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May 31 end Shr 27 cts vs 14 cts Net 5664000 vs 2812000 Revs 68.2 mln vs 54.7 mln Avg shrs 21254054 vs 20167714 NOTE: First quarter report Reuter | HOVNANIAN ENTERPRISES INC <HOV> QTR EARNINGS |
Apollo Computer Inc said the price cuts announced earlier today on its Domain Series 3000 computer workstations average 35 pct to 50 pct. An Apollo spokesman said the cuts bring prices to under 5000 dlrs for some Series 3000 models. In addition to reducing prices the company said it added new monochrome and color models to the Series 3000 line that improve its performance and graphics capabilities. The company made the price cuts along with the introduction of a more powerful family of workstations the Domain Series 4000. Industry analysts had expected Apollo to reprice the Series 3000 in response to aggressive price cuts made two weeks ago by Digital Equipment Corp <DEC> on its competing workstations. But the Apollo spokesman said the reductions had been planned for some time. We havent just cut prices he added noting that the company had improved the Series 3000 models. Analysts have said they also expect Sun Microsystems Inc <SUNW.O> Apollos biggest rival in the workstation market to cut prices and introduce new models. Sun has scheduled a new conference on July eight. Reuter | APOLLO <APCI.O> CUTS WORKSTATION PRICES |
Qtly div 6.25 cts vs 6.25 cts prior Pay Oct 2 Record Sept 1 (Corrects amount of qtly div in item that ran on Friday Jan 26) Reuter | <CORRECTED> - GENERAL INSTRUMENT CORP <GRL> DIVI |
FED APPROVES CITICORP PURCHASE OF SOME ASSETS OF SEARS CALIF. THRIFT |
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Health and Rehabilitation Properties Trust said it reached an understanding to purchase three nursing facilities in Mass. and Conn. for 29 mln dlrs from Greenery Rehabilitation Group Inc <GRGI.O>. The buildings will be leased back to Greenery for an initial term of seven years subject to renewal options for an additional 23 years Health and Rehabilitation Properties said. The transaction is expected to close on or before August 31. Reuter | HEALTH PROPERTIES <HRP> TO BUY PROPERTIES |
U.S. car production is scheduled to drop by 10.4 pct to about 1.47 mln in the third quarter from last years 1.63 mln as domestic automakers react to a drop in sales from last years record levels a trade paper said. Automotive News said General Motors Corp has slashed its planned car output by 12.6 pct from last years third quarter totals while Ford Motor Co is scheduling its plants to build 5.4 pct fewer cars and Chrysler Corp will be off 18.4 pct. However the paper quoted analysts as saying production should be cut by at least 200000 more units to avoid excessive inventory build-up amid weak demand for new cars. Analysts said GM and Ford may be working to stockpile cars despite the market conditions because of the prospect of a strike in September by the United Automobile Workers union. Through June 20 sales of new domestic-built cars are off 11.9 pct from last years levels. Only Ford among the Detroit Big Three is enjoying a sales gain. Reuter | U.S. CAR OUTPUT SEEN FALLING IN THIRD QUARTER |
The U.S. Environmental Protection Agency said it denied a request by Wheeling-Pittsburgh Steel Corp that it be allowed to continue to operate the Follansbee W. Va. sinter plant while court-ordered pollution control equipment is installed. The EPA said that since the original consent decree with the company was signed in 1979 the company had had numerous opportunities to reduce harmful emmissions from the plant. The agency said that only after the company failed to comply by the last available extension of its compliance deadline did the agency ask the court to close the plant. Reuter | EPA DENIES WHEELING-PITTSBURGH <QWHX> REQUEST |
BANK OF NEW YORK ADDS 135 MLN TO LOAN LOSSES, SEES SECOND QUARTER LOSS |
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BSN Corp said it holds less than five pct of MacGregor Sporting Goods. The company said the stock was acquired through recent open market purchases and the stake does not require specific disclosure. Reuter | BSN <BSN> BUYS STAKE IN MACGREGOR <MGS> |
Vernitron Corp said it has set a new record date for shareholders entitled to vote on the proposed merger of Vernitron Corp with SB Holding Corp for July 10. Vernitron which manufactures electromechanical components and related products and services said it expects that a special meeting of shareholders will be held in August. Vernitron said that SB Holding holds 55.2 pct in Vernitron resulting from a tender offer in November 1986. Reuter | VERNITRON <VRN> SETS RECORD DATE FOR MERGER VOTE |
The U.S. League of Savings Institutions said it has launched a program to bolster the liquidity of some savings and loan institutions and reduce their dependency on high interest rate deposits. A spokesman for the league said 48 institutions have committed 340 mln dlrs to the program and estimated that the program would begin within a week. Reuter | SAVINGS INSTITUTION TO HELP AILING THRIFTS |
The Federal Reserve Board said it approved Citicorps application to purchase through its subsidiary Citicorp Savings of Oakland Calif. some assets and assume some liabilities of Sears Savings Bank of Glendale Calif. Citicorp Savings proposed to assume two billion dlrs in deposits and other liabilities and to purchase 1.9 billion dlrs in assets of 50 branch offices of Sears Savings. The proposal involved less than one third of the assets and liabilities of Sears Savings owned by Sears Roebuck and Co <S>. The Fed said that it generally has determined there were potentially adverse effects of allowing affiliations of banks and savings and loan associations although it has allowed bank holding companies to acquire some failing thrifts. It said Citicorps proposal properly may be viewed as the permissible acquisition of certain assets and liabilities of S and L branches rather than the acquisition of an S and L. Citicorp Savings the successor to the failed Fidelity Savings and Loan Association has assets of 4.9 billion dlrs and operates 86 branches in California mainly in the north. Sears Savings has 6.6 billion in assets and 91 branches predominantly in southern California. The application which was approved unanimously will not eliminate Sears Savings as a competitor the Fed said. Reuter | FED ALLOWS CITICORP <CCI>, SEARS <S> THRIFT DEAL |
Loral Corp said its Loral Defense Systems won a 29.4-mln-dlr contract with the U.S. Air Force to build 17 advanced transportation and handling sytems. The systems the company said will help extend the life and effectiveness of the Minuteman Intercontinental Ballistic Missile. The systems are scheduled for delivery from August 1988 to May 1989. They will service about 1000 Minuteman missiles. Reuter | LORAL CORP <LOR> AWARDED AIR FORCE CONTRACT |
