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Shr loss 2.07 dlrs vs profit 36 cts Net loss 1088000 vs profit 187000 Year Shr loss 12.23 dlrs vs profit 17 cts Net loss 645000 vs profit 89000 NOTE: Home Federal Savings and Loan Association of the Rockies. 1986 net includes tax credits of 165000 dlrs in quarter and 189000 dlrs in year. Net includes pretax loan loss provisions of 1439000 dlrs vs 127000 dlrs in quarter and 1701000 dlrs vs 222000 dlrs in year. Reuter | HOME FEDERAL OF THE ROCKIES <HROK> 4TH QTR LOSS |
Canadas gross domestic product by industry rose a seasonally adjusted 1.2 pct in December the largest monthly gain since April 1986 Statistics Canada said. GDP which fell 0.2 pct in November was 2.1 pct above the December 1985 level the federal agency said. Output of goods producing industries rose 1.6 pct in the month with virtually all the growth occurring in manufacturing and mining. Services producing industries expanded 1.0 pct. Reuter | CANADA DECEMBER GDP GAINS 1.2 PCT |
Advertising agents Saatchi and Saatchi Co Plc <SACHY> said it was buying <Cleveland Consulting Associates Inc> for an initial consideration of 2.0 mln dlrs. Additional payments may be made annually through the year ending March 31 1991 to bring the total consideration up to 9.5 pct of Clevelands average post-tax profits in the last two years of the period. The purchase of Cleveland is a further step in Saatchi and Saatchis fast growing consulting industry the company said. It said its consulting operations now provide a platform for major future expansion. For the 12 months ended 31 March 1986 Cleveland had 479000 dlrs in pretax profits and forecasts one mln for 1987. At the Saatchi and Saatchi annual meeting today the company reported a particularly strong start to the current year with profits sharply higher than the same period last year. Saatchi and Saatchi shares rose one pence on the Cleveland announcement to 885p after yesterdays 870p close. Reuter | SAATCHI AND SAATCHI BUYS CLEVELAND CONSULTING |
Chesebrough-Ponds Inc recently acquired by a unit of Unilever N.V. said it is offering to sell its Bass shoe division as a result of an ongoing evaluation of the long-term direction of its businesses. The diversified maker of health and beauty aids said it acquired Falmouth Maine-based G.H. Bass and Co in 1978 when the company reported annual sales of 59 mln dlrs. Bass is known for its high-quality casual shoes. Chesebrough said Basss 1986 sales exceeded 170 mln dlrs. Reuter | UNILEVER'S <UN> CHESEBROUGH OFFERS TO SELL BASS |
Continental Corp said the fresh start provision of the Tax Reform Act of 1986 may add 1.30 to 1.60 to 1987 earnings per share. The insurance holding company had net earnings of 449.6 mln dlrs or or 7.42 per share in 1986. John Loynes Continental chief financial officer said the fresh start provision allowed the company to discount opening tax reserves to January 1 1987 which released deferred taxes into earnings. Loynes said the provisions potential benefit would decline gradually over the next four years during which time Continental will pay 250 mln to 350 mln dlrs more in taxes. Loynes added however the higher taxes are not expecetd to have a significant impact on earnings. Reuter | CONTINENTAL <GIC> SEES 1987 NET UP FROM TAX LAW |
This weeks Ontario government auction of 50 mln dlrs worth of 91-day treasury bills yielded an average of 7.28 pct up slightly from 7.26 pct last week a treasury department spokesman said. Average price was 98.217. Reuter | ONTARIO TREASURY BILL YIELD EDGES UP |
FIRESTONE TO CLOSE TIRE PLANTS IN IOWA, ILLINOIS AND OKLAHOMA |
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Shr 8.17 dlrs vs 55 cts Net 67.7 mln vs 4.5 mln Revs 3.67 billion vs 3.54 billion Year Shr 12.19 dlrs vs 24.00 dlrs Net 101.1 mln vs 199.0 mln Revs 14.33 billion vs 13.35 billion Note: 90 pct owned by Ford Motor Co <F> Reuter | FORD MOTOR CO OF CANADA LTD <FC> 4TH QTR NET |
ROYAL BANK OF CANADA 1ST QTR SHR 88 CTS VS 1.22 DLRS |
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Belgian Foreign Trade Minister Herman De Croo said he believed there would be a compromise within the European Community EC on its proposed tax on vegetable fats and oil averting a pledged tough trade response by the United States. De Croo in Washington for talks with Administration officials and Congressional leaders said at a news conference there is a battle within the community on the tax on fats and oils used in the 12 EC countries. But he added I do not think it will be a big issue because there will be a big debate inside Europe adding so there will be a compromise. U.S. Trade Representative Clayton Yeutter said yesterday that if the community went ahead with the tax the United States would respond vigorously to protect its trade rights and access to community markets. De Croo also said he thought the community would postpone its April 28 deadline for imposing new slaughterhouse rules to cover all meats brought into EC nations if some progress was made toward resolving differences with the United States. U.S. officials say its rules now meet health standards and the EC should require equivalent but not identical standards. He also told reporters he hoped the community could deal with another controversial health proposal that would forbid the feeding of hormones to cattle which is also opposed by the United States. De Croo gave no deals on how he though the issue might be resolved. That rule is go into effect on January 1 1988. He said U.S. cattlemen say there is no reason to change slaughterhouse practices in April if the meat is to be banned a few months later by the hormone rule. Reuter | BELGIAN MINISTER SEES NEW ACCORD ON EC OILS/FATS |
Shr 33 cts vs 28 cts Net 3722000 vs 3103000 Sales 33.0 mln vs 31.8 mln Avg shrs 11.2 mln vs 11.1 mln 1st half Shr 68 cts vs 58 cts Net 7585000 vs 6346000 Sales 65.9 mln vs 61.3 mln Avg shrs 11.2 mln vs 11.0 mln NOTE: Share adjusted for three-for-two October 1986 stock split. Reuter | ANITEC IMAGE TECHNOLOGY CORP <ANTC> 2ND QTR NET |
Loans and advances from the Dutch central bank to the commercial banks were barely changed at 12.9 billion guilders in the week up to and including March 2 the central bank weekly return showed. The Treasurys account with the bank dropped 1.3 billion guilders. Dealers said a larger amount of funds in the form of interest and repayments on state loans went out than came in the form of tax payments to the state. Notes in circulation rose 360 mln to 27.7 billion as the public withdrew cash to celebrate this weeks Carnival festival or take an end-of-winter holiday break dealers said. Current money market rates are at 5-3/4 to 6-1/4 pct for call money against 5-1/4 to 5-3/8 a week ago and between 5-5/16 and 5-9/16 pct against 5-1/4 to 5-1/2 for one to 12 month periods dealers said. The cause for the rise was a rather tight 4.8 billion guilders of special advances set by the Bank yesterday compared with 8.0 billion guilders for the previous set dealers added. They expect the money market shortage to continue around 12 billion guilders this week. The weekly return showed total Dutch gold and currency reserves rose 11.3 mln guilders to 56.0 billion guilders. REUTER | DUTCH MONEY MARKET DEBT BARELY CHANGED IN WEEK |
