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BARING UNIT SETS UP FUND FOR MANAGEMENT BUY-OUTS | Baring Capital Investors Ltd (BCI), a unit
of the U.K. Merchant bank <Baring Brothers and Co Ltd>, said it
has raised 61 mln European Currency Units (ECUs) which will be
invested in management buy-outs and development capital
opportunities in the U.K. And continental Europe.
The funds were raised through BCI's first such fund - the
Baring Euaring European Capital Trust - from investors in nine
European countries. It expects to raise another 40 mln ECUs
soon through a French fund and a fund for U.S. Investors.
BCI was set up last year by Baring Brothers to advise
buy-out and development capital investors.
BCI said the new fund is structured as a Guernsey-based
unit trust, which will be listed on the Luxembourg Stock
Exchange. It will be advised by BCI and managed by a company
owned jointly by Barings and the management of BCI.
Individual investments are expected to range between one
and 10 mln ECUs and are likely to be concentrated in the U.K.,
Germany and France.
BCI said its aims are to invest in established companies,
principally family companies with succession-issues and
corporate spin-offs.
REUTER
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G-7 SEEN FIGHTING TO KEEP CURRENCY PACT | International monetary officials will
rush to paper over the deep cracks that have appeared in the
Louvre accord on currency stability to prevent a dollar
free-fall and to calm turmoil in world capital markets,
economists and currency traders said.
"I don't think the Louvre is dead because if it breaks up
in an acrimonious way, the potential outcome is a rout of the
dollar, higher interest rates and collapsing stock markets.
It's in the Group of Seven's interest to calm things down,"
said Douglas Madison, corporate trader at BankAmerica Corp.
In a weekend television interview, U.S. Treasury secretary
James Baker sharply criticised a recent rise in West German
money market rates and said the eight month-old Louvre pact to
foster exchange rate stability needs to be reviewed.
His comments rocked the currency markets and helped send
the already-fragile U.S. and overseas stock markets into a
tailspin.
The dollar lost more than two pfennigs in the U.S. to about
1.7740/50 marks and about one yen to 141.25/35 yen. The Dow
Jones Industrial Average slumped more than 200 points at one
stage and U.S. Treasury bonds dropped about 1-3/4 points.
Reuter
|
TONS OF TOYS INC <TONS.O> 1ST QTR AUG 31 LOSS | Shr loss five cts vs loss eight cts
Net loss 118,000 vs loss 87,000
Sales 1,765,000 vs 1,345,000
Avg shrs 2,370,000 vs 1,070,000
Reuter
|
NEW YORK STOCK EXCHANGE VOLUME JUMPS TO OVER 340 MLN SHARES, PASSING DAILY RECORD
| |
ANCHOR FINANCIAL CORP <AFCX.O> 3RD QTR NET | Shr 28 cts vs 41 cts
Net 205,000 vs 229,000
Nine mths
Shr 86 cts vs 1.01 dlrs
Net 622,000 vs 566,000
NOTE: Share reflects issuance of 166,750 common shares in
December 1986.
Reuter
|
PHOTRONICS CORP <PHOT.O> 1ST HALF AUG 31 NET | Shr 38 cts vs 25 cts
Net 708,197 vs 404,471
Sales 6,592,736 vs 6,122,133
Avg shrs 1,886,400 vs 1,648,477
Reuter
|
French industrial production fell 0.95 pct in July/August from June -- INSEE data
| |
HOMETOWN BANCORP INC <HTWN.O> 3RD QTR NET | Shr profit five cts vs profit seven cts
Net profit 59,000 vs profit 39,000
Nine mths
Shr profit 12 cts vs loss four cts
Net profit 92,000 vs loss 20,000
Avg shrs 775,000 vs 548,000
Reuter
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FIDELITY FEDERAL SAVINGS AND LOAN <FFED.O> 3RD | Shr 42 cts vs 59 cts
Net 734,659 vs 1,033,309
Nine mths
Shr 92 cts vs 1.69 dlrs
Net 1,629,719 vs 2,971,144
NOTE: 1987 nine mths net includes a loss of 290,000 dlrs on
sale of securities and nine-recurring charge of 32,713 dlrs for
write-off of FSLIC secondary reserve.
Reuter
|
CRAZY EDDIE <CRCY.O> WON'T OPPOSE SLATE | Crazy Eddie Inc said its board will
not oppose the slate of nominees proposed for election to the
board by the committee led by Entertainment Marketing Inc <EM>
and the <Oppenheimer-Palmieri Fund, LP.>
Crazy Eddie said its board is not endorsing, but will
simply refrain from opposing, the EMI-Palmieri nominees.
The board also said it will ask representatives of the
Committee to Restore Shareholder value to begin acquainting
themselves with the business and affairs of the company as
promptly as possible.
To that end, the committee's representatives will be
invited in advance of the annual meeting to examine the
company's financial records, to monitor its operations and to
join company officers in meetings with the company's suppliers,
bankers and key personnel, Crazy Eddie said.
The board said that to continue to oppose the EMI-Palmieri
group would only increase the expenses of the company, create
further uncertainty among its suppliers, customers and
employees, and result in deterioration of moral among company
personnel.
A further release from the company will follow, it said.
Reuter
|
HORIZON BANCORP <HZB> 3RD QTR NET | Shr 1.33 dlrs vs 90 cts
Net 12.0 mln vs 8,180,000
Nine mths
Shr 3.63 dlrs vs 2.88 dlrs
Net 32.9 mln vs 26.2 mln
Reuter
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STANDARD PRODUCTS <SPD> INCREASES COMMON | Standard Products Inc said shareholders
at its annual meeting approved an increase in the company's
authorized common to 25 mln shares from 15 mln shares.
Standard also said shareholders approved an increase in the
company's board to 12 members from 11.
It said shareholders also voted to eliminate cumulative
vovting in the electrion of directors and autahorized the
company to enter into idemnification contracts from time to
time with directors, officers, employees and agents of the
company.
Reuter
|
<ACC CORP> 3RD QTR NET | Shr profit three cts vs profit nine cts
Net profit 102,136 vs profit 307,516
Revs 8,459,182 vs 8,469,476
Avg shrs 3,448,218 vs 3,613,672
Nine mths
Shr loss 13 cts vs profit 28 cts
Net loss 458,823 vs profit 1,014,969
Revs 25.5 mln vs 24.6 mln
Avg shrs 3,467,099 vs 3,612,626
Reuter
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FIRST UNION REAL ESTATE INVESTMENTS <FUR> NET | 3rd qtr
Oper shr 27 cts vs 29 cts
Oper net 4,926,000 vs 5,231,000
Revs 18.5 mln vs 17.8 ln
Nine mths
Oper shr 78 cts vs 84 cts
Oper net 14.1 mln vs 15.3 mln
Revs 55.0 mln vs 53.6 mln
NOTE: Net excludes capital gains of 751,000 dlrs vs 664,000
dlrs in quarter and 5,881,000 dlrs vs 3,409,000 dlrs in nine
mths.