National Patent Development Corp and Bar-Ilan University of Israel said that their joint venture corporation Scientific Testing Inc will begin a clinical trial in the U.S. of its immuno-augmenting compound AS101 for the treatment of Acquired Immune Deficiency Syndrome (AIDS). The study will be conducted at the Institute of Immunological Disorders (MD Anderson Hospital Houston Tex) under the direction of Dr Peter Mensell pursuant to an investigational new drug application filed with the Food and Drug Administration the company said. The study expected to begin in four to six weeks is designed to test the effects of AS101 on about 30 AIDS patients National Patent said. It added that AS101 a proprietary synthetic compound invented by Bar-Ilan University doctors has shown immuno-augmenting anti-viral and anti-tumor activity in preclinical animal testing and immuno-augmenting activity in a limited number of AIDS patients in phase one foreign clinical tests. Reuter | NATIONAL PATENT <NPD> TO START AIDS DRUG TRIAL |
ICN Pharmaceuticals Inc said it purchased the remaining 225000 shares of Viratek Inc <VIRA.O> owned by Eastman Kodak Co owned as part of a previously announced program. The company said it paid Kodak 10.50 dlrs a share or 2.4 mln dlrs. As previously announced ICN also said it authorized the additional purchase of up to 1.5 mln shares of Viratek common. To date ICN said it bought a total of about 1.2 mln shares of Viratek including the shares purchased from Kodak. The company said it now owns 56 pct of Viratek as a result of these transactions. Reuter | ICN <ICN> BUYS STAKE FROM EASTMAN KODAK <EK> |
The World Bank said it approved two loans to Mexico totalling 205 mln dlrs to provide financial assistance to industrial companies and finance a project dealing with agricultural extension services. Mexicos Nacional Financiera (NF) the recipient of both loans will receive 185 mln dlrs to be used to provide long-term credit and equity funds to small and medium-sized industrial enterprises the bank said. It said a 20 mln dlr loan is being made to help finance a project designed to test strategies to improve the quality and cost effectiveness of agricultural extension services. The industrial enterprise project estimated to cost 350.3 mln dlrs aims to support companies threatened by high inflation and adversely affected by increased competition brought about by bank-supported trade liberalization measures. The bank said the 73.8 mln dlr extension services project will examine strategies in 20 of Mexicos 192 rural development districts and finance training for personnel and farmers office construction and the purchasing of equipment. Both loans are for 15 years including three years of grace with a variable interest rate currently 7.92 per cent which is linked to the banks cost of borrowing funds. Reuter | MEXICO GETS 205 MLN DLRS IN WORLD BANK LOANS |
Intel Corp said it has signed a letter of intent with privately-held Silicon Compiler Systems Corp under which Intel will become a value-added silicon vendor for integrated circuits designed with Silicon Compilers GENESIL silicon compilation system. Under the proposed pact Intel would provide initial silicon foundry services for GENESIL-based designs. GENESIL users would be able to compile their application-specific designs using Intels 1.5-micron complementary metal-oxide semiconductor process. Reuter | INTEL <INCT.O> SETS PACT WITH SILICON COMPILER |
The World Bank said it has loaned Turkey 325 mln dlrs to help support an energy sector reform program. The loan-supported program hopes to reduce the extensive public sector involvement in the countrys energy production and supply the bank said. The loan is for 17 years including four years of grace with a variable interest rate currently 7.92 pct the bank said. Reuter | WORLD BANK LOANS TURKEY 325 MLN DLRS |
The Reagan Administration is discussing a deal with Cairo under which Egypt would build the U.S. M-1A1 battle tank a high-speed weapon packed with laser and other technology Pentagon officials said. But they denied a Washington Post report that the Administration has already approved a production license which would entail transfer of sensitive technology to Egypt. We have been talking with Egyptian officials about also producing the tank but there is a long way to go before any decision is made one Pentagon official who asked not to be identified told Reuters. Reuter | PENTAGON SAYS NO DECISION YET ON EGYPT TANK DEAL |
Oper shr 50 cts vs 40 cts Oper net 20.8 mln vs 16.4 mln Revs 531.7 mln vs 418.7 mln NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs or 1.14 dlrs a share for discontinued operations. Reuter | RITE AID CORP <RAD> 1ST QTR MAY 30 |
Telequest Inc said Henry Marcheschi its chairman and president resigned for health reasons. Executive vice president Robert Lee was elected president and chief executive to succeed Marcheschi the company said. Reuter | TELEQUEST <TELQ.O> CHAIRMAN RESIGNS |
Maxtor Corp said it bought privately-held Storage Dimensions Inc for an undisclosed sum. The company said Storage Dimensions incorporates Maxtors high-capacity 5-1/4-inch Winchester and optical disk drives into a family of data storage subsystems for IBM PCs XTs ATs and compatibles. Storage Dimensions is the creator or SpeedStor software a utility program that integrates high-capacity disk drives into PCs. Maxtor said the purchase reflects its desire to compete in the high-capacity segment of the PC market. Reuter | MAXTOR CORP <MXTR.O> BUYS PRIVATE FIRM |
Shr 19 cts vs seven cts Net 936000 vs 351000 Revs 153.3 mln vs 145 mln Reuter | SUPER RITE FOODS INC <SRFI.O> 1ST QTR MAY 30 |
The board of directors of the last entirely private Uruguayan bank La Caja Obrera has approved its merger with a state-owned bank due to a severe financial crisis a bank statement said. It said the Caja Obrera would merge with the Banco Pan de Azucar. The move was decided by the board of the Banco de la Republica the state bank that since 1985 has had control the Banco Pan de Azucar. La Caja Obrera said the move aimed at assuring its normal and stable operation with a full guarantee for the people holding deposits as well as clients and employees. La Caja Obrera was the last entirely private Uruguayan bank. The Banco Pan de Azucar after being taken over by the Banco de la Republic in 1985 carried out a similar merger operation with the Banco de Italia. Reuter | LAST PRIVATE URUGUAYAN BANK MERGES WITH STATE BANK |
Baxter Travenol Laboratories Inc General Electric Co unit GE Information Services and <Premier Hospital Alliance> said they developed a computer purchasing system for the health care industry. They said the system known as ASAP Express removes the need to have a different computer system for each vendor and will streamline hospital purchasing systems by reducing paperwork and simplifying billing. The system combines Baxters ASAP (Analytic Systems Automated Purchasing) clearinghouse system and the GE EDI (electronic data interchange) Express system. GE Information Services operates a large commercially available teleprocessing network. Illinois based Premier Hospital Alliance is a voluntary group of 37 hospitals in 30 U.S. cities. Baxter Travenol said that by the end of 1987 it expects more than 100 hospitals to be part of the ASAP Express system with a majority of the 5600 current ASAP users participating in the ASAP Express system in the next five years. Reuter | BAXTER <BAX> AND GE <GE> DEVELOP VENDOR SYSTEM |
SEC CHARGES CAMPEAU'S ALLIED STORES WITH DISCLOSURE VIOLATIONS IN RECENT TAKEOVER |
