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<GPA Airbus 320 Ltd> an affiliate of Irish aircraft leasing company <GPA Group Ltd> a Guinness Peat <GNSP.L> subsidiary said it had placed a 320 mln dlr order with Franco-U.S. Group <CFM International> to supply the engines for the 25 Airbus A320 it has on order. A spokeswoman said the final choice was between the CFM56-5 engine and the V2500 being developed by the five-nation International Aero Engine consortium. CFM is a joint company of U.S. General Electric Co <GE> and Frances <SNECMA>. She said GPA had not decided which engine should power the 25 further A320 aircraft on which it has an option. GPA Airbus 320 chairman Peter Swift said in a statement We received innovative and attractive proposals from both manufacturers. We are confident our choice will prove attractive to the many airlines which will be leasing our A320 fleet as it is delivered from 1990 onwards.. GPA Airbus 320 is a joint venture company owned half by GPA Group with <Canadian International Airlines> holding a 25 pct stake Airbus Industrie <AINP.PA> a 17.5 stake and Banque Paribas holding a 7.5 pct share. The company based in Shannon Ireland is managed by GPA Group. Reuter | GUINNESS PEAT ORDERS CFM ENGINES FOR AIRBUS A320 |
Nearly 50 manufacturers and trade groups asked the Reagan Administration for exclusions from the tariffs it is to impose on Japanese exports Friday. Several police agencies also told a special screening panel they wanted a Japanese-made fingerprinting system to be excluded because it was vital for crime-fighting. Another 25 firms are to testify tomorrow. President Reagan announced the tariffs on March 27 to retaliate for Japans failure to honor an agreement to stop dumping semiconductors in world markets outside the United States at below cost and to open its own market to U.S. goods. U.S. semiconductor makers had complained they were being injured by Japans unfair trade practices. The tariffs of 100 pct - up from about five pct - are to be applied to 300 mln dlrs worth of Japanese exports including power tools television sets computer parts and audio equipment in addition to the fingerprinting equipment. Reagan issued a list of several dozen products that could be subject to the tariffs and businessmen lobbyists and others asked for the exclusions in the two days of public testimony that began today at the Commerce Department. He said action should be taken in such a manner that efforts to help the semiconductor industry do not inflict extensive economic damage on the highly successful information technology industry. A spokesman for Amdahl Corp <AMH> a computer maker said it would be hit hard by tariffs on Fujitsu Ltd equipment because Fujitsu was its only supplier of key electronic components. Makita U.S.A. Inc a maker of hand-held electric power tools said if tariffs were imposed on its goods it would have to close its U.S. manufacturing operation in Buford Ga. and layoff its entire U.S. workforce of 600 people. The U.S. Trade Representatives Office which is conducting the hearings said the products to be assessed the higher tariffs will be made public on Thursday or Friday. It said it would base its judgment on the impact of the tariffs on the companies hit as well as on the buying public. Some of the tariffs would double the price of imports. Law officers from California Illinois Alaska and elsewhere said they relied on NEC Corp of Japans advanced fingerprinting system and asked it be exempt from the new tariffs. Fred Wynbrandt representing the California attorney generals office said the tariffs would double California state and local costs for fingerprinting operations. Many of those testifying backed the idea of retaliatory tariffs but not on some goods that would hit their business. Vico Henriques president of the Computer and Business Equipment Manufacturers Association called for exemptions for components that U.S. firms bought in Japan and for goods made in Japan under a U.S. license or by a joint venture. more | FIRMS ASK EXEMPTIONS FROM JAPANESE TARIFFS |
Leading central bank governors held their routine monthly meeting at the Bank for International Settlements (BIS) here today monetary sources said. There was no indication of subjects discussed. No statements were planned. Reuter | CENTRAL BANKERS HOLDS REGULAR BIS MONTHLY MEETING |
Digital Equipment Corp said it will redeem on May 14 all 75 mln dlrs of its outstanding 9-3/8 pct sinking fund debentures of 2000. It will buy back the debentures at 1052.86 dlrs for each 1000 dlr principal amount including interest Digital said. The firm will redeem the debentures with funds generated from operations. Its capital structure will be strengthened and interest expense reduced as a result the company noted. Reuter | DIGITAL EQUIPMENT <DEC> TO REDEEM DEBENTURES |
3rd qtr Feb 28 Shr profit 14 cts vs loss four cts Net profit 311994 vs loss 66858 Revs 2229273 vs 645753 Nine mths Shr profit 51 cts vs profit two cts Net profit 1126673 vs profit 42718 Revs 7277340 vs 1378372 Reuter | SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET |
Some of the United States largest aerospace firms are competing with some of the worlds most powerful nations for a chance to cash in on the coming commercialization of space. The newest space race is for contracts to launch privately owned satellites into orbit - a business expected to be worth two billion to five billion dlrs annually in a few years. The growing opportunities to make money in space will be highlighted this month when the U.S. National Oceanic Atmospheric Administration seeks lucrative commercial bids to lauch future weather satellites ending its long-standing dependence on the National Aeronautics and Space Administration. Companies and countries with established satellite launching operations may also get a jump on eventually providing other space-based services particularly if the proposed international manned space station is launched as planned in the early 1990s. The 12 billion dlr space station first proposed by President Reagan in 1984 could require as many as 16 cargo deliveries a year many delivered by private firms. The partners in the space station are currently slated to be Canada Japan and the 13-nation European Space Agency the latter two of which also have or are developing their own commercial space programs. Until the Challenger explosion in January 1986 NASA had a virtual lock on the worlds commercial space cargo. But after a re-evaluation of the shuttle program President Reagan declared last August that future U.S. shuttle flights will no longer carry commercial payloads. The administrations decision left Arianespace a French-led European consortium the only option available to satellite owners and the concern quickly sold out all its planned flights through 1989. The company also raised its prices from 30000 dlrs a launch to 50000 dlrs but even the larger price tag did not dampen demand. Arianespace sighned 18 new contracts last year compared with 11 in 1985. Those kind of tariffs have caused even non-capitalist countries to try and get a piece of the action. China the Soviet Union and Japan have all announced satellite launch programs and several U.S. firms including McDonnell Douglas Corp General Dynamics Corp and Martin Marietta promised to spend mlns of dollars over the next three years to develop their own satellite launch capabilities. There will be some tremendous pent-up demand for satellite launches by then analysts said. Without Challenger there were only three satellite launches last year 15 fewer than in 1985 and the lowest since 1980 when only two were sent up. Ariane expects to launch from six to eight satellites a year for the next three years about 75 pct of the worlds satellite launches during that period. McDonnell Douglas scored the biggest coup of the U.S. firms in January when it won a 734 mln dlr U.S. Air Force pact for up to 20 unmanned rockets to launch military satellites. The contract is expected to underwrite the companys efforts to build rockets for private satellite launches. Martin Marietta however was the first U.S. company to sign up a client Federal Express Co. Marietta plans to launch an ExpressStar communications satellite in 1989. Marietta said it will also build a version of its Titan rockets used by the Air Force to other private companies that want to get into the satellite launch buisiness. Arianespace director Charles Bigot said the U.S. companies will probably become the European firms biggest competitors for satellite launching. He does not expect the national space programs to become commercially viable until the late 1990s. Japan has expanded its space program launching 38 government-owned satellites in the last 16 years. But most of them were small and it was only in February it launched its first satellite that circles the earth over the poles. Japan also has yet to design and build its own rockets. The satellite launched in February was placed in orbit by a McDonnell Douglas-designed Delta rocket assembled by the Japanese under license. Tsugo Tadakawa director of the Washington office of Japans National Space Development Agency (NASDA) said Japan plans to launch seven of its H-1 rockets an American Japanese hybrid that replaces the Delta through 1991. Its much larger sucessor the H-II should be ready by 1992 he said. NASDAs annual budget is only about 800 mln dlrs Tadakawa said about 10 pct the size of NASAs yearly spending. Still NASDA is free from private competition at home and has the full support of the government since aerospace was chosen by the Ministry of Trade and Information as one of the countrys new industries for the next decade. Surprisingly the Peoples Republic of China a relative newcomer to aerospace is so far the most successful competitor to Ariane. The countrys Great Wall Industry Corp is the only national program besides the European consortium to win a private satellite contract. It will launch a Westar communications satellite for New-York based Terasat in 1988. Reuter | TECHNOLOGY/COMPETITION FOR SATELLITE |
