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Kennametal Inc said second quarter ending December 31 earnings should show significant improvement over the 3.5 mln dlrs or 35 cts a share earned in the year earlier quarter. The company said this outlook is based on its optimism the positive trand in domestic metalworking sales will continue through its fiscal 1988. It reported an increase in first quarter profits to 4.9 mln dlrs from 3.6 mln a year ago and said sale increases were experienced in most markets with sales of domestic metalworking products achieving the greatest gains. Reuter | KENNAMETAL <KMT> SEES IMPROVED 2ND QTR PROFITS |
Shr profit 30 cts vs profit three cts Net profit 3933000 vs profit 436000 Revs 70.4 mln vs 47.2 mln Avg 13.2 mln vs 13.0 mln Nine mths Shr profit 85 cts vs loss 17 cts Net profit 11.2 mln vs loss 2083000 Revs 192.1 mln vs 144.8 mln Avg shrs 13.2 mln vs 12.0 mln Reuter | AVX CORP <AVX> 3RD QTR OCT THREE NET |
Federal Express Corp said that the average daily volume of packages and documents for September increased 26 pct over the same month in 1986. The total volume of packages in September increased to 17687000 from 14077000. The average daily volume of packages increased to 842238 from 670333. For the first four months of the fiscal year ending Sept 30 the company said its total volume of packages increased to 69826000 from the 54232000 reported during the same period last year. The average daily volume during the period increased to 802598 from 638024. Reuter | FEDERAL EXPRESS <FDX> SEPTEMBER VOLUME RISES |
CATERPILLAR INC 3RD QTR SHR 1.47 DLRS VS LOSS 26 CTS |
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Shr 26 cts vs 18 cts Net 5281000 vs 3496000 Revs 48.8 mln vs 32.1 mln Nine mths Shr 64 cts vs 51 cts Net 12.9 mln vs 9822000 Revs 129.0 mln vs 89.2 mln Reuter | STRATUS COMPUTER INC <STRA.O> 3RD QTR NET |
New York investor Martin Sosnoff said he reduced his stake in Caesars World Inc common stock to 3878700 shares or 16 pct of the companys common stock outstanding from about 17.4 pct. Sosnoff who tried unsuccessfully to acquire Caesars World earlier this year said in a filing with the Securities and Exchange Commission that he sold 338975 Caesars World shares on October 15 and 16 at 22.50 dlrs to 25.25 dlrs a share. Sosnoff said he holds his Caesars World stock primarily for investment purposes. He also said he reserves the right to alter his intentions at any time. Reuter | SOSNOFF REDUCES CAESARS WORLD <CAW> STAKE |
Graco Inc said it expects 1987 earnings to be below last years record level despite higher sales. The company last year earned 14.3 mln dlrs or 2.38 dlrs a share on sales of 225.1 mln dlrs. It said its order backlog remains strong and it will complete delivery and installation of several large auto plant finishing systems during the fourth quarter. Earlier it reported third quarter earnings of 3.1 mln dlrs or 54 cents a share compared with 4.4 mln dlrs or 73 cents a share a year earlier. Reuter | GRACO <GGG> SEES LOWER EARNINGS FOR YEAR |
CRAZY EDDIE INC SAYS IT WON'T OPPOSE SLATE OF ENTERTAINMENT MARKETING |
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FEDERAL-MOGUL CORP 3RD QTR SHR 66 CTS VS 48 CTS |
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Shr 26 cts vs 18 cts Net 1409551 vs 985470 Revs 38.4 mln vs 22.5 mln Nine mths Shr 64 cts vs 47 cts Net 3477188 vs 2558625 Revs 88.8 mln vs 63.9 mln NOTE: Earnings per share adjusted for 3-for-2 stock split distributed on September 4. Reuter | MYERS INDUSTRIES INC <MYE> 3RD QTR NET |
Shr profit two cts vs loss 2.60 dlrs Net profit 111000 vs loss 16.9 mln Nine mths Shr profit 19 cts vs loss 2.80 dlrs Net profit 1261000 vs loss 18.1 mln Reuter | VICTORIA BANCKSHARES INC <VICT.O> 3RD QTR NET |
Shr 11 cts vs 22 cts Qtly div 10 cts vs 10 cts prior Net 548254 vs 1138978 Revs 28 mln vs 31.1 mln Year Shr 50 cts vs 1.34 dlrs Net 2527846 vs 6822293 Revs 111.7 mln vs 118.9 mln NOTE: Qtly div payable December 4 to shareholders of record November 13. Reuter | INTERSTATE SECURITIES INC <IS> 4TH QTR SEPT 30 |
About 10000 people marched through the Sudanese capital Monday in protest against price increases and devaluation of the Sudanese pound. The march was aimed at measures agreed with the International Monetary Fund including devaluation of the Sudanese pound by 44 pct and a rise in sugar and petrol prices. The devaluation was announced on October 3. Sudans foreign debt costs an estimated one billion dlrs a year to service. REUTER | PROTESTERS MARCH AGAINST PRICE RISES IN SUDAN |
Sept 30 end Shr 14 cts vs 20 cts Net 733980 vcs 871720 Revs 14.7 mln vs 12.0 mln Avg shrs 5130190 vs 4302430 Year Shr 61 cts vs 60 cts Net 2763308 vs 2550133 Revs 50.0 mln vs 43.1 mln Avg shrs 4565189 vs 4277046 Fiscal 1987 net both periods includes charge 480000 dlrs to adjust premium reserves for workers compensation and liability insurance claims. Reuter | PANCHO'S MEXICAN BUFFET INC <PAMX.O> 4TH QTR NET |
Shr 85 cts vs 73 cts Net 3150000 vs 2699000 Sales 39.8 mln vs 34.3 mln Nine Mths Shr 2.19 dlrs vs 1.86 dlrs Net 8109000 vs 6876000 Sales 111.5 mln vs 100.7 mln NOTE: 1987 tax credits added 14 cts to third quarter net and 33 cts to nine months net compared with credits of 16 cts and 45 cts in the respective 1986 periods. Reuter | FRANKLIN ELECTRIC CO INC <FELE.O> 3RD QTR NET |
Oper shr three cts vs 48 cts Oper net 170000 vs 2324000 Nine mths Oper shr 1.26 dlrs vs 1.84 dlrs Oper net 6157000 vs 8907000 NOTE: Operating net excludes extraordinary gains of 231000 dlrs or four cts a share vs 2657000 dlrs or 55 cts a share in quarter and 1341000 dlrs or 28 cts a share vs 4637000 dlrs or 95 cts a share in the nine months Reuter | ALTUS BANK <ALTS.O> 3RD QTR NET |
Perry Drug Stores Inc said Donald Fox has resigned from the board of directors effective immediately. Fox a board director since 1971 said he was resigning because of new business interests the company reported. Fox left Perry as president and chief operating officer in January and was recently appointed president of Beauty Brands Group a distributor based in Southfield Mich. the company said. Reuter | PERRY DRUG <PDS> DIRECTOR RESIGNS |
Shr 48 cts vs 35 cts Net 4946000 vs 3552000 Sales 94.1 mln vs 84.5 mln Avg shrs 10.2 mln vs 10.1 mln Reuter | KENNAMETAL INC <KMT> 1ST QTR SEPT 30 NET |