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General Motors Corps German subsidiary Adam Opel AG had a first half profit after three years of losses the trade paper Automotive News said. The paper quoted Opel chairman Horst Herke as saying the unit will earn at least 100 mln marks in 1987 after losing 141.5 mln marks in 1986. In the first six months of this year we have clearly had black numbers Herke said. As far as we can see we will conclude the full year with a profit he said. The paper also said Opel is likely sell its Senator and Omega models in the U.S. if it goes ahead with an export plan. Reuter | GM'S <GM> OPEL UNIT HAD 1ST HALF PROFIT - PAPER |
Pre-Paid Legal Services Inc said its management knows of no developments to account for unusually heavy trading in the companys stock. The company said it was responding to inquiries regarding recent activity of its common on the American Stock Exchange. In early afternoon trading the stock was down 1-7/8 to 5-1/8 on a turnover of 160400 shares. Reuter | PRE-PAID LEGAL <PPD> HAS NO REASON FOR TRADING |
A group of companies controlled by Brookehill Partners Inc told government authorities it may support a buyout of Cardis Corp as a way to maximize the value of the companys stock. In a filing with the Securities and Exchange Commission the group disclosed that it currently holds a 5.5 pct stake in Cardis common stock and said it would likely support an acquisition of the company as a whole or in parts by another party terming such a move the most likely means for the companys shareholders to maximize the value of their investment. Although the group characterized its Cardis stock holdings as principally for investment it said it intends to contact third parties who might be interested in an acquisition of Cardis a Los Angeles-based auto parts distributor. The group added its has already had some contacts with others concerning the company but said no understandings have been reached. The (Cardis) common shares continue to offer opportunity for price appreciation on the basis of the companys asset value and earnings momentum the Brookehill group told the SEC. The group which currently holds 318900 Cardis common shares consists of New York-based Brookehill Partners and its two subsidiaries Brookehill Equities Inc a brokerage and Moore Grossman and deRose Inc an investment advisor. Walter Grossmman S. Edward Moore and Robert deRose all of New York each own one-third interests in Brookehill Partners. Since April 27 members of the Brookehill group made net purchases of 6000 Cardis common shares at approximately 4 dlrs a share. The group told the SEC it may continue to purchase additional Cardis stock but also reserved the right to sell its shares in the company. Reuter | GROUP MAY SUPPORT CARDIS CORP <CDS> BUYOUT |
Bank of New York Co Inc said it expects a second quarter loss of 35 mln dlrs. The company said this is partly due to an addition of 135 mln dlrs to its loan loss allowance. The 135 mln dlr addition to its loan loss allowance which is expected to be 400 mln dlrs on June 30 is in recognition of recent international debt developments. It said its loss projection of 35 mln dlrs for the second quarter ending June 30 takes into account the 49 mln dlr gain from the sale of RMJ Holdings and compares with last years second quarter income of 37.8 mln dlrs. The first six months should show income of around 12 mln dlrs the bank said with income set to exceed 100 mln dlrs for the full year. Last years income reached 155 mln dlrs. Reuter | BANK OF NEW YORK <BK> SEES 2ND QTR LOSS |
Moodys Investors Service Inc said it may downgrade 1.3 billion dlrs of debt of Public Service Company of New Hampshire. Under review are B-1 first mortgage bonds B-2 refunding mortgage bonds B-3 third mortgage and secured pollution control revenue bonds Caa debentures and preferred stock. Moodys cited an uncertain ability to meet fixed-income obligations due to the Nuclear Regulatory Commissions refusal to grant a low-power operating license because of inadequate evacuation plans. The firm depends on credit markets to fund obligations due to a negative internal cash flow it said. Reuter | MOODY'S MAY DOWNGRADE P.S. NEW HAMPSHIRE <PNH> |
The World Bank said it approved two loans to Mexico totalling 205 mln dlrs to provide financial assistance to industrial companies and finance a project dealing with agricultural extension services. Mexicos Nacional Financiera (NF) the recipient of both loans will receive 185 mln dlrs to be used to provide long-term credit and equity funds to small and medium-sized industrial enterprises the bank said. It said a 20 mln dlr loan is being made to help finance a project designed to test strategies to improve the quality and cost effectiveness of agricultural extension services. Reuter | MEXICO GETS 205 MLN DLRS IN WORLD BANK LOANS |
BANK OF NEW YORK ADDS 135 MLN TO LOAN LOSSES, SEES SECOND QUARTER LOSS |
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U.S. House Speaker Jim Wright said he would question President Reagan tomorrow about his plan to protect Kuwaiti oil tankers with U.S. warships from attacks by Iran in the Gulf. House and Senate Democrats who control Congress have been critical of Reagans plan but have not decided how or if they should try to pass legislation to prohibit it. Wright a Texas Democrat told reporters the Administration had gone ahead with plans to reflag the Kuwaiti tankers as U.S. ships without asking Congressional leaders for their advice. Reuter | U.S.CONGRESSMAN TO SEE REAGAN ON GULF REFLAGGING |
GenRad Inc said it has introduced the HITEST test generation system. The company said HITEST takes a modular approach to test generation using a set of interactive software tools that automate many parts of the test generation process. HITEST runs on Digital Equipment Corp <DEC> VAX and MicroVax computers and is priced at 64000 dlrs for a software license GenRad said. It added that delivery is immediate. Reuter | GENRAD <GEN> INTRODUCES TEST SYSTEM |
Caremark Inc and Baxter Travenol Laboratories Inc jointly announced that Caremark shareholders will vote on July 31 to approve the previously announced merger with Baxter. The companies said Caremark shareholders of record as of June 26 will be entitled to vote at the meeting to be held in Newport Beach Calif at 1000 PDT. On May 11 Baxter and Carmark announced a definitive agreement for Baxter to acquire Carmark in a stock transaction valued at 528 mln dlrs. Reuter | CAREMARK <CMRK.O> TO VOTE BAXTER <BAX> MERGER |
State merchant bank Mediobanca Spa <MDBI.MI> said an Italian banking consortium has arranged 100 mln dlrs in financing for Banque Exterieure dAlgerie. Mediobanca said in a statement that the financing was part of an accord reached last March between Italy and Algeria which agreed 300 mln dlrs of financing for Italian exports to Algeria. Mediobanca said 12 Italian banks were participating in the consortium but gave no further details about the financing. Among the banks are Banca Nazionale del Lavoro (BANI.MI> Banco di Sicilia and Efibanca Spa. REUTER | ITALIAN BANKS PROVIDE FINANCING TO ALGERIAN BANK |
