>
| An investor partnership, seeking to
acquire GenCorp Inc, said it would attempt to unseat the
company's board of directors and take other hostile actions if
the firm refuses to discuss its 2.3 billion dlr takeover bid.
General Acquisition Co, comprising investors Wagner and
Brown and glass-maker AFG Industries, also reiterated its
willingness to negotiate with Gencorp.
The partnership has earlier offered 100 dlrs per share for
GenCorp -- a tire, broadcasting, plastics and aerospace
conglommerate.
Analysts have speculated that GenCorp, on a break-up basis,
could fetch more than 110 to 120 dlrs per share.
GenCorp officials had no comment on General Acquisition's
statement but a spokesman reiterated an earlier request to
shareholders to wait until its board renders an opinion before
making a decision on the General Acquisition tender.
Gencorp said its statement would be made on or before the
company's annual meeting, scheduled for Tuesday.
General Acquisition made its statement in a letter sent to
the GenCorp board on Friday.
The partnership said it was willing to negotiate all points
of its offer, including price.
The group the board cannot fully carry out its fiduciary
duties to GenCorp shareholders and make a fully informed
decision about its offer until it has "thoroughly explored with
us the ways in which our offer can be revised to provide
greater value to your shareholders."
General Acquisition said it is aware the board may be
reviewing alternative transactions which might provide GenCorp
shareholders with a payment other than cash.
"If that is the case, you should recognize that our
additional equity capital may very well enable us to offer cash
and securities having greater value than GenCorp could provide
in any similarly structured transaction," the partnership said.
General Acquisition also said it believes that GenCorp's
board has an obligation to present any alternative transaction
it may propose to shareholders in a manner that would allow for
competing offers.
The partnership requested that if any other proposal is
under consideration that it be given the same information
available to GenCorp's managers and advisers in constructing a
proposal.
General Acquisition said that if GenCorp agrees to accept
another buyout proposal that it also be given an opportunity to
bid on a competitive and fair basis before any final decision
is made.
General Acquisition repeated its request that GenCorp
remove its "poison pill" or shareholders rights plan.
General Acquisition said if GenCorp does not allow an
"environment for fair competition," it will take all steps
necessary to create such an enviroment.
It said it may take legal action or seek the support of
shareholders in calling a special meeting to replace the board
and to consider other proposals it might develop.
General Acquisition also said if the board decides to
accept an alternate proposal it asked that it not accept a plan
that would include defensive features.
| Financial Reports |
UNITED BANKS COLORADO <UBKS> ACQUISITION CLEARED
| United Banks of Colorado Inc said it has
received Federal Reserve Board approval to acquire IntraWest
Financial Corp <INTW> in an exhcnmage of 0.7234 United share
for each IntraWest share.
The company said the acquisition is still subject to 30-day
review by the U.S. Justice Department and is expected to be
completed in the second quarter.
| Financial Reports |
SUFFIELD'S <SSBK> COASTAL <CSBK> BUY CLEARED
| Suffield Financial Corp said it
has received approvcal from the Maine Bureau of Banking for its
proposed acquisition of Coastal Bancorp of Portland, Maine, and
the acquisition is expected to close around April One.
The approval was the last regulatory clearance required for
the transaction.
| Market and Economy |
MARKETING SYSTEMS <MASY> SEEKS ACQUISITIONS
| Marketing Systems of America Inc
said it has retained Richter, Cohen and Co to assist in efforts
to redirect its business through merger or acquisition.
The company said as consideration for services to be
renedered, it has agreed to grant Richter five-year warrants to
buy 231,000 common shares at 32 cts each, exercisable starting
in March 1988, and a negotiated fee on completion of any
transaction. It said it has the right to cancel the warrants
after one year if no transaction has been completed.
| Financial Reports |
EC INDUSTRY OUTPUT GROWTH SLOWS IN 1986
| European Community industrial output
increased by an average of around two pct last year, compared
with 3.3 pct growth recorded in 1985 against a year earlier,
the EC statistics office Eurostat said.
Growth was highest in Portugal at five pct, while in Greece
output contracted by 0.3 pct, Eurostat said in a statement.
Eurostat noted output growth also fell in the U.S. And
Japan. U.S. Production increased 1.1 pct after 2.0 pct in 1985,
while in Japan output contracted by 0.5 pct after rising 4.5
pct a year earlier.
Eurostat said EC industrial production in December rose 3.1
pct compared with 12 months earlier but added that after
adjustment for seasonal factors, output growth had been clearly
slowing down since the beginning of the summe
| Financial Reports |
ORACLE SYSTEMS <ORCL> FILES FOR OFFERING
| Oracle Systems Corp said it has
filed for an offering of 2,300,000 common shares, after
adjustment for a recent two-for-one stock split, including
800,000 to be sold by shareholders.
The company said lead underwriters are Alex. Brown and Sons
Inc <ABSB> and <Donaldson, Lufkin and Jenrette Securities
Corp>. The offering is expected to be made in early April,
with company proceeds used to repay all short-term debt, for
working capital and for possible acquisitions.
Oracle said after the offering it will have about 28.5 mln
shares outstanding.
| Corporate News |
SKANSKA TO TAKE STAKE IN CANADIAN FIRM
| Swedish construction and real estate
company Skanska AB <skbs.St.> said it will sell its 49 pct
holding in Canadian building firm <Canadian Foundation Company
Ltd> to rival <Banister Continental Ltd>.
A company spokeswoman told Reuters Skanska will receive
Banister shares as payment, giving the Swedish group 15 pct of
the stock in the expanded Banister firm.
She said Skanska will also be appointing two board members
to the Canadian company.
| Corporate News |
U.K. MONEY MARKET GIVEN 129 MLN STG ASSISTANCE
| The Bank of England said it had provided
the money market with assistance worth 129 mln stg in the
afternoon session. This compares with the Bank's forecast of a
shortage in the system today of around 100 mln stg.
The central bank purchased 129 mln stg bank bills in band
one at 9-7/8 pct.
| Financial Reports |
GREECE SCRAPS U.S. BASE CLOSURE REQUEST
| Prime Minister Andreas Papandreou has
withdrawn a request to Washington to suspend operations at an
American army base near Athens as a Greek-Turkish row over oil
rights in the Aegean eased.
A Turkish research ship which Greece had threatened to
tackle if it sailed into disputed waters in the Aegean Sea kept
to Turkish territorial waters yesterday, avoiding a potential
clash.
Papandreou expressed qualified optimism after briefing
opposition leaders on Aegean developments early yesterday.
The Greek government later withdrew Friday's request to
Washington to close down its telecommunications base at Nea
Makri, north of Athens, saying that the reasons which had
prompted it to make the request were no longer valid.
Under the terms of the U.S.-Greek bases accord, Greece has
the right to ask for suspension of operations at times when its
national interests are threatened.
The row in the Aegean erupted after Turkey said it would
search for oil round three Greek islands off its coast
following an announcement from Greece that it planned to drill
east of Thassos island after taking control of a Canadian-led
oil consortium operating in the northern Aegean.
Turkey accused Greece of breaching the 1976 Berne Agreement
under which both sides agreed to preserve the status quo in the
Aegean until their continental shelf dispute was settled.
Athens says it considers the accord inactive.
The Turkish Foreign Ministry said in a statement it had
received an assurance from Greece that it would not carry out
oil activities outside its territorial waters. Greece declined
comment on the statement.
Papandreou repeated an invitation to Turkey to take the
long-standing continental shelf dispute to the International
Court of Justice at The Hague.
Conservative opposition leader Constantine Mitsotakis said
he had urged Papandreou to accept an offer from NATO General
Secretary Lord Carrington to help resolve the row.
| Financial Reports |
MERIDIAN BANCORP INC <MRDN> SETS REGULAR PAYOUT
| Qtly div 25 cts vs 25 cts prior
Pay April one
Record March 15
| Corporate News |
LSB INDUSTRIES INC <LSB> 4TH QTR NET
| Shr profit five cts vs loss 2.11 dlrs
Net profit 375,061 vs loss 10.4 mln
Revs 39.9 mln vs 37.8 mln
Avg shrs 6,536,008 vs 4,939,895
12 mths
Shr profit 47 cts vs loss 3.37 dlrs
Net profit 2,837,288 vs loss 16.6 mln
Revs 169.1 mln vs 149.4 mln
Avg shrs 6,037,640 vs 4,937,378
NOTE: primary earnings per share are based on the weighted
average number of common and dilutive common equivalent shares
outstanding during each period after accounting for preferred
stock dividends.