Reuter
|
IRAN SAYS US ATTACK INVOLVES IT IN FULL-SCALE WAR | A top Iranian military official said
America's attack on an Iranian oil platform on Monday had
involved the United States in full-scale war and Iran would
avenge it with a "crushing blow."
"The United States has entered a swamp from which it can in
no way get out safely," the Iranian news agency IRNA quoted the
head of Iran's war information headquarters as saying.
The official, Kamal Kharrazi, said Washington had now
become involved in what he called a full-fledged war with Iran.
It was the first official Iranian reaction to the attack by
four U.S. Navy destroyers on the Reshadat oil platform.
Reuter
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TANDON COMPUTER <TCOR.O> SETS NEW COMPUTER | Tandon Computer Corp said it has
introduced a personal computer than combines high capacity
disk storage and a new way to transfer large amounts of data.
The company said its 386 personal computer features an
Intel Corp <INTC.0> 80386 processor running at 20 megahertz.
The computer also features a receptacle that accommodates
Tandon's Personal Data Pac removable, Winchester disk drive,
providing a link to Tandons PAC 286 and other systems running
with its Ad-Pac subsystem.
The computer will be available in January, 1988.
Reuter
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FEDERAL-MOGUL CORP <FMO> 3RD QTR NET | Shr 66 cts vs 48 cts
Net 8,413,000 vs 6,112,000
Sales 267.9 mln vs 230.6 mln
Nine mths
Shr 2.20 dlrs vs 2.05 dlrs
Net 28.1 mln 26.4 mln
Sales 806.7 mln vs 720.7 mln
NOTE: 1986 3rd qtr results include extraordinary loss on
extinguishment of debt of 1,482,000 dlrs or 12 cts a shr.
Reuter
|
USACAFES LP <USF> 3RD QTR NET | Shr 33 cts vs 13 cts
Net 2,272,000 vs 880,000
Revs 6,399,000 vs 5,912,000
Chainwide sales 142.0 mln vs 126.7 mln
Nine mths
Shr 1.07 dlrs vs 44 cts
Net 7,369,000 vs 2,868,000
Revs 19.1 mln vs 16.1 mln
Chainwide sales 402.9 mln vs 357.1 mln
Avg shrs 6,918,000 vs 6,569,000
Reuter
|
GRANGES <GXL> FILES FOR STOCK OFFERING | Granges Exploration
LTD, a mining company, said it filed with the Securities and
Exchange Commission for a proposed publioffering of 2,500,000
shares of its common.
PaineWebber Inc and Drexel Burnham Lambert Inc will be
co-managers of the underwriting group.
Granges said it intends to use proceeds for general
corporate purposes.
Reuter
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ACME ELECTRIC CORP <ACE> 1ST QTR OCT TWO | Shr 17 cts vs four cts
Qtly div eight cts vs eight cts
Net 739,000 vs 157,000
Revs 21.1 mln vs 14.5 mln
NOTE: 1986 1st qtr adjusted for five pct stock dividend
pain in March 1987.
Qtly dividend payable December seven to shareholders or
record November nine.
Reuter
|
NBI INC <NBI> 1ST QTR LOSS | Sept 30 end
Shr loss 38 cts vs loss three cts
Net loss 3,300,000 vs loss 205,000
Revs 63.4 mln vs 72.1 mln
Avg shrs 8,966,000 vs 9,741,000
NOTE: 1986 first quarter results include 398,000 gain from
repurchase of debentures that had been discounted below market
value.
Reuter
|
KENNAMETAL <KMT> SEES IMPROVED 2ND QTR PROFITS | Kennametal Inc said second quarter,
ending December 31, earnings should show significant
improvement over the 3.5 mln dlrs, or 35 cts a share, earned in
the year earlier quarter.
The company said this outlook is based on its optimism the
positive trand in domestic metalworking sales will continue
through its fiscal 1988.
It reported an increase in first quarter profits to 4.9 mln
dlrs from 3.6 mln a year ago and said sale increases were
experienced in most markets with sales of domestic metalworking
products achieving the greatest gains.
Reuter
|
AVX CORP <AVX> 3RD QTR OCT THREE NET | Shr profit 30 cts vs profit three cts
Net profit 3,933,000 vs profit 436,000
Revs 70.4 mln vs 47.2 mln
Avg 13.2 mln vs 13.0 mln
Nine mths
Shr profit 85 cts vs loss 17 cts
Net profit 11.2 mln vs loss 2,083,000
Revs 192.1 mln vs 144.8 mln
Avg shrs 13.2 mln vs 12.0 mln
Reuter
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FEDERAL EXPRESS <FDX> SEPTEMBER VOLUME RISES | Federal Express Corp said that the
average daily volume of packages and documents for September
increased 26 pct over the same month in 1986.
The total volume of packages in September increased to
17,687,000 from 14,077,000. The average daily volume of
packages increased to 842,238 from 670,333.
For the first four months of the fiscal year, ending Sept
30, the company said its total volume of packages increased to
69,826,000 from the 54,232,000 reported during the same period
last year. The average daily volume during the period increased
to 802,598 from 638,024.
Reuter
|
CATERPILLAR INC 3RD QTR SHR 1.47 DLRS VS LOSS 26 CTS
| |
STRATUS COMPUTER INC <STRA.O> 3RD QTR NET | Shr 26 cts vs 18 cts
Net 5,281,000 vs 3,496,000
Revs 48.8 mln vs 32.1 mln
Nine mths
Shr 64 cts vs 51 cts
Net 12.9 mln vs 9,822,000
Revs 129.0 mln vs 89.2 mln
Reuter
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SOSNOFF REDUCES CAESARS WORLD <CAW> STAKE | New York investor Martin Sosnoff said
he reduced his stake in Caesars World Inc common stock to
3,878,700 shares, or 16 pct of the company's common stock
outstanding, from about 17.4 pct.
Sosnoff, who tried unsuccessfully to acquire Caesars World
earlier this year, said in a filing with the Securities and
Exchange Commission that he sold 338,975 Caesars World shares
on October 15 and 16 at 22.50 dlrs to 25.25 dlrs a share.
Sosnoff said he holds his Caesars World stock "primarily
for investment purposes". He also said he reserves the right to
alter his intentions at any time.
Reuter
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GRACO <GGG> SEES LOWER EARNINGS FOR YEAR | Graco Inc said it expects 1987
earnings to be below last year's record level, despite higher
sales.
The company last year earned 14.3 mln dlrs, or 2.38 dlrs a
share, on sales of 225.1 mln dlrs.
It said its order backlog remains strong and it will
complete delivery and installation of several large auto plant
finishing systems during the fourth quarter.