Nexxus Technologies Inc said it has signed production contracts totaling about 10 mln dlrs with three major U.S. gem wholesalers. The company said it expects to start operations on these contracts in May adding the work will continue through late 1989. Additional contracts with international gem wholesalers are expected in the near future it added without providing details. Reuter | NEXXUS <NEXX> SIGNS CONTRACTS WORTH 10 MLN DLRS |
Chrysler Corp said its U.S. car production in February totalled 110552 units compared with 123092 a year ago. The company said its U.S. truck production in the month totalled 21177 compared with none a year ago. Year-to-date Chrysler said its U.S. car output was 216987 compared with 257941 and truck production is 39834 compared with none a year ago. The figures exclude Canadian truck production much of which is earmarked for the U.S. Reuter | CHRYSLER <C> FEBRUARY U.S. CAR OUTPUT OFF |
House Banking committee chairman Fernand St Germain D-R.I. called for caution in giving savings associations forbearance in paying their debts as part of a bill providing three billion dlrs in new capital for the Federal Savings and Loan Insurance Corp. We cannot let forbearance stretch to protect the mismanaged or terminal cases that would serve to further drain the FSLIC fund St Germain said at the start of a hearing on FSLIC legislation. Forbearance must be designed to help the well managed institution temporarily on hard times. It must not be forgiveness for the speculators the high flyers and the fast buck artists. The use of forbearance for well-managed institutions was endorsed at the hearing by Texas Savings and Loan Commissioner L.L. Bowman the Federal Home Loan Bank of Dallas and the Texas Savings and Loan League. Reuter | U.S. BANKING CHAIRMAN URGES CAUTION ON FSLIC BILL |
A number of computer companies said they formed Network Computing Forum an industry group focusing on ways to tie computers workstations and networks together. The participants include Apollo Computer Inc <APCI> Alliant Computer Systems Corp <ALNT> Apple Computer Inc <AAPL> Concurrent Computer Inc <CCUR> and a number of other companies. The Forum said its aim was to adopt protocols services and architectures that support integrated network computing. It also hopes to promote industry standards. The first meeting of the group is set for the Spring 1987. Reuter | COMPUTER COMPANIES FORM NETWORKING GROUP |
Shr profit three cts vs loss 11 cts Net profit 507000 vs loss 1823000 Revs 11.2 mln vs 204000 Reuter | DASA CORP <DASA> YEAR NET |
An investor group led by Central National-Gottesman Inc a New York investment firm and its executive vice president Edgar Wachenheim said they cut their stake in Material Sciences Corp to less than five pct. In a filing with the Securities and Exchange Commission the group said it sold 19500 Material Sciences common shares between Feb 11 and 19 at prices ranging from 24.00 to 27.648 dlrs a share leaving it with 239500 shares or 4.7 pct. As long as the groups stake remains below five pct it is not required to disclose further dealings in Material Sciences common stock. Reuter | GROUP TRIMS MATERIAL SCIENCES <MSC> STAKE |
Sapporo Breweries Ltd is launching a 100 mln Swiss franc 4-5/8 pct five-year guaranteed notes issue priced at 100-1/4 pct lead manager Swiss Bank Corp said. The issue is guaranteed by Fuji Bank and payment date is March 17. REUTER | SAPPORO BREWERIES PLANS 100 MLN SWISS FRANC NOTES |
FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS |
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Chrysler Corp said its February U.S. car production was 110552 compared with 123092 a year ago. The number three automaker said U.S. truck production totalled 21177 compared with nine last year. The figures exclude Canadian truck production much of which is sold to U.S. dealers. Year-to-date Chrysler said car output declined to 216987 from 257941 and U.S. truck production totalled 39834 compared with none a year ago. Reuter | CHRYSLER <C> FEBRUARY U.S. CAR OUTPUT DOWN |
Periods ended Jan 31 Shr 28 cts vs 35 cts Net 2374000 vs 2987000 Sales 35.2 mln vs 34 mln Backlog 36.8 mln vs 33.9 mln Reuter | ADC TELECOMMUNICATIONS INC <ADCT> 1ST QTR NET |
Tylan Corp aid it has retained the investment banking firm Kahn and Harris to sell its furnace product line. The company said it has already been contacted by several potential buyers. In 1986 Tylans furnace product shipments in the U.S. represented 10.3 mln dlrs of the companys total net sales of 28.4 mln dlrs. Reuter | TYLAN CORP <TYLN> TO SELL FURNACE PRODUCT LINE |
Shr basic 88 cts vs 1.22 dlrs Shr diluted 83 cts vs 1.10 dlrs Net 114108000 vs 140389000 Avg shrs 107.5 mln vs 100.5 mln Loans 66.4 billion vs 65.9 billion Deposits 82.8 billion vs 84.4 billion Assets 98.7 billion vs 96.7 billion. Reuter | <ROYAL BANK OF CANADA> 1ST QTR JAN 31 NET |
The Federal Reserve entered the U.S. Government securities market to arrange 1.5 billion dlrs of customer repurchase agreements a Fed spokesman said. Dealers said Federal funds were trading at 6-1/4 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter | FED ADDS RESERVES VIA CUSTOMER REPURCHASES |
Home Shopping Network Inc said its board approved plans to offer a stock option plan for its cable television operators. The company said it will offer the options in exchange for a commitment to operate the companys programs to a set number of subscribers for five years. The agreement also includes a five year extension option. If the operator agrees to the plan they will receive options to buy 10 dlrs worth of common stock for each cable subscriber committed or 20 dlrs per subscriber if they agree to run both programs the company explained. The company said the option will vest over a five year period at the rate of 20 pct per year. The company which offered a similar program last year said the current one is directed for those who did not sign up last year and for new carriers of the companys home shopping video shows. Reuter | HOME SHOPPING <HSN> SETS STOCK OPTIONS |
Boget Oil Co said it has purchased interests in about 200 wells in Oklahoma and seven medium-depth drilling rigs for 4.5 mln dlrs. The company said it will be able to incorporate the 150 operated wells within its field organization and intends to dispose of the rigs by private sale or auction in the near future. Reuter | BOGERT OIL <BOGO> BUYS WELLS, DRILLING RIGS |
Oper shr 1.58 dlrs vs 77 cts Oper net 1648000 vs 817000 Sales 25.7 mln vs 20.5 mln NOTE: Net excludes discontinued operations gain 451000 dlrs vs loss 4310000 dlrs. Reuter | SUPRADUR COS INC <SUPD> YEAR NET |
Socialist Prime Minister Bettino Craxi said his five party coalition government would resign. Craxi Italys prime minister for a postwar record of 3-1/2 years told the Senate (upper house) he would hand his and the governments resignation to President Francesco Cossiga immediately after leaving the chamber. Craxi has been prime minister at the head of two separate but identical five-party coalitions since August 1983. Reuter | ITALIAN PRIME MINISTER CRAXI SAYS HE WILL RESIGN |