Peripheral Systems Inc said it completed tests of the Nucell-50 radio isotope generating system known as a resonant nuclear battery designed to produce up to 50 kilowatts of AC electricity. The Nucell-50 developed by privately-held <Nucell Inc> converts the natural decay of radioactive materials directly into electricity whout a nuclear reaction or fission process the company said. Peripheral said it entered into a previously announced agreement to acquire Nucell subject to shareholder approval and has been providing research funds and engineering to it. The merger calls for an unspecified amount of stock to be paid for Nucell the company said. The Nucell-50 unit which measures 12 inches by 15 inches and weighs less than 50 pounds can operate continuously for many years the company said. The device uses a small amount of radioactive material which can be shielded for consumer use the company said. Initial funding of the Nucell research and development was provided by individuals many of whom were officers and directors of Peripheral the company said. Reuter | PERIPHERAL <PSIX.O> COMPLETES BATTERY TESTS |
Oper shr profit four cts vs profit 13 cts Oper net profit 456000 vs profit 1633000 Revs 37.8 mln vs 34.0 mln Avg shrs 13.0 mln vs 13.0 mln Nine mths Oper shr profit 12 cts vs loss 39 cts Oper net profit 1614000 vs loss 4877000 Revs 109.2 mln vs 88.3 mln Avg shrs 13.1 mln vs 12.5 mln NOTE: 1987 net excludes tax credits of 156000 dlrs in quarter and 716000 dlrs in nine mths. 1987 net both perioods includes charge one mln dlrs from restructuring of Computer Products Division. Reuter | COMPUTER CONSOLES INC <CCS> 3RD QTR NET |
The Senate Agriculture Committee was expected to consider proposals that would limit adjustments in county loan rate differentials which trigger larger corn and wheat acreage reduction requirements Senate staff said. A budget-saving proposal drafted by chairman Patrick Leahy (D-Vt) would limit adjustments in county loan rate differentials to no more than one pct per year from the national average loan rate starting with 1988 crops. The plan also would allow the Agriculture Secretary to increase the unpaid acreage reduction requirement for corn by an appropriate amount to generate savings if projected corn stocks exceeded 6.0 billion bushels. Leahys proposal would also allow a larger 1988 wheat set aside if projected stocks surpassed 1.9 billion bushels. Reuter | SENATE PANEL STUDIES LOAN RATE, SET ASIDE PLANS |
Shr profit five cts vs loss one ct Net profit 504000 vs loss 102000 Revs 31.4 mln vs 32.0 mln Nine mths Shr profit 17 cts vs profit 26 cts Net profit 1729000 vs profit 2596000 Revs 92.7 mln vs 112.6 mln NOTE: 1986 3rd qtr net includes a after-tax charge of 555000 dlrs for sale of Reliacare Inc. 1986 nine mths net includes charge of 1253000 dlrs or 12 cts a share for sale of Reliacare and Inspiron Hospital Products division. 1986 nine mths net also includes aftertax earnings of 2256000 dlrs or 22 dlrs a share for American Medical International Inc <AMI> contracts which expired July 1986. Reuter | OMNICARE INC <OCR> 3RD QTR NET |
U.S. INDUSTRIAL CAPACITY USE RATE 81.2 PCT IN SEPTEMBER, UNCHANGED FROM AUGUST |
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California Micro Devices said it signed a memorandum of understanding with Telefonica to establish a joint venture to make integrated circuits for the Western European market. Telefonica is the national telephone company of Spain. Under the pact the companies will design develop make and market application specific integrated circuits thin film resistor networks and non-impact printhead substrates. California Micro will contribute about two mln dlrs of its equity in the venture. Telefonics will invest five mln dlrs in California Micro common stock. Reuter | CALIFORNIA MICRO <CAMD.O> IN JOINT VENTURE |
The coupon on <Healthvest>s 40 mln Swiss franc seven-year subordinated convertible bond was set at 4-1/2 pct and not at the four pct indicated lead manager S.G. Warburg Soditic SA said. The issue announced by the Texan company on October 12 is priced at par. Its conversion price was set at 23 dlrs during the first three years and 21-3/4 dlrs during the last four years with the exchange rate fixed at 1.47 francs per dlr. Bonds held until maturity will be redeemed at 116.43 pct for a 6-1/2 pct annual yield. Subscriptions close on October 28. REUTER | COUPON SET HIGHER FOR HEALTHVEST CONVERTIBLE |
Shr 1.22 dlrs Net 27.8 mln vs 28.6 mln Nine mths Shr 3.88 dlrs Net 87.4 mln vs 98.7 mln Assets 10.3 billion vs 8.4 billion Deposits 7.4 billion vs 6.7 billion Loans 7.9 billion vs 6.0 billion NOTE: Full name is Dime Savings Bank of New York. 1986 per share figures not available as bank converted to stock form in August 1986. 1987 qtr and nine mths includes gain 10.5 mln dlrs and 33.2 mln dlrs respectively from utilization of net operating loss carryforwards. 1986 qtr and nine mths includes gain 10.4 mln dlrs and 32.9 mln dlrs respectively from utilization of net operating loss carryforwards. 1987 qtr and nine mths also includes charge of 835000 dlrs for the early extinguishment of debt net of tax benefit. Reuter | DIME SAVINGS BANK N.Y. <DIME.O> 3RD QTR NET |
The Nordic Investment Bank (NIB) said in a statement it granted Finlands state-owned oil company Neste Oy <Neoy.He> a one hundred million German mark loan to acquire shares in Swedens OK Petroleum AB. Neste is buying one quarter of the shares in the Swedish company whose other shareholders are the Swedish State and a federation of oil consumers. Over 60 pct of the NIBs loans this year have involved the energy sector. REUTER | NORDIC INVESTMENT BANK GIVES LOAN TO NESTE |
Two congressmen urged President Reagan to to call congressional leaders to a domestic economic summit to settle budget and trade matters they said contributed to the stock market fall. Noting the nosediving New York Stock Exchange Rep David Obey a Wisconsin Democrat and former chairman of the Congressional Economic Committee said for the last five years this economic recovery has been running on borrowed money and borrowed time. In another House speech Democrat Donald Pease of Ohio said a domestic economic summit was desperately needed. Reuter | U.S. LAWMAKERS SAY STOCK DIVE CALLS FOR SUMMIT |