Gander Mountain Inc said it acquired privately held Western Ranchman Outfitters a Cheyenne Wyo. retailer and catalog seller of western apparel. Terms were not disclosed. Western Ranchman had sales of about 2.2 mln dlrs for the year ended Jan 31 1987 the company said. Gander Mountain sells brand name hunting fishing and outdoor gear through catalogs. Reuter | GANDER MOUNTAIN <GNDR.O> BUYS WESTERN WEAR FIRM |
U.S. officials said they held out little hope the European Community EC would withdraw a controversial meat inspection requirement due to go into effect April 30 and which U.S. meat producers claim will cut off their exports. But the officials said they expect the EC to allow U.S. plants to continue shipping meat through the end of the year provided they submit a plant improvement program with the U.S. Agriculture Department. The ECs so-called Third Country Meat Directive will require foreign meat processing plants to comply fully with EC inspection standards beginning April 30. The U.S. meat industry has prepared a petition requesting the Reagan administration to retaliate against the EC rule. At issue are U.S. meat exports to the EC valued at 132 mln dlrs in 1985. The EC rule would require all U.S. plants to make changes in their inspection methods ranging from veterinary staffing to use of wood. Last December the EC determined that only one U.S. cattle one hog and one sheep slaughtering facility could be approved without further review. USDA would have to certify that the plants had corrected the deficiencies. All remaining plants with a history or potential of shipping to the EC -- totaling nearly 400 -- would require more significant changes in plant constructions or procedures before further EC review. Robert Hibbert general counsel for the American Meat Institute said the meat industry expected to submit a formal trade retaliation petition by April 30. An interagency committee is reviewing the industrys draft petition. An official at the U.S. Trade Representatives Office said U.S. officials continued to press the EC to withdraw the rule but that the chances of that are not too good at this time. However there is the expectation in U.S. government and meat industry circles that the EC will continue to allow shipments at least through the end of the calendar year from U.S. plants that submit to USDA a plan on how they will bring their operations into conformity with the EC regulation the USTR official said. Reuter | EC MEAT DIRECTIVE DEADLINE SEEN FLEXIBLE |
Major U.S. banks may lift prime lending rates again within days due to recent increases in their borrowing costs and speculation the Federal Reserve is nudging up interest rates to help the dollar economists said. In what was the first prime rate boost since mid-1984 most banks in early April lifted their rates a quarter point to 7-3/4 pct citing a reduced gap between the prime and their own cost of money. That spread has narrowed again. A prime rate increase could happen as soon as tonight said Robert Brusca of Nikko Securities Co International Inc. Brusca said a quarter-point prime rate rise to eight pct is justified because the spread between banks cost of funds and the prime rate has narrowed to less than three quarters of a percentage point. He said that spread had averaged around 1.4 percentage points since last October until it fell below one point and triggered the April prime rate rise at most banks. We could easily have another prime rate increase as soon as this week said David Jones of Aubrey G. Lanston and Co. Weve got a fairly good chance of a prime rate rise in the near future said Allan Leslie of Discount Corp. Based on the spread between the prime rate and funding costs you would ordinarily see a prime rate increase now said Harold Nathan economist at Wells Fargo Bank. However he said banks may be reluctant to lift the prime because that would dampen already fairly weak business loan demand and because some are not sure the Fed will maintain recent upward pressure on money market interest rates. Nathan believes the Fed has let market pressures lift short-term rates in recent days to help the ailing dollar. He said if there is widespread belief money market rates will stay high a prime rate rise could occur at any time. Fed officials have long expressed concern that too steep a dollar drop could help rekindle U.S. inflation. As the dollar fell to a 40-year low against the yen Friday currency traders said the Fed and other central banks supported the dollar. In addition to buying dollars outright another way to stabilize the U.S. currency would be for the Fed to push U.S. interest rates higher relative to overseas rates. Based particularly on the Feds reserve management actions on Friday and today Nathan of Wells Fargo said it has become clear that the Fed is not fully resisting upward rate pressure in the market. It is supplying fewer reserves than are needed. Bank funding costs and other short and long-term interest rates rose sharply Friday and today on heightened speculation that the Fed is gently firming monetary policy. That was because the Fed supplied far fewer reserves in the market than most economists had expected. On Friday the Fed added reserves indirectly and in small amounts via one billion dlrs of customer repurchase agreements with the Federal funds rate at which banks lend to one another high at 6-5/16 pct. With funds trading even higher at 6-1/2 pct today the Fed arranged only a slightly larger 1.5 billion dlr round of customer repurchase agreements. The Feds actions on Friday and today show that it is offering only token resistance to upward funds rate pressures said Jones of Lanston. The Fed is focusing its policy attention mainly on the need to defend the dollar Jones said. He believes it is merely shading policy toward restraint now but to have a major impact on the dollar the Fed will have to tighten policy overtly at some point. Jones expects the Fed to foster higher market rates by becoming more restrictive in supplying reserves and within four to six weeks to raise its discount rate from 5-1/2 pct. Jones said a U.S. discount rate increase to six pct might well be accompanied by West German and Japanese rate cuts to further aid the dollar. Given likely Fed policy firming he said both the yield on 30-year Treasury bonds (about 8.30 pct now) and the prime rate may be at 8-1/2 pct at end-June and nine pct by years end. The jury is still out on whether the Fed is tightening policy to defend the dollar said Leslie of Discount Corp. He said tax-date pressures have been pushing up Fed funds lately. Leslie said Fed actions and reserve data once these pressures abate will show whether or not it is firming policy. Reuter | U.S. BANKS LIKELY TO LIFT PRIME RATES AGAIN SOON |
BankAmerica Corp said it has introduced an electronic information and transaction service for small businesses in California. The bank holding company said the service called Business Connection allows customers to use personal computers to transefer money between accounts check account balances in Bank of America business checking savings and credit card accounts and to call up checking account statements. The service also allows businesses to use electronic mail to stop payments on checks access commercial credit lines for advancements and repayments and to pay bills. Reuter | BANKAMERICA <BAC> SETS NEW BANKING SERVICE |
White House officials said no progress had been made in talks with Japan on a dispute on Japanese microchip sales. President Reagans National Security Adviser Frank Carlucci told reporters it looks like a very difficult situation at this point. The Reagan administration is due to slap 100 pct tariffs on a range of Japanese products on Friday in retaliation for Japans alleged failure to honor an agreement to stop dumping semiconductors in world markets outside the U.S. and failure to open its own market to U.S. goods. White House chief of staff Howard Baker said that talks with the Japanese had failed to provide any reason to prevent the publication of a proclamation on Friday putting the new duties in effect. I assume that there will be a proclamation on Friday Baker said. Carlucci said that the evidence of Japanese microchip dumping at below production costs in third countries had been fairly conclusive. He said that in U.S.-Japanese talks that concluded last Friday Japanese officials presented statistics to show that Japan had made its market more open to American products. Our statistics do not confirm this indeed they tend to go in the other direction Carlucci said. Baker and Carlucci appeared before White House reporters as Reagan enjoyed a vacation at his mountaintop ranch near Santa Barbara. Reuter | U.S. OFFICIALS SAY NO PROGRESS ON JAPAN DISPUTE |
Health and Rehabilitation Properties Trust said it declared its initial dividend of 55 cts per share for the quarter ending March 31 1987. The dividend is payable May 20 to shareholders of record April 20 1987 it said. The dividend includes five cts attributable to the period between Dec 23 and 31 1986 and 50 cts attributable to the first quarter of 1987 ending March 31 1987. Reuter | HEALTH AND REHABILITATION <HRP> SETS FIRST DIVI |
