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CITIZENS FINANCIAL CORP <CTZN> 4TH QTR NET | Shr 17 cts vs 18 cts
Net 339,000 vs 351,000
Revs 2,917,000 vs 2,735,000
12 mths
Shr 62 cts vs 64 cts
Net 1,268,000 vs 1,356,000
Revs 11.1 mln vs 10.5 mln
Reuter
|
PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC | The following proposed securities
offerings were filed recently with the Securities and Exchange
Commission:
Rockwell International Corp <ROK> - Shelf offering of up to
200 mln dlrs of debt securities on terms to be determined at
the time of the sale, in addition to another 300 mln dlrs of
debt securities already registered with the SEC but unsold.
Pennsylvania Power and Light Co <PPL> - Shelf offering of
up to 500,000 shares of series preferred stock on terms yet to
be determined through an underwriting group led by First Boston
Corp.
Rollins Environmental Service Inc <REN> - Offering of
900,00 shares of common stock through Merrill Lynch Capital
Markets.
Quaker Oats Co <OAT> - Shelf offering of up to 250 mln dlrs
of debt securities on terms to be set at the time of the sale
through Goldman, Sachs and Co and Salomon Brothers Inc.
Paine Webber Group Inc <PWJ> - Offering of 3.6 mln shares
of convertible exchangeable preferred stock through and
underwriting group led by its PaineWebbber Inc subsdiary.
Reuter
|
INTERNATIONAL HYDRON CORP <HYD> 4TH QTR NET | Oper shr profit six cts vs loss 20 cts
Oper net profit 634,000 vs loss 2,312,000
Sales 16.8 mln vs 13.9 mln
Year
Oper shr profit 30 cts vs profit three cts
Oper net profit 3,342,000 vs profit 318,000
Sales 67.5 mln vs 52.6 mln
NOTE: Operating net excludes loss of 41,000 dlrs vs profit
7,000 dlrs in quarter and profit 247,000 dlrs, or two cts a
share, vs profit 88,000 dlrs, or one cent a share, in year from
net operating loss carryforwards
Reuter
|
SNET <SNG> COMPLETES PRATT/WHITNEY <UTC> ORDER | Southern New England
Telecommunications Inc said it completed the installation of a
multi-million dlr telecommunications system for United
Technologies Corp's Pratt and Whitney unit.
The company said the system is built around the American
Telephone and Telegraph Co <T> 5ESS switch, which has the
capacity to provide telephone service to a medium sized city.
Reuter
|
COGNITIVE SYSTEMS INC <CSAI> 4TH QTR NOV 30 LOSS | Shr loss eight cts vs loss three cts
Net loss 213,000 vs loss 49,000
Revs 636,000 vs 445,0000
Year
Shr loss 11 cts vs loss 38 cts
Net loss 235,000 vs loss 611,0000
Revs 2,389,000 vs 1,287,000
Reuter
|
POLYMERIC RESOURCES CORP <POLR> 2ND QTR DEC 31 | Shr nine cts vs nine cts
Net 98,0000 vs 97,000
Sales 3,945,000 vs 2,106,000
1st half
Shr 17 cts vs 18 cts
Net 194,000 vs 203,000
Sales 7,535,000 vs 4,136,000
Reuter
|
CONT'L ILLINOIS RECHARACTERIZES 425 MLN DLRS IN BAD LOANS FROM 1984, SAYS DOESN'T AFFECT NET
| |
FLUOR CORP DOWNGRADED BY MOODY'S, AFFECTS 390 MLN DLRS OF DEBT
| |
INTRERFACE FLOORING <IFSIA> FILES FOR OFFERING | Interface Flooring Systems Inc
said it has filed for an offering of 2,800,000 Class A common
shares through underwriters led by Robinson-Humphrey Co Inc and
PaineWebber Group Inc <PWJ>.
The company said as previously announced, it will use
proceeds to finance a tender offer to acquire the 50 pct of
Debron Investments PLC it does not already own and to repay
debt. It said if it acquires all of Debron, it will repurchase
900,000 Class A shares now owned by Debron and hold them in its
treasury.
Reuter
|
HEALTH-MOR INC <HMI> 4TH QTR NET | Shr 27 cts vs 39 cts
Net 481,189 vs 697,381
Revs 6.1 mln vs 6.4 mln
Year
Shr 1.04 dlrs vs 1.35 dlrs
Net 1,846,670 vs 2,391,638
Revs 25.6 mln vs 28.6 mln
Reuter
|
SCOTTY'S <SHB> SALES UP FIVE PCT IN FEBRUARY | Scotty's Inc said sales for
the four weeks ended February 21 rose five pct, to 41.7 mln
dlrs, from 39.8 mln dlrs for the corresponding period last
year.
Scotty's said sales for the 34 weeks ended February 21
totaled 323.2 mln dlrs, up six pct over sales of 305.7 mln dlrs
for the same period in 1986.
The company, which operates 137 stores, said sales were up
in both the consumer "do-it-yourself" and professional builders
markets.
Reuter
|
STANDARD OIL <SRD> TO ISSUE SWISS FRANC NOTE | Standard Oil Co said it will
issue at par 154 mln Swiss francs of non-callable 10-year notes
with an annual coupon of 3-1/4 pct and detachable currency
warrants.
Credit Suisse will lead manage the issue. Payment date is
March 19.
Each 50,000 Swiss franc note will carry a warrant entitling
the holder to sell 50,000 francs for dollars at an exchange
rate of 1.5930 per dollar. The warrants are exercisable weekly
from March 27, 1987, until March 19, 1990. The dollar was
trading today between 1.5340 and 1.5475 francs.
Reuter
|
TFC TELESERVICES CORP <TFCS> YEAR NOV 30 LOSS | Shr loss 54 cts vs 16.18 dlrs
Net loss 1,429,226 vs loss 153,680
Revs 202,628 vs 282
Avg shrs 2,883,812 vs 9,500
Note: 1986 net includes loss from discontinued operations
of 114,887 or four cts a share.
Reuter
|
(CORRECTED) - <TRANSALTA UTILITIES CORP> YEAR NET | Shr 81 cts vs 2.78 dlrs
Net 53.5 mln vs 180.9 mln
Revs 915.5 mln vs 836.0 mln
Note: 1986 net includes 125 mln dlr or 1.90 dlr shr
writedown of investment in <Canada Northwest Energy Ltd> vs
yr-ago extraordinary loss of 17 cts shr (net fig not given).
Reuter
|
ALBERTSON'S <ABS> TO INCREASE NEW STORE OPENINGS | Albertson's said it plans to open
33 to 35 new stores during 1987 and remodel about 20-25 stores.
This compares to 21 new store openings in 1986 and 17
remodelings.
Albertson's, a grocery chain, said total capital
expenditures for these projects will be in excess of 200 mln
dlrs in 1987.
Reuter
|
PALL CORP <PLL> SECOND QUARTER SALES, ORDERS UP | Pall Corp said sales for the second
quarter ended January 31 were up 17.5 pct to 94.0 mln dlrs from
80.0 mln dlrs a year before and orders were up 15.5 pct to
101.1 mln from 87.4 mln.
For the first half, it said sales were up 16.0 pct to 174.6
mln dlrs from 150.3 mln dlrs a year before, with orders up*
13.0 pct to 189.6 mln from 167.7 mln.
Reuter
|
NAVISTAR <NAV> DEBT UPGRADED BY S/P | Standard and Poor's Corp said it
upgraded 500 mln dlrs of debt of Navistar International Corp
and its unit Navistar Financial Corp.
Raised were the companies' senior debt to BB from B and
subordinated debt to B-plus from CCC-plus.