The qtr and year 1985 includes a 6,000,000 provision for
restructuring costs related to the sale of its Energy business
and parts of its Bearing business.
The qtr and year 1986 includes charges of 1,200,000 and
5,200,000, respectively, for restructuring costs and operating
losses which were charged against the previously provided
accruals for restructuring costs.
The qtr and year 1986 includes deferred income taxes of
244,000 and 785,000, respectively.
Year net 1986 includes operations of Friedrich Climate
Master Inc, which the company acquired in August 1985, for the
full period, while the comparable period for 1985 includes only
operations from August 16, 1985, to Dec 31, 1985.
Third qtr 1986 Includes extraodinary tax gain of 270,000
from early extinquishment of certain drafts payable.
| Financial Reports |
PANAMA SUGAR VESSEL SAFELY DOCKED AT GREENOCK
| The Panamanian motor vessel Northern 1,
4,217 dwt, was safely towed into Greenock over the weekend
after having its crankshaft broken off the Scottish coast
during severe weather, Lloyds Shipping Intelligence said.
Northern 1 was loaded with 3,000 tons of sugar from
Demerara.
| Financial Reports |
JAPAN SET TO RIDE OUT YEN RISE, OFFICIALS SAY
| The government is determined to ride out
the latest sharp rise of the yen without taking panic measures
because it expects the currency's appreciation to prove
temporary, senior officials said.
"The market has already located a ceiling (for the yen) and
market forces are pushing the dollar back up a bit," one senior
Finance Ministry official said.
He attributed the dollar's fall in recent days to special
factors, in particular, selling by Japanese investors ahead of
the March 31 end to their fiscal year.
That selling largely came to an end this morning after
about one hour of trading here, the senior official said. "They
(the investors) became more or less quiet after 10 o'clock
(0100 GMT)," he said.
After falling to a record low of 144.70 yen this morning,
the dollar edged back up in late trading to end at 146.20.
Dealers attributed the late rise to remarks by Prime Minister
Yasuhiro Nakasone that major nations had agreed to stabilise
the dollar above 150 yen.
Several officials said they did not see any fundamental
reason for the dollar's recent sharp fall.
One official even called the market's recent actions
irrational. If anything, the U.S. Decision to slap tariffs on
Japanese electronics goods should support the dollar against
the yen because it will cut Japanese exports to the U.S., He
said.
As a result, several officials said they saw no reason to
alter the broad thrust of government policy agreed to at last
month's meeting of major nations in Paris.
"We don't see any substantial reason to change our policy
stance," one senior official said.
| Financial Reports |
SAGE ANALYTICS <SAII> SETS STOCK SPLIT
| Sage Analytics International Inc
said its board has declared a three-for-two stock split,
payable June 22 to holders of record on June Eight.
The company also said it will redeem warrants till
outstanding on June Two at 10 cts each. Each two warrants
allow the purchase of one common share at six dlrs through June
One. There are presently 800,000 warrants outstanding.
| Financial Reports |
H.K. DEALERS SAY NAKASONE G-6 COMMENT TOO LATE
| Remarks by Japan's Prime Minister
Yasuhiro Nakasone that last month's G-6 meeting agreed to
stabilize the dollar above 150 yen have come too late to
influence currency trading, dealers said.
After Nakasone's statement the dollar rose to 146.40/50 yen
from an initial low of 144.20/40 and New York's Friday finish
of 147.15/25. But the rebound was largely on short-covering,
they said.
"I think (Nakasone's) desperate," said a U.S. Bank foreign
exchange manager.
Nakasone told a Lower House Budget Committee in Parliament
that Japan and other industrialized nations committed
themselves in Paris last month to stabilize the dollar above
150 yen.
Finance Minister Kiichi Miyazawa told the same committee
that the six - Britain, Canada, France, Japan, the U.S. And
West Germany - had intervened aggressively since the dollar
fell below 150 yen.
"His (Nakasone) remarks should have been made and should
have had a bigger influence when the dollar was still above 150
yen," said P.S. Tam of Morgan Guaranty Trust.
Tam said the dollar has hit short-term chart targets and
is likely to rebound. But he warned of another dip to below 145
yen.
Dealers said the worsening trade relations between the U.S.
And Japan will continue to depress the dollar.
The trade issue has now become a political issue since the
Reagan Administration is facing uproar in Congress over
th3pYgks in cutting the country's 169.8 billion dlr trade
deficit, they said.
| Financial Reports |
JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS
| A Finance Ministry official said the
ministry has recently conducted a survey on foreign exchange
transactions by institutional investors but declined to say if
it was aimed at moderating their dollar sales.
However, financial market sources said they had heard the
ministry has asked life insurance and securities firms to
refrain from selling dollars, but they were unable to confirm
this directly.
Dealers said life insurance firms were not major sellers of
dollars in recent trading sessions because they had already
sold them to hedge risks.
Dealers said securities houses and trust banks on the other
hand have aggressively sold the dollar.
| Financial Reports |
JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS
| The dollar's tumble to a record low of
144.70 yen in Tokyo today motivated some major Japanese
investors to lighten their U.S. Bond inventory further and is
expected to spur diversification into investment assets
including foreign and domestic shares, dealers said.
The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low
of 96.08-12 in early Tokyo trade against the 98.05-06 New York
finish, then recovered to 96.20-22.
Some trust bank pension fund acccounts and investment
trusts were seen selling several hundred million dollars on the
foreign exchange market here today, accentuating the unit's
tumble, securities house dealers said.
They seem undecided on what to do with the fresh yen cash
positions resulting from their dollar sales today, and are
sidelined until the currency market stabilises and the interest
rates outlook clarifies, a Nikko Securities Co Ltd currency
trader said.
The dollar's plunge and low yields on U.S. Bonds will
further promote diversification into other foreign investments,
as well as call back funds into the domestic bond and stock
markets from overseas bond markets, securities bond managers
said.
They said major Japanese investors in the past two years
are estimated to have held 50 to 80 pct of their foreign
portfolios in U.S. Bonds but many have lightened their U.S.
Bond inventory to as low as 40 pct.
Since late last year, Japanese investors, seeking
substantial liquidity and attractive yields, have used fresh
funds to buy mark and Canadian dollar bonds and, after the
Paris currency pact, actively bought French franc bonds and
gilts while gradually lightening U.S. Bond inventories, the
managers said.
Dealers said funds tied up in foreign assets had flowed
into local bond and stock markets as well.
The yield of the key 5.1 pct 89th bond dropped to a record
low of 4.080 pct today from the 4.140 Saturday finish and
compared with 4.25 pct on three-month certificates of deposit.
The key bond has fluctuated less than five basis points for
more than a month here, suggesting most dealers could not
satisfy their needs for capital gains, dealers said.
A market survey by Reuters showed some active accounts in
U.S. Treasuries are currently dealing on Tokyo's stock market.
The stock market's bullishness late last week was partly due to
funds transferred from U.S. Treasuries, dealers said.
Japanese net purchases of foreign securities in the first
half of March fell an estimated one billion dlrs compared with
average monthly net purchases of 7.7 billion for the whole of
1986, Finance Ministry sources said.
The steep fall is due to Japanese investors' cool attitude
towards U.S. Bonds, which had amounted to more than 80 pct of
total foreign securities purchased, securities houses managers
said.
Foreign stock buying in March is expected to exceed the
record high of 1.5 billion dlrs seen in December, they said.
"Diversification of foreign portfolios is underway and we
have bought bonds in currencies such as marks, the Canadian
dollar, the ECU and French franc," a fund manager at <Yasuda
Trust and Banking Co Ltd> said.
| Financial Reports |
PERU ANNOUNCES LARGE NEW GOLD FIND
| President Alan Garcia said Peru has found
gold deposits worth an estimated 1.3 billion dlrs in a jungle
region near the Ecuadorean border about 1,000 km north of here.
