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FRANKLIN OHIO INSURED TAX-FREE SETS PAYOUT | Mthly div 6.1 cts vs 6.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Ohio Insured Tax-Free Income Fund.
Reuter
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FRANKLIN HIGH-YIELD TAX-FREE SETS PAYOUT | Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin High-Yield Insured Tax-Free Income Fund.
Reuter
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CONVERGENT TECHNOLOGIES <CVGT> TO BUY OAKLEAF | Convergent Technologies Inc
said it has reached an agreement in principle to buy Oakleaf
Corp, which supplies finance, insurance and leasing computers
to auto dealers.
The transaction will involve an exchange of Oakleaf stock
for cash and debt and is subject to a definitive agreement, the
companys said. No other terms were disclosed.
Oakleaf had 1986 sales of about 26 mln dlrs.
Reuter
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NYMEX WILL EXPAND OFF-HOUR TRADING APRIL ONE | The New York Mercantile Exchange set
April one for the debut of a new procedure in the energy
complex that will increase the use of energy futures worldwide.
On April one, NYMEX will allow oil traders that do not
hold a futures position to initiate, after the exchange closes,
a transaction that can subsequently be hedged in the futures
market, according to an exchange spokeswoman.
"This will change the way oil is transacted in the real
world," said said Thomas McKiernan, McKiernan and Co chairman.
Foreign traders will be able to hedge trades against NYMEX
prices before the exchange opens and negotiate prices at a
differential to NYMEX prices, McKiernan explained.
The expanded program "will serve the industry because the
oil market does not close when NYMEX does," said Frank Capozza,
secretary of Century Resources Inc.
The rule change, which has already taken effect for
platinum futures on NYMEX, is expected to increase the open
interest and liquidity in U.S. energy futures, according to
traders and analysts.
Currently, at least one trader in this transaction, called
an exchange for physical or EFP, must hold a futures position
before entering into the transaction.
Under the new arrangement, neither party has to hold a
futures position before entering into an EFP and one or both
parties can offset their cash transaction with a futures
contract the next day, according to exchange officials.
When NYMEX announced its proposed rule change in December,
NYMEX President Rosemary McFadden, said, "Expansion of the EFP
provision will add to globalization of the energy markets by
providing for, in effect, 24-hour trading."
The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
Reuter
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CCR VIDEO <CCCR> NOW MEETS NASDAQ REQUIREMENTS | CCR Video Corp said it is now
current in its filing requirements with both the Securities and
Exchange Commission and NASDAQ, and meets the trading system's
net worth requirements.
The company reported a first quarter, ended November 30,
profit of 156,726 dlrs compared to a year earlier loss of
776,000 dlrs.
CCR also said its previously reported refinanceing in
December resulted in an extraordinary gain of 456,004 dlrs,
leaving the company with a net worth of 633,581 dlrs at the end
of December.
At the end of November, a spokesman noted, CCR did not meet
NASDAQ's requirement of a net worth of 100,000 dlrs and has
been trading on an exception to those rules.
Reuter
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ROSPATCH <RPCH> TO RESPOND TO DIAGNOSTIC <DRS> | Rospatch Corp said it will
have a news release later in response to today's acquisition
bid by Diagnostic Retrieval Systems Inc for 22 dlrs a share.
Rospatch earlier requested its stock be halted in over the
counter trading, last trade 24-1/8.
Diagnostic said its bid was for a total 53 mln dlrs through
a cash tender offer for all, but not less than 51 pct of
Rosptach outstanding common.
For its fourth-quarter ended December 31, 1986, Rospatch
reported net loss 2,649,000 or 1.10 dlrs a share compared a
loss of 627,500 or 35 cts profit for the 1985 period.
In December the Brookehill Group in New York said it had
9.7 pct stake. J.A. Parini, Rospatch chief executive, responded
on January eight by saying the investment was a vote in
confidence in the company.
Reuter
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GREEN TREE ACCEPTANCE INC <GNT> SETS DIVIDEND | Qtly dividend 12-1/2 cts vs 12-1/2 cts
Pay March 31
Record March 16
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ARGENTINE OIL PRODUCTION DOWN IN JANUARY 1987 | Argentine crude oil production was
down 10.8 pct in January 1987 to 12.32 mln barrels, from 13.81
mln barrels in January 1986, Yacimientos Petroliferos Fiscales
said.
January 1987 natural gas output totalled 1.15 billion cubic
metrers, 3.6 pct higher than 1.11 billion cubic metres produced
in January 1986, Yacimientos Petroliferos Fiscales added.
Reuter
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ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC
| |
HUGHES' U.S. RIG COUNT SLIPS TO 801 THIS WEEK | U.S. drilling activity continued to slow
last week as the number of active rotary rigs fell by 38 to a
total of 801, against 1,248 working rigs one year ago, Hughes
Tool Co said.
Most of the decrease came among rigs used for onshore
drilling, which dropped to a total of 707 from last week's 744.
A total of 77 rigs were active offshore and 17 in inland waters
during the week, Hughes Tool said.
Among individual states, Texas lost 24 working rigs,
Michigan dropped by six, and California, New mexico and Kansas
were each down by one. Colorado reported a gain of eight rigs
and Louisiana was up by four.
In Canada, the rig count was up 14 to 164, against 422 one
year ago.
Reuter
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GULF OF MEXICO RIG COUNT FALLS THIS WEEK | Utilization of offshore mobile rigs in
the Gulf of Mexico declined by 0.7 pct during the past week, to
35.6 pct, reflecting a decrease of two working rigs, Offshore
Data Services said.
The total number of working rigs fell to 83 for the week,
compared to 85 last week and 134 rigs one year ago.
Offshore Data Services said the worldwide utilization rate
rose 0.1 pct to 54.2 pct with a total of 333 rigs without work.
The number of rigs contracted worldwide was 394.
In the European-Mediterranean area, rig utilization also
rose by a full percentage point to 41.3 pct with 64 of 155 rigs
contracted.
Reuter
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NORTH AMERICAN GROUP <NAMG> BUYS GEORGIA FIRM | North American Group Ltd's North
American Acquisition Corp said it has a definitive agreement to
buy 100 pct of Pioneer Business Group Inc of Atlanta.
Terms of the acquisition were not disclosed. Closing of the
acquisition is scheduled for April.
North American Acquisition said the agreement is subject to
due diligence and a satisfactory review of Pioneer's operation.
Pioneer makes business forms.
Reuter
|
CANADA PLANS 4-PART 1.2 BILLION DLR BOND ISSUE TUESDAY - OFFICIAL
| |
TALKING POINT/VIACOM INTERNATIONAL <VIA> | A bidding war for Viacom International
Inc, one of the largest U.S. entertainment companies, pitted a
management group and other investors against National
Amusements Inc, a closely held theater operator.
Both sides raised their bids over the weekend. A source
close to the management side insisted that timing was on his
side. He said if outside directors approve the management
proposal, a merger plan could be put to a vote of shareholders
with proxy material going out late this week. "It would take 20
days from the day we mail," said the source.
The source predicted National Amusements, controlled by
investor Sumner Redstone, would need "half a year" to complete
a tender offer because of the regulatory approvals that must
accompany any change in control of Viacom's broadcast licenses
and cable television franchises.
Redstone was not available for comment.
Some of Wall Street's arbitrage players said it was a rare
situation that could only be enjoyed - a true bidding war. One
said Redstone could begin a tender offer whenever he wanted and
if enough people were convinced his proposal was superior to
the Viacom management plan, he would have a chance to win.
The independent directors of Viacom were called into a
meeting today. Word on a decision was expected early tomorrow.
Viacom shares climbed 2-1/2 to 50-3/8 by midafternoon. One
major Wall Street firm issued a sell recommendation. "We think
we're at the end now, in terms of bidding," said the firm's
arbitrageur, who spoke on condition he not be identified.
Both Redstone's proposal and the management proposal would
create a restructured company heavily leveraged with debt. The
management plan would result in a balance sheet with about 2.5
billion dlrs in debt and nearly 500 mln dlrs in preferred
stock, convertible into 45 pct of the common stock.