S and P cited Navistar's recent issuance of 104 mln shares
of common stock and planned redemption of 515 mln dlrs of debt.
The recapitalization would save Navistar about 86 mln dlrs in
annual interest expense, the rating agency said.
However, the ratings remain speculative because of severe
pricing pressures in the trucking industry, S and P stressed.
Reuter
|
JOHN WILEY AND SONS INC <WILLB> 3RD QTR NET | Qtr ended Jan 31
Shr 72 cts vs 71 cts
Net 3,062,000 vs 3,023,000
Revs 58.5 mln vs 56.4 mln
Nine mths
Shr 2.10 dlrs vs 1.73 dlrs
Net 8,972,000 vs 7,337,000
Revs 169.9 mln vs 161.7 mln
Note: Net includes gain from sale of land of 1,105,000 dlrs
or 26 cts a share for the nine mths.
Reuter
|
ARBOR DRUGS INC <ARBR> 2ND QTR JAN 31 NET | Shr 30 cts vs 36 cts
Net 1,914,388 vs 1,906,095
Sales 58.8 mln vs 40.7 mln
1st half
Shr 47 cts vs 53 cts
Net 2,961,718 vs 2,817,439
Sales 107.7 mln vs 74.9 mln
Avg shrs 6,342,353 vs 5,342,353
Reuter
|
TECHNOLOGY DEVELOPMENT CORP <TDCK> 4TH QTR NET | Shr profit six cts vs profit eight cts
Net profit 102,000 vs profit 151,000
Revs 4,846,000 vs 5,041,000
Avg shrs 1,725,744 vs 1,806,323
12 mths
Shr loss 1.36 dlrs vs profit 56 cts
Net loss 2,318,00 vs profit 789,000
Revs 17.5 mln vs 20.9 mln
Avg shrs 1,710,655 vs 1,404,878
Reuter
|
SPANISH FARMERS BATTLE POLICE IN N.E. SPAIN | Thousands of Spanish farmers battled
police in this northeastern city during a march to demand a
better deal from the EC, protest organisers said.
The farmers traded stones for tear gas and rubber pellets
and occupied local government buildings in Saragossa.
In the southern city of Malaga, citrus growers dumped more
than 20 tonnes of lemons on the streets to protest against
duties levied by the EC against their exports.
Spain joined the community in January last year and farmers
say they have suffered competition from EC imports without
sufficient compensation.
Reuter
|
TANDEM <TNDM> HAS HOME SHOPPING DEAL | Tandem Computers Inc said the
Telaction Corp unit of J.C. Penney Co Inc <JCP> selected the
Tandem NonStop computer system for a new interactive home
shopping system scheduled to go into operation during the
summer.
Tandem said the new system will be the first consumer
controlled home shopping and information service delivered by
cable television.
The Telaction service will be initially available to more
than 125,000 households in the Chicago test area, Tandem also
said.
Reuter
|
FLANIGAN'S ENTERPRISES INC <BDL> 1ST QTR DEC 27 | Shr 64 cts vs 1.16 dlrs
Net 602,000 vs 1,079,893
Sales 8,208,000 vs 11.6 mln
NOTE: Prior year net includes gain 1,317,000 dlrs or 1.41
dlrs shr on sale of West Paces Racquet Club.
Current year net includes 15 ct shr extraordinary gain.
Reuter
|
TRIANGLE INDUSTRIES INC 4TH QTR OPER SHR LOSS THREE CTS VS PROFIT 27 CTS
| |
MURGOLD RESOURCES HAS PARTIAL GOLD ASSAYS | Murgold Resources Inc said the number
three vein zone at its Timmins, Ontario property yielded
partial assay results of 1.08 ounces gold a short ton across an
average width of 4.2 feet and length of 200 feet.
It said many of the individual assays were more than one
ounce a ton but had not been cut.
The company said these results were expected, because the
structure was known from previous drilling as a narrow but very
high-grade gold vein. Its known length is 2,800 feet and will
be explored and tested as part of the underground work, Murgold
said.
Reuter
|
CHRYSLER TO SELL CARS IN EUROPE BEFORE YEAR END | Chrysler Corp <C> will begin exporting
vehicles before the end of this year to Europe, the world's
second largest market, which it left in 1978.
Robert Lutz, executive vice president, told a news
briefing: "After a lapse of almost nine years, Chrysler is about
to re-enter the European market. And we are here to stay."
Michael Hammes, vice president of international operations,
said Chrysler planned to market "a few hundred vehicles" by year
end. "By the end of 1988, we hope to reach 5,000." The first cars
would be sold in West Germany, Austria and Switzerland, he
said.
The European base would be in West Germany, but no final
decision had been made on other sites.
The company will not set up its own dealer franchises, but
intends to work through distributors who will wholesale the
vehicles to a franchised dealer organisation.
Lutz commented, "We prefer to export to Europe rather than
manufacture here because it will allow us to take full
competitive advantage of the favourable exchange rates due to
the declining value of the dollar."
The vehicles, on show at this week's Geneva motor show,
include Chrysler LeBaron Turbo coupe and convertible, the Dodge
Lancer ES four-door hatchback, the Dodge Shadow ES compact, the
Plymouth Voyager miniwagon and the Dodge Daytona Shelby Z.
Chrysler is aiming for the mainstream European buyer, who
appreciates sporty cars with 2.2 litre engines, officials said.
Prior to negotiating a loan guarantee program with the U.S.
Government in 1978, Chrysler sold its European operations to
Peugeot SA <PEUP.P>. Chrysler now owns 24 pct of Mitsubishi
Motors Corp <MIMT.T> and 15 pct of <Maserati>, which may serve
as European distribution channels in future, Hammes said.
Reuter
|
U.S. DELEGATION PLANS TO LEAVE ICO TALKS TUESDAY | The U.S. Delegation at the International
Coffee Organization (ICO) talks on export quotas is planning to
leave tomorrow morning, but will ask a representative from the
U.S. Embassy in London to attend the negotiations if they
continue, a U.S. Spokesman said.
One delegate said: "If the U.S. Delegation is going home and
the Brazilians are not budging, then there's no negotiation."
A full ICO council meeting is set for 1900 hours local for
a progress report. Opinions among delegates over the potential
for reaching an agreement vary widely and several delegates
have said the chances of success were almost impossible to
gauge.
Reuter
|
FORD <F> AIR-BAG PROGRAM FLAGGING - REPORT | Ford Motor Co's program to introduce
air-bags in its compact cars is facing widespread resistance
from both consumers and dealers, a trade paper said.
As of February 20, Automotive News said Ford dealers had
sold only 455 1987-model Ford Tempos equipped with airbags and
294 similarly-equipped Mercury Topaz models compared with more
than 100,000 of the standard-equipped compact models.
Ford has projected output of 12,000 Tempo and Topaz models
equipped with airbags in the 1987 model year, but Automotive
News said the current inventory of unsold cars represents a
disastrously high 1-1/2-year supply at current selling rates.
Most of Ford's sales of the compact cars equipped with air
bags have been made to fleet buyers such as the U.S.
government, the paper said, with 11,000 having been sold since
they were announced in late 1985.
Ford executives recently said their goal is to sell
annually between 500,000 and one mln cars equipped with air
bags by 1990 if the federal government will relax certain
regulatory standards as has been urged by some traffic safety
administrative staff.
Reuter
|
MURGOLD RESOURCES <MGDVF> HAS PARTIAL ASSAYS | Murgold Resources Inc said the number
three vein zone at its Timmins, Ontario property yielded
partial assay results of 1.08 ounces gold a short ton across an
average width of 4.2 feet and length of 200 feet.
It said many of the individual assays were more than one
ounce a ton but had not been cut.