The Securities and Exchange Commission charged Allied Stores Corp with failing to promptly disclose key steps it was taking last September to thwart a takeover attempt by Campeau Corp. In an administrative complaint the SEC said Allied and its legal adviser failed to promptly inform shareholders and the agency that it had begun talks with Youngstown Ohio shopping center developer Edward DeBartolo in response to Campeaus takeover offer. Campeau acquired Allied for an estimated 4.2 billion dlrs on Jan 1 following a battle with DeBartolo. On Sept 25 a day after Allied disclosed that its board had urged rejection of Campeaus Sept 12 tender offer for 58 dlrs a share Allied began negotiating the sale of six shopping centers to DeBartolo the SEC said. Allied legal advisor and director George Kern who heads the merger and acquisitions group at the New York law firm of Sullivan and Cromwell decided against amending Allieds SEC filing to disclose the talks even though they had resulted in sales price of 405 mln dlrs for the shopping centers it said. Securities law requires takeover target companies to promptly disclose such things as the sale of major assets. The day after Campeau increased its tender offer to 80 pct of Allieds stock from 55 pct and raised its bid to 66 dlrs a share from 58 dlrs on Sept 29 Allied and a partnership headed by DeBartolo began negotiating a takeover deal aimed at thwarting Campeau the SEC said. Kern again decided against disclosing the talks in an amended SEC filing the agency charged. Allieds first disclosure of the DeBartolo takeover was made on Oct 8 even though its board approved the merger on Oct 3 and the merger agreement was executed on Oct 7 the complaint said. DeBartolo and Campeau later engaged in a bitter battle for control of Allied with Campeau winning out later in October when it bought a block of 25.8 mln shares of Allied stock or 48 pct of the total in a controversial move made only minutes after it dropped its hostile tender offer. The acquisition of the additional 48 pct which a federal judge allowed to be completed gave Campeau a majority stake in Allied. Campeau bought the rest at 69 dlrs a share. The SEC said it had planned to file a court brief joining with Allied in charging that Campeau had engaged in an illegal tender offer. But the SEC brief was never filed since the case was dropped following an agreement between Campeau and DeBartolo. In the administrative proceeding against Allied and Kern the SEC is asking for an administrative order that they comply with reporting provisions of securities laws in the future. Although Allied is no longer publicly traded since it became a subsidiary of Campeau it still files annual and quarterly reports to the SEC because it has outstanding debt. Reuter | SEC SAYS CAMPEAU UNIT VIOLATED DISCLOSURE RULES |
Shr 31 cts vs n/a Net 671000 dlrs vs 1256000 dlrs Year Shr 1.85 dlrs vs n/a Net four mln dlrs vs 2.8 mln dlrs Assets 426.4 mln dlrs vs 334.1 mln dlrs Deposits 323.1 mln dlrs vs 277.2 mln dlrs Loans 335.9 mln dlrs vs 254.9 mln dlrs Note:the company does not give 1986 per share earnings as it converted from a mutual savings bank to a stock savings bank in January 1986 Reuter | GREAT COUNTRY BANK <GCBK.O> YEAR MAY 31 NET |
Allied-Signal Inc said it completed the sale seven businesses in its electronics and instrumentation sector for 1.8 billion dlrs in cash and in debt assumed by the purchasers. The company said last December its would sell the units by mid 1987. It did not identify the buyers. The company said the proceeds will be used to reduce debt continue the companys share buyback program and increase strategic investments in its core businesses and other corporate purposes. It said the units sold were Ampex Corp Amphenol Prodcuts Linotype Group Neptune International MPB Corp Revere Corp and Sigma Instruments Inc. Reuter | ALLIED-SIGNAL <ALD> COMPLETES UNIT SALES |
Cycare Systems Inc an information processing systems company said it purchased the assets of Control Data Corps MedTec unit for undisclosed terms. MedTec is a provider of patient accounting and scheduling systems for large scale group medical practices. Reuter | CYCARE <CYCR.O> BUYS CONTROL DATA <CAD> UNIT |
U.S. Minerals Exploration Co said it and Pegasus Gold Inc <PGUL.O> of Spokane Wash officially commissioned a new gold zinc and lead producing mine. U.S. Minerals said the new Montana Tunnels Mine near Helena Mont is expected to reach full production in August 1987. U.S. Minerals said the mine is designed to operate at an average of 12500 tons or ore per day and is projected to produce 95000 ounces of gold in 1988 plus significant quantities of silver lead and zinc. U.S. Minerals said it has a 50 pct net profit royalty interest in the mine after payback of development costs. Reuter | U.S. MINERALS <USMX.O> COMMISSIONS NEW GOLD MINE |
Mitsubishi Motor Sales of America Inc said it is raising car prices by an average 1.8 pct or 227 dlrs and truck prices by 1.6 pct or 150 dlrs because of the continued strength of the Japanese yen against the U.S. dollar. The company also said the price for its Montero sport/utility vehicle will be increased by 1.5 pct or 150 dlr. The changes are effective immediately Mitsubishi also said. Reuter | MITSUBISHI RAISES CAR/TRUCK PRICES IN U.S. |
Becor Western Inc said no business will be transacted at the shareholders meeting scheduled for 1000 CDT tomorrow and the meeting will be permanently adjourned. If a definitive agreement or transaction results from any of the offers now pending for the companys stock Becor said a date for a new shareholders meeting will be established. Reuter | BECOR <BCW> TO ADJOURN DELAYED HOLDERS MEETING |
Universal Communication Systems Inc said it has tentatively agreed to sell substantially all its assets for about 79 mln dlrs in cash and notes plus limited profit participation. The company said the terms of the sale have been approved by its board and by Prime Motor Inns Inc <PDQ> owner of about 84 pct of Universals outstanding stock. It described the purchaser as a subsidiary of a company in the communications field which is one of the 100 largest U.S. corporations. The company said the transaction involves the payment of 20 mln dlrs in cash a non-interest bearing payment of 11.3 mln dlrs in four equal instalments over four years and two promissory notes guaranteed by an affiliate of the purchaser. It said a 31.5 mln dlr 14 pct note is payable in four equal instalments over four years. It said a 16.3 mln dlr 8.5 pct note due Dec 31 1992 includes participation in the 1992 profits of the acquiring company. Universdal said the profit element can be terminated with payments by the purchaser of either five mln dlrs in 1988 six mln dlrs in 1989 seven mln dlrs in 1990 or eight mln dlrs in 1991. Reuter | UNIVERSAL COMMUNICATION <UCS> TO SELL ASSETS |
U.S. TO END TAX TREATY WITH NETHERLANDS ANTILLES JANUARY 1, 1988, TREASURY SAYS |
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Union Enterprises Ltd said its agreement to sell its interest in Canbra Foods Ltd to Macluan Capital Corp has been terminated. Union said Macluan failed to make an offer for Unions 72 pct interest in Canbra before the June 22 deadline. Union said it is no longer bound by the agreement and is continuing to seek a buyer for the interest. Reuter | UNION <UEL.TO> ENDS PACT TO SELL CANBRA <CBF.TO> |