Shr 46 cts vs 58 cts Net 29.0 mln vs 37.9 mln Revs 251.2 mln vs 254.2 mln Avg shrs 57.9 mln vs 56.0 mln 12 mths Shr 1.36 dlrs vs 2.37 dlrs Net 93.7 mln vs 152.3 mln Revs 981.9 mln vs 1.03 billion Avg shrs 57.2 mln vs 55.3 mln NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to December 1986 provision for coal mining operations refund. Reuter | UTAH POWER AND LIGHT CO <UTP> 1ST QTR NET |
L.M. Ericsson of Sweden said it agreed in principle to buy the 49 pct of Intelsa its Spanish unit that it does not already own from <Telefonica> Spains telecommunications administration. Terms of the agreement were not disclosed. Ericsson said Intelsa which controls about 40 pct of the Spanish telephone switch market has 2400 employees and annual sales of 800 mln crowns or 117 mln dlrs. The purchase will not affect the close working relationship between Telefonica and Intelsa Ericsson said. Reuter | ERICSSON <ERICY.O> TO BUY REST OF SPANISH UNIT |
<ITS Inc> said it has completed development of two interactive video systems for <Mass Mutual Insurance Co> under a two mln dlr development agreement. ITS said the systems are integrated interactive marketing and training programs designed for the insurance industry. Reuter | ITS DEVELOPS INTERACTIVE VIDEO SYSTEMS |
Insituform Group Ltd said the exercise price of its publicly-held warrants will increase 38 cts to 2.76 dlrs per share on April 25 and will increase 38 cts on each succeeding April 25 until their April 25 1990 expiration. Reuter | INSITUFORM <IGLSF.O> RAISES WARRANT EXERCISE PRICE |
PicTel Corp said it has changed its name to PictureTel Corp effective immediately. It said Pacific Telesis Grouyp <PAC> had threatened legal action if it did not cease the use of the name PicTel alleging that it conflicted with Telesis trademark PACTEL. The company said Telesis will reimburse it for some expenses of the name change which was approved by shareholders at the annual meeting last week. Reuter | PICTEL CORP <PCTL.O> CHANGES NAME |
CompuTrac Inc said it expects first quarter earnings to be down 50 to 60 pct from a year ago. In last years first quarter ended April 30 CompuTrac earned 379000 dlrs on revenues of 2.4 mln dlrs. The company said sales commitments on hand are about 50 pct above those of a year ago but system sales revenues are recognized at shipment and only 30 to 40 pct of sales commitments in hand will ship during the period. It said its outlook for the year remains unchanged. Reuter | COMPUTRAC <LLB> SEES LOWER FIRST QUARTER NET |
Datapoint Corp said it named John Novak to the newly-created position of senior vice president of operations and John Peter as chief financial officer. Peter replaces Stewart Paperin who also held the treasurers post the company said. Datapoint named Stephen Baum as its treasurer and vice president of financial planning. Also named to vice president positions were George Beason of customer sales and development who replaced Charles McCoy. Gordon Cardigan of communications and Charles Temple of human resources and corporate administration filled vacancies the company said. Novak was formerly vice president and general manager of manufacturing and support operations the company said. Peter was vice president and corporate controller it added. Reuter | DATAPOINT <DPT> NAMES NEW EXECUTIVES |
Hitech Engineering Co said it won litigation brought against it by Coldwell Banker Commercial Services Group a unit of Sears Roebuck and Co <S>. In the lawsuit tried in U.S. District Court for the Eastern District of Virginia Coldwell had claimed that Hitech improperly canceled a lease for additional office space and sought damages of 350000 dlrs. The company said the plaintiff has the right to appeal but that no appeal has been filed to date. Hitechs legal counsel is confident that the verdict will not be overturned it added. Reuter | <HITECH ENGINEERING CO> WINS JUDGMENT |
Nova an Alberta Corp chief executive Robert Blair expressed hope that Dome Petroleum Ltd <DMP> remains under Canadian ownership but added that his company plans no bid of its own for debt-troubled Dome. Weve no plan to bid Blair told reporters after a speech to a business group although he stressed that Nova and 57 pct-owned Husky Oil Ltd <HYO> were interested in Domes extensive Western Canadian energy holdings. But being interested can sometimes be different from making a bid Blair said. TransCanada PipeLines Ltd <TRP> yesterday bid 4.30 billion dlrs for Dome but Dome said it was discontinuing talks with TransCanada and was considering a proposal from another company and was also talking with another possible buyer both rumored to be offshore. Asked by reporters if Dome should remain in Canadian hands Blair replied Yes. I think that we still need to be building as much Canadian position in this industry as we can and I think it would be best if Dome ends up in the hands of Canadian management. He said he did not know who other possible bidders were. Blair said that any move to put Domes financial house in order will remove one of the general problems of attitude that have hung over Western Canadian industry. He added however that the energy industry still faced a couple of tough tough additional years. Asked about Novas 1987 prospects Blair predicted that Novas net profit would rise this year to more than 150 mln dlrs from last years net profit of 100.2 mln dlrs due to improved product prices and continued cost-cutting. Reuter | NOVA <NVA.A.TO> NOT PLANNING DOME <DMP> BID |
FEDERAL COURT DISMISSES FMC CORP'S INSIDER TRADING SUIT AGAINST IVAN BOESKY, COURT CLERK SAYS | |
<Associated Metals and Minerals Corp> said its Swiss subsidiary <Metall und Rohstoff AG> sued <Donaldson Lufkin and Jenrette Inc> the New York investment bank for 65 mln dlrs. The amount reflects the unsatisfied portion of a judgment issued in February by a London court against ACLI Metals (London) Ltd a unit of DLJ the company said. A London Commercial court found that a DLJ managing director and ACLI employees fraudulently misappropriated Metal und Rohstoff collateral in 1983 to cover deficits in aluminum trading accounts it said. The court awarded 76 mln dlrs plus costs to Metall und Rohstoff which received about 10 mln dlrs from ACLI. The new lawsuit alleges that DLJ management misappropriated collateral and also charges it with breach of trust and abuse of the legal process. In addition Metall und Rohstoff has filed a petition in London seeking the compulsory involuntary bankruptcy of ACLI London. It is expected that a liquidator will be named shortly Associated said. DLJ is owned by <Equitable Life Assurance Society of the U.S.> Reuter | DONALDSON LUFKIN JENRETTE SUED BY SWISS FIRM |
Piedmont Aviation Inc said March cargo ton miles includiung U.S. mail and air express services were up 27.2 pct to 4763432 from 3744535. For the year to date it said cargo ton miles were up 26.7 pct to 13.3 mln from 10.5 mln a year before. Reuter | PIEDMONT AVIATION <PIE> FREIGHT TRAFFIC UP |
Exxon Co U.S.A. said it is expanding marketing of its mid-grade unleaded gasoline along the U.S. East Coast. The Exxon Corp subsidiary said the changeover to the 89-octane unleaded fuel will begin late this month and early next in major markets in Virginia Maryland Florida and the District of Columbia. The product was introduced in New York New Jersey Delaware Connecticut Rhode Island Massachusetts New Hampshire and the Philadelphia area late last year. Reuter | EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING |
<FiberCom Inc> said it signed a contract with <Computer Connection A/S> Mjoendalen Norway to install a data communications network based on fiber optics. Under terms of the 3.5 mln dlr agreement the company said it will supply Computer Connection with 6000 transceivers and its WhisperNet local area network which employs the Ethernet standard. FiberCom said the network will connected 125 of Norways largest banks. It said the network will be the largest fiber-optic based data network in the world. Reuter | FIBERCOM TO INSTALL FIBER-OPTIC DATA NETWORK |
First Montauk Securities Corp said it has reached a preliminary merger agreement with MCC-Presidential Inc. The company said MCC shareholders would have a 25 pct stake in the combined company and would receive a cash distribution of about 35 cts per share. Reuter | <FIRST MONTAUK SECURITIES> IN MERGER DEAL |
Shr 82 cts vs 72 cts Net 44.6 mln vs 38.9 mln Avg shrs 54.3 mln vs 52.8 mln Reuter | BARNETT BANKS OF FLORIDA INC <BBF> 1ST QTR NET |
Shr 1.35 dlrs vs 1.53 dlrs Net 42137000 vs 47792000 Loans 10.26 billion vs 9.97 billion Deposits 7.65 billion vs 7.63 billion Assets 11.84 billion vs 12.00 billion Note: Current qtr figures include 3.3 mln dlr charge resulting from penalties for prepayment of FHLB borrowings. Reuter | GOLDEN WEST FINANCIAL CORP <GDW> 1ST QTR NET |
Standard and Poors Corp said it is keeping Borg-Warner Corps 400 mln dlrs of debt on creditwatch with negative implications. Under review are the companys A-plus senior debt and A-1 commercial paper. S and P cited an offer by a Merrill Lynch and Co-backed investment groups offer to acquire Borg-Warner for 3.76 billion dlrs. The purchase would increase Borg-Warners financial risk and impair its earnings and cash flow protection resulting in a debt leverage rise to a very high level S and P said. Reuter | S/P KEEPS BORG-WARNER ON CREDITWATCH |
Oper shr 96 cts vs 79 cts Oper net 43.7 mln vs 36.4 mln Sales 1.48 billion vs 1.15 billion NOTE: 1987 sales includes operations of Sperry Aerospace. 1986 operating net excludes a charge from discontinued operations of 10.2 mln dlrs or 22 cts a share. Reuter | HONEYWELL INC <HON> 1ST QTR OPER NET |