The company said these results were expected, because the
structure was known from previous drilling as a narrow but very
high-grade gold vein. Its known length is 2,800 feet and will
be explored and tested as part of the underground work, Murgold
said.
Reuter
|
PACCAR <PCAR> AND UNIT DEBT DOWNGRADED BY S/P | Standard and Poor's Corp said it
downgraded to A-plus from AA-minus about 350 mln dlrs of senior
debt of PACCAR Inc and its unit PACCAR Financial Corp.
S and P said PACCAR has experienced earnings weakness. But
the company remains profitable and should achieve significant
cost reductions from its recent shut down of two assembly
plants, S and P noted.
The rating agency pointed out that price discounting has
eroded some of PACCAR's pricing advantage in the premium,
custom-built segment of the trucking industry, which is
PACCAR's traditional market niche.
Reuter
|
DEAN WITTER AGREES TO SEC CENSURE FOR FAILING TO FULLY REPORT CASH TRANSACTIONS
| |
S/P MAY DOWNGRADE MACK TRUCKS <MACK> DEBT | Standard and Poor's Corp said it placed
on creditwatch with negative implications Mack Trucks Inc's 140
mln dlrs of BB-plus senior debt.
S and P said Mack lost significant market share in heavy
duty trucks last year. Through the nine months ended September
30, 1986, the company's pretax loss before restructuring costs,
equity income and extraordinary items widened to 30 mln dlrs
from 23 mln dlrs in the year earlier period, it noted.
S and P withdrew the BB-plus ratings on the unit Mack
Financial Corp's 9-5/8 pct debentures due 1990 and 9-3/4 pct
debentures of 1991 as they were called for redemption.
Reuter
|
ZIMBABWE'S MAIZE MOUNTAIN POSES ECONOMIC PROBLEM | More than two mln tonnes of surplus maize
dotted across Zimbabwe in huge piles is posing an economic
headache for the country.
The grain, Southern Africa's staple, has been bought by the
Grain Marketing Board (GMB) at prices guaranteed before it was
planted, and is costing the GMB about 27 mln dlrs a month in
storage and interest payments to make the purchases.
Accumulated over the past two years of bumper harvests, the
surplus represents about two years of domestic consumption and
is set to grow as further deliveries are due shortly.
Some deals have been made with aid donors, such as European
countries and Australia, to provide Zimbabwe with wheat in
return for maize sent to neighbouring Mozambique, where the
United Nations has urged greater world efforts to feed the
hungry.
But transport constraints keep those figures low and the
only significant dent was a sale of 250,000 tonnes to South
Africa last year.
Because of the costs it has incurred, the GMB cannot afford
to give the maize away and the standard 90 kg bags have been
accumulating, economists here said.
But failure to find buyers on glutted world grain markets
is damaging Zimbabwe, as it needs foreign exchange to finance
imports for other areas of the economy, the economists added.
"At present, it is a no-win situation. Let us hope some of
the extra aid (UN) Secretary General Javier Perez de Cuellar
called for at the weekend will be spent here," a Western aid
specialist said.
"At least this year's poor rains haven't exacerbated the
situation too badly," he added. Rainfall during the current
rainy season has been far below average, ravaging all but the
irrigated lands of large commercial farmers.
While this may curb the amount of maize delivered this year
to the GMB, the government also acted late last year to slash
maize production and force diversification.
Calling for a switch to other crops such as oilseeds,
Agriculture Minister Moven Mahachi said an economically-viable
price of 180 dlrs a tonne would be paid this year for only half
the amount of maize bought by the GMB in 1986, and above that
growers would be paid an unprofitable 100 dlrs.
The poor rains have also adversely affected other crops,
such as sorghum, soybeans, groundnuts, tobacco and cotton, the
Agriculture Ministry reported at the end of February.
Reuter
|
TECHNOLOGY/CHIP INDUSTRY SEEKS CUSTOM DESIGNS | U.S. semiconductor manufacturers,
struggling to stem a river of red ink, are increasingly looking
toward customized designs rather than mass-market chips for
future profits.
The market for customized chips - semiconductors designed
for a very specific application or product - is expected to
expand by 25 to 30 pct this year, compared with only about six
pct for the entire integrated circuit industry.
Market researcher Dataquest Inc estimates that sales of
customized chips totaled about 4.5 billion dlrs worldwide last
year, about 12 pct of the total chip market. By 1990, however,
customized chips are expected to represent a 12 billion to 15
billion dlr market, about 25 pct of total chip sales.
More important for their vendors, because they are not a
standard design customized chips represent a sellers' market,
and prices and profit margins can be set accordingly.
High volume memory chips have become "a perfect commodity
market," Robert Brodersen, a professor of electrical
engineering at the University of California at Berkeley, told
an industry forum.
"The product is interchangeable between one manufacturer
and another and customers base their buying decisions almost
entirely on price," Brodersen said.
He predicted that, in the next few years, only a handful of
the world's largest chip manufacturers (most of them Japanese)
will produce memory chips, the standard electronic component
found in everything from digital watches to computers. "The
rest of the industry just won't be involved."
Last week's International Solid State Circuits Conference,
the chip industry's annual forum for new developments, seemed
to support Brodersen's prediction.
Of the 116 papers presented at the conference, some 40 pct
had Japanese authors, the first time they have outnumberd the
United States. Most of the Japanese chip designs were in the
memory category, including Nippon Telephone and Telegraph Co's
attention-grabbing 16 mln bit dynamic random access memory
(dram) chip, 16 times more powerful than anything now
available.
The most advanced memory chip described by a U.S. company
was International Business Machine Corp's <IBM> four mln bit
chip, and IBM only manufactures chips for its own internal use,
not for the open market.
The problem with memory chips is that they are all based on
the same, well known design standards, so they are easy to copy
and inexpensive to manufacture. Because such large Japanese
conglomerates as Sony Corp <SNE>, NEC Corp, <NIPNY> Matushita
and Mitsui have their own enormous consumer and electronics
product lines, they also have a guaranteeed internal market for
their chips, so they can produce huge amounts at a very low
cost per unit.
Customized chips, however, are designed for a specific
customer, manufactured in small quantities and expensive
relative to standard chips. Computer markets are increasingly
looking to customized chips because they are difficult to copy,
thus making the final product harder to clone as well.
Intel Corp <INTC>, the leading manufacturer of the
microprocessors that form the brains of most computers, alerted
the industry to its intention to switch to customized chips
last fall.
The company, which just reported a loss for 1986, said it
will spend 75 mln dlrs over the next three years to turn itself
into a leading manufacturer of custom and semi-custom chips.
Intel joins some 275 companies already competing for a
piece of the customized chip business but it has an advantage
that the others do not. IBM, which owns a 20 pct stake in
Intel, has agreed to share the designs for many of the 15,000
chips it makes for its own use. Intel will customize those
designs and sell them to others.
It will also get to use IBM's proprietary computer system
for designing chips, considered by experts to be one of the
most advanced in the world.
Intel's success is still not guaranteed, however. Industry
analysts noted that it is far different to design a mass market
item than a customized chip that requires a close working
relationship with the customer.
Intel spent five years and 100 mln dlrs developing its
newest 30386 microprocessor. A much faster turnarouond time,
and much lower development costs, will be required for
customized chips if the firm is to succeed.
Reuter
|
SEARS TO RESTRUCTURE DISTRIBUTION
| |
CONTINENTAL ILL <CIL> TO RECHARACTERIZE LOSS | Continental Illinois Corp settled an
administrative complaint by the Securities and Exchange
Commission by agreeing to recharacterize 425 mln dlrs
previously reported in the second quarter 1984 as a "loss of
sale on loans."