Earlier, it reported third quarter earnings of 3.1 mln
dlrs, or 54 cents a share compared with 4.4 mln dlrs, or 73
cents a share a year earlier.
Reuter
|
CRAZY EDDIE INC SAYS IT WON'T OPPOSE SLATE OF ENTERTAINMENT MARKETING
| |
FEDERAL-MOGUL CORP 3RD QTR SHR 66 CTS VS 48 CTS
| |
MYERS INDUSTRIES INC <MYE> 3RD QTR NET | Shr 26 cts vs 18 cts
Net 1,409,551 vs 985,470
Revs 38.4 mln vs 22.5 mln
Nine mths
Shr 64 cts vs 47 cts
Net 3,477,188 vs 2,558,625
Revs 88.8 mln vs 63.9 mln
NOTE: Earnings per share adjusted for 3-for-2 stock split
distributed on September 4.
Reuter
|
VICTORIA BANCKSHARES INC <VICT.O> 3RD QTR NET | Shr profit two cts vs loss 2.60 dlrs
Net profit 111,000 vs loss 16.9 mln
Nine mths
Shr profit 19 cts vs loss 2.80 dlrs
Net profit 1,261,000 vs loss 18.1 mln
Reuter
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INTERSTATE SECURITIES INC <IS> 4TH QTR SEPT 30 | Shr 11 cts vs 22 cts
Qtly div 10 cts vs 10 cts prior
Net 548,254 vs 1,138,978
Revs 28 mln vs 31.1 mln
Year
Shr 50 cts vs 1.34 dlrs
Net 2,527,846 vs 6,822,293
Revs 111.7 mln vs 118.9 mln
NOTE: Qtly div payable December 4 to shareholders of record
November 13.
Reuter
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PROTESTERS MARCH AGAINST PRICE RISES IN SUDAN | About 10,000 people marched through the
Sudanese capital Monday in protest against price increases and
devaluation of the Sudanese pound.
The march was aimed at measures agreed with the
International Monetary Fund, including devaluation of the
Sudanese pound by 44 pct and a rise in sugar and petrol prices.
The devaluation was announced on October 3. Sudan's foreign
debt costs an estimated one billion dlrs a year to service.
REUTER
|
PANCHO'S MEXICAN BUFFET INC <PAMX.O> 4TH QTR NET | Sept 30 end
Shr 14 cts vs 20 cts
Net 733,980 vcs 871,720
Revs 14.7 mln vs 12.0 mln
Avg shrs 5,130,190 vs 4,302,430
Year
Shr 61 cts vs 60 cts
Net 2,763,308 vs 2,550,133
Revs 50.0 mln vs 43.1 mln
Avg shrs 4,565,189 vs 4,277,046
Fiscal 1987 net both periods includes charge 480,000 dlrs
to adjust premium reserves for workers' compensation and
liability insurance claims.
Reuter
|
FRANKLIN ELECTRIC CO INC <FELE.O> 3RD QTR NET | Shr 85 cts vs 73 cts
Net 3,150,000 vs 2,699,000
Sales 39.8 mln vs 34.3 mln
Nine Mths
Shr 2.19 dlrs vs 1.86 dlrs
Net 8,109,000 vs 6,876,000
Sales 111.5 mln vs 100.7 mln
NOTE: 1987 tax credits added 14 cts to third quarter net
and 33 cts to nine months net compared with credits of 16 cts
and 45 cts in the respective 1986 periods.
Reuter
|
ALTUS BANK <ALTS.O> 3RD QTR NET | Oper shr three cts vs 48 cts
Oper net 170,000 vs 2,324,000
Nine mths
Oper shr 1.26 dlrs vs 1.84 dlrs
Oper net 6,157,000 vs 8,907,000
NOTE: Operating net excludes extraordinary gains of 231,000
dlrs, or four cts a share, vs 2,657,000 dlrs, or 55 cts a
share, in quarter and 1,341,000 dlrs, or 28 cts a share, vs
4,637,000 dlrs, or 95 cts a share, in the nine months
Reuter
|
PERRY DRUG <PDS> DIRECTOR RESIGNS | Perry Drug Stores Inc said Donald
Fox has resigned from the board of directors, effective
immediately.
Fox, a board director since 1971, said he was resigning
because of new business interests, the company reported. Fox
left Perry as president and chief operating officer in January
and was recently appointed president of Beauty Brands Group, a
distributor based in Southfield, Mich., the company said.
Reuter
|
KENNAMETAL INC <KMT> 1ST QTR SEPT 30 NET | Shr 48 cts vs 35 cts
Net 4,946,000 vs 3,552,000
Sales 94.1 mln vs 84.5 mln
Avg shrs 10.2 mln vs 10.1 mln
Reuter
|
PERIPHERAL <PSIX.O> COMPLETES BATTERY TESTS | Peripheral Systems Inc said it
completed tests of the Nucell-50 radio isotope generating
system, known as a resonant nuclear battery, designed to
produce up to 50 kilowatts of AC electricity.
The Nucell-50, developed by privately-held <Nucell Inc>,
converts the natural decay of radioactive materials directly
into electricity whout a nuclear reaction or fission process,
the company said.
Peripheral said it entered into a previously announced
agreement to acquire Nucell, subject to shareholder approval,
and has been providing research funds and engineering to it.
The merger calls for an unspecified amount of stock to be
paid for Nucell, the company said.
The Nucell-50 unit, which measures 12 inches by 15 inches
and weighs less than 50 pounds, can operate continuously for
many years, the company said.
The device uses a small amount of radioactive material,
which can be shielded for consumer use, the company said.
Initial funding of the Nucell research and development was
provided by individuals, many of whom were officers and
directors of Peripheral, the company said.
Reuter
|
COMPUTER CONSOLES INC <CCS> 3RD QTR NET | Oper shr profit four cts vs profit 13 cts
Oper net profit 456,000 vs profit 1,633,000
Revs 37.8 mln vs 34.0 mln
Avg shrs 13.0 mln vs 13.0 mln
Nine mths
Oper shr profit 12 cts vs loss 39 cts
Oper net profit 1,614,000 vs loss 4,877,000
Revs 109.2 mln vs 88.3 mln
Avg shrs 13.1 mln vs 12.5 mln
NOTE: 1987 net excludes tax credits of 156,000 dlrs in
quarter and 716,000 dlrs in nine mths.
1987 net both perioods includes charge one mln dlrs from
restructuring of Computer Products Division.
Reuter
|
SENATE PANEL STUDIES LOAN RATE, SET ASIDE PLANS | The Senate Agriculture Committee was
expected to consider proposals that would limit adjustments in
county loan rate differentials which trigger larger corn and
wheat acreage reduction requirements, Senate staff said.
A budget-saving proposal drafted by chairman Patrick Leahy
(D-Vt) would limit adjustments in county loan rate
differentials to no more than one pct per year from the
national average loan rate, starting with 1988 crops.