Redstone's newest proposal offers holders 42 dlrs in cash,
a fraction of a share of exchangeable preferred stock with a
value of 7.50 dlrs, and one-fifth of a share of common stock
stock of Arsenal Holdings, representing 20 pct of the equity
interest in the restructured Viacom. One arbitrageur calculated
the equity in the Redstone plan was worth 2.50 dlrs making the
total package worth 52 dlrs per share.
Management offered 38.50 dlrs in cash, exchangeable
preferred stock worth 8.50 dlrs and a fractional share of
convertible preferred. The arbitrageur said the equity portion
was worth about 4.00 dlrs for a total of 51 dlrs.
Redstone's newest plan raised the amount of interest he
would pay on the cash portion of his offer for every day beyond
April 30 that a merger with Arsenal is not consummated. The
plan calls for intest to be paid at an annual rate of nine pct
during May and 12 pct thereafter. Previously Redstone offered
eight pct interest.
Other arbitrageurs said both Redstone and the management
group, led by president and chief executive Terrence Elkes,
were offering high prices. "Redstone really wants to own the
company," one said. Another said management seemed to have the
edge on the timing issue.
Redstone's company owns 19.6 pct ov Viacom's 35 mln shares.
A Wall Street analyst said it was hard to determine what
the equity in the newly leveraged company would be worth. He
noted as an example that new stock in FMC Corp <FMC>, which
adopted a highly leveraged structure last year, inititally
traded at 12.50 dlrs per share, dipped to nine dlrs, and is now
just over 30 dlrs.
Last week, Viacom reported fourth quarter earnings fell two
two cts per share from 23 cts. The company said interest costs
from several acquisitions affected results.
Shares of Warner Communications Inc <WCI> rose 7/8 to
31-1/8. Analysts noted Warner owns warrants to purchase 3.25
mln Viacom shares at 35 dlrs and another 1.25 mln shares at
37.50 dlrs.
Chris Craft Industries <CCN>, which owns a stake in Warner,
rose 1-1/4 to 22-3/4.
Viacom was created in 1970 and spun off from CBS Inc <CBS>.
The company has 940,000 cable television subscribers, operates
nine satellite television services and owns television and
radio stations. It is one of the largest distributors of films
and other programs for television.
Reuter
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UP-RIGHT INC <UPRI> 4TH QTR OPER NET | Oper shr five cts vs 29 cts
Oper net 151,000 vs 867,000
Revs 12.7 mln vs 14.1 mln
Year
Oper shr 87 cts vs 52 cts
Oper net 2,650,000 vs 1,565,000
Revs 54.7 mln vs 49.1 mln
Note: oper data does not include 4th qtr 1986 extraordinary
credit of 14,000 dlrs or 4th qtr 1985 extraordinary loss of
139,000 dlrs, or five cts per shr. For year, does not include
extraordinary credit of 92,000 dlrs, or three cts per shr, in
1986 and 161,000 dlrs, or five cts per shr, in 1985.
Reuter
|
CANADA LAUNCHES 1.2 BILLION DLR BOND ISSUE | Canada will offer a 1.2 billion dlr,
four-part bond issue tomorrow, which will be dated March 15 and
delivered March 16, the finance department said.
The issue will consist of four maturities:
- 8 pct bonds due July 1, 1990,
- 8-1/4 pct bonds due March 1, 1994,
- 8-1/4 pct bonds due March 1, 1997,
- 8-1/2 pct bonds due June 1, 2011.
The 2011 maturity will be issued to a maximum of 374 mln
dlrs. The Bank of Canada will buy 100 mln dlrs of the new
issue, including 10 mln dlrs of the 2011 maturity.
Reuter
|
U.S. ELECTRONIC SALES FLAT IN 1986 | U.S. electronic companies'
sales last year totalled 226.5 billion dlrs, slightly below the
228.7 billion dlrs reported in 1985, the American Electronic
Association said.
Despite the decline, the fourth-quarter total of 61.1
billion dlrs matched the industry record for the same period of
1984, the AEA said.
AEA senior vice president Ralph Thomson said that, although
the 1986 sales trend was mostly positive with an upturn at the
end of the year, the industry is waiting early 1987 figures
before trying to forecast the future.
"Many of our companies, including the semiconductor sector,
are still being impacted by the enormous and growing trade
deficit with Japan," he said.
Fourth-quarter orders totalled 60 billion dlrs for a 3.1
pct increase over the same quarter of 1985. December sales were
22.2 billion dlrs, up 2.8 pct from the same month in 1985.
The association represents more than 2,800 firms that
produce electronic goods and services.
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TALKS SHOW NEW CANADIAN CONFIDENCE, GROUP SAYS | Canada's decision to raise the issue
of a free trade pact with the U.S. was a sign of what many see
as a new spirit of Canadian self-confidence, a public policy
study group said
"It suggests the Canada of the immediate post-war period,
when it was a major player in the process of building a postwar
world," the Washington-based Atlantic Council said.
U.S. and Canadian negotiators opened talks last summer
aimed at dismantling trade barriers between the two countries,
the world's biggest trading partners with crossborder shipments
of about 150 billion dlrs annually.
The council's study said the trade talks, with a deadline
of October for an agreement, are the biggest issue in
U.S.-Canadian relations.
The study said liberalized trade between the two countries
would improve the competitiveness of their economies in world
markets and lessen trade irritants which now mar their ties.
The council said "in the past most Canadians have shied away
from the notion of a free-trade arrangement, fearing to be
overwhelmed economically and politically by a closer
association with a country 10 times their size in population."
But at the same time, it added, Canadians realized their
domestic market was too small to permit the mass production and
sales needed to raise productivity to the level demanded by an
increasingly competitive world.
The council said that in the talks, Canada is chiefly
interested in minimizing the imposing of U.S. duties against
allegedly subsidized exports.
A recent example was the 15 per cent duty the U.S. imposed
on Canadian lumber exports on grounds the shipments were being
subsidized.
The council said the chief U.S. concerns included ending
curbs against U.S. banking, insurance, telecommunications, and
the so-called "cultural industries" - publishing, broadcasting
and films.
It said other major U.S.-Canadian issues were defense
cooperation, "acid rain" and the U.S. rejection of a Canadian
assertion of sovereignty over waters of the Northwest Passage.
Reuter
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U.S. ACTS TO PROTECT KAISER STEEL RETIREES | The Pension Benefit Guaranty Corp, a
federal agency, said it took action to protect pensions of
employees and retirees of Kaiser Steel Corp, which filed for
bankruptcy reorganization last month.
The agency said it entered into an agreement to terminate
the Kaiser plan, and was appointed its trustee.
It said that Kaiser retirees will receive their March
pension checks without interruption and thereafter at levels
guaranteed by law.
REUTER
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<DAIWA SECURITIES CO> TO SUPPLY MARKET UPDATE | Daiwa Securities Co Ltd said it will
provide Financial News Network <FNNI> with an exclusive daily
market update from Tokyo.
The report can be seen on FNN's World Business Update, the
company said.
Daiwa Securities said the new program describes major
business developments around the world, using videotaped news
and feature stories as well as market and commodities
information.
Viewers will be able to get closing prices in Tokyo prior
to opening trading in New York due to the time difference.
Reuter
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UAL <UAL> UNIT ATTACKED ON MINORITY HIRING | UAL Inc's United Airlines was accused in
a congressional hearing today of locking blacks out of key
jobs, but the company said it had made tremendous progress in
minority hiring.
The issue was aired during a hearing of a House Government
Operations subcommittee whose chairman, Rep. Cardiss Collins,
called the treatment of minorities by the country's largest
airline "pathetic."
"It strikes me odd," said the Illinois Democrat, "that the
number of white women pilots is more than double that of black
pilots, and that white women are more fairly represented in
upper management."
United has been under a court order since 1976 to increase
its minority employment.
David Pringle, United's senior vice president for human
resources, said "We take a very aggressive approach to minority
hiring and have made tremendous progress ... we will continue
to pursue even wider goals."