Adobe Systems Inc said it signed a contract with International Business Machines giving IBM licensing rights to its PostScript page description language interpreter. Adobe said IBM plans to use PostScript as one of the foundation elements of its preferred environments for IBM electronic publishing products. Reuter | ADOBE SYSTEMS <ADBE> SETS PACT WITH IBM <IBM> |
The upcoming five-month deficiency payments to corn and sorghum farmers will be made half in cash and half in generic commodity certificates a senior Agriculture Department official told Reuters. Around 300 mln dlrs of the in-kind certificates or certs will be mailed out to farmers around March 15 or 16 Tom von Garlem Assistant Deputy Administrator for USDAs state and county operations said. The decision to make the payments in a 50/50 cash/certs ratio was made Monday but payments to producers will be delayed until mid-month due to a problem with USDAs computer program von Garlem said. get 11.5 cts per bushel in this next payment -- 5.75 cts in certs and around 5.5 cts cash (5.75 cts minus Gramm-Rudman). Farmers who did not receive advance deficiency payments at signup will receive 63 cts per bushel. Slightly more than half of this payment will be in cash von Garlem said but he said this will not markedly upset the 50/50 ratio since most farmers got advance payments. The final certificate payments will be very close to 300 mln dlrs he said. When asked if the Office of Management and Budget had resisted the cash/certs ratio the USDA official said that we proposed 50/50 and OMB accepted it. Reuter | U.S. SETS CORN DEFICIENCY PAYMENT HALF PIK CERTS |
Ford Motor Co of Canada Ltd 90 pct owned by Ford Motor Co <F> said the earlier reported decline in full year net profit was mainly due to changeoover costs at its Essex Ontario engine plant. Ford Canada also said sharply improved fourth quarter results were due to improved cost recovery and lower product program costs partially offset by lower engine production. The company earlier said consolidated 1986 net income fell to 101.9 mln dlrs from year-ago 199.0 mln dlrs. Fourth quarter profit improved to 67.7 mln dlrs from 4.5 mln dlrs in the prior year. Ford Canada said full-year earnings from its Canadian operations declined 75.4 mln dlrs to 104.0 while fourth quarter profit increased to 49.1 mln dlrs from 16.1 mln dlrs in the prior year. Ford Canada reported a full year loss of 2.9 mln dlrs from its overseas operations compared to a 19.6 mln dlr profit in 1985. Fourth quarter earnings from overseas operations rose to 18.6 mln dlrs from a loss of 11.6 mln dlrs in the prior year. The company reported full-year domestic sales in Canada of 4.35 billion dlrs compared to 3.95 billion dlrs in 1985 excluding export sales to its U.S. parent. Ford Canada said it had 1986 export sales to its parent company of 7.97 billion dlrs up from year-earlier 7.18 billion dlrs. The company reported 1986 overseas sales fell 205.7 mln dlrs to 2.01 billion dlrs from 2.21 billion dlrs in 1985. The company attributed the improvement in fourth quarter results from overseas operations to manufacturing efficiencies cost reduction programs and improved cost recovery which were partially offset by lower industry volumes. Ford Canadas net loss for the year from overseas operations resulted from lower industry volumes and increased interest costs the company said. Despite increased competition Ford Canadas market share of car sales rose to 17.2 pct from 17.0 pct in 1985 it said. The companys share of industry truck sales rose to 29.7 pct in 1986 from year-earlier 29.2 pct. Ford Canada said sales were boosted by its Ford Tempo car and Ford light truck both manufactured in Oakville which were Canadas best selling car and truck nameplates in 1986. Reuter | FORD CANADA <FC> PROFIT DOWN ON CHANGEOVER COST |
Firestone Tire and Rubber Co has notified the United Rubber Workers the company will close its Des Moines Iowa Bloomington Ill. and Oklahoma City tire plants on or before September 15. A Firestone spokesman said the cost of the closings will be covered by the 65 mln dlrs restructuring charge the company took in the fourth quarter of 1986. The company said it was notified by the union March one that the agreement reached with Local 998 at the Oklahoma City tire plant had been rejected by union members at the other plants. Firestone said it has been discussing the possible sale of its Des Moines and Bloomington plants with prospective buyers for several months. Those discussions are continuing the company said adding it could not predict their outcome. Firestone is willing to work with any organization wishing to consider the purchase of the three tire plants it added. Last October Firestone advised the union the tire plants in Des Moines Bloomington and Oklahoma City were being designated as distressed under the terms of its master agreement with the rubber workers. Firestone said it has twice reached agreement with the leadership and members of the local in Oklahoma City on plans to reduce operating costs through revisions in wages benefits and work rules. Union procedures however require approval by the Firestone section of the unions International Policy Committee membrs of other locals covered by the master contract and by the rubber workers executive board. The company said the rejection of the Oklahoma City package by union locals at Des Moines and other locations and the limited sales and profit opportunities for agricultural and off-the-road tires in North America led Firestone to conclude the parties would be unable to reach agreements that would permit the continued operation of the Des Moines and Bloomington plants. Reuter | FIRESTONE <FIR> TO CLOSE THREE TIRE PLANTS |
Shr 69 cts vs 64 cts Net 7046000 vs 6492000 Sales 85.7 mln vs 79.6 mln Six Mths Shr 1.28 dlrs vs 1.19 dlrs Net 13098000 vs 12006000 Sales 166.3 mln vs 153.3 mln NOTE: Periods end January 31 1987 and 1986 respectively. Reuter | WALLACE COMPUTER SERVICES INC <WCS> 2ND QTR NET |
Shr 57 cts vs 27 cts Net 1002000 vs 470000 Sales 15.9 mln vs 12.0 mln Note: 4th qtr data not available Reuter | AMERICAN VANGUARD CORP <AMGD> YEAR NET |
The International Finance Corp is privately placing a 50 mln dlr bond due April 7 1997 carrying a 7-5/8 pct coupon and priced at 99-3/4 pct Bank of Tokyo International Ltd said as sole lead manager for the issue. The bond is available in denominations of 25000 dlrs and will be listed in Luxembourg. REUTER | INTL FINANCE CORP IN 50 MLN DLR PRIVATE PLACEMENT |
Oper shr one ct vs three cts Oper net 99000 vs 327000 Revs 12.1 mln vs 8800000 Avg shrs 15.5 mln vs 11.3 mln Year Oper shr six cts vs 11 cts Oper net 841000 vs 956000 Revs 44.1 mln vs 34.4 mln Avg shrs 15.3 mln vs 8519677 NOTE: Net excludes tax credits of 299000 dlrs vs 2900000 dlrs in quarter and 809000 dlrs vs 71000 dlrs in year. Reuter | NORTH AMERICAN BIOLOGICALS INC <NBIO> 4TH QTR |