PepsiCo Incs Pepsi-Cola USA said it named privately owned Lockhart and Pettus Inc of New York to handle its advertising and promotion to Black consumers. Pepsi-Cola USA said it is the second major new account for Lochart and Pettus in as many weeks. Earlier this month Chrysler Motors Corp named the agency to handle its minority marketing. Reuter | PEPSI <PEP> NAMES NEW AD AGENCY FOR BLACK MARKET |
Unicorp American Corp <UAC.A> said it will take an after-tax gain in the second quarter of 1.5 mln dlrs from the sale of three properties in the Boston area. It said the properties were sold for aggregate proceeds of about 6.3 mln dlrs. Reuter | UNICORP <UAC> POSTS GAIN ON PROPERTY SALE |
Molex Inc said it signed a distribution and share-purchase agreement with Dubilier PLC of Abingdon Oxon England. Under the agreement Molex will sell Dubiliers products worldwide and receive 2.1 mln ordinary shares in Dubilier at a price of two British pounds or 3.22 U.S. dlrs a share. The shares which represent 6.39 pct of the existing issued share capital of Dubilier will be issued under a U.K. subscription agreement that restricts Molex from disposing of the shares and from increasing its holding above 9.9 pct for two years. Reuter | MOELX <MOLX.O>, <DUBILIER PLC> SIGN AGREEMENT |
SSMC Inc said it has executed a letter of understanding to acquire the Parts Catalog Division of <Cutters Exchange Inc> for an undisclosed amount. SSMC spun off from the Singer Co <SMF> a year ago said that the Parts Catalog Division wholesales parts and needles to the industrial sewing trade in the U.S. Under the agreement key managers and employees of the Parts Catalog Division in Nashville Tenn will relocate to the SSMC facility in Murfreesboro SSMC said. Reuter | SSMC <SSM> TO BUY CUTTERS EXCHANGE DIVISION |
<SunRiver Corp> a Jackson Miss.-based computer products company said it introduced the first line of computer workstations designed to be connected with powerful personal computers over fiber-optic cable. The privately held company said up to 16 of its new Cygna 386 workstations can attach to a PC based on Intel Corps <INTC.O> 80386 microprocessor which include models sold by Compaq Computer Corp <CPQ> and International Business Machines Corp <IBM>. SunRiver said the Cygna workstations allow users to access files and share printers and other equipment controlled by an 80386-based PC. In addition the workstations are the first of their kind to offer full graphics capabilities in a multiuser-multitasking environment Sunriver said. The company said the Cygna line will be available in October at prices starting at 1599 dlrs. Reuter | SUNRIVER INTRODUCES NEW WORKSTATIONS |
The Treasury Department said it notified the Netherlands that it was terminating the 1948 income tax treaty as it applies to the Netherlands Antilles and Aruba. The termination is effective January 1 1988 the Treasury said in a two-sentence announcement. The Treasury decided to end the treaty after negotiations between the United States and the Netherlands over the past eight years had failed to reach an accord a Treasury spokesman said. The decision means the sale by U.S. parent companies of Eurobonds through Netherlands Antilles subsidiaries will no longer be free of the 30 pct U.S. withholding tax the spokesman said. Terminating the tax treaty with the Netherlands Antilles may cause bond issuers to call in the bonds early. Most have maturities of 10 years or less and were issued before 1984 the spokesman said. He said the Treasury did not expect the action to have an adverse effect on U.S. issuers of the bonds because the general decline in interest rates means they will be able to refinance at lower interest rates. However the holders of the bonds presumably will be faced with lower yields. Reuter | U.S. TO END NETHERLANDS ANTILLES TAX TREATY |
Westinghouse Electric Corp took over operations of several facilities at the U.S. Department of Energys Hanford Nuclear Reservation near Richland Wash the DOE said. It said that Westinghouse replaces Rockwell International and UNC Nuclear Inc who have been criticized by the state of Washington the federal government and environmentalists for failing to correct safety problems at Hanford. Westinghouse signed a four billion dlr contract three weeks ago to operate Hanford for the next five years DOE said. The contract provides the company and annual profit between 1.4 mln and 14.6 mln dlrs depending on the quality of its performance the DOE said. Our first objective is to be safe soid William Jacobi Westinghouse general manager at Hanford adding If we can make that (safety) a priority we can have the production we need. Westinghouses chief mission at Hanford is to produce plutonium supervise research for the Strategic Defense Inititive SDI and the cleanup of military nuclear waste stored in tanks at the site since the 1940s company and DOE officials said. Reuter | WESTINGHOUSE <WX> TAKES OVER NUCLEAR PLANT |
Eldon Industries Inc expects a record July 12 second quarter Chairman Robert Silverstein told the New York Society of Security Analysts. The companys previous best second quarter was the period ended July 12 1986 when Eldon had earnings of 1353000 dlrs or 31 cts a share on sales of 20.7 mln dlrs. Silverstein said If these positive trends continue we look forward to favorable quarterly comparisons for the balance of the year resulting in another record year in sales and income. Reuter | ELDON INDUSTRIES <ELD> SEES RECORD 2ND QTR NET |
<Westland Group Plc> said it signed a 40 mln stg five-year unsecured syndicated bond and guarantee facility. In a prepared statement it said the facility would support future sales particularly of helicopters and would be extendable annually on an evergreen basis. The facility also could be used to guarantee down payments and advances by customers and to provide performance bonds. The facility was provided equally by seven international banks from Europe and Japan and by Britains Export Credits Guarantee Department. REUTER | WESTLAND GETS 40 MLN STG FINANCING FACILITY |
Moodys Investors Service said it affirmed Greyhound Corps Baa-2 subordinated debt rating and Prime-2 commercial paper rating. Some 160 mln dlrs of long-term debt is affected. Moodys said Greyhounds debt had been under review for possible downgrade since May when it agreed to acquire the in-flight catering and airport terminal concession businesses of Carson Pirie Scott and Co for about 390 mln dlrs. Moodys said it expects Greyhound to experience generally improved results over the next several years due to recent strategic acquisitions. It has reduced debt via asset sales. Reuter | GREYHOUND CORP <G> DEBT AFFIRMED BY MOODY'S |
Carolco Pictures Inc said it signed a letter of intent to exchange 2.2 mln of its shares for all Orbis Communications Inc stock within the next 60 days. It said the Carolco shares used in the exchange are valued at 7.00 dlrs a share or a total value of 15.4 mln dlrs and will be adjusted based on the price of Carolco shares on the closing date. It said Orbis management will remain in place for at least three years. Reuter | CAROLCO PICTURES <CRC>, ORBIS IN AGREEMENT |