Under the settlement, which was announced simultaneously
with the filing of the SEC's administrative action, Continental
agreed to restate earlier financial reports to single out the
425 mln dlrs as a separate loan loss item instead of lumping it
together with another item. The bank holding company said the
change does not affect its operating results for 1984.
The SEC stressed in the complaint that it was not
challenging Continental's reported net loss for the second
quarter of 1984.
But it said it was misleading for the bank to split the 950
mln dlr loan loss provision in half, attributing 425 mln dlrs
of it to the event of sale.
The 425 mln dlrs should have been part of a 950 mln dlr
billion dlr loan loss provision required by the Office of the
Comptroller of the Currency, the SEC said.
Continental had originally listed 565 mln dlrs of the loan
loss provision as a credit loss and another 425 mln dlrs as a
loss on sale of loans, the SEC said.
It was misleading for the bank to list the 425 mln dlrs as
loss on sale, which implied the loss would not have occurred
had there not been a sale of distressed loans to the Federal
Deposit Insurance Corp, the SEC said.
The bank should have listed 990 mln dlrs as a credit loss
instead of 565 mln dlrs and should not have charecterized the
other 425 mln dlrs as a provision for loss on sale of loans,
the SEC said.
Continental agreed to the settlement with the SEC without
admitting or denying any violations, the SEC said.
But it agreed to restate its 1984 financial statements to
accommodate the SEC's objections and to report to its
shareholders a summarized version of the SEC's administrative
action against it, the agency said.
A Continental official stressed that the settlement in no
way will result in any change or restatement of the company's
earnings for that period.
Reuter
|
REX-NORECO INC <RNX> 1ST HALF JAN 31 NET | Shr 20 cts vs 28 cts
Net 393,371 vs 555,989
Revs 3,669,602 vs 3,498,780
Reuter
|
MORRISON KNUDSEN <MRN> GETS NAVAL STATION JOB | Morrison Knudsen Corp said its
National Projects Inc subsidiary was awarded a contract worth
about 27 mln dlrs for construction of improvements at the U.S.
Navy's Fallon Naval Air Station in Nevada.
The company said the work, scheduled for completion in
Early 1989, involves revamping of the base's utility systems,
paving of a runway apron, contruction of a control tower and
aircraft hanger, and improvements on the base target range.
Reuter
|
PACKAGING SYSTEMS CORP <PAKS> 4TH QTR NET | Oper shr eight cts vs five cts
Oper net 164,000 vs 116,000
Sales 8,059,000 vs 7,148,000
Year
Oper shr 67 cts vs 19 cts
Oper net 1,492,0000 vs 433,000
Sales 30.9 mln vs 24.8 mln
NOTE: Net excludes discontinued operations losses 768,000
dlrs vs 40,000 dlrs in quarter and loss 700,000 dlrs vs gain
307,000 dlrs in year.
1985 year net excludes gain 482,000 dlrs from change in
accounting for investment tax credits.
Share adjusted for August 1986 100 pct stock dividend.
Reuter
|
MOLECULAR BIOSYSTEMS <MOBI> OFFERS NEW PRODUCTS | Molecular Biosystems Inc said it
announced new SNAP DNA Probe Kits for the detection of
rotavirus and malaria.
The company said it also introduced the Extractor, a new
DNA/RNA sample preparation column.
The company, based in San Diego, Calif., said the Extractor
dramatically simplifies the isolation and purification of DNA
and RNA from actual clnical samples.
Reuter
|
G.D. RITZY'S INC <RITZ> 4TH QTR LOSS | Ended Jan four
Shr loss 14 cts vs loss 27 cts
Net loss 850,000 vs loss 1,400,000
Revs 2,280,000 vs 2,220,000
Year
Shr loss 30 cts vs loss 1.06 dlrs
Net loss 1,800,000 vs loss 5,500,000
Revs 9,500,000 vs 12.9 mln
Reuter
|
WESTERN DIGITAL <WDC> ADDS ELECTRONIC MAIL | Western Digital Corp said it is
adding the Network Courier, an electronic mail software package
by Consumers Software, to its Local Area Network (LAN)
products.
The company said The Network Courier allows LAN users to
exchange messages and complete files without having to exit
their current applications and to exchange mail and files with
remote networks.
Reuter
|
TRIANGLE INDUSTRIES INC <TRI> 4TH QTR LOSS | Oper shr loss three cts vs profit 27 cts
Oper net loss 178,000 vs profit 4,165,000
Sales 783.7 mln vs 464.6 mln
Avg shrs 25.3 mln vs 10.3 mln
Year
Oper shr profit 2.61 dlrs vs profit 2.75 dlrs
Oper shr diluted profit 2.05 dlrs vs profit 2.66 dlrs
Oper net profit 47.6 mln vs profit 31.0 mln
Sales 2.67 billion vs 1.65 billion
Avg shrs 16.0 mln vs 9.8 mln
Avg shrs diluted 24.5 mln vs 10.2 mln
NOTES: Results include American Can Packaging Inc and
National Can Corp from acquisition on Nov 1, 1986, and April
16, 1985, respectively
1986 4th qtr oper results reduced 3.0 mln dlrs, or 12 cts a
share, by retroactive elimination of investment tax credits
1985 operating profit includes gains of 1.8 mln dlrs, or 17
cts a share, in quarter and 6.8 mln dlrs, or 67 cts a share, in
year from sale of investments
Operating net excludes loss of 647,000 dlrs, or three cts a
share, vs profit 173,000 dlrs, or two cts a share, in quarter
and loss 647,000 dlrs, or four cts a share, vs profit 5,847,000
dlrs, or 60 cts a share, in year from discontinued operations.
1986 operating results also exclude charges of 1,271,000
dlrs, or five cts a share, in quarter and 34.0 mln dlrs, or
2.12 dlrs a share, in year from early extinguishment of debt
Reuter
|
FLUOR CORP <FLR> DEBT DOWNGRADED BY MOODY'S | Moody's Investors Service Inc said it
lowered the ratings on about 390 mln dlrs of Fluor Corp's
long-term debt and commercial paper.
Moody's said the action, which completes a review begun
February 6, reflects expectations that pressure on earnings and
cash flow are likely to continue for some time.
This will result in stress on debt-protection measures,
although the firm's continuing core businesses have strong
positions within their industries. Ratings cut include those on
senior notes, Eurobonds and pollution control bonds to BA-2
from BAA-3 and commercial paper to not-prime from prime-3.
Reuter
|
ESI INDUSTRIES INC <ESI> 4TH QTR NET | Oper shr five cts vs 15 cts
Oper net 236,996 vs 661,780
Revs 11.3 mln vs 11.00 mln
Avg shrs 4,249,221 vs 4,218,754
Year
Oper shr 33 cts vs 57 cts
Oper net 1,465,700 vs 2,033,457
Revs 44.0 mln vs 41.4 mln
Avg shrs 4,348,127 vs 3,431,669
NOTE: Net excludes discontinued TGC Industries Inc
operations nil vs gain 123,174 dlrs in quarter and loss 213,809
dlrs vs gain 377,412 dlrs in year.
Reuter
|
ELECTRONIC CONTROL <ECSIU> INITIAL OFFER STARTS | Electronic Control Security
Inc said an initial public offering of 1,250,000 units is under
way at 1.60 dlrs each through underwriters led by Jersey
Capital Markets Group Inc.
Reuter
|
SEARS TO CLOSE CHICAGO DISTRIBUTION CENTER, LAY OFF UP TO 1,800 EMPLOYEES
| |
THUNANDER CORP <THDR> YEAR NET | Shr 73 cts vs 58 cts
Shr diluted 69 cts vs 54 cts
Net 1,101,000 vs 901,000
Sales 33.0 mln vs 29.1 mln
NOTE: Results include BMD of New England Inc from September
1, 1986 purchase.