The Environmental Protection Agencys five to 10 mln dlr suit against a Browning-Ferris Industries Inc <BFI> unit CECOS International Inc caused the stock to drop today analysts said. The stock has fallen 2-1/4 to 56-1/8 so far today after the news about the suit was released this morning. Its potentially a big suit and investors feel that its not good to go against regulators Kenneth Chu-Kai Leung a Smith Barney analyst said. What investors are actually saying by selling off some BFI shares is the cloud over this industry is the threat that the EPA will get tough on waste management companies Willard Brown senior analyst for First Albany Corp. Investors are saying to themselves that waste management companies have that kind of exposure to regulatory suits Brown said. Brown said if the suit were settled for 10 mln dlrs it would have an impact on Browning Ferris earnings. Leung said however that Browning-Ferris has adequate cash reserves to cover the fine. It would have no impact on earnings whatsoever he said. Reuter | WALL STREET STOCKS/BROWNING FERRIS <BFI> |
Homestake Mining Co is considering acquiring more gold ore reserves in addition to the companys exploration efforts chief executive Harry Conger told Reuters in an interview. We are looking at more options to acquire more reserves rather than just exploration Conger said adding the move to consider acquisitions represents a change in the companys acquisitions policy. Conger said all of Homestakes current cash position of 120 mln dlrs would be available to acquire reserves. In addition Homestake has two lines of credit totaling 150 mln dlrs which have not been drawn on today and could be used to finance an acquisition he said. Conger said he anticipates 1987 exploration budget will be about the same as 1986 spending of 27.3 mln dlrs. Conger said exploration for precious metals may be slightly higher than last years spending of 17.7 mln dlrs while oil and gas exploration spending will be slightly less than last years 9.6 pct. Conger said he sees Homestakes 1987 gold production about the same as 1986 gold production of 669594 ounces. However 1987 first quarter production from its McLaughlin reserve will be about 10 pct lower than last years 45400 ounces due to start-up production problems. He said he believes gold prices will hold above the 400 U.S. dlr an ounce level for the rest of 1987. IN 1986 company earnings were based an average market price for gold of 368 dlrs an ounce. Conger said a three pct change in gold prices represents a 12 cts a share impact on earnings but he declined to give a specific forecast for 1987s first quarter due to be released in 10 days or for full year 1987 results. Reuter | HOMESTAKE <HM> MULLS BUYING ORE RESERVES |
Shr loss 95 cts vs loss nine cts Net loss 6882497 vs loss 513153 Revs 11.3 mln vs 10.0 mln Avg shrs 7251000 vs 6017000 NOTE: 1986 net includes 1600000 dlrs in increased provisions for uncollectible receivables from affiliates lower recoverable value of inventories and writeoffs of capitalized costs on discontinued projects 1700000 dlr provision for resolution of shareholder class action suit and gain 1300000 dlrs from repurchase of manufacturing equipment. Reuter | CHRONAR CORP <CRNR.O> YEAR LOSS |
Empire Co Ltd said it will acquire all shares of Sobeys Stores Ltd it does not already own under an arrangement approved by directors of both companies. Holders of Sobeys class A non-voting shares and class B common shares may elect to receive either 1.6 non-voting class A Empire shares or one non-voting class A Empire share and one-half of an eight pct redeemable retractable preferred share. The preferred share has a par value of 25 dlrs and is retractable at the holders option on May 1 1994. Reuter | EMPIRE <EMPA.TO> TO BUY SOBEYS <SYSA.TO> STOCK |
Shr six cts vs three cts Net 152360 vs 94141 Revs 4073911 vs 4116333 NOTE: International Research and Development Corp is full name of company. Reuter | INTERNATIONAL RESEARCH <IRDV> 1ST QTR NET |
Brooklyn Union Gas Cos Brooklyn Union Exploration Co Inc unit said it entered a 200 mln dlr three-year gas and oil exploration and development venture with Smith Offshore Exploration Co. The agreement calls for drilling of 10 to 12 offshore wells per year primarily in the Gulf of Mexico area off the Texas and Louisiana coasts and 30 to 40 onshore Texas and Louisiana Gulf Coast wells. Reuter | BROOKLYN UNION'S <BU> UNIT TO EXPAND DRILLING |
Moodys Investors Service Inc said it may upgrade 1.28 billion dlrs of debt of New Jersey Bell Telephone Co a unit of Bell Atlantic Corp. The agency will evaluate New Jersey Bells ability to sustain its improved financial performance including interest coverage capital structure and profitability. Moodys will also assess the likelihood of continued constructive regulatory treatment. New Jersey Bell currently carries Aa-1 debentures. Its Prime-1 commercial paper rating is not under review. Moodys also cited a strong New Jersey economy. Reuter | MOODY'S MAY UPGRADE BELL ATLANTIC <BEL> UNIT |
CANADA PLANS THREE-PART, ONE BILLION DLR BOND ISSUE TUESDAY - OFFICIAL | |
FMC Corps 225 mln dlr insider trading case against Wall Street arbitrageur Ivan Boesky was dismissed by a federal court a court clerk said. Federal Judge Ann C. Williams in an oral ruling said FMC had not been harmed by trading in FMC stock by Boesky and other traders prior to FMCs two-billion dlr recapitalization last year. FMC had claimed insider trading by Boesky had forced it to increase the value of the recapitalization to 80 dlrs a share from 70 dlrs a share. FMC had charged that Boesky received confidential information about FMCs planned recapitalization from Dennis Levine a former merger specialist with Drexel Burnham Lambert Inc. An FMC spokeswoman said in response to an inquiry that FMC might appeal the ruling made in the U.S. District Court for the Northern District of Illinois once a formal written decision is received. The written ruling is expected April 15. The spokeswoman said FMC might appeal alleged contract violations involved in the dispute. That part of the case involving a contract between FMC and Goldman Sachs and Co would be appealed to an Illinois state court she said. Goldman Sachs was FMCs investment banker in its planned restructuring. A FMC spokeswoman said the contract was a standard contract under which Goldman Sachs advised FMC on the restructuring. We are certainly taking a look at appealing the ruling in Illinois state court the FMC spokeswoman said in response to an inquiry. The suit claimed that Boesky bought 95300 FMC shares between February 18 and February 21 1986 selling those shares for a profit of 975000 dlrs on February 21 the day FMC first said it was considering a recapitalization. Also the suit said Boesky bought a further 1922000 FMC shares between March 12 and April four acknowledging the purchase of a 7.5 pct stake in the company in a 13-D filing with the Securities and Exchange Commission on April seven. We alleged his actions kept the stock price artificially high and put pressure on FMC to increase the terms of the recapitalization the FMC spokeswoman said. The increase to 80 dlrs from 70 dlrs a share was announced April 26. Reuter | COURT DISMISSES FMC <FMC> SUIT AGAINST BOESKY |
Goodyear Tire and Rubber Co said it expects to sell its Celeron Corp oil and gas subsidiary for about two billion dlrs in about two months. After the companys annual meeting Rober Mercer Goodyears chairman and chief executive officer also said Goodyear expects to report a profit of more than one dlr a share from continuing operations in the first quarter. In the same year-ago period Goodyear reported a loss of 59 cents a share from continuing operations. Mercer said about seven companies are interested in buying Celeron and they may form a consortium to buy the unit. Reuter | (CORRECTED) - GOODYEAR <GT> TO SELL CELERON |
Shr six cts vs three cts Net 152360 vs 94141 Revs 4073911 vs 4116333 Note: Full name is International Research and Development Corp. Reuter | INT'L RESEARCH/DEVELOPMENT <IRDV.O> 1ST QTR NET |
BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS | |
Honeywell Inc said a gain of 20.1 pct in its 1987 first quarter operating earnings was the result of cost cutting efforts which began last year. Honeywell reported 1987 first quarter operating earnings rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or 79 cts in the same period a year ago. Better operating results in each of the companys three sectors offset higher interest costs in the first quarter due to financing the December acquisition of Sperry Aerospace and the sharing of the Federal Systems subsidiary pre-tax profit with Honeywell Bull Inc Honeywell said. Our first quarter results show clear benefits of our restructuring chairman Edson Spencer said. All of our businesses are producing better results than last year even though we do not see significant improvement in the external market environment he said. Total orders in the first quarter were up substantially with a sharp increase in aerospace and defense orders in addition to those of the new Sperry Aerospace group it said. Domestic industrial automation and control orders were modestly higher than the same period in 1986 it said. Orders in Honeywells home and building automation and control business were flat in the U.S. and up in international markets it said. International orders increased with the greatest strength in Europe Honeywell said. The company said that by year-end 1987 it intends to complete the repurchase of 3.3 mln shares remaining of a five mln share buyback program which began in 1986. Reuter | HONEYWELL <HON> CITES COST CUTTING FOR GAIN |