He told reporters yesterday the deposits, located at four
sites near the town of San Ignasio, contained the equivalent of
100 tonnes of gold.
Garcia said the government would soon install a two mln dlr
treatment plant at Tomaque. It will extract enough ore to
provide an estimated 25 mln dlr profit by the end of this year,
he added.
Garcia said the other gold-bearing deposits are located at
Tamborapa, Pachapidiana, and a zone between the Cenepa and
Santiago rivers.
| Financial Reports |
NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE
|
NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE
| Corporate News |
CANADIAN WORLDWIDE ENERGY BUYS TRITON<OIL> UNIT
| <Canadian Worldwide Energy
Ltd> said it acquired Triton Energy Corp's wholly owned
Canadian subsidiary, Triton Petroleum Ltd, for the issue of
3.75 mln common shares of Canadian Worldwide, subject to
regulatory approvals.
The company said the transaction will increase Triton
Energy's holding in Canadian Worldwide to 13.25 mln shrs or a
60 pct fully diluted interest from 9.5 mln shares.
Triton Petroleum's assets consist of proven oil reserves of
1.3 mln barrels, exploratory acreage, and unspecified working
capital and a significant tax loss carryforward.
Canadian Worldwide said it is optimistic the Triton
Petroleum Ltd acquisition will strengthen its financial and
production base and permit acceleration of its conventional oil
exploration program.
| Market and Economy |
CLABIR <CLG> DIVIDENDS NOT TAXABLE
| Clabir Corp said it has
determined all dividends paid on its Class A common in 1986 are
not taxable as dividend income.
While this is a preliminary estimate, the company said, it
may be used by shareholders when preparing 1986 income tax
returns.
| Other |
MORE GOLD DETECTED AT DOYON MINE
| Lac Minerals Ltd and Cambior Inc said
they completed a second hole at their jointly owned Doyon mine
in Quebec, which showed two significant gold intersections.
One intersection graded 0.33 ounce gold per short ton over
44 feet at depth of 1,411 feet, while the other graded 0.22
ounce gold per ton over 23 feet at 2,064 feet, the companies
said. The hole is 460 feet east of the previously reported
first hole.
Another hole is being drilled 460 feet to the west of the
first drill hole and results are expected in late March or
early April.
| Financial Reports |
LENNAR <LEN> SEES STRONG EARNINGS FOR 1987 YEAR
| Lennar Corp chairman and president,
Leonard Miller, said the current backlog of orders and the
strong economy point to strong revenues and earnings for the
balance of fiscal 1987.
He said the company's backlog of sales deposits on Feb 28
was 2,416, an increase of 976 units over the previous year.
Lennar recorded net earnings for the first quarter 1987 of
4,403,000, or 51 cts per share, compared to 1,775,000, or 20
cts per share the prior first quarter. It recorded net earnings
of 12.5 mln dlrs, or 1.43 dlrs per share, for fiscal 1986.
The company also said that at its April 29 annual meeting,
shareholders will vote on increasing the company's authorized
common stock to 45 mln shares from 15 mln. This will include 30
mln shares of common stock and 15 mln shares of class B common
stock, it added.
Those shareholders who elect to convert their shares into
class B stock will be entitled to 10 votes per share while
other shareholders will retain one vote per share, Lennar said.
The company said if this is approved, it intneds to pay
holders of Class B stock a quarterly cash dividend of five cts
per share and holders of the other common stock a quarterly
cash dividend of six cts per share.
| Commodities and Trade |
YUGOSLAV TRADE FALLS SHARPLY STATISTICS SHOW
| Yugoslav trade is declining rapidly
this year in hard currency terms, according to the latest
Federal Statistics Office (FSO) figures.
The FSO figures showed total exports from January 1 to
March 23 valued at 875.59 billion dinars, compared with 667.18
billion dinars in the same period last year.
These figures were down by 12.5 pct on last year in dollar
terms due to exchange rate fluctuations and changes in how the
figures were calculated, FSO sources said.
This year current exchange rates were used for the first
time instead of a fixed rate of 24.53 dinars to the dollar.
BELGRADE, March 30 - Yugoslav trade is declining rapidly
this year in hard currency terms, according to the latest
Federal Statistics Office (FSO) figures.
The FSO figures showed total exports from January 1 to
March 23 valued at 875.59 billion dinars, compared with 667.18
billion dinars in the same period last year.
These figures were down by 12.5 pct on last year in dollar
terms due to exchange rate fluctuations and changes in how the
figures were calculated, FSO sources said.
This year current exchange rates were used for the first
time instead of a fixed rate of 24.53 dinars to the dollar.
| Corporate News |
WALBRO <WALB> SEES STRONG 1ST QTR RESULTS
| Walbro Corp said it expects
its first-quarter results to reach "all-time highs."
It projected sales exceeding 32 mln dlrs, or up 21 pct from
the 26,488,000 dlrs reported for the 1986 first quarter. It
said the previous high for a single quarter was 27,179,000 dlrs
for the 1986 fourth quarter.
Walbro estimated income for the quarter will exceed
first-quarter 1986 income, which was 1,953,000 dlrs, or 66 cts
a share, by at least 40 pct. It said the first quarter of 1986
had been the previous income record for a single quarter.
Walbro cited strong demand for its fuel systems products,
especially automotive electronic fuel injection components and
carburetors for lawn and garden applications.
However, it said it is unlikely the company will sustain
the same record pace of sales and income throughout 1987, due
to an expected reduction in throttle body sales.
"It now appears likely that the company's throttle body
business with General Motors Corp <GM> will peak in the first
six months of 1987, continue at reduced levels to July 1988 and
suffer an interruption for the period from July 1988 to July
1989," Walbro added.
| Commodities and Trade |
CANADA GDP UP 0.1 PCT IN JANUARY
| Canada's gross domestic product rose 0.1
pct, seasonally adjusted, in January after gaining 1.0 pct in
December but falling 0.1 pct and 0.3 pct in November and
October, Statistics Canada said.
January's rise, in 1981 prices, was fueled largely by a 0.5
pct gain in the goods producing sector. Output in
services-producing industries declined 0.1 pct from December's
level.
January's level was 1.29 pct higher than the same month a
year ago.
The federal agency said it was the second straight gain for
goods producing industries. Most of the growth occurred in
manufacturing and construction.
Within manufacturing, strong gains were posted in the wood,
machinery, non-metallic mineral and food product groups.
Significant declines were recorded in the output of automobiles
and parts, however.
In the services sector, increases in finance, insurance and
communication were more than offset by declines in
transportation, storage and the retail trade.
| Corporate News |
SRI LANKA APPEALS FOR DROUGHT RELIEF AID
| Sri Lanka has appealed to 24 countries
for emergency aid to help 2.4 mln villagers affected by the
country's worst drought in 36 years, government officials said.
Embassies received letters over the weekend outlining aid
needed for a sixth of Sri Lanka's population in 13 districts.
The letter said the government had to step in "to avert
serious economic hardship" and because the Social Services
Ministry had already used up its entire 1987 budget provision
of 23 mln rupees by distributing help to the worst hit areas.
The letter said 548.76 mln rupees were needed for a six
month period, at least until the May-September (Yala) rice crop
was harvested. Over 25,000 tonnes of wheat, rice, flour and
other cereals were required, it said, along with supplies of
sugar, lentils, dried or canned fish and milk.
In some of the most seriously affected districts, the Maha
(October 1986-April 1987) crop had been "almost completely
devastated," the letter said. Maha paddy output was now
estimated at 70 mln bushels, 20 mln less than originally
expected.
There were two scenarios for the Yala crop, with a high
forecast of around 40 mln bushels conditional on adequate
rainfall within the next three to four weeks.
"Should the present drought continue, however, production is
estimated at around 20 mln bushels," the letter added.
Total estimated paddy output for 1987 would be between 90
and 110 mln bushels, or 1.35 to 1.65 mln tonnes of rice. Last
year's output was 124 mln bushels, down from 127 mln in 1985.