Reuter
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ALBERTSON'S INC <ABS> RAISES QTLY DIVIDEND | Shr 24 cts vs 21 cts
Pay May 25
Record May eight
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CHEMICAL NEW YORK <CHL> TO CLOSE DUBAI OFFICE | Chemical Bank, the main subsidiary of
Chemical New York Corp, is closing its representative office in
Dubai, United Arab Emirates, a spokeswoman said in response to
an enquiry.
She said the decision to close the office was made as a
result of changes in Chemical's regional customer base and to
improve efficiency by centralizing the bank's Gulf activities
in Bahrain.
The Bahrain office will assume the local contact role for
all of Chemical's corporate and institutional customers now
served by the Dubai office, the spokeswoman added.
Reuter
|
WAVEHILL INTERNATIONAL TO MAKE ACQUISITION | <Wavehill International Ventures Inc>
said it has agreed to acquire Personal Computer Rental Corp of
Coral Gables, Fla., in a transaction in which shareholders of
Personal Computer will receive shares respresenting about a 25
pct interest in the combined company.
The company said it will have about two mln shares
outstanding on a fully-diluted basis after the transaction. It
said after the acquisition it will infuse Perconal computer
with cash for expansion. It said Personal Computer now has 26
franchised locations and plans to add over 30 in 1987, seeking
eventually to expand into 420 markets in the U.S. and abroad.
Reuter
|
SECURITY PACIFIC <SPC> COMPLETES MERGER | Security Pacific Corp said it
completed its planned merger with Diablo Bank following the
approval of the comptroller of the currency.
Security Pacific announced its intention to merge with
Diablo Bank, headquartered in Danville, Calif., in September
1986 as part of its plan to expand its retail network in
Northern California.
Diablo has a bank offices in Danville, San Ramon and Alamo,
Calif., Security Pacific also said.
Reuter
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PALL CORP <PLL> 2ND QTR SALES RISE 17 PCT | Pall Corp said sales in the second
quarter rose about 17 pct to 94 mln dlrs from 80 mln dlrs a
year ago, bringing sales for the six months to 174.6 mln dlrs,
up 16 pct from 150.3 mln dlrs.
Orders in the quarter ended Jan 31 rose about 15 pct to
101.1 mln dlrs and 13 pct to 189.6 mln dlrs in the six months.
Reuter
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J.P. INDUSTRIES <JPI> FORMS TWO OPERATING GROUPS | J.P. Industries Inc said it has
formed two operating groups to serve major markets in its
transportation components business -- an Engine Products Group
to serve original equipment manufacturers and an Automotive
Aftermarket Group to serve repair market customers.
The company said senior vice president Gareth L. Reed has
been appointed president and general manager of the Engine
Products Group. Gerald W. McGrath was appointed vice president
and general manager of the Automotive Aftermarket Group. He was
formerly vice president of sales with the Engine Parts Division
of Clevite Industries Inc, recently acquired by J.P. Industries.
Reuter
|
U.S. INTEC INC <INTK> 4TH QTR NET | Shr six cts vs five cts
Net 188,000 vs 130,000
Revs 12.2 mln vs 10.1 mln
Avg shrs 3,029,930 vs 2,764,544
12 mths
Shr 81 cts vs 1.45 dlrs
Net 2,463,000 vs 3,718,000
Revs 52.4 mln vs 47.5 mln
Avg shrs 3,029,930 vs 2,566,680
NOTE: net for 1985 includes 500,000, or 20 cts per share,
for proceeds of a life insurance policy.
includes tax benefit for prior qtr of approximately 150,000
of which 140,000 relates to a lower effective tax rate based on
operating results for the year as a whole.
Reuter
|
LODGISTIX <LDGX> TO BUYBACK 100,000 SHARES | Lodgistix Inc said its board
authorized a program for the company to purchase up to 100,000
of its shares from time to time.
The company said the shares will be used for general
purposes, including incentive programs.
Reuter
|
ICI <ICI> SEEKS GAINS IN SPECIALTY BUSINESSES | Imperial Chemical Industries PLC, the
largest chemical company in the United Kingdom, will expand its
specialty chemicals and drug businesses this year, and better
its 1986 results, said chairman-elect Denys Henderson.
"We expect to shift our company toward higher value-added
businesses and continue to broaden our base," Henderson told
reporters at an informal meeting here.
ICI today announced the formation of a new U.S.
drug company, ICI Pharma, which, with its Stuart
Pharmaceuticals unit, it said will double its current
pharmaceutical sales to 1.1 billion dlrs by 1990.
Henderson said, "Our pharmaceutical business gets lost in
the way that Glaxo's (Glaxo Holdings PLC) does not."
ICI's pharmaceutical division is the second largest drug
maker behind Glaxo in the U.K. Last year U.S. drug sales were
about 40 pct of its worldwide drug sales of 1.5 billion dlrs,
which in turn brought in 27 pct of its total profits.
He estimated that by 1990, ICI's pharmaceutical division
would account for about 30 pct of total company profits.
"The drug division far and away brings in the highest rate
of return," said A.W. Clements, finance director of ICI, who
was also at the meeting.
Henderson said the new U.S. drug concern would basically
act as a second sales force to double the exposure of its drugs
to doctors. ICI will hire 145 new salespeople by October one.
Henderson said the major new products in the company's
pipeline, expected to each bring in sales of over 200 mln dlrs
annually, were Statil, a treatment for diabetic complications,
Zoladex, a treatment for advanced prostate cancer, and Carwin,
a treatment for mild to moderate congestive heart failure.
Henderson said U.S. Food and Drug Administration approval
to market Statil and Zoladex, both under joint licensing
agreements with Merck and Co Inc <MRK>, is not expected until
about 1989. ICI expects to file for permission to market Carwin
in the U.S. later this year.
Henderson said the company's 1987 results would top 1986
income of 888 mln dlrs or 5.45 dlrs per ADR on sales of 15
billion dlrs, but he declined to specify by how much.
Henderson said 1987's results would be boosted by Glidden
Paints, which ICI bought last November for 580 mln dlrs from a
unit of Hanson Industries Inc.
Henderson also said that ICI has about nine billion dlrs
available for acquisitions. Last year the company made 40
acquisitions, the largest being Glidden. He said that more
acquisitions may be made this year but he ruled out an
acquisition of a pharmaceutical concern as "too expensive."
Henderson said that in his new role of chairman, effective
April one when he takes over from Sir John Harvey-Jones who
will retire, the biggest challenge ahead lay in continuing the
earnings momentum ICI has established over the past few years
after restructuring and selling off unprofitable businesses.
Reuter
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INT'L HYDRON CORP <HYD> 4TH QTR OPER NET | Oper shr profit six cts vs loss 20 cts
Oper net profit 734,000 vs loss 2,312,000
Revs 16.8 mln vs 13.9 mln
Year
Oper shr profit 30 cts vs profit three cts
Oper net profit 3,342,0000 vs profit 318,000
Revs 67.5 mln vs 52.6 mln
NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000
dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain
88,000 dlrs or one ct in year from net operating loss
carryforwards.
Reuter
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ALBERTSON'S <ABS> ADOPTS STOCKHOLDER RIGHTS PLAN | Albertson's Inc said its board has
adopted a stockholder rights plan intended to protect them in
the event of any proposed takeover of the company.
Under the plan, stockholders will receive a dividend
distribution of one right for each share of common stock held
on March 23.
The rights are exercisable ten days after a person or group
acquires 20 pct or more of Alberston's common stock or
announces a tender offer for 30 pct or more of the stock.
Each right will entitle the shareholder to buy one newly
issued share of Alberston's common stock for 150.00 dlrs.
Reuter
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ROSPATCH <RPCH> REJECTS DIAGNOSTIC <DRS> BID | Rospatch Corp said it
rejected a proposal by Diagnostic Retrieval Systems Inc to
acquire its stock at 22 dlrs a share.
Rospatch's board believes that the long term interests of
its shareholders will be best served by continuing as an
independent public company at this time, the company said in
response to an unsolicited offer from Diagnostic Retrieval.
Rospatch said Diagnostic's offer of February 27 is a
variation of a previous offer in January, the nature of which
was not disclosed.