The Commodity Credit Corporation CCC has authorized 3.0 mln dlrs in credit guarantees for sales of U.S. rice to Algeria for fiscal year 1987 under the Export Credit Guarantee Program GSM-102 the U.S. Agriculture Department said. The additional guarantees increase the cumulative fiscal year 1987 program for sales of U.S. agricultural products to Algeria to 469.0 mln dlrs. To be eligible for the credit guarantee coverage all sales under the new line must be registered and exported by September 30 1987 the department aid. Reuter | CCC CREDIT GUARANTEES FOR RICE TO ALGERIA - USDA |
Shr loss 34 cts Net loss 17.1 mln vs profit 10.1 mln Revs 106.2 mln vs 101.2 mln Six mths Shr loss 28 cts Net loss 14.4 mln vs profit 11.6 mln Revs 237.2 mln vs 179.5 mln Note: Company said year ago per share not given as not comparable due to certain allocations of expenses from the Turner Entertainment Group not made in subsequent periods. 1987 results reflect the TBS merger agreement and operations of the company as independent agent. 1986 data includes extraordinary tax loss carryforward gains of 1185000 dlrs in qtr and six mths. Reuter | MGM/UA COMMUNICATIONS <MGM> 2ND QTR FEB 28 LOSS |
Spencer Cos Inc said it sued two Chase Manhattan Corp units for forcing Spencer and its subsidiaries to seek protection from creditors under Chapter 11 of the U.S. Bankruptcy Code. The lawsuit filed in the U.S. District Court for the District of Massachusetts seeks 100 mln dlrs in actual damages 300 mln dlrs in additional damages and recovery of attorneys fees. In the nine-count complaint Spencer contends that Chase Manhattan Bank while purporting to negotiate additional financing inflated Spencers accounts dishonored its checks and seized 600000 dlrs from its accounts without notification. The company said Chase then demanded immediate repayment of its 3.2 mln dlrs unsecured loan. The suit also names Chase National Corporate Services Inc as a defendant. The damages sought include a loss of about 40 mln dlrs on the liquidation of Spencers Happy Legs Inc subsidiary the footwear retailer said. Spencer said it has recovered more than 500000 dlrs of the funds seized by Chase and has obtained financing from a leading Boston bank. Boston-based Spencer filed for Chapter 11 on Nov 19 1986. Reuter | <SPENCER COS> SUES CHASE MANHATTAN <CMB> |
Homestake Mining Co is considering acquiring more gold ore reserves in addition to the companys exploration efforts chief executive Harry Conger told Reuters in an interview. Conger said the move to consider acquisitions represents a change in the companys acquistions policy. Conger said all of Homestakes current cash position of 120 mln dlrs would be available to acquire reserves. In addition Homestake has two lines of credit totaling 150 mln dlrs which have not been drawn on and could be used to finance an acquisition he said. Conger said he anticipates 1987 exploration budget will be about the same as 1986 spending of 27.3 mln dlrs. Conger said exploration for precious metals may be slightly higher than last years spending of 17.7 mln dlrs while oil and gas exploration spending will be slightly less than last years 9.6 pct. Conger said he sees Homestakes 1987 gold production about the same as 1986 gold production of 669594 ounces. However 1987 first quarter production from its McLaughlin reserve will be about 10 pct lower than last years 45400 ounces due to start-up production problems. He said he believes gold prices will hold above the 400 U.S. dlr an ounce level for the rest of 1987. Reuter | HOMESTAKE MULLS BUYING ORE RESERVES |
Bell Atlantic Corps Bell of Pennsylvania unit said federal regulators granted it interim permission to sell regulated telecommunications network services along with equipment provided by an unregulated Bell Atlantic unit. In January the Federal Communications Commission ruled that Bell telephone companies could sell their telephone services in tandem with equipment provided by their unregulated equipment units. But the FCC stipulated that the Bell companies must comply with new accounting rules that separate the costs of regulated telephone service from those of unregulated businesses. Bell of Pennsylvnia said the FCC gave it interim relief to jointly market services and equipment until its accounting plan is approved by the commission. Reuter | BELL ATLANTIC <BEL> UNIT TO SELL SERVICES, GEAR |
INTERFIRST CORP 1ST QTR LOSS 28 CTS VS PROFIT THREE CTS | |
OPECs credibility faces fresh scrutiny in coming weeks amid signs of a significant rise in supplies of oil to international oil markets the Kuwait daily al-Qabas said. In an article headlined Gulf oil sources say Middle East production up 1.4 mln bpd it warned OPECs official prices could face fresh pressure from international oil companies seeking cheaper supplies. It did not say whether only OPEC or both OPEC and other producers were behind the reported rise in Mideast output. Nor did it specify if the sources were official or other contacts. The sources said the credibility of OPEC would come under fresh scrutiny from today (Monday) with activity in the European and American markets the daily said. The sources were quoted as saying that after OPEC had in March demonstrated its commitment to quota agreements some members had raised output last week. It gave no details. Dealers in oil markets were now waiting to see if Opec was able to control production or whether the days of cheating and producing over quotas has begun anew it said. The sources warned that maybe the (price of a) barrel of oil will fall below 18 perhaps 17.80 dlrs this week or next if there is no control on supplies it said. The sources believed a return of oil below 18 dlrs a barrel may open the doors for international oil companies to pressure OPEC over contract prices similar to the struggle last March it said apparently referring to resistance by buyers to lift from Qatar unless it gave price discounts. More than one official has warned OPEC would find its solidarity under scrutiny by the end of April or start of May it said noting demand usually fell with the onset of summer. Reuter | KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE |
Shr 90 cts vs 30 cts Net 22.9 mln vs 7567000 Sales 323.0 mln vs 272.1 mln Note: per share figures reflect April 25 1986 five-to-three stock split. Full year figures not available. Reuter | WILLAMETTE INDUSTRIES <WMTT> 4TH QTR NET |
E.F. Hutton said it named Steven Peras formerly vice president in charge of all spot trading for Irving Banks <V> Irving Trust Co senior vice president for worldwide foreign exchange trading. Peras 30 will direct Huttons foreign corporate and individual foreign exchange account development and market-making in currencies for the firm on a worldwide basis Hutton said. Hutton has foreign exchange trading operations in London and New York. Reuter | HUTTON <EFH> NAMES PERAS SENIOR VP |
MARINE MIDLAND BANKS INC 1ST QTR 1.74 DLRS VS 1.89 DLRS | |
American Century Corp said it has restated its earnings for the fiscal year ended June 30 1986 to provide an additional five mln dlrs to its loan loss allowance causing a restated year-end net loss of 14937000 dlrs instead of 9937000 dlrs. The company said the change came after talks with the Securities and Exchange Commission on the companys judgement in considering the five mln dlrs collectible. In the note to its 1986 financial statement American Century said it considered the five mln dlrs collectible making its loan loss provision less than required. The company said in spite of the SEC decision it still feels its allowance for possible loan losses at June 30 1986 was adequate and that it has considered all relevant information to determine the collectibility of the five mln dlr receivable. But it said continued disagreement with the SEC staff would not be in its best interest. Reuter | AMERICAN CENTURY <ACT> RESTATES EARNINGS |
Canada plans a three part one billion dlr issue Tuesday which will be dated and delivered May 1 the finance department said. The bonds will be issued as follows. - 8-1/2 pct bonds due March 1 1992 - 8-3/4 pct bonds due June 1 1996 - 9 pct bonds due March 1 2011. The nine pct bonds will be issued to a maximum of 325 mln dlrs. The Bank of Canada will buy a minimum of 100 mln dlrs of the new issue including five mln dlrs of the 2011 maturity. Reuter | CANADA PLANS ONE BILLION DLR BOND ISSUE |