The letter said villagers in most seriously affected
districts had been deprived of any means of subsistence because
subsidiary crops had also failed.
It said the government's current budget did not permit it
to provide sustained and adequate relief to those affected.
"Revenue has been adversely affected by depressed commodity
prices and slowing of the economy. Defence commitments continue
to exert pressure on the expenditure side."
The 548.76 mln cash would cover payments of 150 rupees per
month for each family, as well as handling, transport and
distribution of emergency food. But such an outlay of funds by
the government would not be possible without seriously
impairing development projects, or "greatly fuelling inflation"
in the economy, the letter said.
The letter said the Food Department would be able to
release wheat and rice from the buffer stock to meet the
immediate cereal requirements "provided such stocks are replaced
subsequently."
The Meteorological Department said the country was
experiencing its worst drought since 1951 and the four-month
dry spell prevailing in most of the areas would only break when
the monsoon rains fell in late May.
The letter said some areas had been experiencing the
drought since August, and in the rice growing district of
Kurunegala there had been no effective rainfall since June
1986.
| Financial Reports |
MOBIL FRANCE TO TAKE 10 PCT STAKE IN PRIMAGAZ
| Mobil Corp's <MOB> Mobil Oil Francaise
unit said it will take a stake of about 10 pct in the French
butane and propane gas distribution company <Primagaz> in
exchange for the transfer to Primagaz of Mobil's small and
medium bulk propane activity.
Small and medium bulk propane sales totalled 55,000 tonnes
in 1986 and the transfer will increase total business of
Primagaz by about 12 pct, equal to 32,000 extra customers.
A Primagas spokesman said Mobil will take the stake by
means of a capital increase, terms of which have not yet been
established.
| Other |
METROMAIL <MTML> SEES FLAT YEAR NET
| Metromail Corp said it expects
earnings for the year to be about flat due to higher expenses
caused by an expansion of data processing capabilities and
startup costs associated with new cooperative programs that
will continue into the fourth quarter.
The company today reported earnings for the nine months
ended March One of 7,214,900 dlrs, down from 7,752,800 dlrs a
year before. For all of last year it earned 10.9 mln dlrs.
| Other |
REGENCY CRUISTS <SHIP> CORRECTS EARNINGS
| Regency Cruises Inc said its earnings
per share for the year 1986 were 36 cts per share, not the 37
cts it reported on March 11.
The company lost 10 cts per share in 1985.
| Corporate News |
MORRISON INC <MORR> ACQUIRES CUSTOM MANAGEMENT
| Morrison Inc, a diversified food
service company, said it acquired Custom Management Corp, based
in Kingston, Penn., for an undisclosed amount.
Custom manages some 215 food contract management operations
and about 65 environmental service accounts, producing about
100 mln dlrs in annual revenues.
| Other |
ANECO REINSURANCE CO LTD <ANECF> YEAR NET
| Shr profit 80 cts vs loss 1.60 dlrs
Net profit 1,673,960 vs loss 3,292,663
NOTE: 1986 net includes gain on bond portfolio of 1,160,000
dlrs and 5,600,000 dlr provision for losses on discontinued
liability and multi-peril lines of reinsurance.
| Financial Reports |
GULF RESOURCES AND CHEMICAL CORP <GRE> 4TH QTR
| Oper shr profit 34 cts vs loss 53 cts
Oper net profit 3,337,000 vs 4,881,000
Revs 32.7 mln vs 49.6 mln
Year
Oper shr profit 20 cts vs loss 90 cts
Oper net profit 2,374,000 vs loss 9,381,000
Revs 126.9 mln vs 160.5 mln
NOTES: Operating net excludes loss 6,050,000 dlrs, or 64
cts a share, vs loss 24,839,000 dlrs, or 2.61 dlrs a share, in
quarter and loss 6,050,000 dlrs, or 64 cts a share, vs profit
64,013,000 dlrs, or 6.27 dlrs a share, from discontinued
operations
1986 loss from discontinued operations includes 6.0 mln
dlrs charge, equal to 64 cts a share, to provide for additional
liabilities resulting from the 1981 closure of lead, zinc and
silver mining, smelting and refining business
1986 year operating net includes pre-tax gain of 5.3 mln
dlrs, equal to 56 cts a share, from pension plan termination
and gain of 5.2 mln dlrs, or 56 cts a share, from reduction in
deferred taxes
Effective Jan 1, 1987, company changed oil and gas
accounting to successful efforts from full cost, increasing
1986 year net 9.2 mln dlrs, or 98 cts a share, and increasing
1985 loss 4.3 mln dlrs, or 43 cts a share. The cumulative
effect of the change was to decrease retained earnings at Dec
31, 1986, by 14.0 mln dlrs
| Financial Reports |
TEXAS INTERNATIONAL CO <TEI> 4TH QTR LOSS
| Shr loss 36 cts vs loss 36 cts
Net loss 20.1 mln vs loss 12.6 mln
Revs 12.5 mln vs 24.9 mln
Avg shrs 55.8 mln vs 34.7 mln
Year
Shr loss 1.11 dlrs vs loss 1.05 dlrs
Net loss 50.8 ln vs loss 31.9 mln
Revs 63.7 mln vs 106.9 mln
Avg shrs 45.8 mln vs 30.2 mln
NOTE: Net includes extraordinary gains of 247,0000 dlrs vs
nil in quarter and 809,000 dlrs vs 425,000 dlrs in year.
1985 year net includes 6,700,000 dlr credit for previous
overpayments of windfall profits taxes.
| Other |
SCIENTIFIC MICRO <SMSI> SEES HIGHER REVENUES
| Scientific Micro Systems
Inc said it expects first quarter revenues to rise by about 60
pct to 24 mln dlrs, compared with the 15 mln reported for the
first quarter last year.
The company said it experienced revenue growth across all
product lines during the quarter.
It also said revenue growth should continue during the year
and the company should experience improved profitability in the
second half when acquisition and new product introduction costs
will not have a significant impact on earnings.
| Other |
BOLT BERANEK <BBN> FILES FOR DEBENTURE OFFERING
| Bolt Beranek and Newman Inc said it
filed with the Securities and Exchange Commission a
registration statement covering a 75 mln dlr issue of
convertible subordinated debentures due 2012.
A portion of the proceeds will be used to acquire all of
the outstanding capital stock of Network Switching Systems Inc.
Another part will allow Bolt to exercise its option to
purchase all of the limited partnership interests in BBN
RS/Expert Limited Partnership, with the rest used for general
corporate purposes. The company named PaineWebber, Merrill
Lynch and Montgomery Securities as underwriters.
| Industrial and Sector News |
HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT
|
HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT
| Commodities and Trade |
MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS
| The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
| Other |
TEXAS INTERNATIONAL <TEI> HAS UNQUALIFIED AUDIT
| Texas International Inc said it
has received an unqualified audit opinion from auditor Arthur
Andersen and Co.
The company had received a qualified opinion on 1985
financial statements subject to its ability to resolve
negotiations with its U.S. bank group. Subsequently, it sold
almost all its domestic oil and natural gas properties and
retired all U.S. bank debt in March 1987 with part of the
proceeds.
| Financial Reports |
TENNECO <TGT> BUYS UNISYS <UIS> UNIT
| Tenneco Inc said its Newport
News Shipbuilding subsidiary has completed the purchase of the
Sperry Marine Systems division of Unisys Corp for about 70 mln
dlrs.
Sperry Marine has annual revenues of about 100 mln dlrs.
| Financial Reports |
BIOGEN <BGENF> MAY SELL EUROPEAN OPERATIONS
| Biogen NV said as part of a
program to reduce expenses, it is in talks on the sale of its
Geneva, Switzerland operations.
The company gave no details.
| Financial Reports |
COFFEE TALKS COLLAPSE EASES NEED FOR U.S. BILL
| The collapse of International Coffee
Organization, ICO, talks on export quotas yesterday removes the
immediate need to reinstate U.S. legislation allowing the
customs service to monitor coffee imports, analysts here said.
The Reagan administration proposed in trade legislation
offered Congress last month that authority to monitor coffee
imports be resumed. That authority lapsed in September 1986. A
bill also was introduced by Rep. Frank Guarini (D-N.J.).