Reuter
|
TYLAN <TYLN> RENEWS CREDIT LINE | Tylan Corp said it renewed its
eight mln dlr annual credit agreement with Bank of America and
First Los Angeles Bank.
The agreement includes a revolving credit line and a term
loan through December 31, 1987, both of which are secured by
the assets of the company, Tylan said.
It said both lines bear interest at one pct over the prime
rate, subject to upward adjustment based on certain
contingencies.
Terms of the agreement include warrants for the banks to
buy up to 200,000 Tylan shares, the company also said.
Reuter
|
NACCO INDUSTRIES <NC> UNIT TO BE SOLD | Nacco Industries Inc said a group of
utilities, called the Capco group, has taken actions to
exercise its option to acquire the Quarto Mining Co unit of
Nacco's North American Coal Co.
The purchase would be for about 10 mln dlrs, and would, if
completed, generate a substantial capital gain for Nacco, the
company said. The price is equal to the value of coal reserves
contributed to Quarto by North American Coal.
In 1986, Quarto produced about 3.6 mln tons of coal and net
earnings of 5.9 mln dlrs, Nacco said.
Capco is a group of utilities that includes Ohio Edison Co
<OEC> and Centerior Energy Corp <CX>.
Reuter
|
<PORSCHE AG> RAISING U.S. PRICES | Porsche AG said its Porsche Cars
North America Inc affiliate will raise prices of 1987 models,
starting with vehicles produced after April 30, an average of
three pct on base prices and 2.5 pct on all options.
It said new prices are 23,910 dlrs for the 924S, up from
22,995 dlrs, 27,840 dlrs for the 944, up from 26,775 dlrs,
30,850 dlrs for the 944S, up from 29,665 dlrs, 36,300 dlrs for
the 944 Turbo, up from 34,915 dlrs, 41,440 dlrs for the 911
Coupe, up from 40,425 dlrs, 43,.590 dlrs for the 911 Targa, up
from 42,525 dlrs, and 47,895 dlrs for the 911 Cabriolet, up
from 46,725 dlrs.
The company said it also raised prices to 63,295 dlrs for
the 911 Turbo Coupe, up from 61,750 dlrs, to 71,035 dlrs on the
911 Turbo Targa, up from 69,300 dlrs, to 78,415 dlrs on the 911
Turbo Cabriolet, up from 76,500 dlrs, and to 63,520 dlrs on the
928S 4, up from 61,970 dlrs.
Reuter
|
VALLEY FEDERAL <VFED> NAMES NEW OFFICERS | Valley Federal Savings and Loan
Association said it appointed Joseph Biafora to the post of
chairman and the company's president, Donald Headlund, was
named to the additional post of chief executive.
The new appointments follow the death of former chairman
and chief executive Robert Gibson, the company said.
It said Biafora had been vice chairman of the board.
Reuter
|
SEARS <S> DEAN WITTER UNIT AGREES TO SEC CENSURE | Federal regulators said Dean Witter
Reynolds Inc, the brokerage subsidiary of Sears, Roebuck and
Co, agreed to a censure to settle charges that it failed to
fully report cash transactions.
In a complaint which was issued simultaneously with the
settlement, the Securities and Exchange Commission charged Dean
Witter, the fourth largest U.S. brokerage house, with failing
to report more than one mln dlrs of cash transactions.
In its administrative complaint, the SEC stressed that was
not charging Dean Witter with taking part in a scheme to
launder cash.
But it said it found 35 single lump sum cash deposits in
excess of 10,000 dlrs made with Dean Witter's branch offices
and another three multiple cash deposits made by a customer on
a single day which totaled more than 10,000 dlrs. The total
unreported cash was 1,062,234 dlrs, the agency said.
Federal law requires brokerage firms and banks to report to
the Treasury Department all cash deposits greater than 10,000
dlrs.
After examining seven pct of the Dean Witter's branch
offices between July 1983 and April 1985, the SEC said it found
that the firm reported 1,880,376 dlrs in cash deposits, each of
which had been greater than 10,000 dlrs, but failed to report
another 1,062,234 dlrs.
Besides agreeing to the censure, Dean Witter agreed to
tighten its oversight of its branch offices.
Another major brokerage firm, E.F. Hutton Group Inc,
recently disclosed in an SEC filing that a federal grand jury
in Providence, R.I., was probing its compliance with cash
deposit reporting requirements at its Providence office.
Reuter
|
BANKEAST CORP <BENH> COMPLETES ACQUISITION | BankEast Corp said it has
completed the acquisition of United Banks Corp in an exchange
of 1.86 BankEast shares for each United share.
It said the acquisition is worth about 11.3 mln dlrs.
Reuter
|
U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD | U.S. tin disposals should have little
effect on an agreement reached last weekend by tin producing
countries to limit group exports to 96,000 tonnes in the year
started March 1, a government official said.
The agreement by the seven-member Association of Tin
Producing Countries (ATPC) aimed to cut the world surplus and
boost prices. Following the accord, ATPC Chairman Subroto
appealed to the United States to restrict its tin releases from
its strategic stockpile.
"We don't think that (the U.S. government) has a large
influence in the (tin) market at this stage of the game," said
Thomas O'Donnell, Director of International Commodities at the
State Department. Last year the United States released about
4,900 tonnes of tin to two ferroalloy firms.
Reuter
|
BANNER <BNR> TO ACCEPT REXNORD <REX> SHARES | Banner Industries Inc said it plans to
accept for payment after the close of business today all the
common shares of Rexnord Inc that were tendered under its 26.25
dlr per share tender offer.
Banner said its offer for all of the roughly 20 mln shares
of Rexnord it did not already own expired last Friday and will
not be extended.
Based on a preliminary count, about 19.8 mln Rexnord shares
were tendered under the offer, Banner said.
Combined with the roughly five mln shares it already holds,
Banner said it will own about 97 pct of Rexnord's shares.
Banner said last Friday that it had arranged bank credit to
finance most of the tender offer and the subsequent merger with
Rexnord, under which remaining Rexnord holders may receive
26.25 dlrs a share.
It said the balace of the funds will be obtained through a
private placement, for which Drexel Burnham Lambert Inc is
acting as agent.
Banner said it expects to complete the merger with Rexnord
within 60 days.
Reuter
|
AMERICAN NURSERY <ANSY> MAKES ACQUISITION | American Nursery Products Inc
said it has purchased Heini's Nursery Inc of Miami, which grows
indoor foliage plants for wholesale distribution and had sales
of 4,472,0000 dlrs for the year ended August 31.
Terms were not disclosed.
Reuter
|
DOT REJECTS SMOKING BAN ON DOMESTIC FLIGHTS | The U.S. Department of Transportation
(DOT) has concluded that a ban on smoking on all domestic
airline flights is not justified at this time.
The department made known its conclusions in a report to
Congress, made public today, on a recommendation by the
National Academy of Sciences that such a ban be adopted.
"We agree that exposure to environmental tobacco smoke could
be viewed as a problem by some crew and passengers. However, we
believe that further study is needed before the department can
propose a definitive response to this recommendation," the DOT
report said.
The National Academy of Sciences (NAS) had studied the
issue of smoking on airlines under a DOT grant.
It recommended a ban in August after concluding that
tobacco smoke, when confined to an airliner's cabin, posed
potential health hazards to cabin crew members, irritated
passengers and crew, and created a risk of fires.
The DOT said more study was needed of the health effects of
environmental tobacco smoke and of the concentration and
distribution of pollutants on various aircraft types.