(Canadian Imperial Bank of Commerce) is considering classifying its 1.2 Canadian billion dlrs in loans to Brazil as non-accrual and will decide whether it will do so in June bank chairman R. Donald Fullerton told reporters after a business speech here. Fullerton said the loans would be listed as non-accrual in financial results for the second quarter ending April 30. (Bank of Montreal) which has loaned about two billion Canadian dlrs to Brazil the largest amount of any Canadian bank previously said it is also considering declaring the loans as non-accrual in second quarter results. Under Canadian guidlines loans are classified as non-accrual when there are indications the bank will lose interest or principal on the loan or when it believes it will be difficult to fully settle the account within a reasonable period. Several U.S. banks have already announced they plan to place their loans to Brazil on non-accrual lists. Fullerton also said Canadian Imperial still plans to enter the brokerage business this year after the federal government introduces laws that will let banks expand their actitivities. Well be looking at anything in the Canadian market at this point in time--from the very biggest (brokerage company) to the very smallest Fullerton told reporters. Fullerton said he considers buying seats on stock exchanges a sensible move. Fullerton declined to comment on TransCanada Pipelines Ltd (TRP)s bid for Dome Petroleum Ltd (DMP). Canadian Imperial has about 900 mln Canadian dlrs in outstanding loans to Dome making it one of the oil companys two largest Canadian creditors. The bank has a joint director on Domes management board Fullerton said. Fullerton said he did not have enough information on the bid to evaluate its effect on Dome or its debt restructuring talks. Fullerton called in a prepared speech for full reciprocity in any free-trade agreement with the U.S. involving financial services. There are strong indications that financial services are being bargained away in the current free trade negotiations between Canada and the United States with no requirement of full reciprocity Fullerton said. He said U.S. banks given equal privileges with Canadian banks here would be able to operate throughout the country while Canadian banks in the U.S. would be subject to approval and regulation by each state. Reuter | CANADIAN IMPERIAL CONSIDERS BRAZIL LOAN STATUS |
Moodys Investors Services Inc said it affirmed the ratings on 5.3 billion dlrs of debt of Georgia Power Co a unit of The Southern Co. Affirmed were the Baa-1 first mortgage bonds secured pollution control revenue bonds and cumulative preferred stock and the Baa-2 unsecured pollution control revenue bonds. Moodys said however that it may review the companys debt ratings pending a rate decision by the Georgia Public Service Commission due by October. If the rate order is unconstructive Moodys review would have negative implications at that time the agency noted. Reuter | SOUTHERN UNIT <SO> RATINGS AFFIRMED BY MOODY'S |
Shr loss 28 cts vs profit three cts Net loss 18.9 mln vs profit 2.1 mln Assets 16.7 billion vs 19.8 billion Deposits 14.1 billion vs 16.2 billion Loans 12.2 billion vs 14.4 billion Note: Net includes securities gains of 20.4 mln vs 13.1 mln. Net charge-offs totaled 41.9 mln vs 42.2 mln while provisions for loan losses was 56.6 mln vs 52.2 mln. Non-performing assets totaled 1.24 billion vs 799 mln. Reuter | INTERFIRST CORP <IFG> 1ST QTR LOSS |
Computer Telephone Corp said Stephen Ide its founder and president resigned for personal reasons but will remain a consultant with the company. It said James Mahon executive vice president has been elected president effective immediately. Reuter | COMPUTER <CPTLA.O> FOUNDER RESIGNS |
The American Stock Exchange said 10 governors were elected to its 25-member board of governors at the annual membership meeting today. The exchange said there were eight new members including five from the public sector among the ten elected to the board. Elected to three-year terms from the public sector were Ernst and Whinney Chairman Ray J. Groves Hasbro Inc Chairman Stephen D. Hassenfeld Bowery Savings Bank Chairman Richard Ravitch and Phelps-Stokes Fund President Franklin H. Williams. Elected to a two-year term from the public sector was James R. Jones a former congressman anda partner in Dickstein Shapiro and Morin. The Amex said Greenberg Securities Co President Mark D. Greenberg and Jacee Securities Inc President Joel L. Lovett were the industry representatives elected to three year terms on the board and Johnson Lane Space Smith and Co Inc President David T. Johnson was elected to a one year term as an industry representative. It said two industry representatives were returned to the board for three year terms -- Rotan Mosle Inc President R. John Stanton Jr. and Smith Barney Harris Upham and Co Inc President sGeorge A. Vonder Linden. Reuter | AMERICAN EXCHANGE ELECTS 10 BOARD MEMBERS |
Clevite Industries Inc said J.P. Industries Inc <JPI.O> has refused to pay it 9.5 mln dlrs in connection with J.P. Industries acquisition of the companys former Engine Parts Division. The amount results from a disputed post-closing adjustment of the divisions purchase price. Clevite sold the division to J.P. Industries in February 1987 subject to a final audit after the closing. Clevite said J.P. Industries held back a portion of the purchase price at the time of the sale. It said a preliminary audit showed J.P. Industries owed Clevite 14 mln dlrs of which 4.5 mln dlrs has been paid. It said J.P. Industries disputed the balance. Clevite said it would pursue all possible means to collect the amount owed. On April Eight Clevite said it received a 13.50 dlr a share offer valued at about 96 mln dlrs for all of its outstanding shares from J.P. Industries. A Clevite management-led group also is seeking a leveraged buyout of the company at 11.50 dlrs a share. Reuter | CLEVITE <CLEV.O) CITES 9.6 MLN DLR DEBT |
Shr 1.74 dlrs vs 1.89 dlrs Net 35.3 mln vs 38.2 mln Assets 24.5 billion vs 21.8 billion Deposits 16.9 billion vs 16.1 billion Loans 18.9 billion vs 16.0 billion NOTE: Qtr includes pre-tax provision of 9.7 mln dlrs resulting in 5.7 mln dlrs after-tax loss for reserve against interest due on medium- and long-term Brazilian loans. Net investment gains for the qtr were 2.2 mln dlrs versus a gain of 15.5 mln in last years first quarter. Provision for loan losses in the quarter was 35.3 mln dlrs vs 44.1 mln dlrs the prior first quarter. Reuter | MARINE MIDLAND BANKS INC <MM> 1ST QTR NET |
NL Industries Inc said it named J. Landis Martin as president and chief executive officer succeeding Harold Simmons who will continue as chairman. The company said Martin 41 was also named chairman and chief executive of its NL Chemicals Inc unit. Reuter | NL INDUSTRIES <NL> NAMES PRESIDENT |
Fourth National Corp said an investor group led by management has acquired a 73 pct stake in the company from Interfirst Corp <IFC> a Dallas bank holding firm. A Fourth National spokesman said the deal was for cash but would not disclose the amount. Fourth National a bank holding company with about 500 mln dlrs in assets said in a statement that it will continue to operate its four subsidiaries and retain its employees. Reuter | <FOURTH NATIONAL CORP> STAKE ACQUIRED |
Del E. Webb Corp said its Del E. Webb Properties Corp unit sold one-half of its interest in the 224-acre Towne Meadows mixed-use development near Mesa and Gilbert Ariz. to Klukwan Inc an Alaskan native cooperative. Terms of the sale were not disclosed. Webb said it had a one-half interest in the venture. Reuter | DEL WEBB <WBB> UNIT SELLS JOINT VENTURE STAKE |
Shr 1.04 dlrs vs 83 cts Net 51.7 mln vs 39.4 mln Reuter | BANK OF NEW ENGLAND CORP <BKNE.O> 1ST QTR |
U.S. EXPORTERS REPORT 350,000 TONNES CORN SOLD TO UNKNOWN DESTINATIONS FOR 1986/87 | |
Qtr ended Feb 28 Shr 35 cts vs 38 cts Net 1682047 vs 1817820 Revs 36.1 mln vs 29.9 mln Six mths Shr 73 cts vs 75 cts Net 3518515 vs 3606689 Revs 74.1 mln vs 62.7 mln Reuter | CANANDAIGUA WINE CO INC <CDG.A> 2ND QTR NET |
 NATIONAL CITY CORP 1ST QTR SHR PRIMARY 87 CTS VS 83 CTS  | |
U.S. TRADE PANEL RULES AGAINST BRAZILIAN ORANGE JUICE IMPORTS, WILL IMPOSE DUTUES | |
Shr 83 cts vs 94 cts Net 41.2 mln vs 45.5 mln Revs 428.4 mln vs 429.6 Avg shrs 49.8 mln vs 48.1 mln 12 months Shr 3.59 dlrs vs 3.53 dlrs Net 176.9 mln vs 164.4 mln Revs 1.87 billion vs 1.70 billion Avg shrs 49.3 mln vs 46.6 NOTE: 1986 first quarter profits restated down one cent a share as a result of previously reported pooling of interests merger with Mid-Continent Life Insurance Co. Reuter | FLORIDA PROGRESS CORP <FPC> 1ST QTR NET |
Tribune Co said it agreed to buy from Gene Autry and the Autry Foundation certain properties located in Hollywood California. Terms were not disclosed. The properties include broadcast and studio facilities on 10.1 acres of land located at Sunset Boulevard and Van Ness Avenue in Hollywood. Also included in the agreement are three additional parcels of land on Sunset Boulevard totaling 2.3 acres it said. Reuter | TRIBUNE <TRB> TO BUY HOLLYWOOD PROPERTY |
The U.S. International Trade Commission ITC voted to authorize the Commerce Department to impose anti-dumping duties on imports of Brazilian frozen concentrated orange juice. The ITC voted 3-2 in favor of the anti-dumping petition in its final ruling on the matter. Todays ITC ruling was consistent with the Commerce Departments final ruling of March 9 and activates an anti-dumping duty of 1.96 pct on imports of Brazilian frozen concentrated orange juice Stephen Vastagh ITC investigator said. The ITC found that Brazilian orange juice imports have injured U.S. producers. The Commerce Department had already ruled that the imports were unfairly priced and lowered to 1.96 pct the anti-dumping margin that in a preliminary decision last fall had been set at 8.5 pct Vastagh said. The U.S. government has been requiring bond to be posted on imports of Brazilian frozen concentrated orange juice since Commerces preliminary ruling of last October 23 he said. Commerce had ruled that one major Brazilian producer -- Cutrale -- would be excluded from the anti-dumping duty. Brazilian imports account for about 40 pct of total U.S. supply Vastagh said. Between December 1985 and November 1986 the United States imported the equivalent of 546 mln gallons of Brazilian orange juice worth 622 mln dlrs he said. Currently the United States requires a 35-cent per gallon tariff on orange juice imports Vastagh said. An ITC spokesman said the agency would forward its final report on the anti-dumping case to Commerce by April 22. Commerce then will process the anti-dumping order and transmit it to U.S Customs which will liquidate bond entries dating from Commerces preliminary ruling and begin assessing duties Vastagh said. He said about 12 Brazilian orange juice exporters including three major shippers would be affected by the decision. Reuter | U.S. AGENCY RULES AGAINST BRAZIL ORANGE JUICE |