The plan also would allow the Agriculture Secretary to
increase the unpaid acreage reduction requirement for corn by
"an appropriate amount to generate savings" if projected corn
stocks exceeded 6.0 billion bushels.
Leahy's proposal would also allow a larger 1988 wheat set
aside if projected stocks surpassed 1.9 billion bushels.
Reuter
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OMNICARE INC <OCR> 3RD QTR NET | Shr profit five cts vs loss one ct
Net profit 504,000 vs loss 102,000
Revs 31.4 mln vs 32.0 mln
Nine mths
Shr profit 17 cts vs profit 26 cts
Net profit 1,729,000 vs profit 2,596,000
Revs 92.7 mln vs 112.6 mln
NOTE: 1986 3rd qtr net includes a after-tax charge of
555,000 dlrs for sale of Reliacare Inc.
1986 nine mths net includes charge of 1,253,000 dlrs or 12
cts a share for sale of Reliacare and Inspiron Hospital
Products division.
1986 nine mths net also includes aftertax earnings of
2,256,000 dlrs or 22 dlrs a share for American Medical
International Inc <AMI> contracts which expired July 1986.
Reuter
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U.S. INDUSTRIAL CAPACITY USE RATE 81.2 PCT IN SEPTEMBER, UNCHANGED FROM AUGUST
| |
CALIFORNIA MICRO <CAMD.O> IN JOINT VENTURE | California Micro Devices said it
signed a memorandum of understanding with Telefonica to
establish a joint venture to make integrated circuits for the
Western European market.
Telefonica is the national telephone company of Spain.
Under the pact, the companies will design, develop, make
and market application specific integrated circuits, thin film
resistor networks and non-impact printhead substrates.
California Micro will contribute about two mln dlrs of its
equity in the venture. Telefonics will invest five mln dlrs in
California Micro common stock.
Reuter
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COUPON SET HIGHER FOR HEALTHVEST CONVERTIBLE | The coupon on <Healthvest>'s 40 mln Swiss
franc seven-year subordinated convertible bond was set at 4-1/2
pct and not at the four pct indicated, lead manager S.G.
Warburg Soditic SA said.
The issue, announced by the Texan company on October 12,
is priced at par. Its conversion price was set at 23 dlrs
during the first three years and 21-3/4 dlrs during the last
four years, with the exchange rate fixed at 1.47 francs per
dlr.
Bonds held until maturity will be redeemed at 116.43 pct
for a 6-1/2 pct annual yield. Subscriptions close on October
28.
REUTER
|
DIME SAVINGS BANK N.Y. <DIME.O> 3RD QTR NET | Shr 1.22 dlrs
Net 27.8 mln vs 28.6 mln
Nine mths
Shr 3.88 dlrs
Net 87.4 mln vs 98.7 mln
Assets 10.3 billion vs 8.4 billion
Deposits 7.4 billion vs 6.7 billion
Loans 7.9 billion vs 6.0 billion
NOTE: Full name is Dime Savings Bank of New York. 1986 per
share figures not available as bank converted to stock form in
August 1986.
1987 qtr and nine mths includes gain 10.5 mln dlrs and 33.2
mln dlrs, respectively, from utilization of net operating loss
carryforwards. 1986 qtr and nine mths includes gain 10.4 mln
dlrs and 32.9 mln dlrs, respectively, from utilization of net
operating loss carryforwards. 1987 qtr and nine mths also
includes charge of 835,000 dlrs for the early extinguishment of
debt net of tax benefit.
Reuter
|
NORDIC INVESTMENT BANK GIVES LOAN TO NESTE | The Nordic Investment Bank (NIB) said in
a statement it granted Finland's state-owned oil company Neste
Oy <Neoy.He> a one hundred million German mark loan to acquire
shares in Sweden's OK Petroleum AB.
Neste is buying one quarter of the shares in the Swedish
company, whose other shareholders are the Swedish State and a
federation of oil consumers.
Over 60 pct of the NIB's loans this year have involved the
energy sector.
REUTER
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U.S. LAWMAKERS SAY STOCK DIVE CALLS FOR SUMMIT | Two congressmen urged President Reagan
to to call congressional leaders to a domestic economic summit
to settle budget and trade matters they said contributed to the
stock market fall.
Noting the nosediving New York Stock Exchange, Rep David
Obey, a Wisconsin Democrat and former chairman of the
Congressional Economic Committee, said "for the last five years
this economic recovery has been running on borrowed money and
borrowed time."
In another House speech, Democrat Donald Pease of Ohio said
a domestic economic summit was "desperately needed."
Reuter
|
HAL ROACH <HRSI.O>, ROBERT HALMI <RHI> TO MERGE | Robert Halmi Inc said it and Hal Roach
Studios Inc signed a definitive agreement to merge in a stock
swap value at 115 mln dlrs, based on October 16 closing prices.
The company said the agreement calls for the holders of
common stock in Hal Roach to exchange their shares on a
one-for-one basis for shares in the combined company.
It said holders of Robert Halmi common will exchange their
shares on a two-and-one-half-for-one basis for shares in the
combined company.
The company said the swap will be tax-free.
The company also said <Qintex Ltd>, a 35 pct owner of Hal
Roach common stock, has agreed to use the company as the
exclusive vehicle for its U.S. media and entertainment
investments, the company said.
The company said Qintex's U.S. subsidiary also agreed to
supply a minimum 70 mln dlrs line of credit to the new company,
which shall be used, with Qintex approval, for financing new
HRI products.
The company said that under the definitive agreement,
Qintex's U.S. division will have the right to purchase up to 51
pct of the new company in the open market, in private
transactions or by tender offer, but will not be purchasing
warrants to bring its ownership to 51 pct of the new company.
If Qintex's U.S. subsidiary has not achieved this ownership
within one year after the completion of the merger, the
subsidiary will have the right two years thereafter to request
that HRI commence a rights offering to HRI stockholders, the
company said.
Regarding the potential rights offering, Qintex's U.S.
subsidiary will act as standby purchaser, the company said.
The transaction is subject to the approval of both
company's shareholders, the receipt of certain tax approvals,
and the continued employement of Robert Halmi Sr and Robert
Halmi Jr, the company said.
Robert Halmi Sr, who is currently chairman and chief
executive officer of Robert Halmi Inc, will be chairman of the
new company and David Evans, current president and chief
operating officer of Hal Roach, will become chief executive,
the company said.
Reuter
|
PICCADILLY CAFETERIAS INC <PICC.O> 1ST QTR NET | Sept 30 end
Shr 32 cts vs 32 cts
Net 2,990,000 vs 2,988,000
Sales 57.3 mln vs 54.6 mln
Reuter
|
SYSTEM SOFTWARE <SSAX.O> COMPLETES ACQUISITION | System Software Associates Inc said it
completed its previously-announced acquisition of Admin EDP Pty
Ltd for cash and a small amount of stock.