Rospatch said it advised Diagnostic Retrieval that "it
would be contrary to the best interests of the corporation
to engage in any discussions concerning a business combination
with Diagnostic Retrieval."
Reuter
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SYNTECH INTERENATIONAL INC <SYNE> 4TH QTR NET | Shr profit six cts vs loss 4.51 dlrs
Net profit 815,167 vs loss 12,955,562
Revs 7,981,022 vs 2,954,488
Year
Shr profit 16 cts vs loss 7.22 dlrs
Net profit 2,446,100 vs loss 19,175,931
Revs 23.6 mln vs 14.6 mln
Reuter
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INT'L MINERALS <IGL> BUYS ANIMAL PRODUCTS UNIT | International Minerals and
Chemical Corp said it completed its acquisition of Johnson and
Johnson Co's Pitman-Moore unit, a producer of animal health
products.
Terms of the acquisition were not disclosed. International
Minerals and Chemical said annual sales of the unit are about
45 mln dlrs.
Pitman-Moore makes health products for pets and for farm
and feedstock animals.
Reuter
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JWT <JWT> NOT APPROACHED BY GROUP SEEKING SHARES | JWT Group Inc has not been approached
by former Ted Bates Worldwide Chairman Robert Jacoby about the
possibility of a syndicate buying a 35 pct stake in JWT Group
on a friendly basis, a company spokesman said.
He said JWT would have no comment on an Advertising Age
report that Jacoby is considering heading up a venture capital
syndicate to purchase a 35 pct stake in JWT group.
Jacoby was not immediately available for comment on the
report. Ted Bates is now owned by <Saatchi and Saatchi>, the
world's largest advertising agency.
Reuter
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UAW WANTS TO REVIVE AMERICAN MOTORS <AMO> TALKS | The United Auto Workers said it is
willing to enter renewed negotiations to end the impasse
between American Motors Corp and two UAW locals in Wisconsin.
American Motors earlier said it broke off talks with the
UAW on a new labor contract for its plant at Kenosha, Wis. The
company's move came after its latest contract offer was
rejected by union negotiators.
UAW vice president Marc Stepp said he "strongly recommends"
new meetings be scheduled "at the earliest possible time."
Stepp heads the UAW's American Motors department.
Reuter
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BANC ONE <ONE> HAS MICHIGAN AFFILIATE | Banc One Corp said the First
National Bank of Fenton has become Bank One, Fenton, bringing
the number of its affiliates to three in Michigan.
Reuter
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COEUR D'ALENE MINES CORP <COUR> 4TH QTR LOSS | Shr loss 18 cts vs loss one ct
Net loss 1,343,000 vs loss 49,000
Revs 6,778,000 vs 1,976,000
Year
Shr loss 67 cts vs loss ten cts
Net loss 4,693,000 vs loss 672,000
Revs 14.0 mln vs 7,034,000
Note: 1986 loss included one-time loss of 3,624,000 dlrs on
write-off of certain silver, oil and gas interests.
Reuter
|
FUNARO REJECTS UK SUGGESTION OF IMF BRAZIL PLAN | Brazilian Finance Minister Dilson Funaro
flatly rejected a U.K. Suggestion that his country seek
International Monetary Fund help in order to facilitate debt
negotiations with commercial creditor banks.
Talking to reporters, Funaro said this attitude would not
help resolve the crisis started when Brazil suspended
indefenitely interest payments on 68 billion dlrs in external
debt on February 20.
Funaro was in Britain on the first leg of a tour of
European capitals to explain the motives of the Brazilian debt
moratorium and to seek support for intiatives to improve
capital flows between developed countries and third world
debtor nations.
Talking before his departure for Paris, he said there could
be no question of Brazil adopting another IMF austerity plan
after a similar package four years ago "put Brazil in a very big
recession."
"We had an IMF program - it simply meant export more and
import less. We are not going to go the IMF," he said.
Funaro was reactnng to a British statement following his
talks with Chancellor of the Exchequer Nigel Lawson, saying the
U.K. Government had no part to play in what it viewed as a
problem between Brazil and its commercial creditor banks.
Britain also believed an IMF program would help along
negotiations between Brazil and the commercial banks, the
statement, which banking sources interpreted as an outright
rebuttal of all Brazilian demands, said.
"That was not my impression of the meeting," Funaro said; "But
if the (British) answer is more or less like this, then
that means nothing is helping to find a solution."
Funaro stressed that his talks in Washington last week and
in Europe this week were aimed at gaining official support to
unblock lending from official credit agencies, rather than to
deal with Brazils ties with commercial banks.
"Since 1982, all official agencies have been closed to my
country," he said.
He said Lawson had made no commitments to support Brazil's
efforts. Lawson would officially state his position when the
two meet again next month for the IMF and World Bank spring
meetings in Washington, Funaro said.
Stressing there was no binding time schedule for Brazil's
debt problem to be resolved, Funaro said Brazil had not come to
Europe with specific proposals to overcome the present crisis.
"We didn't come here to make a cash-flow programme," he said,
"We will have meetings at the IMF next month - let's see what
happens."
Neither did Brazil plan a major overhaul of current
domestic economic policies, which Funaro said would likely lead
to a five pct economic growth this year.
"Over the past five years we paid back 45 billion dlrs and
received 11 billion ... This is a very big effort," he said.
"What we have to offer is our cooperation."
Reuter
|
FOOTE MINERAL <FTE> SELLS CAMBRIDGE PLANT | Foote Mineral Co said it signed a
letter of intent with Shieldalloy Corp, a wholly-owned
subsidiary of <Metallurg Inc>, for the sale of its Cambridge,
Ohio, business.
The company said the sale, which will be explained in
greater detail after the definitive agreement has been signed,
is part of Foote's previously-announced plan to sell the entire
company.
Reuter
|
U.S. WHEAT GROUPS CALL FOR GLOBAL ACTION | All major grain producing countries
must do their part to help reduce global surpluses and the
recent Australian farm policy proposals are flawed, two U.S.
wheat organizations said.
The recent Australian proposals were a good starting point
for discussions, "but we do not want the Australians to feel
they are alone in developing an agenda for discussions" on world
grain trade, the president of the National Association of Wheat
Growers, NAWG, and the chairman of U.S. Wheat Associates said
in a letter to U.S. Agriculture Secretary Richard Lyng and U.S.
Trade Representative Clayton Yeutter.
Future discussions on international wheat trade should
include three topics -- a commitment to privatization of
government-run export trading entities, a commitment to public
disclosure of sales and other terms if government entities are
involved, and a recognition that supply reductions by the U.S.
have kept world prices higher than they otherwise would be, the
two organizations said
While the Australian proposals are welcome the two
organizations said they are not in total agreement with their
assessments.
Australia's proposals, which aim to reduce U.S. target
prices and "quarantine" U.S. wheat stocks, would continue to
place the burden of supply adjustment and reform on U.S.
farmers, they said.
Other countries, including Australia, have benefitted
from the higher world prices that have resulted from past U.S.
acreage and crop reduction programs, the organizations said.
"We will not continue to hurt ourselves economically -- and
subsidize foreign wheat production -- by unilaterally stocking
grain and changing programs which protect our growers," Jim
Miller, president of NAWG said.
"We sincerely hope for some type of agreement among the
world's major grain producing nations to reduce stocks and
restore profitability to agriculture," Miller said.
Reuter
|
GELCO <GEL> SEES FLAT 1987 PRETAX OPERATING NET | Gelco Corp said that,
excluding the effects of a restructuring plan, it expects
pre-tax operating earnings for the year to end July 31, 1987,
to be about the same as those of last year.
For the year ended July 31, 1986, Gelco reported pre-tax
operating earnings of 14.8 mln dlrs, or 1.08 dlrs a share.
However, final results will be affected by certain charges
including legal and investment advisors fees, preferred stock
dividends and other costs of restructuring, it said.
Expenses associated with restructuring are expected to be
offset by "significant" gains from the sale of some of Gelco's
business units, it said.
The final outcome for the fiscal year will be determined by
the timing and proceeds from the sale, it added.