Robert Halmi Inc said it and Hal Roach Studios Inc signed a definitive agreement to merge in a stock swap value at 115 mln dlrs based on October 16 closing prices. The company said the agreement calls for the holders of common stock in Hal Roach to exchange their shares on a one-for-one basis for shares in the combined company. It said holders of Robert Halmi common will exchange their shares on a two-and-one-half-for-one basis for shares in the combined company. The company said the swap will be tax-free. The company also said <Qintex Ltd> a 35 pct owner of Hal Roach common stock has agreed to use the company as the exclusive vehicle for its U.S. media and entertainment investments the company said. The company said Qintexs U.S. subsidiary also agreed to supply a minimum 70 mln dlrs line of credit to the new company which shall be used with Qintex approval for financing new HRI products. The company said that under the definitive agreement Qintexs U.S. division will have the right to purchase up to 51 pct of the new company in the open market in private transactions or by tender offer but will not be purchasing warrants to bring its ownership to 51 pct of the new company. If Qintexs U.S. subsidiary has not achieved this ownership within one year after the completion of the merger the subsidiary will have the right two years thereafter to request that HRI commence a rights offering to HRI stockholders the company said. Regarding the potential rights offering Qintexs U.S. subsidiary will act as standby purchaser the company said. The transaction is subject to the approval of both companys shareholders the receipt of certain tax approvals and the continued employement of Robert Halmi Sr and Robert Halmi Jr the company said. Robert Halmi Sr who is currently chairman and chief executive officer of Robert Halmi Inc will be chairman of the new company and David Evans current president and chief operating officer of Hal Roach will become chief executive the company said. Reuter | HAL ROACH <HRSI.O>, ROBERT HALMI <RHI> TO MERGE |
Sept 30 end Shr 32 cts vs 32 cts Net 2990000 vs 2988000 Sales 57.3 mln vs 54.6 mln Reuter | PICCADILLY CAFETERIAS INC <PICC.O> 1ST QTR NET |
System Software Associates Inc said it completed its previously-announced acquisition of Admin EDP Pty Ltd for cash and a small amount of stock. Admin EDP of Sydney Australia is a full-service software sales and services firm. Reuter | SYSTEM SOFTWARE <SSAX.O> COMPLETES ACQUISITION |
Shr 54 cts vs 73 cts Net 3080000 vs 4367000 Sales 59.6 mln vs 55.6 mln Nine mths Shr 1.44 dlrs vs 1.81 dlrs Net 8526000 vs 10857000 Sales 172.4 mln vs 167.0 mln Backlog 34 mln dlrs vs 29 mln dlrs NOTE: 1986 period ended September 26 Reuter | GRACO INC <GGG> 3RD QTR SEPT 25 NET |
Shr 55 cts vs 48 cts Net 2520000 vs 2211000 Nine mths Shr 1.57 dlrs vs 1.41 dlrs Net 7223000 vs 6475000 Reuter | FIRST MICHIGAN BANCORP <FMBC.O> 3RD QTR NET |
Shr 19 cts vs 15 cts Net 826362 vs 421759 Revs 19.0 mln vs 14.8 mln Avg shrs 4400000 vs 2900000 Nine Mths Shr 48 cts vs 31 cts Net 1872075 vs 887478 Revs 51.6 mln 41.1 mln Avg shrs 3889000 vs 2900000 Note: Full name Countrywide Transport Services Inc. Reuter | COUNTRYWIDE TRANSPORT <CWTS.O> 3RD QTR NET |
Shr four cts vs five cts Net 85292 vs 109285 Revs 2916128 vs 474819 Reuter | SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET |
A. Schulman Inc said its board declared a special dividend of 10 cents per share payable November 23 to holders of record November 9. The company also said its board authorized the spending of 15 mln dlrs for a new warehouse and plant in West Germany adjacent to its present location there. It said the board also authorized the spending of 1700000 dlrs to provide additional warehouse laboratory and office space at its Belgian facility. Reuter | A. SCHULMAN <ASHL.O> SETS SPECIAL DIVIDEND |
Shr 85 cts vs 77 cts Net 25.8 mln vs 21.9 mln Avg shrs 29.0 mln vs 27.1 mln Nine mths Shr 2.22 dlrs vs 2.14 dlrs Net 67.9 mln vs 60.1 mln Avg shrs 29.0 mln vs 26.5 mln NOTE: Previously reoprted amounts restated for earnings of First NorthWest Bancorp acquired in pooling of interests on July 31 1987. Reuter | KEYCORP <KEY> 3RD QTR NET |
Oper shr 1.02 dlrs vs 82 cts Oper net 174 mln vs 149 mln Revs 2.7 billion vs 2.4 billion Nine mths Oper shr 2.54 dlrs vs 2.64 dlrs Oper net 438 mln vs 492 mln Revs 8.2 billion vs 7.4 billion NOTE: 1987 3rd qtr and nine mths includes after-tax 82 mln dlr or 49 cts a share gain for increase in equity of Union Texas Petroleum Holdings Inc for initial public offering. 1987 nine mths net includes after-tax gain of 73 mln dlrs or 42 cts a share on sale of remaining interest in the Henley Group Inc and other related transactions which was partly offset by an after-tax loss of 30 mln dlrs ot 17 cts a share for repurchase of high coupon bonds. 1987 nine mths also excludes 79 mln dlrs for estimated net gain on disposal of discontinued operations as of March 31 1987 including Linotype Group Amphenol Products Ampex Corp. 1986 amounts restated to exclude sales and expenses of discontinued operations. 1986 3rd qtr and nine mths oper net excludes operating income of 15 mln dlrs and and 44 mln dlrs for discontinued operations. 1986 nine mths includes a 43 mln dlrs or 24 cts a share after tax gain for reversion of surplus pension funds. At end of 1987 and 1986 third quarter average shares outstanding were 169.9 mln and 175.4 mln outstanding after deducting dividends accured on preferred stock. At end of 1987 and 1986 nine mth period average shares were 172.5 mln and 175.9 respectively after deducting for preferred stock dividends. Reuter | ALLIED-SIGNAL INC <ALD> 3RD QTR OPER NET |
Corby Distilleries Ltd said it has agreed to buy Toronto-based McGuinness Distillers Ltd from Heublein Inc for about 45 mln dlrs in a move which Corby expects to add significantly to domestic earnings. Heublin is a subsidiary of Grand Metropolitan PLC (GMHL.L). Corby said McGuinness will remain a seperate business unit with a seperate sales force. McGuinness markets liquers brandy and other liquors and has entered the fast-expanding wine cooler market Corby said. Corby said it expects to benefit from McGuinnesss succesfull introduction of schnapps and coolers and its strength in traditional market sectors. Heublein said the sale does not include McGuinnesss Calona Wines Ltd a Canadian wine company. Heublein said it is will still be represented in Canada by Gilbey Canada Inc. reuter Reuter | CORBY DISTILLERIES <CDL.TO> TO BUY HEUBLEIN UNIT |
Shr 16 cts vs 13 cts Net 1538000 vs 1288000 Sales 35.3 mln vs 29.5 mln Nine Mths Shr 27 cts vs 37 cts Net 2601000 vs 3586000 Sales 102.0 mln vs 84.2 mln Reuter | BURR-BROWN CORP <BBRC.O> 3RD QTR NET |
DIME SAVINGS BANK OF NEW YORK 3RD QTR NET 27.8 MLN DLRS 28.6 MLN DLRS |