Admin EDP, of Sydney, Australia, is a full-service software
sales and services firm.
Reuter
|
GRACO INC <GGG> 3RD QTR SEPT 25 NET | Shr 54 cts vs 73 cts
Net 3,080,000 vs 4,367,000
Sales 59.6 mln vs 55.6 mln
Nine mths
Shr 1.44 dlrs vs 1.81 dlrs
Net 8,526,000 vs 10,857,000
Sales 172.4 mln vs 167.0 mln
Backlog 34 mln dlrs vs 29 mln dlrs
NOTE: 1986 period ended September 26
Reuter
|
FIRST MICHIGAN BANCORP <FMBC.O> 3RD QTR NET | Shr 55 cts vs 48 cts
Net 2,520,000 vs 2,211,000
Nine mths
Shr 1.57 dlrs vs 1.41 dlrs
Net 7,223,000 vs 6,475,000
Reuter
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COUNTRYWIDE TRANSPORT <CWTS.O> 3RD QTR NET | Shr 19 cts vs 15 cts
Net 826,362 vs 421,759
Revs 19.0 mln vs 14.8 mln
Avg shrs 4,400,000 vs 2,900,000
Nine Mths
Shr 48 cts vs 31 cts
Net 1,872,075 vs 887,478
Revs 51.6 mln 41.1 mln
Avg shrs 3,889,000 vs 2,900,000
Note: Full name Countrywide Transport Services Inc.
Reuter
|
SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET | Shr four cts vs five cts
Net 85,292 vs 109,285
Revs 2,916,128 vs 474,819
Reuter
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A. SCHULMAN <ASHL.O> SETS SPECIAL DIVIDEND | A. Schulman Inc said its board
declared a special dividend of 10 cents per share, payable
November 23 to holders of record November 9.
The company also said its board authorized the spending of
15 mln dlrs for a new warehouse and plant in West Germany
adjacent to its present location there.
It said the board also authorized the spending of 1,700,000
dlrs to provide additional warehouse, laboratory and office
space at its Belgian facility.
Reuter
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KEYCORP <KEY> 3RD QTR NET | Shr 85 cts vs 77 cts
Net 25.8 mln vs 21.9 mln
Avg shrs 29.0 mln vs 27.1 mln
Nine mths
Shr 2.22 dlrs vs 2.14 dlrs
Net 67.9 mln vs 60.1 mln
Avg shrs 29.0 mln vs 26.5 mln
NOTE: Previously reoprted amounts restated for earnings of
First NorthWest Bancorp acquired in pooling of interests on
July 31, 1987.
Reuter
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ALLIED-SIGNAL INC <ALD> 3RD QTR OPER NET | Oper shr 1.02 dlrs vs 82 cts
Oper net 174 mln vs 149 mln
Revs 2.7 billion vs 2.4 billion
Nine mths
Oper shr 2.54 dlrs vs 2.64 dlrs
Oper net 438 mln vs 492 mln
Revs 8.2 billion vs 7.4 billion
NOTE: 1987 3rd qtr and nine mths includes after-tax 82 mln
dlr or 49 cts a share gain for increase in equity of Union
Texas Petroleum Holdings Inc, for initial public offering.
1987 nine mths net includes after-tax gain of 73 mln dlrs
or 42 cts a share on sale of remaining interest in the Henley
Group Inc and other related transactions, which was partly
offset by an after-tax loss of 30 mln dlrs ot 17 cts a share
for repurchase of high coupon bonds.
1987 nine mths also excludes 79 mln dlrs for estimated net
gain on disposal of discontinued operations as of March 31,
1987, including Linotype Group, Amphenol Products, Ampex Corp.
1986 amounts restated to exclude sales and expenses of
discontinued operations.
1986 3rd qtr and nine mths oper net excludes operating
income of 15 mln dlrs and and 44 mln dlrs for discontinued
operations.
1986 nine mths includes a 43 mln dlrs or 24 cts a share
after tax gain for reversion of surplus pension funds.
At end of 1987 and 1986 third quarter, average shares
outstanding were 169.9 mln and 175.4 mln outstanding, after
deducting dividends accured on preferred stock. At end of 1987
and 1986 nine mth period, average shares were 172.5 mln and
175.9, respectively, after deducting for preferred stock
dividends.
Reuter
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CORBY DISTILLERIES <CDL.TO> TO BUY HEUBLEIN UNIT | Corby Distilleries Ltd said it has
agreed to buy Toronto-based McGuinness Distillers Ltd from
Heublein Inc for about 45 mln dlrs in a move which Corby
expects to add significantly to domestic earnings.
Heublin is a subsidiary of Grand Metropolitan PLC
(GMHL.L).
Corby said McGuinness will remain a seperate business unit
with a seperate sales force.
McGuinness markets liquers, brandy, and other liquors and
has entered the fast-expanding wine cooler market, Corby said.
Corby said it expects to benefit from McGuinness's
succesfull introduction of schnapps and coolers and its
strength in traditional market sectors.
Heublein said the sale does not include McGuinness's
Calona Wines Ltd, a Canadian wine company.
Heublein said it is will still be represented in Canada by
Gilbey Canada Inc. reuter
Reuter
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BURR-BROWN CORP <BBRC.O> 3RD QTR NET | Shr 16 cts vs 13 cts
Net 1,538,000 vs 1,288,000
Sales 35.3 mln vs 29.5 mln
Nine Mths
Shr 27 cts vs 37 cts
Net 2,601,000 vs 3,586,000
Sales 102.0 mln vs 84.2 mln
Reuter
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DIME SAVINGS BANK OF NEW YORK 3RD QTR NET 27.8 MLN DLRS 28.6 MLN DLRS
| |
TEMPLE-INLAND INC <TIN> 3RD QTR NET | Shr 1.24 dlrs vs 66 dlrs
Net 38.2 mln vs 20.1 mln
Revs 419.1 mln vs 333.8 mln
Nine mths
Shr 3.50 dlrs vs 1.74 dlrs
Net 107.7 mln vs 53 mln
Revs 1.2 billion vs 940 mln
Reuter
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UNIVERSAL FURNITURE LTD <UFURF.O> 3RD QTR NET | Shr 34 cts vs 26 cts
Net 6,150,000 vs 4,743,000
Revs 61.4 mln vs 49.5 mln
Nine months
Shr 89 cts vs 70 cts
Net 16 mln vs 11.8 mln
Revs 170 mln vs 137.5 mln
NOTE: All share and per share data have been adjusted to
reflect 100 pct stock dividend distrition on April 24, 1987 and
the public offier of two mln shares ofthe company on June 4,
1986.