Reuter
|
U.S. TROOPS GET COST-OF-LIVING INCREASE | Defense Secretary Caspar Weinberger
ordered an increase in cost-of-living allowances for many U.S.
military personnel abroad because of the decreased value of the
dollar against foreign currencies, the Pentagon said.
The allowances are expected to rise between 10 and 20 per
cent in many areas beginning this month, the Pentagon said..
Weinberger also is providing for some family members of
financially-pressed troops to fly home from West Germany,
Japan, Italy and Spain on military transports if they desire.
He said in a statement to the military that the
cost-of-living increases "will help keep your overseas
purchasing power close to your stateside counterparts."
REUTER
|
UTILICORP <UCU> ACQUIRES DOMINION <D> SUBSIDIARY | UtiliCorp United Inc said it
has closed the previously announced acquisition of West
Virginia Power from Dominion Resources Inc for about 21 mln
dlrs.
Reuter
|
DAISY SYSTEMS <DAZY> INTRODUCES WORKSTATIONS | Daisy Systems Corp said it
has introduced a line of computer-aided engineering
workstations.
The workstation family includes the Personal Logician 386,
the Logician 386 and the Personal Logicial 286.
The Personal Logician 386 is a desktop, 32-bit IBM Personal
Computer AT-compatible workstation, base priced at 20,000 dlrs.
The Logician 386 is a 32-bit accelerated graphics
workstation, priced at 50,000 dlrs.
The Personal Logician 286 is based on the IBM PC AT and the
EGA graphics standard, base priced at 15,000 dlrs.
Daisy said the products will be available in 90 days.
Reuter
|
WESTERN TELE-COMMUNICATIONS <WTLCA> JOINS GROUP | Western Tele-Communications Inc
said that through its subsidiary, Westlink Inc, it has joined
"Netlink USA", a general partnership consisting of Telluride
Cablevision Inc and McCaw Satellite Programming Investments
Inc.
Western said it will act as a 40 pct investor, converting
its cable television signals to satellite distribution in
selected markets.
The conversion is expected to improve reception of Denver
television signals delivered to cable operators and other
customers in underserved rural or remote areas of the U.S., the
company said.
Reuter
|
PESCH SEES SHAREHOLDER SUPPORT IN AMI <AMI> BID | Chicago physician LeRoy Pesch said he
has had discussions with several American Medical International
Inc shareholders and sees support for a restructuring of the
company.
Pesch said he has discussed his sweetened, 1.91 billion dlr
takeover bid for American Medical with several large
shareholders, including the biggest investor, the Bass family
of Texas. However, the Bass family has not indicated support
one way or the other for his offer, he said.
Pesch, in an interview with Reuters, said based on the
conversations he held with shareholders, he could not guage
whether he had majority support. He said, however, there is
support for his offer.
Pesch would not identify shareholders with whom he held
discussions other than the Bass family and the Wedge Group Inc,
the only other holder of more than five pct of American Medical
stock.
Earlier today, Wedge Group, which has a 5.5 pct stake,
said it held discussions with Pesch, American Medical
management and other American Medical shareholders.
Wedge, in a filing with the Securities and Exchange
Commission, said it believes a restructuring of American
Medical and its business would be "highly desirable and
appropriate at this time."
"That's the sort of position that I find a large segment of
shareholders of AMI really share," said Pesch.
Pesch said he held discussions with Wedge about joining his
takeover effort, in which he is offering 17 dlrs cash, four
dlrs in preferred stock and one dlr in common stock for each
American Medical share. Wedge said it has no plans to join in
an effort to seek control of American Medical, but it would not
rule out a future takeover try.
Pesch said he did not discuss a joint takeover proposal
with the Bass family.
Some analysts saw the Wedge statement as a boost to Pesch's
takeover effort and a further sign that there could be some
shareholder dissatisfaction following American Medical's
previous rejection of a 20 dlr per share all cash offer from
Pesch.
American Medical is expected to resist Pesch's latest bid.
Larry Feinberg, an analyst with Dean Witter Reynolds Inc said a
management-led leveraged buyout cannot be ruled out.
An American Medical spokesman said the company will comment
on the new Pesch offer by March 10.
Analysts continue to view the Bass family as a factor in
the outcome of the bid for control of American Medical.
The Bass family holds an 11. 6 pct stake in American
Medical, and the company has previously said the investors
support management's internal plan to improve the company's
performance. The Bass family would not comment on American
Medical or Pesch.
Pesch, who led the leveraged buyout of Republic Health Corp
last year, continues to face a credibilty problem on Wall
Street because of the long time it took to finish the Republic
acquisition.
Republic also has substantial debt, and has left wall
street questioning whether financing can be completed for the
much larger American Medical takeover proposal.
Pesch's first offer for American Medical was made without
an investment banking firm, another cause for concern to Wall
Street. However, Pesch entered his second offer with
representation from Donaldson, Lufkin, and Jenrette Securities
and Security Pacific Merchant Banking Group.
"I don't have any doubt that the current transaction can be
worked out and completed, provided we get to the point where
Ami management will sit down and talk in a friendly
environment," Pesch said.
Pesch would not elaborate on what type of financing
arrangements are being made. He did say if he succeeds in
acquiring American Medical he plans to keep much of American
Medical management in place.
He said he plans to combine the company with Republic to
form an efficient network of hospitals.
Analysts said they do not believe a much higher offer could
be made for American Medical.
Byron Nimocks of E.F. Hutton Group said improved second
fiscal quarter earnings could make American Medical stock worth
about 20 dlrs per share.
Nimocks estimates American Medical earnings for the second
quarter ended February 28 could be 35 cts, compared to a 95 ct
loss last year.
Nimocks said Pesch's revised offer is not worth much more
than the 20 dlrs cash offered previously.
But Feinberg said there is a better chance a transaction
could be completed because of the revised structure of the
offer. "I think it's much more doable," he said.
Analysts have said American Medical has begun a turnaround
by replacing some members of management and reducing costs.
Reuter
|
THREE CONVICTED IN HOME STATE FAILURE | Marvin Warner and two fellow officers
of the former Home State Savings Bank were convicted on charges
connected with the collapse of Home State.
Warner, the owner of Home State, was found guilty of six
counts of performing unauthoriazed acts -- investing some Home
State money without authorization from the board of directors
-- and three counts of securities violations in the 1985
collapse. He was acquitted on 76 counts of willful
misapplication.
Burton Bongard, former Home State president, was convicted
of all 81 counts willful misapplication. David Schiebel, also a
former president, was convicted on three of four counts of
securities violations but was acquitted on 84 charges of
willful misapplication. -- corrects warner's conviction
The irregularities in which the men were charged led to a
state-imposed moratorium on all state-insured savings and loan
companies in Ohio, which was lifted on an individual basis as
the firms were able to show proof of their solvency.
Judge Richard Niehaus of Hamilton County Common Pleas Court
ordered Warner jailed in lieu of 3.5 mln dlrs bond. He set a
1.5 mln dlr bond for Bongard and 25,000 dlr bond for Schiebel
pending the appearance of the trio for sentencing March 30.
Lawrence Kane, special prosecutor, said that Warner and
Bongard could receive a maximum of 15 years in prison. He said
that Schiebel could receive a maximum of 5 to 6 years on his
convictions.
All three were accused in the draining of 144 mln dlrs of
Home State funds through investments with ESM Government
Securities Inc. of Fort Lauderdale, Fla., which went bankrupt
and triggered the collapse of Home State.
On March 5, 1985, Ohio Governor Richard Celeste closed all
of the state's privately-insured savings and loan companies and
they remained closed until they could obtain federal deposit
insurance or merge with other companies which had federal
deposit insurance.
Reuter
|
VIDEO SHOPPING MALL ADDS FLORIDA STATION | <Video Shopping Mall Inc> said
it signed WJTC-TV, Pensacola, Fla, to carry its
self-improvement and specialized business opportunity programs.
Video Shopping said the station, carried over UHF channel
44 in the Pensacola area, reaches about 120,000 households.