Talks between the United States and Japan on alleged Japanese dumping of computer microchips have failed to head off U.S. imposition of retaliatory tariffs two senior White House officials said. President Reagans chief of staff Howard Baker told reporters here that he saw no developments that that would cause the president to back away from his plan to issue a proclamation on Friday slapping 100 per cent tariffs on a range of Japanese electronic products. I assume that there will be a proclamation on Friday Baker said. Reagans National Security Adviser Frank Carlucci added It looks like a very difficult situation at this point. Carlucci said that evidence of Japanese dumping of microchips had been fairly conclusive. The alleged dumping -- selling abroad at below the cost of manufacture -- is said to have undercut the technologically important U.S. microchip industry. Carlucci also said that although Japanese officials had presented statistics designed to show that Japan was opening its markets to American producers of microchips our statistics do not confirm this. Indeed they tend to go in the other directionCarlucci said. President Reagan announced on March 27 that he planned to raise tariffs on as much as 300 mln dlrs in Japanese exports to the United States. He accused Japan of failing to enforce major provisions of a September 1986 agreement on preventing microchip dumping and providing American industry with fair trade opportunities. He said he would be prepared to lift the sanctions when Japan took corrective action on these two issues. The dispute has soured U.S.-Jpanese relations as Japanese Prime Minister Yasuhiro Nakasone prepares to visit Washington at the end of the month for talks with Reagan. Last Friday Reagan answering questions following a speech to the Los Angeles World Affairs Council said Nakasone had endangered his political standing at home because of his willingess to try to eliminate trade barriers against U.S. goods. He said he was looking forward to his talks with Nakasone and he has been most helpful. Today Reagan was vacationing at his ranch near here. Reuter | TALKS FAIL TO HEAD OFF CHIP SHOWDOWN WITH JAPAN |
Bio-Nutronics Inc said that if it is unable in the very near future to substantially increase its revenues or otherwise raise additional funds it may be required to cease operations. Reuter | BIONUTRONICS <BNUI.O> MAY CEASE OPERATIONS |
Shr 37 cts vs 27 cts Net 1194000 vs 870000 Reuter | NATIONAL CITY BANCORP <NCBM.O> 1ST QTR NET |
Lawyers for Morton Thiokol Inc asked a federal judge to unseal all papers filed in court here in connection with a lawsuit against it by a former employee. U.S. District Judge Harold Greene held a hearing this morning on the companys request but took no immediate action according to a clerk. The companys motion was opposed by lawyers for the U.S. Department of Justice. The lawsuit filed by the former employee engineer Roger Boisjoly alleged criminal responsibility by Thiokol in the deaths of the seven Challenger astronauts in January 1986. Justice Department sources told Reuters earlier this month that the Federal Bureau of Investigation has launched a criminal investigation of Thiokol which made the booster rocket blamed for the loss of the Challenger space shuttle. The sources said the probe stemmed from the suit by Boisjoly who is now on medical disability. Boisjoly is seeking damages from the company for allegedly defaming his professional reputation by transferring him to a less important job after he testified to a presidential commission about the Challenger explosion. Reuter | MORTON THIOKOL <MTI> WANTS PAPERS MADE PUBLIC |
Shr 1.21 dlrs vs 1.80 dlrs Net 16.9 mln vs 24.6 mln Revs 230.9 mln vs 289.6 mln 12 mths Shr 1.97 dlrs vs 2.37 dlrs Net 27.6 mln vs 32.4 mln Revs 648.6 mln vs 875.7 mln NOTE: company reports earnings qtrly and includes the previous 12 mths figures. Reuter | ONEOK INC <OKE> 2ND QTR FEB 28 NET |
Texaco Inc has re-established some key oil supply lines following yesterdays court filing for protection under Chapter 11 of the U.S. bankrupcty code said Elton Yates Texacos coordinator of worldwide operations. Several companies say they are willing to start trading Yates told Reuters in an interview. The company last week had stated that a number of domestic and international oil suppliers were demanding cash for oil shipments and in some cases had cut supplies altogether. Banks had also cut credit lines it said in court filings. Manufacturers Hanover Corp <MHC> and other banks told Texaco it would cut off a one billion dlr credit line Texaco said in the court filing. Chase Manhattan Corp <CMB> and J.P. Morgan Cos <JPM> Morgan Guaranty Trust Co asked for deposits to cover transactions it said. The severe conditions with suppliers and creditors arose from an unfavorable ruling last Monday by the U.S. Supreme Court in Texacos ongoing dispute with Pennzoil Co <PZL> over the acquisition of Getty Oil Co in 1984. The High Court said Texas Courts must consider Texacos plea to cut its 10.3 billion dlr bond while appealing the case. Most of the suppliers stayed with us as long as they could Elton said. But following Mondays Supreme Court ruling Texacos suppliers began demanding cash and halting supplies. It wasnt until last Wednesday that it turned into an avalanche he said. Supplies were cut to the point where we could not run the system at anywhere near capacity. He said less than half of Texacos oil supplies had been in jeapordy but the cut off would have produced severe shortages by mid-May. Now the situation appears much less severe Elton said. It said that Sonatrach the Algerian national oil company canceled future deliveries of crude oil and natural gas Occidental Petroleum Co <OXY> demanded cash for crude and Atlantic Richfield Co <ARC> asked for special safeguards. The company also said British Petroleum Co PLC <BP> last week refused to accept an order for fuel oil. But Yates today said a big U.K. company has in fact said they would go on supplying. They had cancelled last week. He declined to identify the company. <Petroleos de Venezuela S.A.> the Venezuelan state oil company that supplies a large portion of Texacos oil also halted shipments two weeks ago Yates said. But he added that Texaco expected to meet with the Venezuelans later today in an attempt to reestablish that key supply line. Talks were also expected to take place with the Algerians he added. Bankruptcy specialists said it was likely Texacos chapter 11 filing would allow the company to secure its credit lines and oil supplies that are key to the companys business. It will be business as usual for Texaco said Martin Klein a bankruptcy attorney at the New York law firm Dreyer and Traub. Creditors are a nervous bunch of people he said. But when the dust settles they will reevaluate the situation and will likely extend credit to the chapter 11 company. But other officials at Texaco were not immediately available to say whether discussions were being held with its banks or whether credit lines had been reestablished. Reuter | TEXACO <TX> SAYS SOME OIL FLOWS RE-ESTABLISHED |
Texas Air Corps Continental Airlines said it will add flights in May to three destinations it already serves from Denver raising its total daily departures to 264 from 261 at Stapleton International Airport. The company said that beginning May 4 it will add a fourth daily nonstop to Des Moines Iowa and a third nonstop to Spokane Wash. Meanwhile on May 21 it will add a fourth daily nonstop to New York/Laguardia International Airport. Reuter | TEXAS AIR <TEX> UNIT HIKES SERVICE FROM DENVER |
National City Bancorp said directors at the annual meeting declared a 10 pct stock dividend payable May 22 record April 24. Reuter | NATIONAL CITY BANCORP <NCBM.O> 10 PCT DIVIDEND |
Gaming and Technology Inc said Stan Fulton has resigned as president of the company. Chairman Alfred Wilms said he will assume the additional position of president. Fulton will remain a director of the company and will work on special projects a Gaming and Technology spokeswoman said. Reuter | GAMING AND TECHNOLOGY <GATI.O> PRESIDENT RESIGN |
Moodys Investors Service Inc said it may downgrade 500 mln dlrs of Eurodebt of TransCanada Pipelines Ltd. The agency cited TransCanadas 4.3 billion Can dlr offer for the assets of Dome Petroleum Ltd <DMP>. The offer entails a cash payment of 3.87 billion Can dlrs to Domes creditors and the exchange of about 20 pct of the common stock of a new TransCanada subsidiary for Domes common and preferred. Moodys will examine the financing of the proposed transaction and resulting capital structure. TransCanada has A-3 Euro mortgage bonds and Baa-1 Eurodebt. Reuter | MOODY'S MAY DOWNGRADE TRANSCANADA PIPELINE <TRP> |
Shr 25 cts vs 23 cts Net 488000 vs 443000 Assets 289.3 mln vs 213.9 mln Deposits 254 mln vs 188.5 mln Loans 156.4 mln vs 123.4 mln NOTE: Per share amounts adjusted for stock dividends. Reuter | FLAGLER BANK CORP <FLGLA.O> 1ST QTR NET |