Reuter
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A. SCHULMAN INC <SHLM.O> 4TH QTR AUG 31 NET | Shr 63 cts vs 49 cts
Net 5,635,000 vs 4,330,000
Sales 117.8 mln vs 96.2 mln
Year
Shr 2.21 dlrs vs 1.71 dlrs
Net 19.8 mln vs 15.2 mln
Sales 465.1 mln vs 388.5 mln
NOTE: Share adjusted for February 1987 three-for-two split.
Prior year results restated.
Reuter
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USX <X> UNIT HIKES CRUDE OIL POSTED PRICES | Marathon Petroleum Company, a subsidiary
of USX Corp, said it lowered posted prices for crude oil by 50
cts with an effective date of October 16.
The increase brings posted prices for West Texas
Intermediate and West Texas Sour to 19.00 dlrs a barrel each.
South Louisiana Sweet was increased to 19.35 dlrs a barrel.
Several indepndent oil companies such as Permian Corp and
Coastal Corp <CGP> said they had moved prices up effective last
Friday the day Sun Co <SUN> announced a 50 cts a barrel
increase to 19.00 dlrs a barrel.
Reuter
|
LONDON GOLD 1500 FIX - OCT 19 - 481.00 DLRS
| |
ANCHOR GLASS <ANC> SEES FLAT ANNUAL RESULT | Anchor Glass Container Corp said it
expects fourth quarter profits to exceed the 4.7 mln dlrs
reported for the third quarter and net income for the full year
will be about equal to or slightly exceed 1986's profit before
extraordinary items of 20.6 mln dlrs.
For the first nine months, Anchor reported operating
profits of 16.2 mln dlrs, down from 17.8 mln dlrs in 1986.
It said third quarter profits, which dropped from 8.3 mln
dlrs a year earlier, "were on target with management's earlier
expectations".
The company had previously said it expected the August 13
purchase of Diamond-Bathurst Inc to reduce third quarter
earnings.
It said third quarter earnings were also reduced by about
800,000 dlrs, or six cents a share, by a year-to-date revision
in the estimated annual effective tax rate as a result of the
acquisition.
Reuter
|
USX <X>, INLAND <IAD> IN STEEL COIL VENTURE | USX Corp said its USS division and
Inland Steel Corp are continuing to pursue plans to construct a
plant devoted to the continuous pre-painting of steel coils.
The company said the proposed facility will primarily serve
the appliance market and will have a capacity of 250,000 to
300,000 tons yearly.
The company said a location for the new plant has not been
determined.
Seperately, USX said it and Inland have been unable to
reach agreement with <Worldmark Corp> regarding terms of a
previously announced arrangement for prepainting steel coils.
Reuter
|
BEARINGS INC <BER> 1ST QTR NET | Sept 30 end
Primary 76 cts vs 51 cts
Diluted shr 70 cts vs 49 cts
Net 2,802,000 vs 2,030,000
Revs 124.9 mln vs 117.2 mln
Primary avg shrs 3,687,000 vs 4,016,000
Diluted avg shrs 4,786,000 vs 5,101,000
Reuter
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CHEMICAL WASTE MANAGEMENT INC<CHW> 3RD QTR NET | Shr 24 cts vs 15 cts
Net 24,057,000 vs 14,508,000
Revs 156.1 mln vs 111.2 mln
Nine mths
Shr 63 cts vs 40 cts
Net 63,183,000 vs 36,464,000
Revs 405.0 mln vs 295.8 mln
Reuter
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MONSANTO <MTC> NUTRASWEET SALES SHOW SMALL DROP | Monsanto Co said sales of its
Nutrasweet artificial sweetener fell slightly in the third
quarter due to a continuing decline in usage by the powdered
soft drink market.
"It doesn't look as if there is going to be any improvement
in the powdered soft drink sector," said Donna Smith, a
Monsanto spokeswoman.
The company reported third quarter sales of 1.90 billion
dlrs from 1.69 billion a year earlier. Nutrasweet sales fell to
177 mln from 179 mln a year earlier, it said.
A growing market for diet sodas, about 90 pct of which use
Nutrasweet, offset much of the sales loss, said Monsanto chief
economist Nick Filippello.
Prospects remain strong in the diet soda market, Filippello
said, since industry analysts predict diet carbonated soft
drinks will hold about 28 pct of the soda market by year's end,
up from 25 pct in 1986.
That market, coupled with increased usage of Nutrasweet in
such items as frozen desserts, should result in a 10 pct
increase in consumer consumption of the sweetener in 1987,
Filippello said.
Monsanto spokeswoman Donna Smith refused to comment on the
company's pricing policies for Nutrasweet.
However, Filippello said it was fair to assume that
Monsanto priced Nutrasweet at a lower rate for the diet soda
market.
Nutrasweet sales have been falling since the fourth quarter
of 1986 when medical studies raised questions about its
possible side effects, such as migraine headaches.
Monsanto acquired G.D. Searle and Co, Nutrasweet's maker in
1986.
Reuter
|
MARATHON RAISED CRUDE POSTED PRICES BY 50 CTS A BARREL EFFECTIVE OCTOBER 16.
| |
AIR PRODUCTS AND CHEMICALS INC <APD> 4TH QTR NET | Oper shr 70 cts vs 18 cts
Oper net 39.1 mln vs 10.0 mln
Sales 543.6 mln vs 489.6 mln
Year
Oper shr 2.83 dlrs vs 1.82 dlrs
Oper net 159.7 mln vs 106.9 mln
Sales 2.13 billion vs 1.94 billion
Avg shrs 56.4 mln vs 58.6 mln
NOTE: Results restated for discontinued engineering
services operations.
Prior year net excludes losses from discontinued operations
of 143,000 dlrs in quarter and 102,156 dlrs in year.
Fiscal 1987 year net excludes 4,081,000 dlr charge from
early debt retirement.
Fiscal 1986 net includes special charges 24.7 mln dlrs in
quarter and 37.2 mln dlrs in year from worgroce reduction
costs, revaluation of South African investment, reversal of
investment tax credits and othe4r items.
Reuter
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TAKESHITA CHOSEN AS NEXT JAPAN PRIME MINISTER | Japan's ruling Liberal Democratic Party
(LDP) on Tuesdayhose former Finance Minister Noboru Takeshita
to be the next prime minister, replacing Yasuhiro Nakasone
whose term ends on October 30.
LDP officials told Reuters the choice was made by Nakasone
after Takeshita and two other contenders failed in marathon
closed-door meetings to agree who should be Japan's next
leader.
They were vying for the presidency of the LDP, a post which
automatically carries with it the premiership by virtue of the
party's parliamentary majority.
Reuter
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TRANSATLANTIC ROW IMPERILS LOUVRE ACCORD-DEALERS | The Louvre accord on currency stability,
which has maintained an uneasy calm in currency markets since
last February, appeared in serious danger today as a
transatlantic dispute over West German interest rates came to
the boil, foreign exchange dealers said.