However, the failure of the ICO talks in London to reach
agreement on export quotas means the U.S. legislation is not
immediately needed, one analyst said. Earlier supporters of the
coffee bill hoped it could be passed by Congress quickly.
"You're going to have a hard time convincing Congress (now)
this is an urgent issue," the coffee analyst said.
| Financial Reports |
MILTOPE GROUP INC <MILT> 4TH QTR NET
| Shr 10 cts vs 29 cts
Net 584,000 vs 1,688,000
Sales 19.8 mln vs 16.9 mln
Avg shrs 5,959,000 vs 5,762,000
Year
Shr 68 cts vs 96 cts
Net 4,013,000 vs 5,430,000
Sales 68.1 mln vs 61.3 mln
Avg shrs 5,934,000 vs 5,679,000
Backlog 67.9 mln vs 60.6 mln
| Commodities and Trade |
ALOETTE COSMETICS INC <ALET> 4TH QTR DEC 31 NET
| Shr 12 cts vs 12 cts
Net 337,000 vs 235,000
Revs 3,350,000 vs 1,642,000
Avg shrs 2,935,734 vs 2,000,000
Year
Shr 69 cts vs 56 cts
Net 1,815,000 vs 1,112,000
Revs 12.1 mln vs 7,709,000
Avg shrs 2,648,257 vs 2,000,000
| Other |
INTERNATIONAL PROTEINS CORP <PRO> YEAR NET
| Oper shr 49 cts vs 22 cts
Oper net 1,018,000 vs 468,000
Sales 95.0 mln vs 98.3 mln
NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000
dlrs.
| Commodities and Trade |
CSM SYSTEMS INC <CSMS> YEAR ENDED DEC 31 LOSS
| Shr loss 20 cts vs profit 24 cts
Net loss 173,578 vs profit 211,324
Revs 4,558,244 vs 5,595,644
NOTE: Earnings per share restated retroactively for all
periods to reflect 20 pct stock dividend in April 1984 and 25
pct stock split September 1985.
Revenues include progress receivables on long-term
contracts not billed to customers, and reflect the
proportionate elements of profit as revenues based on stage of
completion of long term contracts.
| Financial Reports |
Ia-So Minn direct hogs estimated rcpts 95,000 vs actual week ago 93,000 and actual year ago 93,000.
|
Ia-So Minn direct hogs estimated rcpts 95,000 vs actual week ago 93,000 and actual year ago 93,000.
| Financial Reports |
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
|
FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
| Commodities and Trade |
GLOBAL RAISES HEAVY FUELS PRICES
| Global Petroleum Corp said today it
raised its posted prices for numbers six fuel cargoes in the
new york harbor 70 cts to 1.60 dlrs per barrel, depending on
grade.
Effective today, the new prices are: 0.3 pct sulphur 22.50
dlrs, up 1.25; 0.5 pct sulphur 21.85 dlrs, up 1.60; one pct
sulphur 20.10 dlrs, up 70 cts; two pct sulphur 19.85, up 75
cts; 2.2 pct sulphur 19.25 dlrs, up 90 cts; 2.5 pct sulphur
18.80 dlrs, up 1.20, the company said.
| Corporate News |
FED ADDS RESERVES VIA CUSTOMER REPURCHASES
| The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
| Corporate News |
BOW VALLEY INDUSTRIES<BVI> SETS SECONDARY ISSUE
| Bow Valley Industries Ltd said
it filed a preliminary short form prospectus in Canada and the
United States for a secondary offering of 22.8 pct of
outstanding common stock, or 9,362,197 common shares, being
sold by certain shareholders.
The company said Bowcan Holdings Inc, a holding company
principally owned by the Seaman brothers of Calgary and Charles
Rosner Bronfman Trust of Montreal, is offering to sell all of
its holding of 8,279,665 Bow Valley common shares.
The balance of the offering is owned directly and
indirectly by various trusts of Jean and Charles deGunzberg.
Proceeds and expenses from the secondary offering of Bow
Valley Industries common shares are for the account of the
selling shareholders, the company said.
The shareholders will engage Salomon Brothers Inc for
distribution of the shares in the United States and McLeod
Young Weir Ltd for distribution in Canada.
| Other |
<CORNUCOPIA RESOURCES LTD> IN DRILLING PROGRAM
| Cornucopia Resources Ltd said an
extensive drill and sampling program will begin in mid-April at
its Ivanhoe gold property in north central Nevada.
It said it will seek to increase the present reserves of
eight mln short tons grading 0.045 ounce of gold per ton that
had been found by USX Corp <X> on a small portion of the
13,.000 acre property, determine the location of possible
high-grade ore zones at depth and test other targets.
| Financial Reports |
PANSOPHIC SYSTEMS INC <PNS> 3RD QTR JAN 31 NET
| Shr 70 cts vs 56 cts
Net 6,197,000 vs 4,880,000
Revs 24.1 mln vs 17.1 mln
Nine mths
Shr 1.38 dlrs vs 1.20 dlrs
Net 12.1 mln vs 10.4 mln
Revs 52.5 mln vs 41.8 mln
| Other |
COGNITRONICS CORP <CGN> 4TH QTR LOSS
| Shr loss 78 cts vs loss 18 cts
Net loss 1,671,000 vs loss 382,000
Revs 3,261,000 vs 4,427,000
Year
Shr loss 1.35 dlr vs loss 15 cts
Net loss 2,902,000 vs loss 331,000
Revs 13.5 mln vs 16.1 mln
NOTE: 1986 and 1985 4th qtr net includes charges of 867,000
dlrs or 40 cts a share and 222,000 or 10 cts a share,
respectively.
| Financial Reports |
ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS
|
ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS
| Commodities and Trade |
HENLEY <HENG> HAS SANTA FE SOUTHERN <SFX> STAKE
| Henley Group said in a 10-K filing
with the Securities and Exchange Commission that it has 7.9 mln
shares or close to five pct of Santa Fe Southern Pacific Corp,
a spokesman said.
In response to questions from Reuters, the Henley spokesman
said the filing was as of December 31, 1986, but that the
company still holds the shares.
"It's an investment and we're very happy with it. Beyond
that, I have no comment," the spokesman said.
| Financial Reports |
MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS
| The average price of mexico's crude
oil exports in first quarter 1987 will be 15.25 dlrs per
barrel, according to preliminary figures issued in a press
release by the state oil company Petroleos Mexicanos (PEMEX).
It gave no direct comparison with the year-ago figure but
said crude and products sales were expected to rise to 1.99
billion dlrs this quarter, 420 mln dlrs higher than expected
and 22 pct better than the year-ago quarter.
Prospects for the second quarter were relatively favourable
with crude exports seen at 1.320 mln bpd after an expected
1.324 mln this month, 1.323 in February and 1.395 mln in
January.
| Commodities and Trade |
COMBUSTION <CSP> COMPLETES ACCURAY <ACRA> BUY
| Combustion Engineering Inc said
it has completed the previously-announced acquisition of
AccuRay Corp in a merger trasaction that closed Friday at 45
dlrs per share.
| Financial Reports |
U.S. SEES NO NEW COFFEE AGREEMENT TALKS SOON
| The United States does not expect
the executive board meeting of the International Coffee
Organization, ICO, to call for a new round of negotiations on
reinstating coffee quotas, a U.S. government official said.
The official, a member of the U.S. delegation to ICO talks
earlier this year, said no new coffee agreement talks are
expected because there is no indication the negotiating
positions of major producers and consumers have changed.
The U.S. still demands, as a condition of reimposition of
coffee quotas, that "objective criteria" be set for
establishing quotas, said the U.S. official, who asked not to
be identified. Brazil, the major producer, insists on quotas
based on a traditional formula.
The U.S. remains open to a negotiating meeting but only if
some new flexibility is apparent from major countries, the
official said.
The ICO executive board meets tomorrow in London.
| Corporate News |
INTELLIGENT SYSTEMS <INP> SETS INITIAL PAYOUT
| Intelligent Systems Master
Limited Partnership said its board declared an initial
quarterly dividend of 25 cts per unit, payable April 10 to
holders of record March 31.