The Paris-based Intergovernmental Council of Copper Exporting Countries (CIPEC) is closely studying the current backwardation in world copper market prices but does not envisage taking corrective action at present CIPEC sources here said. The organisations executive and marketing committees reviewed the current market situation during a series of meetings here late last week but took no major decisions. The sources noted that the backwardation - premium of nearby supply over forward delivery - dates back several weeks and is the longest on record. Its unusual one official said but added CIPEC did not have any immediate recipe to remedy the situation. The meetings featured a gathering of the 10 directors of CIPECs regional copper development and promotion centres which are based in Europe Japan India and Brazil. Their main aim was to prepare the ground for the annual ministerial meeting of CIPEC which is scheduled for Zaire in late September. The last three ministerial meetings have been held in Paris to keep down costs. Reuter | CIPEC STUDYING COPPER MARKET BACKWARDATION |
Premdor Inc a wooden door manufacturer said employees at its Ellesmere Road plant in Toronto rejected a tentative contract agreement reached Saturday and this morning went on strike. It said the employees narrowly rejected the agreement reached with the United Brotherhood of Carpenters and Joiners of America. The company gave no further details. Reuter | PREMDOR (PDI.TO) TORONTO WORKERS ON STRIKE |
Health and Rehabilitation Properties Trust said it has reached an understanding to purchase three skilled nursing facilities in Massachusetts and Connecticut for 29 mln dlrs and lease them back to Greenery Rehabilitation Group Inc <GRGI.O> of Cambridge Mass. Health and Rehabilitation Properties said The facilities are Beverly Nursing Home a 160 bed facility in Beverly Mass Liberty Pavillion Nursing Home a 160-bed facility in Danvers Mass and New Lakeview Convalescent Home a 210-bed facility in Chesire Conn. Health and Rehabilitation Services said each of the facilities provides skilled nursing care to medically demanding geriatric patients. Health and Rehabilitation Services said the buildings will be leased back to Greenery for an initial term of seven years subject to renewal options for an additional 23 years. The transaction is expected to close on or before August 31. Health and Rehabilitation said the facilities are now operated by Greenery Rehabilitation which owns 9.9 pct of Health and Rehabilitations outstanding shares. Reuter | HEALTH AND REHABILITATION <HRP> BUYS FACILITIES |
Shr loss 26 cts Net loss 1277737 Revs 3.7 mln Note: full name Canadian Home Shopping Network Ltd. Period ended April 30 was companys first quarter of operations. Reuter | CANADIAN HOME SHOPPING (CWS.TO) 1ST QTR LOSS |
Finance Minister Michael Wilson announced amendments to Canadas revolving standby credit facility with a group of Canadian banks to provide more favorable terms including a reduced commitment fee and lower-cost borrowing options. The size of the facility has also been reduced to three billion dlrs U.S. from 3.5 billion dlrs U.S. The maturity debate of the new agreement will be June 19 1992. The move follows similar amendments last November to Canadas revolving standby credit facility with international banks. The amendments provide a total of seven billion dlrs U.S. in standby credit. Reuter | CANADA SETS NEW STANDBY CREDIT FACILITY |
Finlands state-owned mining company Outokumpu Oy said in a statement it was entering Spanish markets as a shareholder in Iberica del Cobre S.A. a manufacturer of copper products. Outokumpu will acquire 21 pct of the shares in the Spanish company and a company will be set up as an agent for Outokumpu Spain. The deal awaits approval by the Spanish government. Iberica del Cobre makes tubes rods rolled and drawn copper and alloy products and its sales of 87000 tonnes of output in 1986 amounted to 22 billion pesetas. Outokumpus turnover in 1986 was 7.58 billion markka. Reuter | OUTOKUMPU IN COPPER DEAL WITH IBERICA DEL COBRE |
Period ended May 31 Oper shr 31 cts vs 29 cts Oper net 552035 vs 525729 Sales 36.7 mln vs 29.1 mln Nine mths Oper shr 1.08 dlrs vs 1.04 dlrs Oper net 1931488 vs 1864075 Sales 104.9 mln vs 87.6 mln NOTE: 1986 period ended June One NOTE: Earnings exclude gain on disposal of discontinued operations of 162000 dlrs or nine cts a share vs loss of 585175 dlrs or 33 cts a share in the quarter and a gain of 432000 dlrs or 24 cts a share vs a loss of 585175 dlrs or 33 cts a share for the nine months 1986 earnings exclude losses from discontinued operations of 111024 dlrs or six cts a share in the quarter and 237773 dlrs or 13 cts a share for the nine months Reuter | CONCORD FABRICS INC <CIS> 3RD QTR OPER NET |
Period ended May 31 Shr 1.81 dlrs vs 1.45 dlrs Net 113752000 vs 90902000 Revs 1.12 billion vs 1.20 billion NOTE: Full name is General Public Utilities Corp Reuter | GENERAL PUBLIC UTILITIES <GPU> FIVE MTHS NET |
VMX Inc said it has introduced three new voice messaging capabilities called Host Data Link Auto Scheduler and User Changeable Voice Codes. The company said Host Data Link and Auto Scheduler streamline and automate reporting functions while User Changeable lets individual users create and update their own group codes from their voice mailbox. Reuter | VMX <VMXI.O> UNVEILS NEW VOICE MESSAGING TOOLS |
Year ended March 31 Shr loss three cts vs profit 10 cts Net loss 58285 vs profit 182039 Sales 3857122 vs 3188555 Avg shrs 2108080 vs 1891250 Reuter | COMTREX SYSTEMS CORP <COMX.O> YEAR LOSS |
Mthly div 3.6 cts vs 3.6 cts last month Payable July 14 Record July 1 Reuter | <FRANKLIN AGE HIGH INCOME FUND> dividend |
Mthly div 5.8 cts vs six cts last month Payable July 14 Record July 1 Reuter | <FRANKLIN U.S. GOVERNMENT SECURITIES FUND>PAYOUT |
Mthly div 4.5 cts vs 4.5 cts last month Payable July 14 Record July 1 Reuter | <FRANKLIN CALIFORNIA TAX-FREE INCOME FUND>PAYOUT |
Mthly div 7.3 cts vs 7.3 cts last month Payable July 14 Record July 1 Reuter | <FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT |
Qtly div 20 cts vs 20 cts prior Pay July 24 Record July 10 Reuter | STANDARD PRODUCTS CO <SPD> REGULAR DIVIDEND |
Seton Co said its board of directors unanimously approved an agreement and plan of merger providing for the merger of Seton with a unit of S Acquisition Corp a New Jersey company. Seton said its board of directors unanimously approved the merger in a meeting held today. Seton said the agreement and plan of merger provides that all shares of Seton Co common stock not held by S Acquisition Corp or its units will be converted upon the merger into the right to receive 15.88 dlrs per share in cash. Reuter | SETON <SEL> DIRECTORS APPROVE MERGER AGREEMENT |