It also called for more study of possible changes in
aircraft ventilation systems and said it wanted to spend more
time considering whether a ban should be extended to
international as well as domestic flights.
Reuter
|
AMC <AMO> SAYS STEPS TAKEN AFTER UAW TALKS FAIL | American Motors Corp said it will take
steps to build a proposed new jeep vehicle at an unspecified
"alternative location" after the weekend breakdown of talks
with the United Automobile Workers union on a concessionary
contract covering workers at AMC's Wisconsin operations.
AMC spokesman Lloyd Northard told Reuters that the company
will not build its new Jeep ZJ sports utility vehicle at its
Kenosha, Wisc., assembly plant as a result of the talks'
failure.
"We sincerely regret this outcome, but the responsibility
for it rests entirely with the local union bargaining
committees," the company said in a statement.
"We will, therefore, initiate the actions necessary to
place the new Jeep product in an alternative location rather
than at Kenosha."
UAW officials said during the weekend they did not regard
the collapse of talks as final after the company's "final"
proposal on a new contract was unanimously rejected by union
bargainers.
But AMC said the union's rejection of its concessions
package means that plants in Kenosha and Milwaukee will lose
6,500 jobs because the assembly complex in Kenosha "will not be
getting new work" as had been proposed with a new contract.
"This unfortunate outcome demonstrates the difficulty of
maintaining existing working and bringing new work to existing
U.S. operations," AMC said.
Asked if the company considered the decision to phase out
the Kenosa plant by 1989 as previously detailed to be final,
Northard said: "If the union came to us and said they would
accept our final proposal, that's another matter."
But the company charged bargainers for UAW Locals 72 and 75
had reneged on commitments for a new agreement with lower labor
rates made in 1985 when the union locals negotiated a
concessionary agreement covering AMC's Wisconsin operations.
AMC, which last week reported its first profitable quarter
in two years, said it wanted a contract for the plants with
labor rates and work rules comparable to agreements between the
UAW and Japanese automakers operating in the U.S.
Wall Street investors reacted to the AMC-UAW impasse by
driving down AMC's stock price. In active trading, AMC was off
3/8 to 3-1/2, a 9.7 pct decline since Friday's close.
Reuter
|
ARCHIVE CORP <ACHV> SIGNS DISTRIBUTOR AGREEMENT | Archive Corp said it signed
an agreement under which <Microamerica>, a value-added reseller
of personal computers, peripherals and supplies, will
distribute its Archive XL tape drive.
Archive said Microamerica will carry both models of the XL
drive, a 40-megabyte, 5.25-inch drive based on the QIC-40
standard that is compatible with the IBM PC/XT and PC/AT PCs.
Reuter
|
INSPEECH <INSP> MAKES ACQUISITIONS | InSpeech Inc said it has
acquired Northwest Rehabilitation Inc and Len M. House and
Associates and United Rehabilitation Inc for undisclosed terms.
Northwest provides physical therapy services and has annual
sales of about six mln dlrs and Houyse provides speech therapy
services and has annual sales of about 4000,000 dlrs. Both are
based in Minneapolis.
Reuter
|
SEARS TO TAKE 20 MLN DLR AFTER-TAX CHARGE IN FIRST QUARTER FOR RESTRUCTURING
| |
STATUS GAME <STGM> TO INTRODUCE VIDEO BINGO | Status Game Corp said it is
introducing a new Video Bingo game that enables the player to
buy up to four bingo cards and at the same time play against
computer simulated bingo games.
Reuter
|
VERSATILE UNIT HAS LETTER OF INTENT TO BUILD 320 MLN DLR ICEBREAKER FOR FEDERAL GOVERNMENT - OFFICIAL
| |
BAYER <BAYRY> MAKES U.S. ACQUISITION | Bayer AG of West Germany said it has
acquired Wyrough and Loser Inc of Trenton, a maker of rubbr
processing chemicals, for undisclosed terms.
It said its Mobay Corp subsidiary will transfer its entire
U.S. Rhein-Chemie Rheinau GmbH specialty chemicals business for
the rubber, plastics and lube oil industries to Wyrough and
Loser later this year.
Reuter
|
EAGLE ENTERTAINMENT <EEGL> TO MANAGE AFFILIATE | Eagle Entertainment Inc said it
signed a 10-year management and consulting agreement with 47.5
pct owned <Performance Guarantees Inc> to manage the
affiliate's business and retain 90 pct of its revenues.
PGI provides independent film producers and their investors
or lenders with "completion bonds" which guarantee that a film
will be completed and delivered within budget and on schedule.
Reuter
|
GULF ARAB OIL MEETING ENDS | Deputy oil ministers of the six-nation
Gulf Co-operation Council (GCC) ended a meeting here after
discussing co-ordination and co-operation in the oil field, the
Bahrain-based Gulf News Agency (GNA) said.
The deputy ministers, who declined to talk to reporters on
the outcome of the 90 minute formal session, later concluded a
round of informal talks.
The GCC groups four OPEC members -- Saudi Arabia, Kuwait,
Qatar and the United Arab Emirates -- and non-OPEC nations
Bahrain and Oman.
Before the formal session had begun, chairman Yousef
Shirawi, Bahrain's Development and Industry Minister, told
reporters the gathering was a follow-up to talks held last
Sunday in Qatar at full ministerial level.
GNA gave no details on the outcome of today's talks.
It said only, "The deputy ministers discussed current
developments in the oil market, particularly those relating to
production and prices."
The meeting in Qatar had reaffirmed the six Gulf Arab
countries' commitment to OPEC's pricing and production accord
forged in December last year.
It also discussed ways of marketing crude oil on behalf of
those GCC states encountering resistance to official OPEC
prices.
Oil industry sources have said Qatar has faced particular
difficulty in selling its full quota of production.
Reuter
|
APPLE <AAPL>, AST <ASTA> OFFER MS-DOS PRODUCTS | Apple Computer Inc and AST Research
Inc said they are offering two products that allow MS-DOS
software compatibility with Apple's new Macintosh SE and
Macintosh II.
"Apple understands the importance of information sharing in
multiple vendor environments," said Apple Chairman John
Sculley, at a seminar where the new products were released.
The products allow the new Macintosh computers to run
MS-DOS applications in a window at the speed of an IBM PC-XT
and IBM PC-AT.
The products will require an external MS-DOS drive, which
Apple also announced today.
Apple also introduced a host of other products, including
storage devices, memory upgrade kits, keyboards and two display
monitors.
In addition, it announced jointly with Dow Jones and Co
<DJ> and MCI Communications Corp <MCIC> new electronic mail
software, called Desktop Express, that lets users send graphic
documents over telephone wires.
Reuter
|
NOLAND <NOLD> FEBRUARY SALES OFF TWO PCT | Noland Co said February sales
were off 2.3 pct to 29.4 mln dlrs from 300.1 mln dlrs a year
earlier, with year-to-date sales off 9.6 pct to 55.3 mln dlrs
from 61.2 mln dlrs.
The company blamed extremely disruptive winter weather in
many of its markets.
Reuter
|
GOVERNMENT BOND BROKER SEES WIDER DATA ACCESS | The major U.S. Government bond brokers
are likely to give in to pressure from regulators and investors
within the next 18 months, making their direct-dealing screens
available to many of those firms that are not now eligible to
receive them, said Richard Lacy, Chairman of Exco International
Inc.
Earlier today, Exco said it purchased an 80 pct interest in
RMJ Holdings Corp, one of the largest of the four bond brokers
that dominate the business.
In a telephone interview, Lacy said "Within 18 months, we
think the number of players will be expanded."
Currently, the four major brokers will sell their
direct-dealing screens to only primary dealers in U.S.