The partnership, formed at year-end by the conversion of
Intelligent Systems Corp from corporate form, said its board
has approved in principle quarterly dividend of 15 to 25 cts
per quarter for calendar 1987.
It said as part of its restructuring it may sell some of
its assets this year, with unitholders receiving either cash
from the sale or stock in the acquiring company.
| Financial Reports |
QUEST MEDICAL INC <QMED> 4TH QTR LOSS
| Shr loss six cts vs profit two cts
Net loss 463,473 vs profit 126,835
Revs 3,506,066 vs 3,082,499
Year
Shr loss four cts vs profit three cts
Net loss 323,214 vs profit 187,893
Revs 13.8 mln vs 10.8 mln
| Financial Reports |
FORMER TREASURY OFFICIAL URGES CURRENCY REFORMS
| Former Treasury official C. Fred
Bergsten said a new exchange rate system is needed to replace
the fixed and flexible exchange rate systems which he said had
not worked.
"I prefer a move to 'target zones' in which the major
countries would determine ranges of 15-20 pct within which they
would pledge to hold their exchange rates by direct
intervention and, as necessary, by changes in monetary and
other policies," Bergsten, now the director of the Institute
for International Economics, said in a statement to a House
Banking subcommittee.
"The substantial correction of the exchange rate that has
occurred since early 1985 is enormously welcome, and should
produce a sizeable reduction in the U.S. trade deficit this
year and next, but the imbalance will not fall much below 100
billion dlrs on present policies, so much more is needed," he
said.
| Commodities and Trade |
TRADE SEES U.S. CORN EXPORTS UP, WHEAT/BEANS OFF
| Grain traders and analysts expect lower
wheat and soybean exports and higher corn exports than a year
ago in the USDA's export inspection report today.
Corn export guesses ranged from 27.0 mln to 32.0 mln
bushels, compared with the 27.6 mln inspected last week and
20.5 mln a year ago.
Soybean export guesses ranged from 14.0 mln to 16.0 mln, up
from the 13.4 mln inspected last week but below the 25.5 mln
reported a year ago.
Wheat estimates ranged from 11.0 mln to 14.0 mln bushels,
compared with 12.0 mln reported last week and 18.3 mln a year
ago.
| Financial Reports |
OPPENHEIMER HAS SIX PCT OF CYCLOPS <CYL>
| Oppenheimer, the brokerage and
investment subsidiary of Oppenheimer Group Inc, told the
Securities and Exchange Commission it has acquired 243,400
shares of Cyclops Corp, or 6.0 pct of the total outstanding.
Oppenheimer said it bought the stake in connection with
risk arbitrage and other investment activities in the ordinary
course of its business. It said it has no plans to seek control
of the company.
As of Friday, <Dixons Group PLC> had acquired 2,455,000
Cyclops shares, giving it 83 pct of the total.
| Corporate News |
DUNE RESOURCES LTD <DNLAF> 4TH QTR NET
| Shr profit one ct vs loss two cts
Net profit 27,000 vs loss 69,000
Revs 295,000 vs 264,000
Year
Shr loss eight cts vs loss three cts
Net loss 262,000 vs loss 88,000
Revs 1,004,000 vs 1,248,000
| Other |
AW COMPUTER SYSTEMS INC <AWCSA> YEAR END DEC 31
| Shr 18 cts vs 17 cts
Net 584,493 vs 540,977
Revs 4,685,930 vs 4,524,315
| Financial Reports |
DOW<DOW> RAISES STYRENE-BUTADIENE LATEX PRICES
| Dow Chemical Co said it
increased prices by nine cts a pound (solids) for
styrene-butadiene latex and plastic pigments, effective May
One. Dow did not release the percentage increase.
It said the increase will affect the floor covering
markets, paper, paperboard and specialty markets.
It said the increase is in addition to a previously
announced seven cts a pound (solids) increase, effective March
One.
| Other |
ALLEGHENY INTERNATIONAL <AG> SELLS WILKINSON
| Allegheny International Inc said it
sold its Wilkinson Sword Consumer Group to the <Swedish Match
Co> of Stockholm for for 230 mln dlrs.
After settlement of intercompany transactions between the
Wilkinson Sword groups and Allegheny, the net payment by
Swedish Match will amount to about 160 mln dlrs.
The Wilkinson Sword Group was transferred to the Swedish
Match Co today except for companies in certain countries where
approval from government authorities is required, the company
said.
Allegheny said it acquired a 44 pct interest in Wilkinson,
then known as Wilkinson Match Ltd, in 1978, and the remaining
share in 1980.
This divestiture is part of Allegheny's overall
restructuring program and strategy to concentrate primarily on
its North American consumer products business, the company
said.
| Corporate News |
DATRON CORP <DATR> 4TH QTR NET
| Shr 19 cts vs 13 cts
Net 166,000 vs 118,000
Rev 3.2 mln vs 2.5 mln
Year
Shr 34 cts vs 30 cts
Net 303,000 vs 269,000
Rev 10.8 mln vs 10.2 mln
| Corporate News |
C.O.M.B. <CMCO> SELLS THREE RETAIL STORES
| C.O.M.B. Co said it sold three of
its retail stores in Omaha to Bob Cummins Enterprises Inc, a
retail closeout merchandiser.
It said the sale is consistent with its previously
announced Retail Division restructuring plans.
| Financial Reports |
CENTRONICS <CEN> SETS PREFERRED PURCHASE RIGHTS
| Centronics Corp said its board
declared a dividend distribution of one preferred share
purchase right on each outstanding common share payable to
holders of record April 9.
The rights, which will expire 10 years later, will entitle
shareholders to buy one-hundredth of a share of a new series of
preferred at an exercise price of 20 dlrs.
The rights will be exercisable only if some one acquires 30
pct or more of Centronic's common or announces an offer which
would result in ownership of 30 pct or more of the stock.
Centronics said its board will be entitled to redeem the
rights at two cts per right at any time before a 30 pct
position has been acquired.
If the rights become exercisable, the company said, those
held by shareholders other than the owner of 30 pct or more of
the stock will entitle the holder to purchase a number of
common shares having a market value twice the right's exercise
price.
| Financial Reports |
MCCLAIN INDUSTRIES <MCCL> SETS STOCK SPLIT
| McClain Industries Inc
said its board declared a four-for-three stock split, payable
30, record April 15.
The company also said it plans to open within the next 90
days a 114,000 square foot plant in Macon, Ga., that will allow
it to expand production of transfer trailers and other
products.
| Financial Reports |
HERITAGE COMMUNICATIONS <HCI> IN SPECIAL MEETING
| Heritage Communications Inc
said it expects to hold a special shareholder meeting in May to
consider its proposed acquisition by an investor group
including members of senior management and Tele-communications
Inc <TELE>.
The company said it is seeking to obtain all regulatory
approvals needed to complete the transaction before or shortly
after the special meeting. Heritage said it has filed
preliminary proxy materials with the Securities and Exchange
Commission and has applied for a change of control of its
broadcast licenses with the Federal Communications Commission.
Heritage it and Tele-Communications made required
Hart-Scott-Rodino filings with the Federal Trade Commission and
Justice Department on March 11 and 12, respectively.
| Other |
CHEROKEE GROUP INC <CHKE> 1ST QTR FEB 28 NET
| Shr 22 cts vs 16 cts
Net 2,460,000 vs 1,730,000
Sales 37.0 mln vs 27.3 mln
NOTE: Share adjusted for two-for-one stock split in
February 1987.
| Financial Reports |
LOUISIANA PACIFIC <LPX> TO BUY WALLBOARD PLANT
| Louisiana Pacific Corp said it
reached a non-binding agreement in principle to buy a gypsum
wallboard plant in Seattle from Norwest Gypsum.
Purchase price and other details of the agreement were not
disclosed.
| Corporate News |
U.S. BANK DISCOUNT BORROWINGS 310 MLN DLRS
| U.S. bank discount window borrowings
less extended credits averaged 310 mln dlrs in the week to
Wednesday February 25, the Federal Reserve said.