Shr profit 27 cts vs profit 51 cts Net profit 6600000 vs profit 12231000 Revs 211.7 mln vs 193.4 mln 12 mths Shr loss 17 cts vs profit 1.27 dlrs Net loss 4077000 vs profit 30142000 Revs 753.5 mln vs 673.4 mln NOTE: in qtr ended 1986 the company recognized expenses of 5948000 for restructing the combined operations of BBDO Doyle Dane Bernbach and Needham Harper Worldwide in August 1986 before tax gains. These relate primarily to the conosolidation and elimination of duplicate facilities and staff. for the year 1986 the provisions for mergers and restructuring expenses brought non-recurring expenses to 40292000 before tax gains of which 8863000 represented merger costs and 31429000 related to restructuring of the combine operations. Reuter | OMNICOM GROUP INC <OMCM> 4TH QTR NET |
American Motors Corp said its February U.S. car production declined to 2978 units from 3808 a year ago. AMC said its U.S. jeep production rose to 18651 from 16673 last year. Year-to-date AMC said its car output declined to 66069 from 6631 and jeep production declined to 37207 from 40586 in the comparable 1986 period. Reuter | AMC <AMO> FEBRUARY CAR OUTPUT DECLINES |
Venezuela will limit new loans to 50 pct of the interest and principal it repays on its 31 billion dlr foreign debt President Jaime Lusinchi told political leaders. Speaking last night at a new session of congress he said last weeks agreement to reschedule 21 billion dlrs in public sector foreign debt at lower interest rates reflected Venezuelas improved credit image. Our priority is development but I insist that there cannot be development if we dont fulfil our obligations he said. Venezuela agreed last Friday with its 13-bank advisory committee to lower the interest margin to 7/8 pct over libor from 1-1/8 and reduce amortisations in the next three years to 1.35 billion dlrs from 3.35 billion. The important thing is that this rate of 7/8 pct is a marker for new negotiations and will save us 50 mln dlrs this year Lusinchi said. He said the country had been loyal to the principles of the Cartagena group of Latin American debtors but had decided to reach an agreement convinced that Venezuela is a specal case because of the vulnerability of its economy. Venezuela signed a 12-1/2 year rescheduling accord in February 1986 but immediately sought new terms because of falling oil income which dropped 40 pct last year. Finance Minister Manuel Azpurua told reporters he hopes to sign the new rescheduling accord early in the second quarter but that in any case it would become effective from April 1. Azpurua said Venezuelas 450 or so creditor banks have been contacted with details of the new agreement and that Public Finances Director Jorge Marcano may visit financial centres to round up support. Azpurua said that among the details still to be finalised were the exact timetable for reprogrammed payments and the outlines of a government plan to allow public and private sector debt capitalisation. He said banks had shown willingness to consider new loans to Venezuela a fundamental achievement in the new accord. Substantial progress has been made in talks and we will now have to define more precisely what projects can be financed from foreign borrowing he said adding that loans for steel and aluminium and iron ore sectors could be the first to materialise. REUTER | VENEZUELA PLANS NEW BORROWING WITH LIMITS |
Deutsche Bank Finance NV Curacao is issuing a 75 mln stg eurobond due April 2 1997 paying 9-7/8 pct and priced at 101-3/4 pct joint-lead manager Kleinwort Benson Ltd said. Deutsche Bank Capital Markets is the other joint-lead manager. The issue is guaranteed by Deutsche Bank AG and is callable at 100-3/8 pct after seven years declining by 1/8 point per annum to par thereafter. The selling concession is 1-3/8 pct while management and underwriting combined pays 5/8 pct. The issue is available in denominations of 1000 and 10000 stg and will be listed in Luxembourg. The payment date is April 2. REUTER | DEUTSCHE BANK UNIT ISSUES 75 MLN STG EUROBOND |
Shareholders in Banque Bruxelles Lambert <BBLB.B> BBL authorised the bank to increase capital by five billion francs to 20 billion in the next five years a bank spokesman said. BBL Belgiums second largest commercial bank had failed to win shareholder approval for the move last month because of a lack of quorum. No quorum was required today. BBL has already raised over 5.5 billion francs in new capital since April 1985. Board President Jacques Thierry reiterated at the meeting that BBL had no plans to raise more capital in the near future. REUTER | BBL SHAREHOLDERS AUTHORISE CAPITAL RAISE |
 CORRECTION - ASHTON-TATE ITEM In Torrance Calif. item ASHTON-TATE <TATE> 4TH QTR NET please read 1986 quarter average shares as 24.7 mln not 200.7 mln. Reuter  | |
Anitec Image Technology Inc said it filed a registration statement with the Securities and Exchange Commission for a proposed offering of 60 mln dlrs in convertible subordinated debentures. Anitec said the proceeds will be used for acquisitions joint ventures and other investments. Anitec said the offering is being underwritten by Smith Barney Harris Upham and Co Donaldson Lufkin and Jenrette Securities Salomon Inc <SB> and Mabon Nugent and Co. Reuter | ANITEC IMAGE <ANTC> FILES FOR DEBT OFFERING |
American Motors Corp said its February U.S. car production declined to 2978 units from 3808 a year ago. AMC said its U.S. jeep production rose to 18651 from 16673 last year. Reuter | AMC FEBRUARY CAR OUTPUT DECLINES |
Savin Corp said it has reached an agreement for Sun Chemical Corp to study the potential of Savin infrared technology for possible use in classified U.S. military applications. It said a royalty-bearing license could result. Reuter | SAVIN <SVB> IN PACT WITH SUN CHEMICAL <SNLA> |
Chiles consumer price index rose 1.7 pct in February to 562.01 (December 1978 equals 100) after increases of 2.0 pct in January and 0.9 pct in February 1986 the governments National Statistics Institute said. Inflation as measured by the index rose to 17.5 pct over the 12 months to the end of February compared with 16.6 pct last month and 24.5 pct to the end of February 1986. In the first two months of the year inflation was 3.8 pct against 3.6 pct in the same period of 1986. REUTER | CHILEAN CONSUMER PRICES RISE 1.7 PCT IN FEBRUARY |
Major copper producing and consuming countries are considering a U.S. proposal to set up a study group to review the world copper market delegates said. The U.S. initiative was introduced last December at a meeting held here under the auspices of the United Nations Conference on Trade and Development (UNCTAD). The U.S. the worlds largest copper consumer and second biggest producer after Chile has proposed setting up a body to improve statistics and market transparency of the copper economy and provide a forum for discussion. The new body would not aim at negotiating measures to stabilise depressed world prices. This weeks meeting which began yesterday is due to end Friday. Reuter | COPPER STUDY GROUP CONSIDERED AT GENEVA MEETING |