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Shr 1.24 dlrs vs 66 dlrs Net 38.2 mln vs 20.1 mln Revs 419.1 mln vs 333.8 mln Nine mths Shr 3.50 dlrs vs 1.74 dlrs Net 107.7 mln vs 53 mln Revs 1.2 billion vs 940 mln Reuter | TEMPLE-INLAND INC <TIN> 3RD QTR NET |
Shr 34 cts vs 26 cts Net 6150000 vs 4743000 Revs 61.4 mln vs 49.5 mln Nine months Shr 89 cts vs 70 cts Net 16 mln vs 11.8 mln Revs 170 mln vs 137.5 mln NOTE: All share and per share data have been adjusted to reflect 100 pct stock dividend distrition on April 24 1987 and the public offier of two mln shares ofthe company on June 4 1986. Reuter | UNIVERSAL FURNITURE LTD <UFURF.O> 3RD QTR NET |
Shr 63 cts vs 49 cts Net 5635000 vs 4330000 Sales 117.8 mln vs 96.2 mln Year Shr 2.21 dlrs vs 1.71 dlrs Net 19.8 mln vs 15.2 mln Sales 465.1 mln vs 388.5 mln NOTE: Share adjusted for February 1987 three-for-two split. Prior year results restated. Reuter | A. SCHULMAN INC <SHLM.O> 4TH QTR AUG 31 NET |
Marathon Petroleum Company a subsidiary of USX Corp said it lowered posted prices for crude oil by 50 cts with an effective date of October 16. The increase brings posted prices for West Texas Intermediate and West Texas Sour to 19.00 dlrs a barrel each. South Louisiana Sweet was increased to 19.35 dlrs a barrel. Several indepndent oil companies such as Permian Corp and Coastal Corp <CGP> said they had moved prices up effective last Friday the day Sun Co <SUN> announced a 50 cts a barrel increase to 19.00 dlrs a barrel. Reuter | USX <X> UNIT HIKES CRUDE OIL POSTED PRICES |
LONDON GOLD 1500 FIX - OCT 19 - 481.00 DLRS |
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Anchor Glass Container Corp said it expects fourth quarter profits to exceed the 4.7 mln dlrs reported for the third quarter and net income for the full year will be about equal to or slightly exceed 1986s profit before extraordinary items of 20.6 mln dlrs. For the first nine months Anchor reported operating profits of 16.2 mln dlrs down from 17.8 mln dlrs in 1986. It said third quarter profits which dropped from 8.3 mln dlrs a year earlier were on target with managements earlier expectations. The company had previously said it expected the August 13 purchase of Diamond-Bathurst Inc to reduce third quarter earnings. It said third quarter earnings were also reduced by about 800000 dlrs or six cents a share by a year-to-date revision in the estimated annual effective tax rate as a result of the acquisition. Reuter | ANCHOR GLASS <ANC> SEES FLAT ANNUAL RESULT |
USX Corp said its USS division and Inland Steel Corp are continuing to pursue plans to construct a plant devoted to the continuous pre-painting of steel coils. The company said the proposed facility will primarily serve the appliance market and will have a capacity of 250000 to 300000 tons yearly. The company said a location for the new plant has not been determined. Seperately USX said it and Inland have been unable to reach agreement with <Worldmark Corp> regarding terms of a previously announced arrangement for prepainting steel coils. Reuter | USX <X>, INLAND <IAD> IN STEEL COIL VENTURE |
Sept 30 end Primary 76 cts vs 51 cts Diluted shr 70 cts vs 49 cts Net 2802000 vs 2030000 Revs 124.9 mln vs 117.2 mln Primary avg shrs 3687000 vs 4016000 Diluted avg shrs 4786000 vs 5101000 Reuter | BEARINGS INC <BER> 1ST QTR NET |
Shr 24 cts vs 15 cts Net 24057000 vs 14508000 Revs 156.1 mln vs 111.2 mln Nine mths Shr 63 cts vs 40 cts Net 63183000 vs 36464000 Revs 405.0 mln vs 295.8 mln Reuter | CHEMICAL WASTE MANAGEMENT INC<CHW> 3RD QTR NET |
Monsanto Co said sales of its Nutrasweet artificial sweetener fell slightly in the third quarter due to a continuing decline in usage by the powdered soft drink market. It doesnt look as if there is going to be any improvement in the powdered soft drink sector said Donna Smith a Monsanto spokeswoman. The company reported third quarter sales of 1.90 billion dlrs from 1.69 billion a year earlier. Nutrasweet sales fell to 177 mln from 179 mln a year earlier it said. A growing market for diet sodas about 90 pct of which use Nutrasweet offset much of the sales loss said Monsanto chief economist Nick Filippello. Prospects remain strong in the diet soda market Filippello said since industry analysts predict diet carbonated soft drinks will hold about 28 pct of the soda market by years end up from 25 pct in 1986. That market coupled with increased usage of Nutrasweet in such items as frozen desserts should result in a 10 pct increase in consumer consumption of the sweetener in 1987 Filippello said. Monsanto spokeswoman Donna Smith refused to comment on the companys pricing policies for Nutrasweet. However Filippello said it was fair to assume that Monsanto priced Nutrasweet at a lower rate for the diet soda market. Nutrasweet sales have been falling since the fourth quarter of 1986 when medical studies raised questions about its possible side effects such as migraine headaches. Monsanto acquired G.D. Searle and Co Nutrasweets maker in 1986. Reuter | MONSANTO <MTC> NUTRASWEET SALES SHOW SMALL DROP |
MARATHON RAISED CRUDE POSTED PRICES BY 50 CTS A BARREL EFFECTIVE OCTOBER 16. |
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Oper shr 70 cts vs 18 cts Oper net 39.1 mln vs 10.0 mln Sales 543.6 mln vs 489.6 mln Year Oper shr 2.83 dlrs vs 1.82 dlrs Oper net 159.7 mln vs 106.9 mln Sales 2.13 billion vs 1.94 billion Avg shrs 56.4 mln vs 58.6 mln NOTE: Results restated for discontinued engineering services operations. Prior year net excludes losses from discontinued operations of 143000 dlrs in quarter and 102156 dlrs in year. Fiscal 1987 year net excludes 4081000 dlr charge from early debt retirement. Fiscal 1986 net includes special charges 24.7 mln dlrs in quarter and 37.2 mln dlrs in year from worgroce reduction costs revaluation of South African investment reversal of investment tax credits and othe4r items. Reuter | AIR PRODUCTS AND CHEMICALS INC <APD> 4TH QTR NET |
Japans ruling Liberal Democratic Party (LDP) on Tuesdayhose former Finance Minister Noboru Takeshita to be the next prime minister replacing Yasuhiro Nakasone whose term ends on October 30. LDP officials told Reuters the choice was made by Nakasone after Takeshita and two other contenders failed in marathon closed-door meetings to agree who should be Japans next leader. They were vying for the presidency of the LDP a post which automatically carries with it the premiership by virtue of the partys parliamentary majority. Reuter | TAKESHITA CHOSEN AS NEXT JAPAN PRIME MINISTER |