Reuter
|
NATIONAL EARLY WARNING SEEKS OMEGA BALLISTICS | <National Early Warning Systems
Inc> said it has offered to purchase <Omega Ballistics Systems
Inc> for an undisclosed amount of cash, stock and notes.
Valley Cottage, N.Y., based Omega is a developer and
designer of lightweight, custom-crafted ballistic, assault,
flame and fire resistant paroducts.
Reuter
|
UNITED MERCHANTS <UMM> TO BUY ITS OWN STOCK | United Merchants and Manufactuerers Inc
said its board has authorized the repurchase of up to one mln
shares of the company's common stock.
The company now has about 9.1 mln shares outstanding.
It said the stock will be acquired from time to time on the
open market, depending on market conditions and other factors.
The number of shares purchased and the timing of the purchases
are also subject to restrictions under certain of the company's
debt instruments, it added.
Reuter
|
WESTINGHOUSE <WX>, MATSUSHITA <MC> SET VENTURE | Westinghouse Electric Corp said it
agreed in principle to form a joint venture in factory
automation with Matsushita Electric Industrial Co Ltd of Japan.
The company said the venture aims to combine Matsushita's
experience in high-volume electronics manufacturing and
Westinghouse's knowledge of computer integrated manufacturing.
The venture will design, sell and service automated
manufacturing systems, and is expected to begin operations by
the summer, it added.
Reuter
|
SENIOR DELEGATES PESSIMISTIC ON ICO TALKS | Efforts to break an impasse between
coffee exporting and importing countries over regulating the
world coffee market in the face of falling prices appear to
have failed, senior delegates said after a contact group
meeting. The full ICO council is due to meet this evening.
President of the Brazilian Coffee Institute (IBC) Jorio
Dauster told Reuters after the contact group meeting there had
been no agreement on quotas as consumers had tried to dictate
market shares rather than negotiate them.
Dauster said there are no plans yet to renew negotiations
at a later date.
Reuter
|
EDO CORP <EDO> UNIT WILL BUILD AIRCRAFT PARTS | EDO Corp said McDonnell Aircraf Co has
invoked its 1987 production option calling for ejection release
units for the F-15E aircraft.
The company said the contract is not to exceed 10.1 mln
dlrs and will be handled by its government systems division in
College Point, N.Y.
The company said the contract is a follow up to the full
scale development and 1986 contracts previously awarded to EDO.
Reuter
|
GLAMIS GOLD LTD <GLGVF> SIX MTHS DEC 31 NET | Shr 16 cts vs 22 cts
Net 1,226,597 vs 1,327,016
Revs 6,598,580 vs 5,921,828
Reuter
|
U.S. APPROVES BUYOUT OF COASTAL BANCORP <CSBK> | Coastal Bancorp said the U.S.
Federal Reserve Board approved the acquisition of Coastal by
Suffield Financial Corp <SSBK>.
The acquisition still requires approval from the Banking
Department in Maine, the company noted.
Reuter
|
LITTLE PRINCE PRODUCTIONS LTD<LTLP>1ST QTR LOSS | Qtr ended Dec 31
Shr profit nil vs loss nil
Net profit 858 vs loss 3,957
Revs 7,372 vs 1,500
Reuter
|
BRAZIL CRITICISES ADVISORY COMMITTEE STRUCTURE | Brazil is not happy with the existing
structure of the 14-bank advisory committee which coordinates
its commercial bank debt, Finance Minister Dilson Funaro said.
U.S. Banks have 50 pct representation on the committee
while holding only 35 pct of Brazil's debt to banks, he said,
adding "This is not fair with the European and Japanese banks."
The committee had played a useful role in 1982 and 1983,
however.
Noting the often different reactions of U.S., Japanese and
European banks, Funaro told journalists that Brazil might adopt
an approach involving separate discussions with the regions.
Since debtor nations' problems were normally treated on a
case-by-case basis, "Perhaps the same principle should apply to
creditors," central bank president Francisco Gros said.
Brazil on February 20 suspended indefinitely interest
payments on 68 billion dlrs owed to commercial banks, followed
last week by a freeze on bank and trade credit lines deposited
by foreign banks and institutions, worth some 15 billion dlrs.
Funaro and Gros spent two days at the end of last week in
Washington talking to government officials and international
agencies and will this week visit Britain, France, West
Germany, Switzerland and Italy for discussions with
governments.
Funaro and Gros are today meeting British Chancellor of the
Exchequer Nigel Lawson, Foreign Secretary Geoffrey Howe and
Governor of the Bank of England Robin Leigh-Pemberton.
Bankers have estimated that Brazil owes U.K. Banks around
8.5 billion dlrs in long and medium term loans, giving the U.K.
The third largest exposure after the U.S. And Japan.
The crisis began when Brazil's trade surplus, its chief
means of servicing its foreign debt, started to decline sharply
and the problem was compounded by a renewed surge in the
country'rate of inflation. Reserves were reported to have
dropped below four billion dlrs.
Reuter
|
VANGUARD TECHNOLOGIES <VTI> WINS CONTRACT | Vanguard Technologies International
Inc said it was awarded a 2.2 mln dlr contract from the Office
of the Secretary of Defense to provide facilities management
services.
Under the one-year contract, which also has two one-year
optional performance periods, the company said it will provide
local area network operations, coordination of hardware
installation and maintenance, user support services and systems
and applications programming.
Reuter
|
AMCA <AIL> TO SELL SOME DOMINION BRIDGE ASSETS | AMCA International Ltd said it finalized
agreement to sell certain assets and inventories of its
Dominion Bridge steel service center operations to <Federal
Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed.
It said the sale involved assets and operations of the
general line of steel service centers in Toronto and Edmonton,
Alberta and steel from inventories of closed AMCA branches.
The company said the sale was part of a previously
announced restructuring program to allow it to focus on certain
core businesses and generate cash to cut debt.
Reuter
|
CONDOR COMPUTER INTRODUCES DATABASE PRODUCT | <Condor Computer Corp> said it
is offering a 3.5-inch floppy diskette version of its Condor 3
Database Management System.
Th company said the new version contains all the features
of its 5.25-inch package, including report writer and
applications automation functions.
Reuter
|
SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD | <Scott's Hospitality Inc> said it
acquired Capital Food Services Ltd, Ottawa's largest catering
and food service company, for undisclosed terms.
Scott's said it would operate Capital Food as a separate
unit under Capital's current name and management.
Reuter
|
FUNARO REJECTS SUGGESTION OF IMF BRAZIL PLAN | Brazilian Finance Minister Dilson Funaro
flatly rejected a U.K. Suggestion that his country seek
International Monetary Fund (IMF) help in order to facilitate
debt negotiations with commercial creditor banks.
Talking to reporters, Funaro said this attitude would not
help resolve the crisis started when Brazil suspended
indefinitely interest payments on 68 billion dlrs in external
debt on February 20.
Funaro was in Britain on the first leg of a tour of
European capitals to explain the motives of the Brazilian debt
moratorium and to seek support for intiatives to improve
capital flows between developed countries and third world
debtor nations.
Reuter
|
SAATCHI AND SAATCHI <SACHY> COMBINES UNITS | AC and R Advertising, a subsidiary of
Ted Bates Worldwide, a unit of one of the largest advertising
agencies in the U.S., Saatchi and Saatchi, said it will merge
with two other Bates units to form a new entity under Bates
called AC and R/DHB and Bess.
The company said the other units are Diener/Hauser/Bates
(DHB) and Sawdon and Bess. AC and R chairman Stephen Rose said
the combined billings will be 311 mln dlrs, representing a
total of 157 clients.
Reuter
|
UNION NATIONAL <UNBC> SIGNS DEFINITIVE PACT | Union National Corp said it
signed a definitive agreement under which its First National
Bank and Trust Co of Washington unit will merge with <Second
National Bank of Masontown>.
Under a previously announced merger agreement, each share
of Second National's common stock will be converted into 25
shares of Union National common.
Reuter
|
ANALYSTS SEE NO OTHER BIDDER FOR PUROLATOR<PCC> | Several analysts said they do not
believe another suitor will top the 265 mln dlr bid for
Purolator Courier Corp by E.F. Hutton LBO Inc and a management
group from Purolator's courier division.