Cray Research Inc said it installed a Cray X-MP/14 supercomputer valued at eight mln dlrs at Grumman Corps Grumman Aerospace Corp. Cray said the system which includes a 550 solid state storage device was installed in the first quarter at Grummans scientific computer facility in Bethpage N.Y. The system replaces a Cray-1M/2300 computer system installed in 1983. It will be used for engineering and scientific applications in the design of aircraft systems. Reuter | CRAY <CYR> INSTALLS COMPUTER FOR GRUMMAN <GQ> |
Reserve Oil and Minerals Corp said its shareholders approved changing the name of the company to Reserve Industries Corp. The company said it has contracted to purchase process and recycle various waste materials generated at the Ogden Utah zirconium plant of Westinghouse Electric Corps <WX> Western Zieconium subsidiary. Reuter | RESERVE OIL <ROIL> HOLDERS APPROVE NAME CHANGE |
Japan bought 5000 tonnes of Canadian rapeseed overnight at an undisclosed price for April shipment trade sources said. Reuter | JAPAN BUYS 5,000 TONNES CANADIAN RAPESEED |
<Royal Bank of Canada> said it estimates 1987 loan losses at one billion dlrs a 25 mln dlr increase over last year. Royal Bank said it set its provisions given the continued debt-servicing problems ... in the North American energy industry and the uncertain outlook for energy prices and also continued to add to its general provisions for loans to troubled borrower countries. The banks loan loss provision for the first quarter ended January 31 rose to 223 mln dlrs from 187 mln dlrs in the year-ago quarter. The bank said non-accrual loans net of provisions for loan losses totalled 2.2 billion dlrs on January 31 up from 2.0 billion dlrs a year ago. In reporting lower first quarter earnings chairman Allan Taylor said problems with credit quality--particularly in loans associated with the energy sector--continue to have a substantial adverse effect on the banks earnings. Taylor said profitability of the banks international operations remains weak reflecting resource-related difficulties of private and public sector borrowers and unsatisfactory results from capital market activities. Taylor said it would be premature to speculate on the outcome of debt resturcturing negotiations with Brazil or their potential impact on the Royal Bank. The bank earlier reported first quarter profit fell to 114.1 mln dlrs from 140.4 mln dlrs a year ago. Reuter | ROYAL BANK/CANADA SEES HIGHER 1987 LOAN LOSSES |
Panteras Corp said it agreed in principle to acquire Pizza Inn Inc in a cash and stock transaction. Under terms of the proposed transaction each Pizza Inn share can be exchanged for either three dlrs in cash plus the lesser of 1.4 shares of Panteras common stock or 11.50 dlrs market value of Panteras stock or four dlrs in cash plus a unit consisting of one share of Panteras stock and a non-transferrable right to receive up to 0.55 share of Panteras stock under certain conditions it said. Completion of the transaction is subject to arrangement of financing negotiation of a definitive agreement and various regulatory approvals it said. Panteras said Pizza Inns largest shareholder F.J. Spillman previously granted Panteras an option to buy more than one mln shares of Pizza Inn common stock owned by him. Panteras also said it retained Drexel Burnham Lambert Inc to act as its financial advisor in connection with the merger. Pizza Inn has retained Dean Witter Reynolds Inc to act as its financial advisor Panteras said. Yesterday Panteras stock closed at 9.50 dlrs on NASDAQ while Pizza Inns stock was quoted at 12 dlrs when the Amex halted trading pending the announcement of the proposed merger. From its Dallas headquarters Pizza Inn said completion of the transaction is subject to certain conditions including that the price of Panteras stock average not less than seven dlrs during the 20 trading days before the merger. Under the agreement Pizza Inn said it will still be permitted to complete a leveraged buyout agreement with Pizza Inn Acquiring Corp which has been approved by its shareholders but is subject to otaining financing. More | PANTERA <PANT> AND PIZZA <PZA> AGREE TO MERGE |
The Swiss Federal Governments new series of six-month money market certificates raised 177.5 mln Swiss francs at an issue price of 98.401 pct to give an average annual yield of 3.286 pct the National Bank said. Payment date is March 5. The last series of six-month paper issued in January raised 159.6 mln francs at 98.392 pct to give an average yield of 3.251 pct. REUTER | SWISS MONEY MARKET PAPER YIELDS 3.286 PCT |
Shareholders in Banque Bruxelles Lambert <BBLB.B> BBL authorised the bank to increase capital by five billion francs to 20 billion in the next five years a bank spokesman said. BBL Belgiums second largest commercial bank had failed to win shareholder approval for the move last month because of a lack of quorum. No quorum was required today. BBL has already raised over 5.5 billion francs in new capital since April 1985. Board President Jacques Thierry reiterated at the meeting that BBL had no plans to raise more capital in the near future. Reuter | BBL SHAREHOLDERS AUTHORISE CAPITAL RAISE |
Nigeria and Guinea agreed to set up a new company with Liberia to carry out the 14-year-old Mifergui-Nimba iron ore project an official communique said. The communique was issued after two days of talks here between Guinean natural resources minister Ousmane Sylla and Nigerian minister of mines and power Bunu Sheriff Musa. Originally Guinea held 50 pct in the project and Nigeria 16.2 pct with firms from several other countries also involved but the project ran into problems over funding and the slump in world iron ore markets. Musa said Liberia was invited to join and its share will be decided after a project feasibility study. This would be completed in May after which finance will be sought. Officials said the study will be undertaken with the help of the World Bank which is also expected to give financial support. Production originally estimated at 15 mln tonnes a year will be 12 mln initially and is expected to begin in early 1990. On an agreement between the two countries to prospect for uranium in Guinea the communique said Musa and Sylla agreed that because of poor market conditions it would be extended to cover exploration for gold diamonds cobalt nickel and silver. Reuter | NIGERIA, GUINEA SET UP IRON ORE FIRM WITH LIBERIA |
Qtr ended Jan 31 Shr loss nine cts vs profit 13 cts Net loss 231256 vs profit 341730 Revs 2793677 vs 3676296 Reuter | DISTRIBUTED LOGIC CORP <DLOG> 1ST QTR LOSS |
Canadian industrial production rose 2.53 pct in December after falling 0.51 pct in November Statistics Canada said. The federal agency said year-over-year production was off 0.65 pct in December compared with a decline of 1.65 pct in November. Reuter | CANADA INDUSTRIAL PRODUCTION UP 2.53 PCT |
Lifetime Corp said it agreed to buy five mln shares or 16 pct of <Nippon Lace Co Ltd> for 3.28 dlrs a share or 16.5 mln dlrs. It said it plans to enter the health care business in Japan. In addition it said <Koba Electronics Co Ltd> an affiliate of Lifetime will buy four mln unissued shares or a 12 pct stake of Nippon for 20 mln dlrs or five dlrs a share. The company said Ohta Shoji chief executive officer of <Toho Mutual Life Insurance Co> owns the majority of Koba Electronics shares. Toho Mutual Life is also the largest shareholder in Nippon Lace the company said. Lifetime also said the <Private Bank and Trust of Zurich> on behalf of Lifetime director and shareholder Terence Ramsden intends to subscribe for two mln shares of Nippon Lace at the same price paid by Lifetime. Reuter | LIFETIME <LFT> TO BUY SHARES OF NIPPON LACE |