But as the dollar slid against the mark and world stock and
bond markets plunged, officials in the major industrial
countries played down the dispute as a bilateral problem
between the United States and West Germany and insisted that
the currency pact was still alive.
U.S. Treasury Secretary James Baker sparked the market
fears when he attacked the rise in West German short-term
interest rates. "That's not in keeping with the spirit of what
we agreed to as recently as earlier this month in Washington,"
Baker said in a U.S. Television interview on Sunday. He was
referring to the meetings of Finance Ministers from the Group
of Seven (G7) leading industrial nations which reaffirmed the
pact.
Under the Louvre Accord West Germany and Japan, who both
have large trade surpluses, pledged to boost their economic
growth to take in more exports from the U.S., While the U.S.
Agreed to stop talking the dollar down.
However, Baker said on Saturday that while the Louvre
agreement was still operative, the West German interest rate
move would force the U.S. To re-examine the accord.
"The foreign exchange market has been told by Baker that
he's going to hammer Germany ... He has just declared all bets
are off in terms of currency cooperation," Chris Johns, currency
analyst at UBS-Phillips and Drew in London said.
But a Bank of Japan official took a much more sanguine
view, telling Reuters that "the exchange market is apparently
reacting too much, and anyone who sold the dollar on the Baker
comment will regret it later on."
French Finance Minister Edouard Balladur, who hosted the
Louvre meeting, was the only one of the G7 Finance Ministers to
respond directly to Baker's remarks. He called for "a faithful
and firm adherence by all the major industrial countries to the
Louvre accords -- in both their letter and spirit."
Neither the West German Finance Ministry nor the British
Treasury commented on the row.
But a Japanese Finance Ministry official said that despite
U.S. Frustration over higher interest rates abroad, "this does
not represent its readiness to scrap the basic framework of the
Louvre Accord."
In Frankfurt F. Wilhelm Christians, joint chief executive
of West Germany's largest bank, Deutsche Bank, said that
following recent meetings with Baker, he believed that the U.S.
Was still committed to the accord.
In a move which the market interpreted as a possible
gesture of reconciliation, the Bundesbank added short-term
liquidity to the West German money market at 3.80 pct on
Monday, down from the 3.85 pct level at which it injected
medium-term liquidity last week. The Bank of France also
stepped into the French money market to hold down rates,
injecting short-term liquidity at 7-3/4 pct after rates rose
close to eight pct.
Reuter
|
NORTHVIEW <NOVC.O> PLANS TO SELL COMPANY | Northview Corp said it reached
an agreement in principal covering the acquisition of the
company by privately-held Calmark Financial Corp.
The agreement calls for Northview to make a self-tender
offer for all of its outstanding stock at a price of 22 dlrs
per share in cash.
Calmark, headquartered in Los Angeles, develops, manages
and syndicates real estate, Northview also said.
Reuter
|
LOGICON INC <LGN> GETS ADD ON TO CONTRACT | Logicon Inc said it received a
three-mln-dlr modification to its contract to develop cruise
missile simulation systems for the U.S. Air Force.
The company said the modification brings the contract to
12.6 mln dlrs.
In addition, a separate 500,000-dlr option may be exercised
after the basic simulation systems and software simulation are
delivered in September, 1988, it said.
Reuter
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BUNDESBANK WILL NOT HOLD NEWS CONFERENCE THURSDAY | The Bundesbank will not hold a news
conference after its regular fortnightly central bank council
meeting on Thursday, a spokesman said in answer to enquiries.
The council is meeting in West Berlin, where it meets once
a year. It also meets once a year in another German city. These
meetings outside Frankfurt are traditionally followed by a news
conference. The spokesman declined to comment further.
In Bonn a finance ministry spokesman said Finance Minister
Gerhard Stoltenberg would take part in the meeting in West
Berlin. His participation was arranged long ago, he added.
REUTER
|
UNION NATIONAL CORP <UNBC.O> 3RD QTR NET | Shr 80 cts vs 70 cts
Shr diluted 76 cts vs 67 cts
Qtly div 33 cts vs 33 cts prior
Net 7,879,000 vs 7,007,000
Nine mths
Shr 2.33 dlrs vs 2.01 dlrs
Shr diluted 2.22 dlrs vs 1.92 dlrs
Net 23.0 mln vs 20.0 mln
Avg shrs 9,890,148 vs 10.0 mln
NOTE: Dividend pay Dec 10, record Nov 20.
Reuter
|
CORBY DISTILLERIES LTD TO BUY HEUBLEIN'S MCGINNESS DISTILLERS FOR 45 MLN CANADIAN DLRS
| |
AMCAST INDUSTRIAL CORP <ACST.O> 4TH QTR LOSS | Aug 31
Shr loss 34 cts vs profit 39 cts
Net loss 2,337,000 vs profit 2,532,000
Revs 66.1 mln vs 58.5 mln
Avg shrs 7,166,000 vs 6,763,000
12 months
Shr profit 26 cts vs loss 1.20 dlrs
Net profit 1,815,000 vs loss 7,927,000
Revs 264.3 mln vs 229.7 mln
Avg shrs 7,005,000 vs 6,621,000
NOTE: Results include pretax restructuring provisions of
4.2 mln dlrs and 22.5 mln dlrs for 1987 and 1986, respectively.
Reuter
|
AIR PRODUCTS AND CHEMICALS INC 4TH QTR OPER SHR 70 CTS VS 18 CTS
| |
FED ARRANGES THREE-DAY SYSTEM REPOS | The Federal Reserve entered the
government securities market to arrange three-day system
repurchase agreements, a spokesman for the New York Fed said.
Federal funds were trading at 7-5/8 pct at the time of the
direct injection of temporary reserves, dealers said.
Reuter
|
DATACOPY CORP <DCPY.O> 3RD QTR NET | Shr profit three cts vs profit one ct
Net profit 129,082 vs profit 36,099
Revs 3,864,187 vs 1,875,919
Nine Mths
Shr loss six cts vs profit two cts
Net loss 303,581 vs profit 110,311
Revs 9,517,242 vs 5,248,105
NOTE: Prior qtr and nine mth figures include extraordinarycredits of 15,000 dlrs and 48,000 dlrs, respectively.
Reuter
|
MEDIA GENERAL <MEG> HOLDERS MAY SEEK CONTROL | A shareholder group led by Barris
Industries Inc <BRSS.O> said it acquired a 9.8 pct stake in
Media General Inc Class A common stock and may seek seek
contorl of the company.
In a filing with the Securities and Exchange Commission,
the group said it holds 2,711,000 shares of Media General
commons stock purchased at a total cost of about 108.3 mln
dlrs.
In addition to the possible bid for control, the group said
it may purchase additional Media General shares or possibly
seek one or more seats on the company's board of directors
through a proxy contest.