The Louvre accord on currency stability which has maintained an uneasy calm in currency markets since last February appeared in serious danger today as a transatlantic dispute over West German interest rates came to the boil foreign exchange dealers said. But as the dollar slid against the mark and world stock and bond markets plunged officials in the major industrial countries played down the dispute as a bilateral problem between the United States and West Germany and insisted that the currency pact was still alive. U.S. Treasury Secretary James Baker sparked the market fears when he attacked the rise in West German short-term interest rates. Thats not in keeping with the spirit of what we agreed to as recently as earlier this month in Washington Baker said in a U.S. Television interview on Sunday. He was referring to the meetings of Finance Ministers from the Group of Seven (G7) leading industrial nations which reaffirmed the pact. Under the Louvre Accord West Germany and Japan who both have large trade surpluses pledged to boost their economic growth to take in more exports from the U.S. While the U.S. Agreed to stop talking the dollar down. However Baker said on Saturday that while the Louvre agreement was still operative the West German interest rate move would force the U.S. To re-examine the accord. The foreign exchange market has been told by Baker that hes going to hammer Germany ... He has just declared all bets are off in terms of currency cooperation Chris Johns currency analyst at UBS-Phillips and Drew in London said. But a Bank of Japan official took a much more sanguine view telling Reuters that the exchange market is apparently reacting too much and anyone who sold the dollar on the Baker comment will regret it later on. French Finance Minister Edouard Balladur who hosted the Louvre meeting was the only one of the G7 Finance Ministers to respond directly to Bakers remarks. He called for a faithful and firm adherence by all the major industrial countries to the Louvre accords -- in both their letter and spirit. Neither the West German Finance Ministry nor the British Treasury commented on the row. But a Japanese Finance Ministry official said that despite U.S. Frustration over higher interest rates abroad this does not represent its readiness to scrap the basic framework of the Louvre Accord. In Frankfurt F. Wilhelm Christians joint chief executive of West Germanys largest bank Deutsche Bank said that following recent meetings with Baker he believed that the U.S. Was still committed to the accord. In a move which the market interpreted as a possible gesture of reconciliation the Bundesbank added short-term liquidity to the West German money market at 3.80 pct on Monday down from the 3.85 pct level at which it injected medium-term liquidity last week. The Bank of France also stepped into the French money market to hold down rates injecting short-term liquidity at 7-3/4 pct after rates rose close to eight pct. Reuter | TRANSATLANTIC ROW IMPERILS LOUVRE ACCORD-DEALERS |
Northview Corp said it reached an agreement in principal covering the acquisition of the company by privately-held Calmark Financial Corp. The agreement calls for Northview to make a self-tender offer for all of its outstanding stock at a price of 22 dlrs per share in cash. Calmark headquartered in Los Angeles develops manages and syndicates real estate Northview also said. Reuter | NORTHVIEW <NOVC.O> PLANS TO SELL COMPANY |
Logicon Inc said it received a three-mln-dlr modification to its contract to develop cruise missile simulation systems for the U.S. Air Force. The company said the modification brings the contract to 12.6 mln dlrs. In addition a separate 500000-dlr option may be exercised after the basic simulation systems and software simulation are delivered in September 1988 it said. Reuter | LOGICON INC <LGN> GETS ADD ON TO CONTRACT |
The Bundesbank will not hold a news conference after its regular fortnightly central bank council meeting on Thursday a spokesman said in answer to enquiries. The council is meeting in West Berlin where it meets once a year. It also meets once a year in another German city. These meetings outside Frankfurt are traditionally followed by a news conference. The spokesman declined to comment further. In Bonn a finance ministry spokesman said Finance Minister Gerhard Stoltenberg would take part in the meeting in West Berlin. His participation was arranged long ago he added. REUTER | BUNDESBANK WILL NOT HOLD NEWS CONFERENCE THURSDAY |
Shr 80 cts vs 70 cts Shr diluted 76 cts vs 67 cts Qtly div 33 cts vs 33 cts prior Net 7879000 vs 7007000 Nine mths Shr 2.33 dlrs vs 2.01 dlrs Shr diluted 2.22 dlrs vs 1.92 dlrs Net 23.0 mln vs 20.0 mln Avg shrs 9890148 vs 10.0 mln NOTE: Dividend pay Dec 10 record Nov 20. Reuter | UNION NATIONAL CORP <UNBC.O> 3RD QTR NET |
CORBY DISTILLERIES LTD TO BUY HEUBLEIN'S MCGINNESS DISTILLERS FOR 45 MLN CANADIAN DLRS |
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Aug 31 Shr loss 34 cts vs profit 39 cts Net loss 2337000 vs profit 2532000 Revs 66.1 mln vs 58.5 mln Avg shrs 7166000 vs 6763000 12 months Shr profit 26 cts vs loss 1.20 dlrs Net profit 1815000 vs loss 7927000 Revs 264.3 mln vs 229.7 mln Avg shrs 7005000 vs 6621000 NOTE: Results include pretax restructuring provisions of 4.2 mln dlrs and 22.5 mln dlrs for 1987 and 1986 respectively. Reuter | AMCAST INDUSTRIAL CORP <ACST.O> 4TH QTR LOSS |
AIR PRODUCTS AND CHEMICALS INC 4TH QTR OPER SHR 70 CTS VS 18 CTS |
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The Federal Reserve entered the government securities market to arrange three-day system repurchase agreements a spokesman for the New York Fed said. Federal funds were trading at 7-5/8 pct at the time of the direct injection of temporary reserves dealers said. Reuter | FED ARRANGES THREE-DAY SYSTEM REPOS |
Shr profit three cts vs profit one ct Net profit 129082 vs profit 36099 Revs 3864187 vs 1875919 Nine Mths Shr loss six cts vs profit two cts Net loss 303581 vs profit 110311 Revs 9517242 vs 5248105 NOTE: Prior qtr and nine mth figures include extraordinarycredits of 15000 dlrs and 48000 dlrs respectively. Reuter | DATACOPY CORP <DCPY.O> 3RD QTR NET |