Oper shr 26 cts vs 18 cts Oper net 2877000 vs 1363000 Revs 44.3 mln vs 40.8 mln Avg shrs 10.9 mln vs 10.5 mln NOTE: prior qtr excludes loss 475000 or five cts per share for discontinued operations for the sale of subsidiaries Intermedics Intraocular Inc Electronics Inc and Intermedics Infusaid Inc. Excludes 1987 qtr 1694000 operating loss carryforwards vs 78000 qtr prior. Reuter | INTERMEDICS INC <ITM> 1ST QTR NET |
Modular Technology Inc said its board of directors elected Frederick H. Goldberger a business consultant to be president of the company. Modular Technologys former president Harvey T. Lyon was named senior managing director and will continue on the board. Reuter | MODULAR TECHNOLOGY <MTIK> NAMES PRESIDENT |
Canonie Environmental Services Corp said it signed a contract to design and build a ground water cleanup system for Purex Industries Inc to be installed at a Mitchel Field Transit Authority site in Nassau County N.Y. Canonie said the contract for work which will complete a project begun earlier at the site is worth several million dlrs. Reuter | CANONIE ENVIRONMENTAL <CANO> GETS CONTRACT |
Victorian Public Authorities Finance Agency is issuing a 100 mln Canadian dlr bond due April 15 1992 paying 8-1/2 pct and priced at 100-5/8 pct lead manager Wood Gundy Ltd said. The non-callable bond is available in denominations of 1000 and 10000 Canadaian dlrs and will be listed in Luxembourg. It is guaranteed by the State of Victoria. The selling concession is 1-1/4 pct while management and pays 1/4 pct and underwriting 3/8 pct. The payment date is April 15. REUTER | VICTORIA STATE BODY ISSUES CANADIAN DLR EUROBOND |
BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS |
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WALGREEN CO FEBRUARY SALES UP 18.8 PCT |
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LORAL CORP LOWERED BY STANDARD AND POOR'S, AFFECTS 640 MLN DLRS OF DEBT |
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FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE |
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Electrospace Systems Inc said it was ordered by the U.S. Army to immediately proceed with the design and production of a computer-based control system for the armys tactical voice and data communications network in a contract potentially worth 101 mln dlrs. It said the order followed a favorable ruling by the General Accounting Office on two protests that earlier caused a stop work order on the 26.8 mln dlr contract awarded last September. It said that order covers 59 mobile shelter-based systems and 44 remote terminals with options for 279 mobile units and 178 remote units for a total of 101 mln dlrs. Reuter | ELECTROSPACE <ELE> GETS ARMY OK FOR CONTRACT |
Qtrly 25 cts vs 16 cts Pay March 30 Record March 13 NOTE: Prior qtr is for two months operation October and November and represents a parital dividend. Reuter | PAINE WEBBER RESIDENTIAL REALTY INC <PWM> DIV |
Qtlry div 24.5 cts vs 24.5 cts Pay April 6 Record March 16 Reuter | OMNICOM GROUP <OMCM> SETS REGULAR PAYOUT |
Datacopy Corp said it has signed a joint marketing agreement for its Model 730 office image scanner with Xerox Corp. Under the pact Xerox sales force will reference-sell the scanner as its choice for desktop publishing applications. Datacopy will supply Xerox with technical support and respond to customer orders within 30 days of the purchase order. Reuter | DATACORPY <DCPY> IN PACT WITH XEROX <XRX> |
ARGOSystems Inc said it won a 15-mln-dlr contract with the U.S. Government to deliver 25 digital signal processing systems with spares over the next three years. The company said it how has a record backlog of over 155 mln dlrs up 30 pct from a year ago. Reuter | ARGOSYSTEMS <ARGI> WINS GOVERNMENT CONTRACT |
Knutson Mortgage Corp said it expects strong earnings performance for its initial fiscal second quarter earnings ending March 31 since going public in September 1986. Albert Holderson Knutson chairman said he expects earnings of about 40 cts per share for the quarter as a result of a strong mortgage business during the quarter. Knutson earlier declared a quarterly dividend of 10 cts a share versus 10 cts a share prior payable April 13 to shareholders of record March 13. Reuter | KNUTSON MORTGAGE <KNMC> SEES STRONG SECOND QTR |
Denmarks net official reserves rose to 36.34 billion crowns in February from 28.00 billion in January against a revised 45.85 billion in February 1986 the central bank said in its monthly balance sheet report. Total net reserves including reserves held by commercial and major savings banks rose to 38.26 billion crowns from 30.11 billion in January compared with a revised 35.99 billion in February last year. The bank said provisional figures showed net registered private and public capital imports of 10.3 billion crowns in February. REUTER | DANISH RESERVES RISE IN FEBRUARY |
A World Bank team led by senior economist Katrine Saito arrived in Uganda for talks on an economic recovery program projected to cost one billion dlrs over three years. The four-member mission is expected to stay two to three weeks. An International Monetary Fund (IMF) team is due here over the same period a World Bank offical said. The World Bank last year criticised Ugandas policies on deficit financing and exchange and interest rates issues likely to dominate talks on the governments proposed recovery program. Finance Minister Chrispus Kiyonga said last month that most of the one billion dlrs would go towards rehabilitating industries repairing and maintaining roads and buying tractors and other agricultural needs. He did not say where the money would come from but diplomats expect the government to ask the World Bank and other foreign donors to provide most of the foreign exchange portion. REUTER | WORLD BANK TEAM ARRIVES IN UGANDA |
Oper shr 26 cts vs 18 cts Oper net 2877000 vs 1838000 Revs 44.3 mln vs 40.8 mln NOTE: Current 1st qtr oper net excludes operating loss carryforward of 1694000 or 16 cts per share. 1986 1st qtr oper net excludes loss carryforward of 78000 dlrs or one ct per share and loss from discontinued operations of 475000 dlrs. Reuter | INTERMEDICS INC <ITM> 1ST QTR FEB ONE NET |
Shr nine cts vs one ct Net 247489 vs 27301 Sales 1933107 vs 796613 Six mths Shr 21 cts vs five cts Net 565106 vs 121997 Sales 3781970 vs 1778110 Reuter | CARME INC <CAME> 2ND QTR JAN 31 NET |
Shr 42 cts vs 76 cts Net 2.3 mln vs 3.3 mln Revs 72.3 mln vs 59.8 mln Year Shr 1.48 dlrs vs 2.59 dlrs Net 7.6 mln vs 11.1 mln Revs 261.7 mln vs 224.7 mln NOTE: 1985 net includes extraordinary gain of 1.5 mln dlrs or 35 cts per share in 4th qtr and 5.1 mln or 1.19 dlrs for the year. Reuter | WILLCOX AND GIBBS INC <WG> 4TH QTR NET |