Government securities or those that have applied to the Federal
Reserve Bank of New york to become a primary dealer.
The U.S. Justice department is looking into whether
limiting access to the screens to just a small group of dealers
is a violation of U.S. Anti-trust laws.
Primary dealers, of which there are now 40, are an elite
group of firms approved to buy Treasury securities directly
from the Fed.
But Lacy said that any agreement to expand access to the
brokers' direct-dealing screens is likely to be not as
far-reaching as some would like. Instead of making screens
available to any firm willing to pay for one, he said, it is
more likely that a "second tier" will be established.
He also said that RMJ is not willing to break away from the
group of bond brokers and be the only firm to make its screens
widely available to any one who wants them.
Bond market sources had speculated that RMJ is better
prepared to offer its services nationwide than its three major
competitors.
Lacy also said that he does not see any immediate pressure
for a further cut in commissions paid on bond transactions any
time soon. In late 1985, transaction fees paid to brokers were
cut in half to 39 dlrs per mln dlr transaction from 78 dlrs.
Some U.S. primary bond dealers have been suggesting that
with further increases in transaction volume, fees can be cut
without hurting the brokers' profits.
REUTER
|
EC MINISTERS STRUGGLE TO AGREE ON DAIRY CUTS | European Community, EC, agriculture
ministers struggled today to finalise new rules aimed at
limiting sales into public cold stores of unwanted butter at
high guaranteed EC prices, diplomats said.
The plan is the key element in a landmark accord to cut
dairy output by 9.5 pct over two years agreed in outline last
December after virtually nine days of non-stop negotiations.
The accord, which is due to operate from the start of the
new milk marketing year on April 1, was hailed as the most
significant step in an on-going campaign to reform costly EC
farm policies and cut embarrassing food surpluses.
Diplomats say the December agreement itself is not
threatened but that its effect could be considerably weakened
if the proposals are altered too radically.
West Germany and Ireland are opposed to proposed limits on
a farmer's now automatic right to sell surplus butter into
public stores when market prices and stocks are high.
Faced with a butter "mountain" of a record 1.2 mln tonnes
costing over two mln dlrs per day just to store, EC farm
Commissioner Frans Andriessen says farmers must be encouraged
to cut production to meet demand.
He is keen to reach an agreement on the milk problem before
the ministers move on to consider this year's annual price
review which proposes extending the new system for butter sales
to other sectors such as cereals.
Reuter
|
SEARS <S> TO RESTRUCTURE DISTRIBUTION | Sears, Roebuck and Co said it will
restructure its distribution operations, resulting in a 20 mln
dlr after-tax charge against earnings in its first quarter.
The retailer on April 30 will close its major Chicago
distribution center as the first part of the restructuring. A
spokesman said up to 1,800 workers will be affected, with many
of them laid off. Some of the workers may be transferred to
other Sears operations.
Sears said the restructuring and consolidation will save
about 150 mln dlrs by 1991.
Sears said it will set up a nationwide network of seven
regions to handle all aspects of distribution of its products.
The closing of the Chicago plant will be followed by the
shutdown of four other distribution units over the next several
years. Distribution centers will be closed in Boston, Atlanta,
Memphis and Minneapolis, with the Boston shutdown coming early
next year. No other closings are planned before 1989.
A spokesman said that, while there will be layoffs at those
facilities, the company does not yet know how many workers will
be let go.
Sears' distribution will be consolidated under regional
management in Columbus, Ohio, Dallas, Greensboro, N.C.,
Jacksonville, Fla., Kansas City, Mo., Los Angeles and
Philadelphia. However, Sears said it will also evaluate the
productivity of the Los Angeles and Philadelphia facilities "to
determine whether they will be modernized or relocated."
Responsibility for ordering distribution center inventory
will be centralized in Chicago.
Reuter
|
B.F. GOODRICH TO PHASE OUT SOME BUSINESSES, CUT STAFF BY 790
| |
DELTA AIR <DAL> BEGINS ATLANTA-TOKYO SERVICE | Delta Air Lines Inc said it began
service from Atlanta to Tokyo today.
The carrier will fly single-plane through service departing
daily from Atlanta and Tokyo five days a week, it said.
Reuter
|
VERSATILE TO BUILD POLAR ICE BREAKER | Versatile Corp's shipbuilding subsidiary
has a letter of intent to build a 320 mln dlr polar icebreaker
for the Canadian coast guard, Transport Minister John Crosbie
said.
In a Vancouver address, Crosbie said Versatile Pacific
Shipyards Inc was the low bidder to build the Arctic Class 8
icebreaker, but the company must meet certain financial and
engineering conditions before the contract is awarded.
The government also announced it will provide up to 13 mln
dlrs in loan insurance to help Versatile prepare for the
construction of the vessel.
said before the contract can be awarded Versatile "will be
required to offer assurances that the shipyard is technically
and financially capable of performing the work."
Crosibie said Versatile's bid was 100 mln dlrs lower than
competing bidders and will generate 1,000 person years of
direct employment.
Work on the vessel, which Crosbie said would be the most
powerful icebreaker in the world, would begin next year and
completed in 1992.
The government announced plans to build the icebreaker last
year following the controversial passage of the U.S. Coast
Guard's vessel, the Polar Sea, through the disputed Northwest
Passage. The U.S. government did not seek permission for the
journey, claiming the area was an international water way.
The government said the icebreaker was needed to back up
the country's claim of sovereignty in the Arctic.
Reuter
|
CHRYSLER <C> UNIT SELLS NOTES AT 7-5/8 PCT | Chrysler Financial Corp, a unit of
Chrysler Corp, is raising 250 mln dlrs through an offering of
notes due 1992 with a 7-5/8 pct coupon and par pricing, said
lead manager Salomon Brothers Inc.
That is 93.5 basis points above the yield of comparable
Treasury securities. Non-callable for life, the issue is rated
Baa-1 by Moody's and BBB by Standard and Poor's. Merrill Lynch
Capital Markets co-managed the deal.
On February 10, Chrysler Financial sold 200 mln dlrs of
same-rated seven-year notes priced to yield 8.13 pct, or 100
basis points over Treasuries.
Reuter
|
<PANTRY INC> INB TALKS ON BEING ACQUIRED | Privately-held Pantry Inc, which
operates 477 convenience stores in five Southeastern states,
said it has engaged Alex. Brown and Sons Inc <ABSB> to explore
a possbile sale of the company.
It said it expects to start talks with prospective
acquirers shortly. The company said it has been approached by a
number of parties in recent months.
Reuter
|
CONGRESS VIDEO GROUP INC <CVGI> 3RD QTR NET | Qtr ends Dec 31
Shr profit three cts vs loss three cts
Net profit 129,000 vs loss 85,000
Revs 4,001,000 vs 4,347,000
Avg shrs 3,994,347 vs 3,769,347
Nine mths
Shr loss 75 cts vs profit 39 cts
Net loss 2,900,000 vs profit 1,753,000
Revs 7,472,000 vs 15.3 mln
Avg shrs 3,845,438 vs 4,470,275
NOTE: net 1986 includes tax gain carryforward from
discontinued operations of Master's Merchandise Group in year
prior.
Reuter
|
FIRST FINANCIAL MANAGEMENT <FFMC> REVISES PACT | First Financial Management Corp said it
revised the agreement under which it provides data processing
services to First Union Corp of Georgia <FUNC>.
The company said the revised agreement establishes specific
minimum payments to be made by First Union and shortens the
duration of the original pact by 16 months, with the new
agreement expiring on December 31, 1989.
Under terms of the amended contract, First Financial said
it received 19.8 mln dlrs in cash and is guaranteed an
additional 50.3 mln dlrs in service revenues.