Shr primary 87 cts vs 83 cts Shr diluted 85 cts vs 74 cts Net 35.9 mln vs 30.6 mln Avg shrs 41.0 mln vs 34.2 mln Assets 13.95 billion vs 12.34 billion Deposits 10.21 billion vs 9.24 billion Loans 9.22 billion vs 7.89 billion Return on assets 1.07 pct vs 1.05 pct Note: Net includes securities gains of seven cts a shr vs two cts. Net includes loan loss provision of 20.2 mln vs 12.6 mln. Net charge-offs totaled 15.6 mln brining the loan loss reserve at the end of the qtr to 120.5 mln. Reuter | NATIONAL CITY CORP <NCTY.O> 1ST QTR NET |
Chrysler Corps pension expense is expected to increase by more than 50 pct this year due to new pension accounting standards its annual report said. It said implementation of Statement of Financial Accounting Standards Number 87 issued by the Financial Accounting Standards Board in December 1985 this year is expected to increase Chryslers pension expense by more than 50 pct when compared to pension expense calulated under the prevsious standards. Last year the report said the companys pension expense was 236.3 mln dlrs up from 219.8 mln dlrs in 1985. A Chrysler spokeswoman said the exact amount of the increase caused by the accounting change will be reported when the company reports first quarter earnings late this month. The report also said Chrysler is continuing its program announced in December 1984 of buying up to 56.25 mln shares -- adjusted to reflect two three-for-two stock splits since then. The company had acquired about 42.3 mln shares by the end of 1986 the report said adding there is no target set for completion of the program. Reuter | RULES CHANGE RAISES CHRYSLER <C> PENSION COSTS |
Bank of New England Corp reported that pro forma first quarter earnings which reflect its combined operations under a pending merger with the Conifer Group rose to 60 mln dlrs or 89 cts a share from 49 mln dlrs or 75 cts a share in 1986. The merger is expected to close on April 22. Earlier Bank of New England reported first quarter net income not taking the merger into account rose to 1.04 dlrs from 83 cts a share. NOTE:First quarter of 1986 does not include restatement from recent acquisitions. After restatement net income was 39.8 mln dlrs. The 1987 pro forma first quarter results include nonrecurring merger expenses of 4.7 mln dlrs. Excluding these expenses growth in operating expenses of the combined companies was reduced from 14 pct to 12 pct during the first quarter. Loans and leases increased 34 pct to 19.5 billion dlrs and deposits grew 14 pct to 19.6 billion dlrs. The provision for possible credit losses was 14.4 mln dlrs in the first quarter compared with 19.7 mln dlrs last year. Net charge-offs were 10.9 mln dlrs down from 12.8 mln dlrs in 1986. Reuter | BANK OF NEW ENGLAND <BKNE.O> POST PRO FORMA NET |
Qtr ended March 31 Net 268760 vs 235274 Revs 721882 vs 575806 Six mths Net 472642 vs 464042 Revs 1372453 vs 1059462 Note: per share data not given as not comparable to net figures which are before depreciation. Reuter | BURNHAM AMERICAN PROPOERTIES <BAPYZ.O> 2ND QTR |
Finance Minister Michael Wilson said it was too early to comment on the tax implications of TransCanada PipeLines Ltds 4.3 billion dlr offer for Dome Petroleum Ltd. The specific offer by TransCanada is just in the course of being made and we dont have the details of all the elements of the proposal Wilson told the House of Commons daily question period. Opposition parties were questioning Wilson about a possible loss of tax revenue if the takeover was completed because of the large tax credits held by Dome. Reuter | CANADA'S WILSON HAS NO COMMENT ON DOME (DMP) |
International Telecharge Inc said it introduced a new international inbound long-distance service from Europe called Quick Call USA. The three-minute call will be available from seven European countries. The call placed by dialing a local country access number will be answered by an International Telecharge operator and sent to any phone in the U.S. it said. The caller has the option of calling collect or billing to a major credit card at a flat rate of 10.65 dlrs expect for calls from the U.K. which will be billed at a rate of 8.53 dlrs the company said. Reuter | INTERNATIONAL TELECHARGE LAUNCHES SERVICE |
Dauphin Deposit Corp said it signed a definitive agreement to acquire <Colonial Bancorp Inc>. The agreement calls for Colonial to be merged into Dauphin Deposit Corp and Colonials subsidiary New Holland Farmers National Bank to be merged into Dauphin Deposit Bank and Trust Co the lead bank of Dauphin Deposit Corp the company said. Shareholders of Colonial will receive between 3.6 and 4.4 shares of Dauphin common stock for each share of Colonial depending on Dauphins current market value it said. As of Dec 31 1986 Colonia Bancorp had assets of 150 mln dlrs Dauphin said. Reuter | DAUPHIN DEPOSIT <DAPN> TO ACQUIRE COLONIAL |
OPECs credibility faces fresh scrutiny in coming weeks amid signs of a significant rise in supplies of oil to international oil markets the Kuwait daily al-Qabas said. In an article headlined Gulf oil sources say Middle East production up 1.4 mln bpd and Markets witness new surplus amid whispers of return to cheating days it warned OPECs official prices could face fresh pressure from international oil companies seeking cheaper supplies. It did not say whether only OPEC or Opec and other producers were behind the reported rise in Mideast output. Nor did it specify if the sources were official or other contacts. The sources said the credibility of OPEC would come under fresh scrutiny from Monday with activity in the European and American markets it said. The sources were quoted as saying that after Opec had in March demonstrated its commitment to quota agreements some members had raised output last week. It gave no details. Dealers in oil markets were now waiting to see if Opec was able to control production or whether the days of cheating and producing over quotas has begun anew it reported. The sources warned that maybe the (price of a) barrel of oil will fall below 18 perhaps 17.80 dlrs this week or next if there is no control on supplies. The sources believed a return of oil below 18 dlrs a barrel may open the doors for international oil companies to pressure Opec over contract prices similar to the struggle last March it said apparently referring to resistance by buyers to lift from Qatar unless it gave price discounts. More than one official has warned Opec would find its solidarity under scrutiny by the end of April or start of May it said noting demand usually fell with the onset of summer. Reuter | KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE |
Treasury balances at the Federal Reserve fell on April 10 to 3.373 billion dlrs from 3.523 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 11.645 billion dlrs from 11.869 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 15.018 billion dlrs compared with 15.392 billion dlrs on April 9. Reuter | TREASURY BALANCES AT FED FELL ON APRIL 9 |
The Energy Department said it had approved in final form an agreement that resolves all remaining issues with Shell Oil Co over oil pricing and allocation controls that ended in 1981. Under the agreement The Royal Dutch/Shell Group unit agreed to pay 20 mln dlrs to settle refiner pricing issues and 160 mln dlrs to settle crude oil pricing issues DOE said. DOE said that before making the pact final it modified it to reflect Shells compliance with the Tertiary Incentive Program a provision not in the version published last Dec 31. reuter | DOE RESOLVES ISSUES WITH ROYAL DUTCH <RD> UNIT |
Cellular Communications Inc said that a unit purchased a 6.99 pct interest in the Cincinnati non-wireline cellular system. As a result of the transaction the company said it now owns 100 pct of the system in Cincinnati. Reuter | CELLULAR COMMUNICATIONS <COMM.O> CLOSES BUYOUT |
Qtly div 40 cts vs 40 cts prior Pay May 15 Record May one. Reuter | ATHLONE INDUSTRIES INC <ATH> SETS QTLY DIVIDEND |
Qtr ended March 31 Shr 88 cts Net 973000 vs 713000 Six mths Shr 1.35 dlrs Net 1497000 vs 1464000 Note: Bank went public on Dec 29 1986. Reuter | FIRST FEDERAL SAVINGS BANK <FFSD.O> 2ND QTR NET |
Shr 39 cts vs 32 cts Net 2524000 vs 204600 Sales 28.5 mln vs 23.5 mln Nine Mths Shr 1.01 dlrs vs 1.09 dlrs Net 6323000 vs 6990000 Sales 80.6 mln vs 68.8 mln Note: Current qtr and nine mth net include 447000 dlr gain on asset sales. Prior nine mth net includes 3.4 mln dlr asset sale gain. Reuter | PLANTRONICS INC <PLX> 3RD QTR MARCH 28 NET |
GAF Corp said it is exploring its options in response to Merrill Lynch Capital Partners 4.23 billion dlr offer for Borg-Warner Corp and it has asked for all information that was supplied to Merrill Lynch. A GAF spokesman said the company asked for the information in order to enable GAF to fully evaluate its alternatives. The spokesman also confirmed that GAF did raise its bid to 48 dlrs cash from 46 dlrs per share on Friday. Merrill is offering 48.50 dlrs per share cash for 89 pct of Borg-Warner and a package of cash and securities for the balance. The transaction with Merrill Lynch will take Borg-Warner private in the form of a leveraged buyout. Merrill Lynch does not intend to sell Borg-Warner assets but it may be forced to do so in financing the deal said sources familiar with the transaction. Borg-Warner has said its management is not a participant in the transaction but managers will retain their positions. The investors involved with Merrill include pension funds insurance companies and other institutional investors sources said. Analysts believe GAF which owns 19.9 pct of Borg-Warner will raise its offer. That speculation drove Borg-warner stock up 1-3/8 to 49-5/8 in heavy trading. GAF closed at 49-5/8 off 3/4. Reuter | GAF <GAF> SEEKS INFORMATION ON BORG-WARNER<BOR> |
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