Walgreen Co said its sales in February rose 18.8 pct over sales during the same month last year. Walgreen said it sold 328.5 mln dlrs worth of goods in February up from 276.5 mln in February 1986. This years February figures include sales from 65 Medi Mart drugstores acquired last June by the company. At February 28 Walgreen operated 1410 retail units in 30 states and Puerto Rico compared to 1263 last year. Calendar year-to-date sales were up 17.2 pct at 666.7 mln compared to 569 mln last year. Reuter | WALGREEN <WAG> FEBRUARY SALES RISE |
Italian government has resigned, officials announced |
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Shr profit 27 cts vs profit 51 cts Net profit 6600000 vs profit 12.2 mln Revs 211.7 mln vs 193.4 mln Qtly div 24.5 cts vs 24.5 cts Avg shrs 24.2 mln vs 23.8 mln Year Shr loss 17 cts vs profit 1.27 dlrs Net loss 4077000 vs profit 30.1 mln Revs 753.5 mln vs 673.4 mln Avg shrs 24.4 mln vs 23.7 mln NOTE: Qtly div payable April six to holders of record March 16. 1986 4th qtr and year net includes a charge of 5.9 mln dlrs and 31.4 mln dlrs respectively for corporate restructuring. Reuter | OMNICOM GROUP INC <OMCM> 4TH QTR NET |
Annual div six dlrs vs 12 dlrs prior Pay March 19 Record March 13 Note: 1986 payout includes two dlrs a share extra dividend 1985 payout includes four dlrs a share extra dividend Reuter | FORD MOTOR CO OF CANADA LTD<FC> CUTS ANNUAL DIV |
Italian Prime Minister Bettino Craxi and his five-party coalition government have resigned officials said. A statement from the Quirinal presidential palace said head of state Francesco Cossiga had reserved his decision on whether to accept the resignation normal procedure when a government stands down. The statement said Cossiga had asked Craxi who has been prime minister for a post-war record of three-and-a-half years to continue to handle current government business. REUTER | ITALIAN GOVERNMENT RESIGNS |
Total copper stocks held by U.S. rod mills and refiners (including wirebars cathodes scrap rod and in-process material) dropped to 155467000 lbs at the end of January from 203513000 lbs at the end of December the American Bureau of Metal Statistics said. Rod stocks held by refiners and rod mills decreased to 61384000 lbs in January from 69986000 lbs in December. Cathode inventories at rod mills fell to 86456000 lbs in January from 124409000 lbs in December while wirebar stocks were lower at 3508000 lbs versus 4913000 lbs in December. December rod mill wirebar use nearly doubled to 3148000 lbs in January from 1540000 lbs in December. Cathode use by mills and refiners increased to 255266000 lbs in January from 238821000 lbs in December. Reuter | TOTAL U.S. COPPER STOCKS LOWER IN JANUARY |
One offer but no bid was posted for SRW wheat on the call session at the St Louis Merchants Exchange today. There were no bids or offers for milo. June 15-July 15 bill of lading for wheat was offered at 17 over July no comparison no bid. Reuter | ONE OFFER FOR SRW WHEAT ON CALL SESSION, NO MILO |
Standard and Poors Corp said it lowered the ratings on Loral Corps subordinated debt to BBB from A-minus. The issue is removed from creditwatch where it was placed with negative implications in January after Loral said it planned to acquire Goodyear Aerospace Corp for 640 mln dlrs. S/P said the acquisition enhances Lorals competitive position in the defense electronics industry by broadening its technology and program base. But most measures of financial risk deteriorate it said. Reuter | LORAL <LOR> DEBT LOWERED BY S/P |
Standard and Poors Corp said it placed the subordinated debt of Guarantee Savings and Loan Association the principle unit of Guarantee Financial Corp on creditwatch with positive implications. About 57 mln dlrs of debt is affected. S/P said the move follows Gurantees definitive agreement to be acquired by Glendale Federal Savings and Loan the fifth largest S and L in the U.S. The combination with Glendale should enhance the creditworthiness of Guarantees debt S/P said. Gurantees subordinated debt is currently rated B. Reuter | GUARANTEE <GFCC> UNIT'S DEBT ON S/P WATCH |
Shr 10 cts vs 13 cts Net 1553000 vs 1541000 Revs 73.1 mln vs 32.1 mln Avg shrs 15474000 vs 12316000 Year Shr 47 cts vs 24 cts Net 7241000 vs 2835000 Revs 216.2 mln vs 101.2 mln Avg shrs 15492000 vs 11921000 Note: Net income includes extraordinary profit from recognition of tax loss carryforward of 920000 dlrs or six cts a share in 1986 year and of 785000 dlrs or seven cts a share in both 1985 periods. Reuter | UNITED HEALTHCARE CORP <UNIH> 4TH QTR NET |
General Automation Inc said it has arranged a ten-mln-dlr leasing facility with Wells Fargo and Cos <WFC> Wells Fargo Leasing Corp. The program is a one-year facility that will allow financing for ZEBRA computers other General Automation systems and applications sofware the company said. Reuter | GENERAL AUTOMATION <GENA> SETS LEASING PACT |
The London Stock Exchanges traded options market plans volume growth of at least 80 pct a year and will more than double the range of options available by the end of 1988 options committee chairman Geoffrey Chamberlain said. He told a news conference that more options contracts were traded in 1986 than in the previous seven years of the markets existence. Chamberlain said the daily average volume of contracts traded in February this year almost tripled to 53056 from 19034 in the same month last year and further rapid growth was expected. Were aiming for 100 stock option classes by the end of 1988 said Chamberlain. These would correspond to the eligible constituents of the FT-SE 100 share index. Chamberlain added that two new equity options were to be introduced this month. Options will be available in Sears Plc <SEHL.L> from March 4 and in Plessey Co. Plc <PLYL.L> from March 19. The London Stock Exchange is the largest outside the United States for options trading. Forty-five equity options two currency options two government bond (gilt) options and an option on the FTSE-100 index are available at present. Chamberlain said the Stock Exchange aimed to consolidate the London options markets leading position in Europe especially important with French and Swiss equity options trading planned to start this year. Id go so far as to say the plans for growth are conservative one leading options analyst said predicting continuing volume growth of around 20 pct a month for at least the next year. He said much of the recent growth in options had come from inter-market-maker trading aimed at hedging book positions. But now the retail options market was beginning to take off. The market trades from a corner of the now largely deserted floor of the London Stock Exchange. The floor has been left almost empty in the wake of the recent regulatory changes in the equity and gilts (government bond) markets which have encouraged a move to electronic off-floor trading. Yesterday the Stock Exchange decided to close the floor to equities trading altogether and said it expected to make a final decision on the floors future by the end of 1987. The floor space could be used for a purpose-built options market but Chamberlain said that it was unlikely that the options market would need more than half of the available space. REUTER | LONDON OPTIONS MARKET SEES CONTINUED HIGH GROWTH |