A shareholder group led by Barris Industries Inc <BRSS.O> said it acquired a 9.8 pct stake in Media General Inc Class A common stock and may seek seek contorl of the company. In a filing with the Securities and Exchange Commission the group said it holds 2711000 shares of Media General commons stock purchased at a total cost of about 108.3 mln dlrs. In addition to the possible bid for control the group said it may purchase additional Media General shares or possibly seek one or more seats on the companys board of directors through a proxy contest. A bid for control of Media General would be subject to a recapitalization or possible restructuring and to possible changes in the charter documents and by-laws of the company it said. The group said it had held discussions with third parties to gauge their interest in joining the shareholder group but no agreements were reached. Talks with third parties are expected to continue the shareholder group said. Between October 13 and 16 Barris Industries bought 1322200 shares of Media General Class A common stock 42.50 dlrs to 45.50 dlrs a share in open market transactions and another 12000 shares privately. Reuter | MEDIA GENERAL <MEG> HOLDERS MAY SEEK CONTROL |
Gould Inc said it named Conrad Wredberg president and general manager of its Semiconducto[Br Division based in Santa Clara Calif. Wredberg formerly senior vice president of operations of the division succeeds Robert Penn. Penn was named vice president of the Materials and Components Business Section the company said. Reuter | GOULD<GLD> NAMES PRESIDENT OF SEMICONDUCTER DIV |
FED SETS THREE-DAY SYSTEM REPURCHASES, FED SAYS |
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RKO General Inc a unit of GenCorp Inc said it asked the Federal Communications Commission (FCC) to reverse a preliminary ruling by an agency hearing officer and let it keep its 14 broadcast licenses. The FCC hearing officer had recommended that all 14 of RKOs licenses be revoked. If the decision is allowed to stand it will destroy our right to broadcast said William Reynolds GenCorp chairman in a printed statement. The decision was based on allegations of misconduct that are either in error or have no bearing on our fitness as a broadcaster. Reuter | GENCORP <GY> RKO UNIT ASKS TO KEEP FCC LICENSES |
S-K-I Ltd and <Goldmine Ski Associates Inc> said they reached an agreement calling for S-K-I to buy Goldmines California ski area for approximately 10 mln dlrs. S-K-I which owns Killlington and Mount Snow ski resorts in Vt. said the California ski area is located in the San Bernardino mountains. The company said it plans to invest approximately 10 mln dlrs into the ski area in the next few years. Reuter | S-K-I <SKII.O> TO BUY CALIFORA SKI AREA |
Westin Hotels and Resorts a subsidiary of Allegis Corp said it will hold a press conference on October 21 near San Francisco to discuss the pending sale of the 61-hotel chain by Allegis. Allegis has said that it plans to sell Westin buyt has not announced that a deal has been set. Reuter | ALLEGIS'<AEG>WESTIN SETS NEWS CONFERENCE ON SALE |
Mining group Boliden AB said it had agreed with Saudi state agency General Petroleum and Mineral Organisation (Petromin) to open a gold mine in Saudi Arabia to exploit one of the worlds richest deposits of the metal. Boliden spokesman Goran Paulson told Reuters the Swedish group would be responsible for the technical side of the operation and would have no control over the product itself. He said one option under discussion for refining the gold ore would be to ship it to Bolidens Ronnskar copper smelter in northern Sweden. Paulson declined to give a figure for the deal but said it was strategically important since it increased Bolidens presence in Saudi Arabia. Representatives from Petromin have visited Ronnskar already...We see Saudi Arabia as the expansion area of the future he said. The new mine which is being developed at Mahd adh Dhahab in the west of the country and should open in the first half of 1988 would have an annual output of about 3000 kilos of gold smelted from around 120000 tons of ore he said. Boliden already owns 50 pct of a gold ore deposit in Saudi Arabia but the new venture will be the first Saudi mine to open in modern times. This is a breakthrough for Bolidens sales of mining technology and knowhow said the groups chief executive Kjell Nilsson. Reuter | SWEDEN'S BOLIDEN TO OPEN SAUDI ARABIAN GOLD MINE |
International Business Machines Corp said it and NYNEX Corp agreed to participate in an Integrated Services Digital Network field trial scheduled to begin in April 1988. The company said the trial is designed to aid in the development of international standards for Integrated Services interfaces that connect telecommunications networks to display terminals and other devices. Integrated Services Digital Network permits the simultaneous transmission of voice data and garphics through a single communications interface the company said. Reuter | IBM <IBM>, NYNEX <NYN> TO PARTICIPATE IN TEST |
Shr profit 32 cts vs profit nine cts Net profit 413000 vs profit 63000 Avg shrs 1278360 vs 728476 Nine Mths Shr profit 68 cts vs loss 57 cts Net profit 708000 vs loss 415000 Avg shrs 1041697 vs 728476 Reuter | AMERICAN REPUBLIC BANCORP <ARBC.O> 3RD QTR NET |
Qtly div 25 cts vs 25 cts Pay Nov 16 Record Oct 30 Reuter | CAL FED INCOME PARTNERS L.P. <CFI> QUARTERLY DIV |
Cal Fed Income Partners L.P. said it has acquired two shopping centers for a total price of 18.4 mln dlrs. The company said it bought Best Plaza Shopping Center in Pleasanton Calif. For 12 mln dlrs and Bristol Place Shopping Center in Santa Ana Calif. for 16.4 mln dlrs. Reuter | CAL FED INCOME <CFI> BUYS TWO SHOPPING CENTERS |
Shr 1.05 dlrs vs 74 cts Net 5244000 vs 3684000 Nine Mths Shr 2.93 dlrs vs 2.14 dlrs Net 14.6 mln vs 10.6 mln Reuter | FIRSTIER FINANCIAL INC <FRST.O> 3RD QTR NET |
Advanced Viral Research Corp said that its annual shareholders meeting has been rescheduled for November 12 from September 14. The company said the rescheduling was made to meet Securities and Exchange Commission regulations. It did not elaborate. Reuter | <ADVANCED VIRAL> RESCHEDULES MEETING |
Shr loss primary 82 cts vs profit 15 cts Shr loss diluted 82 cts vs 13 cts Net loss 4134000 vs profit 649000 Avg shrs 5030000 vs 3927000 Nine Mths Shr loss primary 80 cts vs profit 37 cts Shr loss diluted 80 cts vs 32 cts Net loss 3615000 vs profit 1652000 Avg shrs 4557000 vs 3927000 Loans 231.2 mln vs 221.5 mln Deposits 323.3 mln vs 281.9 mln Assets 368.3 mln vs 346.5 mln Note: Prior qtr and nine mth figures include operating loss carryforward gains of 105000 dlrs or two cts per share and 195000 dlrs or four cts per share respectively. Reuter | SOUTHWEST BANCORP <SWB> 3RD QTR LOSS |