There had been speculation another offer might be
forthcoming, but analysts mostly believe the 35 dlrs per share
price being paid by Hutton and the managers' PC Acquisition Inc
is fully valued.
Analysts and some Wall Street sources said they doubted
another bidder would emerge since Purolator had been for sale
for sometime before a deal was struck with Hutton Friday.
Purolator's stock slipped 3/8 today to close at 34-3/4. It
had been trading slightly higher than the 35 dlr offer on
Friday. At least one analyst Friday speculated the company
might fetch 38 to 42 dlrs per share.
analysts and wall street sources doubted a competitive
offer would emerge since the company has been for sale for
sometime before the deal with Hutton was struck Friday.
Hutton had been in talks with Purolator's adviser, Dillon,
Read and Co since late December, a Hutton spokesman said.
Hutton is offering 35 dlrs cash per share for 83 pct of the
shares. If all shares are tendered, shareholders would receive
29 dlrs cash, six dlrs in debentures, and warrants for stock in
a subsidiary of PC Acquisition containing the Purolator U.S.
courier operation. Hutton values the warrants at two to three
dlrs per share.
Wall Street sources also said today that a rival bidder
might be discouraged by a breakup fee Purolator would have to
pay if it ends its agreement with Hutton. The sources would not
reveal the amount of the fee, which will be noted in documents
on the transaction to be made public later this week.
Reuter
|
FORMER BROKER, INVESTOR SENTENCED FOR TRADING | A former stock broker and an investor
who pleaded guilty last June to insider trading as a
participant in the scheme that involved lawyer Michael David
were sentenced by the Manhattan federal court today.
Morton Shapiro, who was employed as a broker at Moseley
Hallgarten Stabrook and Weeden Inc, drew a two month jail
sentence and a 25,000 dlr fine.
Daniel J. Silverman, who pleaded guilty to securities
fraud, was sentenced to three years probation, a 25,000 dlr
fine, and ordered to provide 250 hours of community service.
As a result of trading on information supplied by David,
while he was at the firm of Paul, Weiss, Rifkind, Wharton and
Garrison, the defendants gained about 160,000 dlrs in their
insider trading scheme, according to U.S. Attorney Rudolph W.
Giuliani.
The prosecutor also said Shapiro attempted to conceal his
unlawful trading by lying in testimony before the Securities
and Exchange Commission.
Reuter
|
ANNUAL MAILING TO DELINQUENT FARMERS -- USDA | The Farmers Home Admininstration
(FmHA) is undertaking its annual mailing of notices to
delinquent farm borrowers, the U.S. Agriculture Department
said.
It said about 26,400 FmHA farm borrowers were delinquent on
December 31, 1986, and will be sent letters by early March.
They should get in touch with the FmHA county office as soon as
possible to make an appointment to discuss the account, it
said.
The letter requests the borrower choose one or more
servicing options listed on an accompanying form and return the
form within 30 days, the department said.
Reuter
|
ANTITRUST LAWYER NOMINATED CLAIMS COURT JUDGE | Roger Andewelt, deputy assistant
attorney general for litigation in the Justice Department's
antitrust division since last June, is being nominated by
President Reagan as a judge of the United States Claims Court,
the White House said.
The nomination, which is subject to Senate approval, is for
a 15-year term. Andewelt, who has served in a number of
antitrust division posts since 1972, would succeed Thomas Lydon
at the Claims Court.
Reuter
|
PAN AM <PN> FEBRUARY LOAD FACTOR UP | Pan Am Corp said February load factor
at Pan American World Airways rose two points to 51.9 pct from
49.9 pct a year ago.
Traffic in February increased 11 pct to to 1.50 billion
revenue passenger miles from 1.35 billion and rose 7.8 pct in
the two months year to date to 3.31 billion from 3.07 billion.
Available seat miles grew 6.7 pct in February to almost
2.90 billion from 2.72 billion and rose 4.8 pct to 6.11 billion
from 5.83 billion in the two months.
Year-to-date load factor increased to 54.1 pct from 52.6
pct.
Reuter
|
WHITEHALL CORP <WHT> 4TH QTR NET | Shr 15 cts vs 55 cts
Net 557,000 vs 2,020,000
Revs 8,872,000 vs 13,908,000
Year
Shr 60 cts vs 2.52 dlrs
Net 2,198,000 vs 9,313,000
Revs 36.9 mln vs 55.7 mln
Reuter
|
SERVICE CORP INTERNATIONAL <SRV> 3RD QTR NET | Qtr ended Jan 31
Shr 33 cts vs 29 cts
Net 14.8 mln vs 11 mln
Revs 108.6 mln vs 70.0 mln
Avg shrs 45.2 mln vs 37.6 mln
Nine mths
Shr 88 cts vs 76 cts
Net 36.7 mln vs 28.7 mln
Revs 260.4 mln vs 193.0 mln
Avg shrs 41.9 mln vs 37.8 mln
Note: Net for nine mths includes gains from dispositions of
1,783,000 dlrs or four cts a share vs 900,000 dlrs or two cts a
share.
Avg shrs and shr data restated to reflect three-for-two
stock split in January.
Reuter
|
WARNER COMMUNICATIONS <WCI>IN CONTRACT WITH ROSS | Warner Communications Inc said its
board has approved a 10-year employment contract with Chairman
Steven J. Ross.
The company said the contract was opposed by the six board
members who are nominees of Chris-Craft Inc <CCN>.
It said the new contract calls for "new bonus awards to be
paid out over the period of the contract," based on the price
of the company's stock. Its statement provided no details.
Warner said the contract, which has been under discussion
for a lengthy period, assures the stability and creative future
of the company.
Reuter
|
PEOPLES BANCORPORATION <PEOP> QUARTERLY DIVIDEND | Qtly div 25 cts vs 25 cts
Pay April 24
Record March 31
Reuter
|
CAREMARK <CMRK> CHANGES FISCAL YEAR-END | Caremark Inc said it is
changing its fiscal year-end to a calendar year from the
previous fiscal year ending June 30.
Reuter
|
CPL REIT <CNTRS> 4TH QTR NET | Shr 24 cts
Net 412,737
Revs 605,321
Year
Shr 93 cts
Net 1,577,892
Revs 2,345,261
NOTE: Full name CPL Real Estate Investment Trust.
Company was formed Dec 30, 1985.
Reuter
|
STAR TECHNOLOGIES TO TRADE ON NASDAQ | Star Technologies Inc said its
shares will begin trading on the Nasdaq national market system
tomorrow.
The company, a manufacturer of very high-speed computers
for scientific applications, has annual revenues of about 40
mln dlrs.
In the nine months ended Dec 31, the company earned 1.9 mln
dlrs against a loss of 16.5 mln dlrs in the year-ago period, as
sales rose to 32.6 mln dlrs from 9.3 mln dlrs.
Reuter
|
REPUBLIC AUTOMOTIVE PARTS <RAUT> 4TH QTR LOSS | Shr loss 85 cts vs loss 88 cts
Net loss 2,410,000 vs loss 2,466,0000
Revs 24.0 mln vs 23.9 mln
Year
Shr loss 1.18 dlrs vs loss 81 cts
Net loss 3,338,000 vs loss 2,275,000
Revs 101.4 mln vs 112.3 mln
Reuter
|
REALMERICA CO <RACO> YEAR NOV 30 NET | Shr profit four cts vs loss 16 cts
Net profit 155,383 vs loss 577,336
Note: Net includes tax credit of 51,226 dlrs or one ct per
share.
Reuter
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CYBERTEK <CKCP> FORMING NEW DIVISION | Cybertek said it is forming a
General Products division which will be located in Dallas.
The new division will market personal computer software
products targeted at the Fortune 500 companies, Cybertek said.