Shr profit 78 cts vs loss 1.05 dlrs Net profit 2336000 vs loss 3002000 Revs 26.0 mln vs 26.7 mln Year Shr profit 1.59 dlrs vs loss 6.35 dlrs Net profit 4688000 vs loss 18.2 mln Revs 113.5 mln vs 112.4 mln NOTE: 1986 4th qtr and yr includes loss carryfoward of 534000 dlrs and 1662000 dlrs respectively. Reuter | RAYTECH CORP <RAY> 4TH QTR DEC 28 NET |
Net loss 92623 vs profit 11209 Sales 93483 vs 189388 Note: per share data not available as company went public in January 1987. Reuter | DATAMAG INC <DMAG> 1ST QTR DEC 31 LOSS |
<Royal Bank of Canada> in reporting a 19 pct drop in first quarter earnings said it expects to report improved results in future earnings periods. Healthy consumer credit growth record fee-based income highly profitable securities and foreign exchange trading and a solid capital position...combined with the restraint of non-interest expenses should lead to improved results in the periods ahead chairman Allan Taylor said in a statement. The bank earlier reported profit for the first quarter ended January 31 fell to 114 mln dlrs from 140 mln dlrs a year ago. Taylor said loans to the energy sector continue to substantially hurt earnings while profitability of the banks international operations remains weak reflecting resource-related difficulties of private and public sector borrowers and unsatisfactory results from capital market activities. The bank said earnings from domestic operations rose to 103 mln dlrs in the first quarter from 98 mln dlrs a year ago while earnings from international operations plunged to 11 mln dlrs from 42 mln dlrs last year. Royal Bank said first quarter international net interest income declined from last year reflecting reduced revenues from international investment banking as well as a significant loss on disposal of its affiliate in Trinidad and Tobago. Other income rose to 251 mln dlrs from 220 mln dlrs last year. The rise was due to higher commercial banking and retail deposit service fees and higher foreign exchange revenue but lower securities commissions from international investment bank operations partly offset the gains Royal Bank said. The bank said a two billion dlr increase in total assets to 98.7 billion dlrs was due mainly to continued growth in consumer lending particularly residential mortgages. Reuter | ROYAL BANK SEES IMPROVED RESULTS |
The World Bank is launching a 300 mln markka seven-year straight issue due March 11 1994 with a coupon of 10 pct payable semi-annually and an issue price of 101-1/8 lead manager Postipankki said. It said fees totalled 1-3/4 pct of which 1-3/8 pct for selling and 3/8 pct for managment and underwriting combined including a 1/8 pct praecipuum. Denominations are 10000 100000 and one mln markka and listing is in Helsinki it said. REUTER | WORLD BANK LAUNCHES 300 MLN MARKKA BOND ISSUE |
Sun Microsystems Inc said it has agreed to cooperate with Philips Corporate Group Home Interactive Systems a Dutch electronics firm to develop a multi-media authoring computer system. The system will be based upon the integration of Sun workstation and Compact Disc Interactive technologies the company said. The authoring systems are collections of hardware system utilities and software to enable Comact Disc Interactive application developers to design assemble and test interactive multi-media applications in entertainment education and information for consumer and institutions. Reuter | SUN MICROSYSTEMS <SUNW> SETS PACT WITH PHILIPS |
Steelhead Resources Ltd said it has leased some feldspar deposits and will begin feldspar mining operations near Wickenburg Arizona. The company said the deposits contain in excess of 500000 tons of feldspar. Reuter | STEELHEAD RESOURCES <SHZ> LEASES FELDSPAR MINE |
Belgian Foreign Trade Minister Herman De Croo said if Congress passed legislation curbing world textile imports the only way the European Community (EC) could react was to retaliate. De Croo said at a news conference if you limit textile imports you will re-orient textiles to Europe. And that he said would trigger EC taxes on U.S. goods. Congress passed a textile bill two years ago but it was vetoed by President Reagan on grounds that curbing imports to protect the domestic textile industry would trigger retaliation U.S. trading partners. A similar bill has been introducted this year in a Congress with a bigger Democratic majority and with a President weakened by the Iran scandal. De Croo here for talks with Administration officials and Congressmen said if a textile bill passed the only way we could react would be retaliation and it would cause more retaliation which is not a good way to deal with problems. He said if a textile bill was enacted we will impose taxes on a lot of American products. He said it would be stupid. We have to avoid that. He said Congressmen seem upset mosty with Japan because of its massive trade suprlus with the United States and not with EC nations but EC nations will be hurt by the diverted shipments of Asian textiles. De Croo also criticized the way U.S. officials try to solve EC trade issues saying each time we come in contact it a conflict contact. The clouts are coming fom the West. He said it then is a crisis atmosphere with officials cross the Atlantic and dramatized with headlines. This is not the way to work in a serious way between two big powers De Croo said. reuter | BELGIAN SAYS EC WOULD REACT TO TEXTILE BILL |
Oper shr 25 cts vs 1.21 dlrs Oper net 1366000 vs 6287000 Revs 251.3 mln vs 107.1 mln Year Oper shr 1.10 dlrs vs 1.06 dlrs Oper net 5552000 vs 4982000 Revs 827.5 mln vs 434.4 mln NOTE: Oper net excludes results of Kay Jewelers Inc a former subsidiary. On Dec 31 1986 company distributed remaining 80.4 pct interest in subsidiary to Kay Corp holders. 1985 amts restated in connection with companys distribution of investment in Kay Jewelers Inc. 1986 4th qtr and yr oper net excludes 8308000 dlrs or 1.52 dlrs per share and 7774000 dlrs or 1.54 dlrs per share respectively for equity in net income of spun-off unit. 1985 4th qtr and yr oper net excludes 6806000 dlrs or 1.28 dlrs per share and 5770000 dlrs or 1.09 dlrs per share respectively for equity in net earnings of spun-off unit. 1985 oper net also excludes 2778000 or 52 cts per share for adoption of new pension accounting rules and ine cts per share for gain from assets sales. Reuter | KAY CORP <KAY> 4TH QTR NET |
ROSTENKOWSKI SAYS HE WILL OPPOSE PROTECTIONIST TRADE BILL IN U.S. HOUSE |
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Oper shr loss four cts vs loss 33 cts Oper net loss 154000 vs loss 1301000 Sales 30.0 mln vs 27.0 mln Year Oper shr profit 60 cts vs loss 16 cts Oper net profit 2364000 vs loss 608000 Sales 113.5 mln vs 132.8 mln NOTE: Net excludes extraordinary charges from provision for roofing products warranties and costs from sale of printing/laminate division of 320000 dlrs vs 10.3 mln dlrs in quarter and 43200000 dlrs vs 12.7 mln dlrs in year. Net excludes tax credits of 62000 dlrs vs 41000 dlrs in quarter and 127000 dlrs vs 88000 dlrs in year. Reuter | PANTASOTE INC <PNT> 4TH QTR LOSS |