The company said the agreement calls for minimum payments
of 16.5 mln dlrs for the balance of 1987, 18 mln dlrs in 1988
and 15.8 mln dlrs in 1989.
Reuter
|
<RENOUF CORP> TO PROCEED WITH BENEQUITY <BH> BID | Renouf Corp of New Zealand said it
has decided to proceed with its offer for all outstanding units
of Benequity Holdings at 31 dlrs per unit.
The company had been required to redice by March Two
whether to proceed with the offer or terminate it, based on its
ability to obtain financing and on its review of Benequity
operations. The offer is to expire March 13.
Reuter
|
INTEGRATED GENERICS <IGN> WILL NOT COMMENT | Integrated Generics Inc said it
is in the midst of several developments which could be
favorable for the company but can make no further comments at
the present time.
The company said it released this brief statement in
response to the American Stock Exchange's inquiry on the
activity of the company's common stock, which was up 5/8 to
five in midafternoon trading.
Reuter
|
CUBA TELLS TRADERS SUGAR EXPORTS MAY BE DELAYED | Cuba has told international sugar
operators who have bought its sugar for shipment in March that
these contracts will take second place to Cuba's direct
shipments to its export markets, dealers here said.
Some traders who have received telexes from Cuba said the
language of the message was not totally clear and some believed
shipments would be honoured if the traders declare the Soviet
Union as the destination of their contracts.
The telexes have fueled rising world prices in the last
week and reflect a poor Cuban crop, worry over Brazil's export
availability, and increasing Soviet demand, analysts said.
Traders said signs of Cuba's shortage of immediately
available raw sugar to supply its traditional martkets was
probably the factor behind Syria calling a snap buying tender
last month.
Normally Syria calls white sugar buying tenders for forward
delivery, and last month's spot requirement resulted in the
sale of several cargoes.
Cuba in its telex told operators they would not receive
March shipments as Cuba has to meet its contracts to export
markets, traders said.
Reuter
|
GOODRICH <GR> TO PHASE OUT SOME BUSINESSES | B.F. Goodrich Co said it will phase
out the production of aircraft tires, missile and marine
products and molded rubber products in Akron, Ohio, by the end
of 1987, laying off about 790 salaried, production, maintenance
and support services employees.
The company said layoffs will start within the next few
weeks.
Goodrich said it will continue to make chemicals and
adhesives in Akron, employing about 356. Another 5000 salaried
employees in Akron work for Goodrich.
The company said it has not been able to operate the
businesses being discontinued in Akron profitably enough to
justify the large investment that it has in them.
Goodrich said it will continue to make aircraft tires at
Norwood, N.C., and sonar domes at Jacksonville, Fla., and will
relocate its molded rubber products business to a site not yet
chosen. It said it will stop making insulators for missiles.
Goodrich said it is prepared to discuss with officials of
the United Rubber Workers Union severance benefits for affected
employees and issues related to the continued operation in
Akron of the chemical and adhesives businesses and to the
phaseout of the Akron aircraft tire, missile and marine and
molded rubber products manufacturing.
A company spokesman said it does not expect any adverse
impact on earnings from the move.
Reuter
|
THUNANDER CORP <THDR> YEAR NET | Shr 73 cts vs 58 cts
Net 1,101,000 vs 901,000
Sales 32.9 mln vs 29.1 mln
Note: Results include operations of BMD of New England Inc,
acquired Sept. 1, 1986.
Reuter
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FINAL TRUST FOR THRIFT INSTITUTIONS PAYOUT SET | <Massachusetts Financial Services Co>
said it has set the final income and capital gain distributions
for <Trust for Thrift Institutions High Yield Series> of 1.069
dlrs and 7.645 dlrs, respectively, payable today.
Reuter
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(RPT) U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD | U.S. tin disposals should have little
effect on an agreement reached last weekend by tin producing
countries to limit group exports to 96,000 tonnes in the year
started March 1, a government official said.
The agreement by the seven-member Association of Tin
Producing Countries (ATPC) aimed to cut the world surplus and
boost prices. Following the accord, ATPC Chairman Subroto
appealed to the United States to restrict its tin releases from
its strategic stockpile.
"We don't think that (the U.S. government) has a large
influence in the (tin) market at this stage of the game," said
Thomas O'Donnell, Director of International Commodities at the
State Department. Last year the United States released about
4,900 tonnes of tin to two ferroalloy firms.
Reuter
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ROSPATCH TO RESPOND TO DIAGNOSTIC BID
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FRANKLIN INSURED TAX-FREE SETS PAYOUT | Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Insured Tax-Free Income Fund.
Reuter
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FRANKLIN MINNESOTA INSURED SETS PAYOUT | Mthly div 6.6 cts vs 6.6 cts prior
Pay March 31
Record March 16
NOTE: Franklin Minneosta Insured Tax-Free Income Fund.
Reuter
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FRANKLIN MICHIGAN INSURED SETS PAYOUT | Mthly div 6.9 cts vs 6.9 cts prior
Pay March 31
Record March 16
NOTE: Franklin Michigan Insured Tax-Free Income Fund.
Reuter
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FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT | Mthly div 6.5 cts vs 6.8 cts prior
Pay March 31
Record March 16
NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
Reuter
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U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989
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FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT | Mthly div 6.5 cts vs 6.5 cts prior
Pay March 31
Record March 16
NOTE: Franklin California Insured Tax-Free Income Fund.
Reuter
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DIAGNOSTIC PRODUCTS <DPCZ> SEES EARNINGS GROWTH | Diagnostic Products Corp president and
chief executive officer Sigi Ziering said he expects to
maintain the same compound average annal net income growth in
1987 as the company has for the past five years.
"We expect the same performance in net income over the next
five years as we have had in the past," Ziering said.
Over the past five years Ziering said the company has had
average compound net income growth of 32 pct annually with a 27
pct per year growth in earnings per share. For 1986 the company
had net income of 6.3 mln dlrs, or 1.07 dlrs per share, vs 3.9
mln dlrs, or 73 cts per share in 1985.
Diagnostic manufactures medical immunological diagnostic
test kits.
Ziering said he expects the earnings growth to result from
positive effect of the weaker dollar on the company's exports
sales as well as accelerated market penetration. Ziering said
he expected the Food and Drug Administration to approve three
more of its drug abuse test kits by the end of the year, which,
depending on approval, should also help earnings growth.
Ziering said as a result of the new tax laws he expected
the company's taxes to decrease by five pct to 31 pct of net
income in 1987.
Reuter
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CURRENCIES COULD INFLUENCE BULLION AGAIN-MONTAGU | Currency fluctuations may reassert their
influence on the bullion market in the near future, bullion
bankers Samuel Montagu and Co Ltd said in a market report.
But the firm said silver may lag behind gold in any
reactions to movements on foreign exchanges.
"OPEC's failure to address the recent decline in oil prices
remains a worrying factor however, and on balance it appears
that the market should be approached cautiously," Montagu said.
The bank said the US economy has shown no noticeable
long-term improvement and that both Latin American debt and the
Iranian arms affair could undermine confidence in the dollar.
Reuter
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DUNKIN' DONUTS INC <DUNK> 1ST QTR JAN 24 NET | Shr 46 cts vs 42 cts
Net 3,418,000 vs 3,129,000
Revs 24.7 mln vs 26.2 mln
Reuter
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CCR VIDEO CORP <CCCR> 1ST QTR NOV 30 NET | Shr profit two cts vs loss 12 cts
Net profit 156,726 vs loss 776,000
Revs 1,157,883 vs 890,138
Reuter
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FRANKLIN PUERTO RICO TAX-FREE SETS PAYOUT | Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Puerto Rico Tax-Free Income Fund.
Reuter
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