Reuter
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S-K-I LTD <SKII> 2ND QTR JAN 25 NET | Shr 81 cts vs 57 cts
Net 3,660,273 vs 2,437,914
Revs 28.5 mln vs 23.1 mln
Six mths
Shr 29 cts vs 12 cts
Net 1,325,755 vs 483,559
Revs 31.7 mln vs 26.4 mln
Reuter
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HOLIDAY CORP <HIA> TO REDEEM TWO BOND ISSUES | Holiday Corp said it would redeem on
March 11 all outstanding 9-1/2 pct first mortgage bonds due
1995 of its Holiday Inns Inc unit and all 9-1/2 pct first
mortgage bonds, Series A, due 1996 of its Harrah's subsidiary.
The Holiday bonds will be bought back at 101.6 pct of the
bonds' principal amount plus accrued interest, or 1,038.69 dlrs
per 1,000 dlr face amount. Holiday will redeem the Harrah's
bonds at 104.5 pct of the principal amount plus accrued
interest, or 1,079.31 dlrs per 1,000 dlr face amount.
Reuter
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ANCHOR GLASS <AGLS> CLEARED FOR LISTED ON NYSE | Anchor Glass Container Corp said it
has been cleared to apply for listing on the New York Stock
Exchange and expects to file its formal application for listing
later this month, with trading to begin during the week of
April 20.
The company said the NYSE advised it management that the
company meets the criteria for listing following successful
completion of a preliminary eligibility review.
Anchor also said its stock is being split two-for-one
effective March 24 to holders of record March three. After the
split, it said it will have 13.3 mln shares outstanding.
Reuter
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BLOCKBUSTER <BBEC> UNIT GETS TWO MORE LICENSES | Blockbuster Entertainment Corp's
Blockbuster Distribution Corp said it executed two additional
area licenses to own and operate Blockbuster Videos Rental
stores.
It said these exclusive licenses were granted to <Videoco
Inc> for the Greensboro, Winston-Salem, Raleigh-Durham and
Highpoint, N.C. metropolitan areas. It said the licenses
require a minimum of six Blockbuster superstores to be opened
within a 25 month period.
Reuter
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FERRO CORP <FOE> SETS JOINT VENTURE | Ferro Corp said it has formed a
joint venture with Paris-based Alsthom Inudstrial Group to
export U.S. epxertise in specialty composite materials to the
European market.
Ferro said although the airframe and aerospace industries
are the prime users of composite materials today, it plans to
develop applications for the ground transportation and
industrial markets in the near future.
Ferro also announced it has agreed to purchase CompositAir,
a developer of composit materials applications, for an
undisclosed sum.
Reuter
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COMPUTER LANGUAGE <CLRI>UNIT OFFERS TAX PRODUCT | Computer Language Research Inc said its
CLR/Micro-Tax unit introduced a Micro-Tax W-4 Generator, a new
software package for accounts and corporate personnel
departments.
The company said the package takes the user through each
question on the new W-4, gives explanatory instructions,
automatically calculates entries, checks tables and generates
the completed W-4.
Reuter
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U.S. SELLS 3-MO BILLS AT 5.47 PCT, STOP 5.48 PCT, 6-MO 5.51 PCT, STOP 5.51 PCT
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WHITE HOUSE'S HOWARD BAKER SAYS REAGAN TO ADDRESS NATION WEDNESDAY AT 2100 EST
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NYMEX RULE CHANGE SEEN BOOSTING ENERGY TRADE | The New York Mercantile Exchange said
it will introduce exchanges for physicals (EFPS) to its energy
futures markets April one.
An exchange spokeswoman said the change will allow oil
traders that do not hold a futures position to initiate, after
the exchange closes, a transaction that can subsequently be
hedged in the futures market.
EFPs, already in effect for platinum futures on NYMEX, are
expected to increase the open interest and liquidity in U.S.
energy futures, according to traders and analysts.
The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
Reuter
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AMC EXTENDS INCENTIVE PROGRAM, WILL PAY CASH REBATES UP TO 700 DLRS
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U.S. REFINERY COPPER STOCKS FALL IN JANUARY | Refined copper stocks held by U.S.
refineries fell to 109,200 short tons at the end of January
from 145,400 short tons at the end of December, the American
Bureau of Metal Statistics reported.
Commodity Exchange (Comex) copper stocks climbed to 103,000
tons in January from 93,300 tons in December. Combined refinery
and Comex stocks eased to 212,200 tons in January
from 238,700 tons in December.
U.S. refined production declined to 117,600 tons in January
from 137,400 tons in December. Crude output increased to 98,600
tons in January from 93,300 tons (revised lower) in December.
Preliminary figures showed U.S. refined deliveries rose to
151,800 tons in January from 124,800 tons in December.
Reuter
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WHITE HOUSE WITHDRAWS GATES NOMINATION AS CIA CHIEF | The White House announced it was
withdrawing the controversial nomination of Robert Gates as CIA
director at Gates's request and has not yet decided on a
replacement.
Withdrawal of the Gates nomination was announced by new
White House Chief of Staff Howard Baker, who said President
Reagan had several names under consideration to replace Gates
but had made no decision on that score.
Baker said Gates had sent Reagan a letter today requesting
his name be withdrawn from nomination to succeed the ailing and
resigned William Casey and that Reagan had "accepted with great
regret."
Reuter
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DIAMOND SHAMROCK <DIA> SETS MEETING RECORD DATE | Diamond Shamrock Corp said it set March
26 as the record date for stockholders entitled to vote at its
April 30 annual meeting.
Reuter
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WHITE HOUSE'S BAKER SAYS REAGAN TO MEET PRESS "VERY SOON"
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CCL UNIT ACQUIRES NESTLE CANADA CAN OPERATIONS | <CCL Industries Inc>'s Continental Can
Canada Inc unit said it acquired the Wallaceburg, Ontario,
metal can making operations of Nestle Enterprises Ltd, wholly
owned by <Nestle SA>, of Switzerland. Terms were undisclosed.
Continental Can said it would supply Nestle's equivalent
can requirements under a long-term agreement.
Nestle said it decided to stop manufacturing cans "in order
to be in a better position to take full advantage of the
changes underway or on the horizon in food packaging
technology."
Reuter
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AMERICAN PORK CONGRESS KICKS OFF TOMORROW | The American Pork Congress kicks off
tomorrow, March 3, in Indianapolis with 160 of the nations pork
producers from 44 member states determining industry positions
on a number of issues, according to the National Pork Producers
Council, NPPC.
Delegates to the three day Congress will be considering 26
resolutions concerning various issues, including the future
direction of farm policy and the tax law as it applies to the
agriculture sector. The delegates will also debate whether to
endorse concepts of a national PRV (pseudorabies virus) control
and eradication program, the NPPC said.
A large trade show, in conjunction with the congress, will
feature the latest in technology in all areas of the industry,
the NPPC added.
Reuter
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BURLINGTON'S EL PASO UNIT<BNI> FILES GAS PRICES | Burlington Northern Inc's El Paso
Natural Gas Co said it filed its regularly scheduled gas cost
adjustment that will leave its rates unchanged.
But still pending is El Paso's proposal to the Federal
Energy Regulatory Commission to directly bill its wholesale
customers for deficiencies in natural gas liquid revenues.
It said its filing called for a commodity rate of about
2.57 dlrs per dekatherm, but noted that the rate could drop to
1.84 dlrs if the Commission approves its proposal to bill
wholesale customers directly for the revenue deficiencies.
Reuter
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COPPER STOCKS OUTSIDE U.S. INCREASE IN DECEMBER | Refined copper stocks held by
refineries outside the U.S. increased to a preliminary 277,500
short tons at the end of December from a preliminary 270,000
short tons (revised higher) at the end of November, the
American Bureau of Metal Statistics said.
London Metal Exchange stocks fell to 193,100 tons in
December from 194,400 tons in November. Combined refinery and
LME stocks rose to a preliminary 470,600 tons from 464,400 tons
(revised higher). January LME stocks were 193,400 tons.
Preliminary figures showed refined production outside U.S.
lower at 377,300 tons in December versus 384,000 tons in
November. Crude output decreased to 421,500 tons from 427,000
tons (revised higher). Refined copper deliveries decreased to
359,800 tons from 375,400 tons (revised lower).
Reuter
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