Anglo American Corp of South Africa Ltd. <ANGL.J> has attacked a key apartheid law barring blacks from living in white residential areas as racially discriminatory and economically wasteful. The Group Areas Act was also a misuse of resources the South African economy can no longer sustain the directors said in the annual report released today. These latest remarks by South Africas biggest company follows past criticisms by the firm that apartheid was economically inefficient. The company said the countrys prospects for economic growth had improved in the past few months after two years of deep recession but cautioned that the economic outlook was heavily dependent on a solution to South Africas political turmoil. The directors said the resumption of sustained economic growth was dependent on stable domestic conditions and the restoration of normal international relationships. The South African government this year is targeting three pct real growth in gross domestic product against an increase of less than one pct last year. A moderate rate of growth in the year ahead should not give rise to strains on the balance payments provided there is not a substantial deterioration in export earnings or an acceleration of capital outflows Anglo American said. Anglo American last month reported a 25.8 pct advance in net attributable profit to 1.5 billion rand in the year to March 31. REUTER | ANGLO AMERICAN ATTACKS KEY APARTHEID LAW |
The central state owned Bank of Greece said a consortium of Japanese banks will lend it 20 billion yen for use in the public sector. The Bank said in a statement the loan will be for 10 years with a five year grace period. The first five years of the loan will have a fixed interest rate slightly above the long term prime rate of the Japanese money market with an adjustment in the second five years in accordance with prevailing market rates. Banks in the consortium are Bank of Tokyo International Ltd Industrial Bank of Japan Ltd The Long Term Credit Bank of Japan Dai-Ichi Mutual Life Insurance Co Sumitomo Bank Ltd Mitsubishi Bank Ltd Sanwa Bank and Yashouda Bank and Trust Corp the Bank of Greece said. REUTER | JAPANESE BANKS LEND 20 BILLION YEN TO GREECE |
Di Giorgio Corp said it plans to respond to an unsolicited recapitalization plan proposed by Gabelli and Co Inc after the company its board and its investment bankers evaluate the proposal. Earlier Gabelli said in a filing with the Securities and Exchange Commission that it holds a 28.5 pct stake in DiGiorgio and that it together with Gamco Investors Inc may seek control of the company. In addition on June 25 the Gabelli group proposed to acquire all of Di Giorgios common shares for a combination of 20 dlrs per share in cash a subordinated note with a face value of eight dlrs and one common share of the post-buyout company. The June 25 buyout proposal remains open until July 17. Reuter | DI GIORGIO <DIG> TO EVALUATE GABELLI OFFER |
Nec Electronics Inc said the U.S. Ninth District Circuit Court of Appeals has agreed to hear the companys petition seeking the disqualification of the judge presiding over its lawsuit against Intel Corp <INTC.O>. In granting the hearing the court directed Intel to respond to the NEC petition by July 16 NEC said. The petition stems from a suit filed by NEC against Intel in 1984. In its complaint NEC is seeking a judgement stating that microcode is not copyrightable subject matter and that the microcode NEC uses in its V-Series microprocessors does not infringe on any valid Intel corprights. During May last year the judge presiding over the case William Ingram submitted a financial disclosure report to the U.S. Judicial Conference which showed that he owned Intel stock through an investment club throughout the proceedings NEC said. Reuter | COURT TO HEAR NEC LAWSUIT PETITION |
International Banknote Co Inc said it accepted for exchange 3484000 dlrs principal amount of its 10-1/4 pct subordinated debentures due Aug 1 1998. It said the exchange was part of its offer which expired June 26. Reuter | INT'L BANKNOTE <IBK> EXCHANGES DEBENTURES |
Gunnar Gold Inc said it and Mill City Gold Inc signed an option and joint venture agreement with Tyranex Gold Inc on the Tyranite gold property in Ontario. Gunnar said it and Mill City can earn a 50 pct interest in Tyranexs option to buy the Tyranite gold mine by spending up to five mln dlrs on exploration development and feasibility studies by 1990. It said the companies may form a joint venture partnership to bring the mine to full commercial production. Reuter | GUNNAR GOLD (GGG.TO) IN VENTURE AGREEMENT |
Shr 19 cts vs 16 cts Net 502000 vs 401000 Revs 8791000 vs 6650000 Six mths Shr 38 cts vs 29 cts Net 989000 vs 745000 Revs 16.3 mln vs 12.5 mln Reuter | DATA ARCHITECTS INC <DAI> 2ND QTR MAY 31 NET |
Control Data Corp said the Aeronautical Systems Division of the U.S. Air Force awarded it a 13.7 mln dlr contract to provide a Central Datacomm System. It said the system will act as the central interface between numerous user organizations and the divisions Information Systems and Technology Center at Wright-Patterson Air Force Base in Ohio. Terms of the five-year two-phase contract call for Control Data to supply equipment software maintenance training and support services. Reuter | CONTROL DATA <CDA> GETS 13.7 MLN DLR CONTRACT |
TeleQuest Inc said that Henry Marcheschi president chairman and ceo of the company has resigned for health reasons. The board of directors has elected Robert Lee a co-founder of the company and former executive vice president of manufacturing and engineering as president and chief executive officer the company said. Marcheschi will continue to work for the company as a consultant Telequest added. Reuter | TELEQUEST INC <TELQ.O> PRESIDENT RESIGNS |
The American Hospital Association said the best way to prevent the spread of AIDS to hospital workers is for workers to wear protective clothing rather than through routine tests of all hospital patients for the disease. The non-profit advocacy organization which represents hospitals and patients recommended that hospital workers should wear protective gear whenever there is a chance they will be exposed to blood or other bodily fluids regardless of whether the fluids are known to be infected with AIDS. The group also said that reliance on negative AIDS test results to determine when to take specific precautions can lead to a false sense of security among health care workers. So far there are nine cases on record of hospital workers contracting AIDS from hospital patients. Despite the low risk of contracting the group said Hospital workers are understandly concerned about their vulnerability (to AIDS). There are 3.6 mln workers in the nations hospitals with nurses and housekeepers the most likely to come in contact with blood and body fluids on a daily basis the group said. Among the Americal Hospital Associations recommendations were that health care workers exposed to body fluids must wear gloves and in some cases gowns masks and eye coverings. Reuter | HOSPITAL GROUP IS AGAINST MANDATORY AIDS TESTING |
Consumer countries should not intervene in the distribution of coffee export quotas Brazilian Coffee Institute president Jorio Dauster said. Distribution of export quotas should be in the hands of producers as has been traditional Dauster a delegate at the recent coffee symposium here told journalists. When consumers want to get involved talks are much more difficult. The main consumer country the United States and main producer Brazil failed to reach agreement on quota distribution when the International Coffee Organisation (ICO) met in February. Dauster said Brazils role when the ICO meets in London in September will be to support the world coffee pact defend its market share and argue for distribution of quotas to be in the hands of producer countries. We have sacrificed a great deal already he said. this year we have a crop of 35 mln bags we have economic problems and we are not in a position to do favours. Reuter | DAUSTER SAYS CONSUMERS SHOULD KEEP OUT OF QUOTAS |