Shamrock Capital L.P a limited partnership led by Shamrock Holdings Inc said it completed its sale of Central Soya Co Inc to Ferruzzi Agricola Finanziaria of Italy. Under terms of the sale agreement which was announced on September 15 Ferruzzi acquired all the equity in Central Soya and assumed subordinated term debt of about 195 mln dlrs in a transaction valued at about 370 mln dlrs. Reuter | SHAMROCK CAPITAL COMPLETES CENTRAL SOYA SALE |
Shr 1.02 dlrs vs 96 cts Net 55.6 mln vs 53.2 mln Revs 1.3 billion vs 1.2 billion Nine mths Shr 3.13 dlrs vs 2.88 dlrs Net 171.3 mln vs 159.0 mln Revs 3.8 billion vs 3.5 billion NOTE: 1987 3rd qtr and nine mths includes one time after-tax charge of 14.3 mln dlrs or 26 cts a share for previously announced anticipated sale in the fourth quarter of an investment in Equatorial Communications Co. 1986 amounts restated increasing net by four cts a share for change in pension expense accounting. Backlog on September 30 1987 was 9.3 billion dlrs which company said was a record. Reuter | MARTIN MARIETTA <ML> 3RD QTR NET |
The West German government assumes that the commitment to international monetary cooperation which was renewed in Washington last month will continue a Finance Ministry spokesman quoted Finance Minister Gerhard Stoltenberg as saying. Stoltenbergs statement was a reaction to criticism of rises in West German interest rates voiced by U.S. Treasury Secretary James Baker over the weekend. Reuter | STOLTENBERG ASSUMES COOPERATION WILL CONTINUE |
Wang Laboratories Inc announced four additions to its VS line of minicomputers which it said will offer double the capacity of the older models they replace. Company officials told a news conference that Wang will also announce new entry level and high end computers within the next 12 months and a family of powerful work stations by the end of this year. Ian Diery Wangs senior vice president of U.S. operations said the new models are lower priced than comparable computers from Digital Equipment Corp <DEC> the worlds largest maker of minicomputers. Minicomputers are medium sized machines usually used within a department or work group of a larger company and typically cost between 10000 and 500000 dlrs. The VS 5E will replace Wangs entry level VS 5. Priced at 13000 dlrs it can support up to 16 users double the eight supported by the five and has three times the disc capacity of the older system. The VS 6E can support up to 32 users double the capacity of the model six it replaces and has three times the storage capacity of the older model. The 6E is priced at 22000 dlrs. The VS 75E which replaces the 65 can support 64 users 60 pct more than the older model and has twice the main memory capacity. It is priced at 44000 dlrs. The new VS 7010 which acts as an entry level system for Wangs more powerful 7000 family of minicomputers can support between 30 and 55 users. It is priced at 75000 dlrs. All the new systems are now available Diery said. Bob Ano Wangs senior vice president of corporate marketing said that before the end of the companys fiscal year on June 30 it will introduce an entry level computer that will have four times the power of the 5E introduced today. Within the next 12 to 18 months he said Wang will announce a more powerful high-end machine that will offer double the price/performance of its 7000 series. Ano said the new family of work stations planned for this year will have a 32-bit semiconductor and be able to support the industry standard MS-DOS and UNIX operating systems. Reuter | WANG <WAN> ANNOUNCES FOUR COMPUTERS |
Securities and Exchange Commission Chairman David Ruder said a brief trading halt has been discussed as one way of restoring order to the stock market but stressed he is not recommending one at present. Speaking to reporters Ruder said he has been in frequent contact with New York Stock Exchange Chairman John Phelan about the markets record drop today. Im not afraid to say that there is some point and I dont know what that point is that I would be quite anxious to talk to the New York Stock Exchange about a very temporary halt in trading Ruder said. Ruder who spoke to reporters after addressing an American Stock Exchange-sponsored investors conference here said that the SEC does not have the legal authority to order a trading halt. Any trading halt which would probably last no more than a half-hour would have to be approved by the stock exchanges Ruder said. Reuter | SEC HEAD NOT URGING U.S. TRADING HALT AT PRESENT |
Circle Fine Art Corp said it completed an exclusive license agreement with the Seiyoken Group of Toyko to open Circle Galleries in Japan. The first Circle Gallery is to open in Tokyo in ealry 1988 with additional Circle Galleries planned the company said. The license agreement is Circle Fine Arts second expansion outside the U.S. this year. Earlier this year it formed a joint venture company in Canada. Reuter | CIRCLE FINE ART <CFNE.O> IN LICENSING AGREEMENT |
BARRIS IND. SAYS IT LEADS GROUP WITH 9.8 PCT OF MEDIA GENERAL, MAY SEEK CONTROL |
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Shr not given Net loss 69.0 mln vs profit 3682000 Revs 258.3 mln vs 229.6 mln Six mths Shr loss 58.8 mln vs profit 13.3 mln Revs 517.9 mln vs 466.5 mln NOTE: Company recently spun off from Carter Hawley Hale Stores Inc <CHH>. Current year net both periods includes 40.8 mln dlrs in pretax charges from Carter Hawley Hale restructuring. Reuter | NEIMAN-MARCUS GROUP INC <NMG> 2ND QTR AUG 2 LOSS |
<Sea Gold Oil Corp> said it has agreed to a private-placement financing of 400000 common shares of its unissued capital stock with Gulf International Minerals Ltd <GIM.V> at 50 cts per share to raise 200000 dlrs Canadian. The company said one of the conditions of the placement was the granting of a first right of refusal to Gulf in the event that the company should choose to enter into a joint-venture agreement on any of its mineral claims currently held in the Skyline area. If Gulf should sell any of the 400000 shares the first right of refusal will be null and void the company said. Proceeds will be used for the continued exploration and development of the Sea Golds mining properties. Reuter | SEA GOLD OIL ANNOUNCES PRIVATE PLACEMENT |
KEYCORP 3RD QTR SHR 85 CTS VS 77 CTS |
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TEMPLE-INLAND INC 3RD QTR SHR 1.24 DLRS VS 66 CTS |
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ALLIED-SIGNAL INC 3RD QTR OPER SHR 1.02 DLRS VS 82 CTS |