The Fed said that overall borrowings in the week fell 131
mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs
at 304 mln dlrs. The week was the second half of a two-week
statement period. Net borrowings in the prior week averaged 451
mln dlrs.
Commenting on the two-week statement period ended February
25, the Fed said that banks had average net free reserves of
644 mln dlrs a day, down from 1.34 billion two weeks earlier.
A Federal Reserve spokesman told a press briefing that
there were no large single day net misses in the Fed's reserve
projections in the week to Wednesday.
He said that natural float had been "acting a bit
strangely" for this time of year, noting that there had been
poor weather during the latest week.
The spokesman said that natural float ranged from under 500
mln dlrs on Friday, for which he could give no reason, to
nearly one billion dlrs on both Thursday and Wednesday.
The Fed spokeman could give no reason for Thursday's high
float, but he said that about 750 mln dlrs of Wednesday's
float figure was due to holdover and transportation float at
two widely separated Fed districts.
For the week as a whole, he said that float related as of
adjustments were "small," adding that they fell to a negative
750 mln dlrs on Tuesday due to a number of corrections for
unrelated cash letter errors in six districts around the
country.
The spokesman said that on both Tuesday and Wednesday, two
different clearing banks had system problems and the securities
and Federal funds wires had to be held open until about 2000 or
2100 EST on both days.
However, he said that both problems were cleared up during
both afternoons and there was no evidence of any reserve
impact.
During the week ended Wednesday, 45 pct of net discount
window borrowings were made by the smallest banks, with 30 pct
by the 14 large money center banks and 25 pct by large regional
institutions.
On Wednesday, 55 pct of the borrowing was accounted for by
the money center banks, with 30 pct by the large regionals and
15 pct by the smallest banks.
The Fed spokesman said the banking system had excess
reserves on Thursday, Monday and Tuesday and a deficit on
Friday and Wedndsday. That produced a small daily average
deficit for the week as a whole.
For the two-week period, he said there were relatively high
excess reserves on a daily avearge, almost all of which were at
the smallest banks.
| Financial Reports |
KNUTSON MORTGAGE CORP <KNMC> SETS QUARTERLY
| Qtly div 10 cts vs 10 cts prior
Pay April 13
Record March 13
| Corporate News |
NOBEL'S BOFORS TO SELL ITS SINGAPORE HOLDING
| Nobel Industries Sweden SA <NOBL.ST>
said its arms subsidiary, <AB Bofors>, plans to sell its 40 pct
stake in <Allied Ordnance Co of Singapore Ltd> because of its
part in weapons exports which contravene Swedish law.
"The events we have uncovered are unacceptable and highly
regrettable incidents in our company's history," Nobel chairman
Lars-Erik Thunholm told a news conference.
Nobel managing director Anders Carlberg said an internal
inquiry has revealed an extensive network of international arms
smuggling.
| Financial Reports |
ICO BOARD SEEN UNLIKELY TO SET NEW COFFEE TALKS
| Chances that the International Coffee
Organization, ICO, executive board meeting this week will agree
to resume negotiations on export quotas soon look remote, ICO
delegates and trade sources said.
ICO observers doubted Brazil or key consuming countries are
ready to give sufficient ground to convince the other side that
reopening negotiations again would be worthwhile, they said.
ICO talks on quotas last month broke down after eight days
when producers and consumers failed to reach agreement.
"Since we have not seen signs of change in other positions,
it's difficult to see a positive outcome at this stage,"
Brazilian delegate Lindenberg Sette said. But quotas must be
negotiated sometime, he said.
The U.S. has indicated it is open to dialogue on quotas
but that Brazil must be flexible, rather than refuse to lower
its export share as it did in the last negotiations, delegates
said.
At this week's March 31-April 2 meeting, the 16-member ICO
board is scheduled to discuss the current market situation, the
reintroduction of quotas, verification of stocks and some
administrative matters, according to a draft agenda.
The fact that Brazilian Coffee Institute president Jorio
Dauster, Assistant U.S. Trade Representative Jon Rosenbaum and
chief Colombian delegate Jorge Cardenas are not attending the
meeting has signalled to most market watchers that it will be a
non-event as far as negotiating quotas is concerned.
"I would imagine there will be a lot of politicking among
producers behind closed doors to work up some kind of proposal
by September (the next scheduled council meeting)," Bronwyn
Curtis of Landell Mills Commodities Studies said.
Traders and delegates said they have seen no sign that a
date will be set for an earlier council meeting.
If the stalemate continues much longer, analysts expect the
coffee agreement will end up operating without quotas for the
remainder of its life, to September 30, 1989.
When talks broke down, the U.S. and Brazil, the largest
coffee consumer and producer respectively, blamed one another
for sabotaging negotiations by refusing to compromise.
Brazil wanted to maintain the previous export quota shares,
under which it was allocated 30 pct of world coffee exports,
but consumers and a small group of producers pressed for shares
to be redistributed using "objective criteria," which would have
threatened Brazil's share.
At a recent meeting in Managua of Latin American producers,
Costa Rica and Honduras said they were willing to put their
objections as members of the group of eight ICO "dissident"
producers aside, in order to stem the damaging decline in
prices, Nicaraguan External Trade Minister Alejandro Martinez
Cuenca told reporters Saturday. He was in London to brief
producers on the Managua meeting.
However, other producers said they were not aware of this
move toward producer solidarity.
London coffee prices closed at 1,276 stg a tonne today,
down from around 1,550 at the beginning of March.
| Financial Reports |
MINISTER SEES ENOUGH EC STATES AGAINST OILS TAX
| Enough European Community (EC) states
appear to be opposed to the proposals by the EC Commission for
a 330 European currency unit (Ecu) a tonne tax on vegetable
oils, fats and marine oils to block adoption by EC ministers,
British Farm Minister Michael Jopling said.
He told a news conference held during a meeting here of EC
agriculture ministers that Britain, West Germany, the
Netherlands, Denmark, and Portugal were all against the tax.
Between them, these five countries had more than enough
votes in the weighted voting system used in EC ministers'
meetings to block a decision, Jopling said.
| Corporate News |
DRAVO <DRV> TO HAVE FIRST QUARTER LOSS
| Dravo Corp said it expects a first
quarter loss of about 30 cts per share, compared with a
year-earlier profit of one ct, and said operating earnings for
all of 1987 may not match 1986's earnings of 61 cts per share
from continuing operations.
Dravo saidperformance so far this year in its engineering
and construction segment has not met earlier expectations.
It said the first quarter will be impacted by writedowns
resulting fromn revised estimates of costs required to complete
projects and by delays in starting work on jobs originally
forecasted to contribute to first quarter earnings.
Dravo further said it has given the investor group buying
Dravo's river transportation, stevedoring and pipe frabrication
businesses additional time to structure the necessary
permanenty financing, and closing is now expected in the third
quarter.
| Financial Reports |
ECONOMIC SPOTLIGHT - U.S. CONGRESS RAPS JAPAN
| The U.S. Congress is making Japan,
with its enormous worldwide trade surplus, the symbol of the
U.S. trade crisis and the focus of its efforts to turn around
America's record trade deficit.
"Japan has come to symbolize what we fear most in trade: the
challenge to our high technology industries, the threat of
government nutured competition, and the multitude of barriers
to our exports," Senate Democratic Leader Robert Byrd said.
"If we can find a way to come to terms with Japan over trade
problems, we can manage our difficulties with other countries,"
the West Virginia Democrat said at a Senate Finance Committee
hearing on the trade bill.
Byrd and House Speaker Jim Wright, a Texas Democrat, have
made trade legislation a priority this year and a wide-ranging
bill is being readied for probable House approval next month.
Japan's bilateral trade surplus jumped from 12 billion dlrs
in 1980 to 62 billion dlrs last year. Its surplus rose to 8.14
billion dlrs in February from 5.7 billion dlrs in January.
Congress points to the record 169 billion dlrs U.S. trade
deficit in 1986 and the slow response in the trade imbalance to
the dollar's decline in world currency markets as a reason to
press Japan to buy more U.S. goods.
They are particularly dismayed by the rapid deterioration
in U.S. exports of sophisticated computer technology.