A bid for control of Media General would be subject to "a
recapitalization or possible restructuring and to possible
changes in the charter documents and by-laws of the company,"
it said.
The group said it had held discussions with third parties
to gauge their interest in joining the shareholder group, but
no agreements were reached.
Talks with third parties are expected to continue, the
shareholder group said.
Between October 13 and 16, Barris Industries bought
1,322,200 shares of Media General Class A common stock 42.50
dlrs to 45.50 dlrs a share in open market transactions, and
another 12,000 shares privately.
Reuter
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GOULD<GLD> NAMES PRESIDENT OF SEMICONDUCTER DIV | Gould Inc said it named
Conrad Wredberg president and general manager of its
Semiconducto[Br Division, based in Santa Clara, Calif.
Wredberg, formerly senior vice president of operations of
the division, succeeds Robert Penn. Penn was named vice
president of the Materials and Components Business Section, the
company said.
Reuter
|
FED SETS THREE-DAY SYSTEM REPURCHASES, FED SAYS
| |
GENCORP <GY> RKO UNIT ASKS TO KEEP FCC LICENSES | RKO General Inc, a unit of GenCorp
Inc, said it asked the Federal Communications Commission (FCC)
to reverse a preliminary ruling by an agency hearing officer
and let it keep its 14 broadcast licenses.
The FCC hearing officer had recommended that all 14 of
RKO's licenses be revoked.
"If the decision is allowed to stand, it will destroy our
right to broadcast," said William Reynolds, GenCorp chairman, in
a printed statement. "The decision was based on allegations of
misconduct that are either in error or have no bearing on our
fitness as a broadcaster."
Reuter
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S-K-I <SKII.O> TO BUY CALIFORA SKI AREA | S-K-I Ltd and <Goldmine Ski
Associates Inc> said they reached an agreement calling for
S-K-I to buy Goldmine's California ski area for approximately
10 mln dlrs.
S-K-I, which owns Killlington and Mount Snow ski resorts in
Vt., said the California ski area is located in the San
Bernardino mountains.
The company said it plans to invest approximately 10 mln
dlrs into the ski area in the next few years.
Reuter
|
ALLEGIS'<AEG>WESTIN SETS NEWS CONFERENCE ON SALE | Westin Hotels and Resorts, a subsidiary
of Allegis Corp, said it will hold a press conference on
October 21 near San Francisco to discuss the pending sale of
the 61-hotel chain by Allegis.
Allegis has said that it plans to sell Westin buyt has not
announced that a deal has been set.
Reuter
|
SWEDEN'S BOLIDEN TO OPEN SAUDI ARABIAN GOLD MINE | Mining group Boliden AB said it had
agreed with Saudi state agency General Petroleum and Mineral
Organisation (Petromin) to open a gold mine in Saudi Arabia to
exploit one of the world's richest deposits of the metal.
Boliden spokesman Goran Paulson told Reuters the Swedish
group would be responsible for the technical side of the
operation and would have no control over the product itself.
He said one option under discussion for refining the gold
ore would be to ship it to Boliden's Ronnskar copper smelter in
northern Sweden.
Paulson declined to give a figure for the deal but said it
was strategically important since it increased Boliden's
presence in Saudi Arabia.
"Representatives from Petromin have visited Ronnskar
already...We see Saudi Arabia as the expansion area of the
future," he said.
The new mine, which is being developed at Mahd adh Dhahab
in the west of the country and should open in the first half of
1988, would have an annual output of about 3,000 kilos of gold
smelted from around 120,000 tons of ore, he said.
Boliden already owns 50 pct of a gold ore deposit in Saudi
Arabia, but the new venture will be the first Saudi mine to
open in modern times.
"This is a breakthrough for Boliden's sales of mining
technology and knowhow," said the group's chief executive, Kjell
Nilsson.
Reuter
|
IBM <IBM>, NYNEX <NYN> TO PARTICIPATE IN TEST | International Business
Machines Corp said it and NYNEX Corp agreed to participate in
an Integrated Services Digital Network field trial scheduled to
begin in April 1988.
The company said the trial is designed to aid in the
development of international standards for Integrated Services
interfaces that connect telecommunications networks to display
terminals and other devices.
Integrated Services Digital Network permits the
simultaneous transmission of voice, data, and garphics through
a single communications interface, the company said.
Reuter
|
AMERICAN REPUBLIC BANCORP <ARBC.O> 3RD QTR NET | Shr profit 32 cts vs profit nine cts
Net profit 413,000 vs profit 63,000
Avg shrs 1,278,360 vs 728,476
Nine Mths
Shr profit 68 cts vs loss 57 cts
Net profit 708,000 vs loss 415,000
Avg shrs 1,041,697 vs 728,476
Reuter
|
CAL FED INCOME PARTNERS L.P. <CFI> QUARTERLY DIV | Qtly div 25 cts vs 25 cts
Pay Nov 16
Record Oct 30
Reuter
|
CAL FED INCOME <CFI> BUYS TWO SHOPPING CENTERS | Cal Fed Income Partners L.P. said it
has acquired two shopping centers for a total price of 18.4 mln
dlrs.
The company said it bought Best Plaza Shopping Center in
Pleasanton, Calif., For 12 mln dlrs and Bristol Place Shopping
Center in Santa Ana, Calif., for 16.4 mln dlrs.
Reuter
|
FIRSTIER FINANCIAL INC <FRST.O> 3RD QTR NET | Shr 1.05 dlrs vs 74 cts
Net 5,244,000 vs 3,684,000
Nine Mths
Shr 2.93 dlrs vs 2.14 dlrs
Net 14.6 mln vs 10.6 mln
Reuter
|
<ADVANCED VIRAL> RESCHEDULES MEETING | Advanced Viral Research Corp said that its
annual shareholders meeting has been rescheduled for November
12 from September 14.
The company said the rescheduling was made to meet
Securities and Exchange Commission regulations. It did not
elaborate.
Reuter
|
SOUTHWEST BANCORP <SWB> 3RD QTR LOSS | Shr loss primary 82 cts vs profit 15 cts
Shr loss diluted 82 cts vs 13 cts
Net loss 4,134,000 vs profit 649,000
Avg shrs 5,030,000 vs 3,927,000
Nine Mths
Shr loss primary 80 cts vs profit 37 cts
Shr loss diluted 80 cts vs 32 cts
Net loss 3,615,000 vs profit 1,652,000
Avg shrs 4,557,000 vs 3,927,000
Loans 231.2 mln vs 221.5 mln
Deposits 323.3 mln vs 281.9 mln
Assets 368.3 mln vs 346.5 mln
Note: Prior qtr and nine mth figures include operating loss
carryforward gains of 105,000 dlrs, or two cts per share and
195,000 dlrs, or four cts per share, respectively.
Reuter
|