Gunnar Gold Inc said it and Mill City Gold Inc signed an option and joint venture agreement with Tyranex Gold Inc on the Tyranite gold property in Ontario. Gunnar said it and Mill City can earn a 50 pct interest in Tyranexs option to buy the Tyranite gold mine by spending up to five mln dlrs on exploration development and feasibility studies by 1990. It said the companies may form a joint venture partnership to bring the mine to full commercial production. Reuter | GUNNAR GOLD IN VENTURE AGREEMENT |
Crown Crafts Inc said it expects to report record sales and earnings for the June 28 first quarter. The company said its prior record sales quarter was the second quarter of fiscal 1987 with sales of 15097000 dlrs. Its prior record net earnings and primary earnings per share of 877000 dlrs or 1.15 dlrs a share were achieved in the third quarter of fiscal 1987. Crown also said its backlog stands at more than 17.0 mln dlrs double the backlog a year ago. Reuter | CROWN CRAFTS <CRW> SEES RECORD 1ST QTR RESULTS |
British Petroleum Company PlC <BP.L> has completed its merger with Standard Oil Co of the U.S. <SRD> raising its holding to 100 pct from 55 pct BP said in a statement. The acquisition was made through BPs wholly-owned subsidiary <BP America Inc>. BP took a 25 pct stake in Standard in 1970 raising its stake to 53 pct in 1978 and 55 pct in 1984. BP chairman Sir Peter Walters will be chairman of BP America while Robert Horton is to be vice-chairman and chief executive officer with Frank Mosier as president. BP said further details would be released on July 21. Reuter | BRITISH PETROLEUM COMPLETES STANDARD OIL MERGER |
Getty Resources Ltd said it completed its previously announced sale of 9.8 mln dlrs worth of subordinated notes convertible into 930000 common shares of the company at 10.50 dlrs each. Getty said it plans to file a prospectus with the Ontario Securities Commission and will be able to force conversion of the notes into common shares. Getty said it plans to use the money for Canadian mineral projects it is currently exploring. Reuter | GETTY RESOURCES (GEY.TO) COMPLETES FINANCING |
Shr loss four cts vs loss seven cts Net loss 267000 vs loss 445000 Revs 6407000 vs 7428000 NOTE: Full name is Thor Energy Resources Inc Reuter | THOR ENERGY RESOURCES <THR> YEAR JAN 31 LOSS |
American Century Corp said its Commerce Savings subsidiary received 42.8 mln dlrs from the foreclosure of certain properties in Aspen Colo. It said the sum represents the amount Commerce bid for the properties in the April foreclosure sale plus interest. The properties include a hotel and condominium development site the 60-acre Aspen Meadows development and a residence. Reuter | AMERICAN CENTURY <ACT> COMPLETES FORECLOSURE |
Jaguar Plc <JAGR.L> will spend about one billion stg over the next six years on expanded production automation and improved efficiency Jaguar chairman Sir John Egan said. He told reporters the company planned to raise production to around 80000 cars a year by 1992 from 47000 this year while productivity was expected to rise to 5.5 cars per worker in 1990 compared with four cars now. Egan said the XJ6 model introduced last October was the first of a new saloon car family. Jaguar planned to bring out a new sports car in the early 1990s probably called the F. Reuter | JAGUAR PLANS ONE BILLION STG OUTLAY |
Oper shr loss 13 cts vs profit three cts Oper net loss 644000 vs profit 184000 Revs 24.9 mln vs 22.1 mln Year Oper shr loss nine cts vs profit 21 cts Oper net loss 429000 vs profit 1123000 Revs 90.8 mln vs 86.5 mln NOTE: Revenues exclude medical publishing and retail operations the company decided to dispose of during the fourth quarter which had fiscal year revenues of 17.3 mln dlrs vs 14.4 mln dlrs. Operating results exclude discontinued operations which had year loss of 364000 dlrs vs profit 313000 dlrs. Reuter | HEI CORP <HEIC.O> 4TH QTR MARCH 31 LOSS |
National Broadcasting Co a unit of General Electric Co <GE> said programming has not been affected by a strike which began just after midnight June 28. Right now things are running very smoothly said NBC spokeswoman McClaine Ramsey. The strike by members of the National Association of Broadcast Employees representing 2800 of NBCs 8000 workers began after the network imposed a contract which the union said was unacceptable. The union said its main objection to the contract was that it permitted NBC to employ additional part-time workers. Ramsey said managers had been trained to replace the roles of many of the producers news writers editors and technicians who walked off the job. She said no reductions in programming much of which is summer re-run schedule were expected. NABET executive board member Bill Freeh said many people some brought in from foreign news bureaus had crossed picket lines set up at NBC television stations and bureaus. Reuter | NBC SAYS PROGRAMMING NOT AFFECTED BY STRIKE |
Qtly div eight cts vs eight cts prior Pay Sept 1 Record Aug 15 Reuter | AFFILIATED PUBLICATIONS <AFP> QUARTERLY DIV |
Standard and Poors Corp said it downgraded 95.9 mln dlrs of debt of Allis-Chalmers Corp. Cut to D from B-minus were the 6.1 pct sinking fund debentures due 1990 and to D from C were the cumulative convertible preferred stock. S and P cited the companys filing for reorganization under Chapter 11 of the federal bankruptcy code. The issues were removed from review where they were placed on March nine due to the firms failed recapitalization plan. Reuter | ALLIS-CHALMERS <AH> DEBENTURES CUT BY S/P |
Yugoslavia and the United Arab Emirates (UAE) have agreed to initiate efforts to end the Iraq- Iran war UAE Minister of State for Foreign Affairs Rashid Abdulla al-Nuaimi said today on return from Belgrade. We agreed during the talks to initiate efforts to end the Iraq-Iran war call for an international peace conference for the Middle East and to revive and support the Non-Aligned states the Emirates news agency WAM quoted him as saying. He was the first senior UAE official to visit Yugoslavia since the two countries established diplomatic relations last November. Reuter | YUGOSLAVIA, UAE TO INITIATE EFFORTS TO END GULF WAR |
The American Stock Exchange said 4250000 shares of Uno Restaurant Corp holding company for a chain of 37 pizza restaurants began trading under the symbol UNO. The West Roxbury Mass.-based company previously traded in the NASDAQ National System under the symbol UNOS. Reuter | UNO RESTAURANT <UNO> STOCK TRADES ON AMEX |
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS, SOYBEANS 8,392 WHEAT 33,641 CORN 33,728 |
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1631.4 Previous - 1614.2 Four weeks ago - 1628.9 Year ago - 1453.8 Reuter | REUTER COMMODITY INDEX - June 29 |