In response to the growing anger and pressure by the U.S.
semiconductor industry, President Reagan Friday announced he
intended to raise tariffs as much as 300 mln dlrs on Japanese
electronic goods in retaliation for Japan's failure to abide by
a 1986 U.S.-Japanese semiconductor agreement.
Congress also has been been angered by the administration's
lack of success with Japan on a host of other trade issues
including beef, citrus, automobile parts, telecommunications
goods, and financial services.
The bulk of the House trade bill was written last week in
four committees. It is a package of trade sanctions and
measures to force the administration take tough action against
foreign trade barriers and unfair competition.
Although most provisions do not single out Japan, in many
cases their impact would be to restrict imports of Japanese
products or make them more expensive with higher duties.
The cornerstone of the trade legislation passed the House
Ways and Means Committee by a vote of 34 to 2. Its focus is to
force President Reagan to retaliate against unfair foreign
competition and to make it easier for U.S. industries to win
temporary relief from surges in imports.
The most controversial issue, an amendment to restrict
imports if countries such as Japan with large surpluses do not
buy more U.S. goods was left for an April vote by the House.
Rep. Richard Gephardt, a Democratic presidential aspirant
from Missouri, has the support of Wright and other key
Democrats to press for passage of the amendment.
The measure would have the most impact on Japan, West
Germany, Taiwan and South Korea. If Japan, for example, does
not reduce its barriers by mid-1988, the United States would
set import quotas or tariffs to cut Japanese surplus by ten per
cent a year for three years.
"I'm tired of going into companies and having managers say
to me, 'We're not over competing in Japan because we can't
compete in the marketplace.' That argument needs to be taken
away from American business," Gephardt said.
The administration has said it could not support a trade
bill containing such a provision.
| Financial Reports |
GENERAL PUBLIC UTILITIES CORP <GPU> TWO MTHS NET
| Shr 97 cts vs 81 cts
Net 60.8 mln vs 51.1 mln
Revs 487.4 mln vs 529.7 mln
12 mths
Shr 3.42 dlrs vs 2.18 dlrs
Net 215.0 mln vs 137.2 mln
Revs 2.74 billion vs 2.88 billion
NOTE: 1986 results restated for change in accounting.
| Financial Reports |
KAUFMAN, BOARD <KB> UNITS CUT QUAKER <KSF> STAKE
| Kaufman and Board Inc and its
insurance subsidiaries said they lowered their stake in Quaker
State Oil Refining Corp to 1,795,908 shares, or 6.9 pct of the
total outstanding, from 2,120,908 shares, or 8.1 pct.
In a filing with the Securities and Exchange Commission,
the Kaufman and Board group, which includes Sun Life Group,
said it sold 325,000 Quaker State common shares between Feb 27
and March 23 at prices ranging from 28.00 to 31.00 dlrs each.
| Commodities and Trade |
BUSINESSMAN HAS 5.7 PCT OF ARDEN GROUP <ARDNA>
| Saul Brandman, a California business
executive, told the Securities and Exchange Commission he has
acquired 118,714 shares of Arden Group Inc, or 5.7 pct of the
total outstanding common stock.
Brandman, chairman of Domino of California Inc, a Los
Angeles garment maker, said he bought the stake for 3.1 mln
dlrs for investment purposes.
He said he may buy more Arden Group shares, or he may sell
some or all of his current stake. He also said he has no plans
to seek control of the company.
| Financial Reports |
FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS
|
FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS
| Financial Reports |
FED WILL BUY BILLS FOR CUSTOMER AFTER AUCTION
| The Federal Reserve said it will enter
the U.S. Government securities market after the 1300 EST weekly
bill auction to purchase around 900 mln dlrs of Treasury bills
for customers, a spokesman said.
He said the Fed will purchase bills with maturities from
May through September 10.
Dealers said Federal funds were trading at 6-3/8 pct when
the Fed announced the operation.
| Financial Reports |
METROMAIL CORP <MTML> 3RD QTR MARCH 1 NET
| Shr 25 cts vs 32 cts
Net 2,414,500 vs 3,027,500
Rev 26.2 mln vs 23.5 mln
Nine months
Shr 76 cts vs 82 cts
Net 7,214,900 vs 7,752,800
Rev 69.2 mln vs 64.9 mln
| Financial Reports |
ORANGE <OJAY> IN DEFINITIVE PACT TO SELL UNITS
| Orange Julius International Inc said
it entered into a definitive agreement to sell Orange Julius of
America and Orange Julius Canada Limited to H.C. Holdings Inc,
owned by Branford Castle Inc, a merchant banker, members of its
management and certain of its shareholders.
Orange said the purchase price will consist of 19 mln dlrs
in cash and 10 pct redeemable preferred, 10 pct of HC's common
equity, and the right for it to prospectively receive 20 pct of
certain royalties under a proposed licensing program.
It said HC also agreed to lend up to 600,000 dlrs to it in
advance of closing and it had already received 300,000 dlrs.
Orange Julius announced the proposed sale of the units when
a letter of intent was signed February 17.
The company said it is reviewing other offers to buy the
units and if it decides to accept another offer it will pay HC
an agreed upon amount and reimburse HC for its expenses.
| Financial Reports |
SIERRACIN CORP <SER> 4TH QTR NET
| Oper shr profit nine cts vs loss 26 cts
Oper net profit 313,000 vs loss 860,000
Revs 18.8 mln vs 16.4 mln
Year
Oper shr profit 45 cts vs loss 47 cts
Oper net profit 1,543,000 vs loss 1,582,000
Revs 72.7 mln vs 61.4 mln
Note: Current qtr and year figures exclude losses from
discontinued operations of 179,000 dlrs, or five cts per share
and 901,000 dlrs, or 27 cts per share, respectively.
Prior qtr and year figures exclude losses from discontinued
operations of 600,000 dlrs, or 17 cts per share and 1.1 mln
dlrs, or 33 cts per share, respectively.
| Other |
COMPUTER MICROFILM CORP <COMI> YEAR NET
| Shr 23 cts vs 14 cts
Net 439,100 vs 259,948
Revs 9,918,413 vs 9,683,392
NOTE: Share adjusted for five pct stock dividend.
| Other |
COMPUTER MICROFILM <COMI> SEES HIGHER 1987 NET
| Computer Microfilm corp said it expects
revenues of over 12.5 mln dlrs and higher earnings in 1987.
The company today reported 1986 earnings of 439,100 dlrs on
revenues of 9,918,413 dlrs, up from earnings of 259,948 dlrs
and revenues of 9,683,392 dlrs a year before.
| Other |
KEVLIN MICROWAVE CORP <KVLM> 3RD QTR FEB 28 NET
| Shr profit nil vs profit five cts
Net profit 9,879 vs profit 118,852
Revs 1,581,894 vs 1,878,052
Avg shrs 2,627,952 vs 2,617,090
Nine mths
Shr loss two cts vs profit 24 cts
Net loss 51,001 vs profit 619,860
Revs 4,006,024 vs 6,646,587
Avg shrs 2,532,959 vs 2,621,397
NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and
backlog at end of period 4,906,670 dlrs, up 83 pct from a year
before.
| Financial Reports |
UNIFAST INDUSTRIES INC <UFST> YEAR NET
| Shr 62 cts vs 19 cts
Net 961,826 vs 226,429
Sales 22.8 mln vs 16.1 mln
Avg shrs 1,543,230 vs 1,172,039
| Corporate News |
AZTEC MANUFACTURING CO <AZTC> 4TH QTR LOSS
| Shr loss 77 cts vs loss 1.49 dlrs
Qtly div two cts vs two cts prior
Net loss 3,860,000 vs loss 7,541,000
Sales 2,538,000 vs 3,648,000
Year
Shr loss 78 cts vs loss 1.58 dlrs
Net loss 3,935,000 vs loss 7,999,000
Sales 10.5 mln vs 16.3 mln
NOTE: Dividend pay April 24, record April 10.
1986 net both periods includes pretax charge 2,944,000 dlrs
from writedown of assets and provision 726,000 dlrs for
obsolete and nonproductive inventory and other items.
| Corporate News |