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Igene Biotechnology Inc said it terminated its license agreement with Hercules Inc <HPC> for the manufacture of Igenes natural food preservative and mold inhibitor. It said the cancellation agreed to by both companies. Igene said its Weyco-Serv product was licensed to Hercules in September 1985. Under the terms of the agreement Igene regains all rights title and interest in its proprietary microorganisms process and product and will repay out of future products sales certain royalties. The cancellation of the contract allows Igene to proceed with plans to produce NaturServ a modified version of Weyco-Serv the company said. The new product is expected to be available early next year Igene said. The company also said it plans to build a new multiproduct fermentation plant to meet anticipated demand for NaturServ and other company natural products. Both Weyco-Serv and NaturServ contain high concentrations of acid salts that naturally inhibit spoilage and molding the company said. Reuter | IGENE BIOTECHNOLOGY <IGNE.O> ENDS LICENSE PACT |
Arizona Silver Corp said diamond drilling on its Burro Creek Mine Property located 65 miles southeast of Kingman Ariz. has begun. The company said a report indicated that the Burro Creek project area which covers 800 acres could have potential reserves of three to four mln tons of gold and silver mineralization. Drill sites have been established and a diamond drilling program consisting of an initial 5000 feet of drilling began October 13 the company said. Reuter | ARIZONA SILVER <ASC> REPORTS ON BURRO CREEK |
Shr 50 cts vs 35 cts Net 42.7 mln vs 29.9 mln Revs 236.5 mln vs 218.2 mln Nine mths Shr 1.24 dlrs vs 1.02 dlrs Net 105.8 mln vs 86.9 mln Revs 702.5 mln vs 642.5 mln NOTE: 1987 nine-month earnings include nonrecurring gain of nine cents a share from sale of the companys Data Card investment. Reuter | DELUXE CHECK PRINTERS INC <DLX> 3RD QTR NET |
MARTIN MARIETTA CORP 3RD QTR SHR 1.02 DLRS VS 96 CTS |
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<Household Mortgage Corp> said it has arranged a 200 mln dlr commercial paper program in the U.S. For which Goldman Sachs and Co will be the sole dealer. The program will be backed by a letter of credit from Australia and New Zealand Banking Corp. The program also is supported by a multiple option facility arranged in the Euromarkets in August. REUTER | HOUSEHOLD MORTGAGE GETS U.S. PAPER PROGRAM |
Transamerica Insurance Group the main property-liability insurance operation of Transamerica Corp said it signed a definitive agreement to acquire a newly-formed insurer Commerical Risk Underwriters Insurance Co from <Clarendon Group Ltd>. Transamerica said the unit which will be renamed Transamerica Reinsurance Co will initially be capitalized at about 185 mln dlrs. Transamerica said the acquisition represents its first move into specialty treaty reinsurance. The company said about 28 members of Clarendon will join Transamerica as part of the acquisition which is expected to close in November and is subject to various regulatory approvals. Reuter | TRANSAMERICA <TA> UNIT BUYS REINSURANCE UNIT |
A group of firms led by Hong Kong-based Industrial Equity (Pacific) Ltd said it acquired 969515 shares of Triton Oil Corp common stock or 5.4 pct of the companys common stock outstanding. Industrial Equity (Pacific) which is controlled by Brierley Investments Ltd <BRYW.WE> and which has applied with U.S. antitrust regulators to buy up to 50 pct of Tritons common stock said the current 5.4 pct stake was acquired for investment purposes. The company said it informed Triton of its present good faith intention to buy more than 15 mln dlrs worth of Triton stock. It said it also told Triton it may depending on market conditions acquire 50 pct or more and possibly 100 pct of the voting securities of (Triton). It said it received clearance to buy up to 50 pct of the stock on September 11. Industrial Equity (Pacific) reported it bought 250000 shares of Triton common stock on October 8 at 22.50 dlrs a share. Reuter | INDUSTRIAL EQUITY HAS 5.4 PCT OF TRITON <OIL> |
SEC CHIEF DOES NOT RECOMMEND STOCK TRADING HALT NOW, BUT MAY CONSIDER URGING ONE |
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British Sugar Plc was forced to shut its Ipswich sugar factory on Sunday afternoon due to an acute shortage of beet supplies a spokesman said responding to a Reuter inquiry Beet supplies have dried up at Ipswich due to a combination of very wet weather which has prevented most farmers in the factorys catchment area from harvesting and last weeks hurricane which blocked roads. The Ipswich factory will remain closed until roads are cleared and supplies of beet build up again. This is the first time in many years that a factory has been closed in mid-campaign the spokesman added. Other factories are continuing to process beet normally but harvesting remains very difficult in most areas. Ipswich is one of 13 sugar factories operated by British Sugar. It processes in excess of 500000 tonnes of beet a year out of an annual beet crop of around eight mln tonnes. Despite the closure of Ipswich and the severe harvesting problems in other factory areas British Sugar is maintaining its estimate of sugar production this campaign at around 1.2 mln tonnes white value against 1.34 mln last year the spokesman said. British Sugar processes all sugar beet grown in the U.K. The sugar beet processing campaign which began last month is expected to run until the end of January. Sugar factories normally work 24 hours a day seven days a week during the campaign. As of October 11 12 pct of the U.K. Sugar crop had been harvested little different to the same stage last year when 13 pct had been lifted. Since then however very wet weather has severely restricted beet lifting. Harvesting figures for the week to October 18 are not yet available. Reuter | UK SUGAR FACTORY CLOSES DUE TO SHORTAGE OF BEET |
Shr 57 cts vs not given Net 6889000 vs 10.7 mln Nine mths Shr 1.67 dlrs vs not given Net 20.1 mln vs 23.0 mln NOTE: Company went public in November 1986. 1986 net both periods includes 5642000 dlr pretax gain on sale of branches. Net includes securities and loan sales loss 90000 dlrs pretax vs gain 46000 dlrs in quarter and gains 1213000 dlrs vs 2605000 dlrs in nine mths and loan losxs provisions 125000 dlrs vs 30000 dlrs in quarter and 275000 dlrs vs 90000 dlrs in nine mths. Reuter | HOME SAVINGS BANK OF BROOKLYN <HMSB.O> 3RD QTR |