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Shr 17 cts vs 18 cts Net 339000 vs 351000 Revs 2917000 vs 2735000 12 mths Shr 62 cts vs 64 cts Net 1268000 vs 1356000 Revs 11.1 mln vs 10.5 mln Reuter | CITIZENS FINANCIAL CORP <CTZN> 4TH QTR NET |
The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Rockwell International Corp <ROK> - Shelf offering of up to 200 mln dlrs of debt securities on terms to be determined at the time of the sale in addition to another 300 mln dlrs of debt securities already registered with the SEC but unsold. Pennsylvania Power and Light Co <PPL> - Shelf offering of up to 500000 shares of series preferred stock on terms yet to be determined through an underwriting group led by First Boston Corp. Rollins Environmental Service Inc <REN> - Offering of 90000 shares of common stock through Merrill Lynch Capital Markets. Quaker Oats Co <OAT> - Shelf offering of up to 250 mln dlrs of debt securities on terms to be set at the time of the sale through Goldman Sachs and Co and Salomon Brothers Inc. Paine Webber Group Inc <PWJ> - Offering of 3.6 mln shares of convertible exchangeable preferred stock through and underwriting group led by its PaineWebbber Inc subsdiary. Reuter | PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC |
Oper shr profit six cts vs loss 20 cts Oper net profit 634000 vs loss 2312000 Sales 16.8 mln vs 13.9 mln Year Oper shr profit 30 cts vs profit three cts Oper net profit 3342000 vs profit 318000 Sales 67.5 mln vs 52.6 mln NOTE: Operating net excludes loss of 41000 dlrs vs profit 7000 dlrs in quarter and profit 247000 dlrs or two cts a share vs profit 88000 dlrs or one cent a share in year from net operating loss carryforwards Reuter | INTERNATIONAL HYDRON CORP <HYD> 4TH QTR NET |
Southern New England Telecommunications Inc said it completed the installation of a multi-million dlr telecommunications system for United Technologies Corps Pratt and Whitney unit. The company said the system is built around the American Telephone and Telegraph Co <T> 5ESS switch which has the capacity to provide telephone service to a medium sized city. Reuter | SNET <SNG> COMPLETES PRATT/WHITNEY <UTC> ORDER |
Shr loss eight cts vs loss three cts Net loss 213000 vs loss 49000 Revs 636000 vs 4450000 Year Shr loss 11 cts vs loss 38 cts Net loss 235000 vs loss 6110000 Revs 2389000 vs 1287000 Reuter | COGNITIVE SYSTEMS INC <CSAI> 4TH QTR NOV 30 LOSS |
Shr nine cts vs nine cts Net 980000 vs 97000 Sales 3945000 vs 2106000 1st half Shr 17 cts vs 18 cts Net 194000 vs 203000 Sales 7535000 vs 4136000 Reuter | POLYMERIC RESOURCES CORP <POLR> 2ND QTR DEC 31 |
CONT'L ILLINOIS RECHARACTERIZES 425 MLN DLRS IN BAD LOANS FROM 1984, SAYS DOESN'T AFFECT NET |
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FLUOR CORP DOWNGRADED BY MOODY'S, AFFECTS 390 MLN DLRS OF DEBT |
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Interface Flooring Systems Inc said it has filed for an offering of 2800000 Class A common shares through underwriters led by Robinson-Humphrey Co Inc and PaineWebber Group Inc <PWJ>. The company said as previously announced it will use proceeds to finance a tender offer to acquire the 50 pct of Debron Investments PLC it does not already own and to repay debt. It said if it acquires all of Debron it will repurchase 900000 Class A shares now owned by Debron and hold them in its treasury. Reuter | INTRERFACE FLOORING <IFSIA> FILES FOR OFFERING |
Shr 27 cts vs 39 cts Net 481189 vs 697381 Revs 6.1 mln vs 6.4 mln Year Shr 1.04 dlrs vs 1.35 dlrs Net 1846670 vs 2391638 Revs 25.6 mln vs 28.6 mln Reuter | HEALTH-MOR INC <HMI> 4TH QTR NET |
 (CORRECTION) - TRANSALTA UTILITIES CORP YEAR NET IN CALGARY STORY OF FEB 27 HEADLINED TRANSALTA UTILITIES CORP YEAR NET PLS READ IN FOURTH LINE...REVS 915.5 MLN VS 836.0 MLN..INSTEAD OF 581.0 MLN VS 524.5 MLN..CORRECTING REVENUES. Reuter  | |
Scottys Inc said sales for the four weeks ended February 21 rose five pct to 41.7 mln dlrs from 39.8 mln dlrs for the corresponding period last year. Scottys said sales for the 34 weeks ended February 21 totaled 323.2 mln dlrs up six pct over sales of 305.7 mln dlrs for the same period in 1986. The company which operates 137 stores said sales were up in both the consumer do-it-yourself and professional builders markets. Reuter | SCOTTY'S <SHB> SALES UP FIVE PCT IN FEBRUARY |
Standard Oil Co said it will issue at par 154 mln Swiss francs of non-callable 10-year notes with an annual coupon of 3-1/4 pct and detachable currency warrants. Credit Suisse will lead manage the issue. Payment date is March 19. Each 50000 Swiss franc note will carry a warrant entitling the holder to sell 50000 francs for dollars at an exchange rate of 1.5930 per dollar. The warrants are exercisable weekly from March 27 1987 until March 19 1990. The dollar was trading today between 1.5340 and 1.5475 francs. Reuter | STANDARD OIL <SRD> TO ISSUE SWISS FRANC NOTE |
Shr loss 54 cts vs 16.18 dlrs Net loss 1429226 vs loss 153680 Revs 202628 vs 282 Avg shrs 2883812 vs 9500 Note: 1986 net includes loss from discontinued operations of 114887 or four cts a share. Reuter | TFC TELESERVICES CORP <TFCS> YEAR NOV 30 LOSS |
Shr 81 cts vs 2.78 dlrs Net 53.5 mln vs 180.9 mln Revs 915.5 mln vs 836.0 mln Note: 1986 net includes 125 mln dlr or 1.90 dlr shr writedown of investment in <Canada Northwest Energy Ltd> vs yr-ago extraordinary loss of 17 cts shr (net fig not given). Reuter | (CORRECTED) - <TRANSALTA UTILITIES CORP> YEAR NET |
Albertsons said it plans to open 33 to 35 new stores during 1987 and remodel about 20-25 stores. This compares to 21 new store openings in 1986 and 17 remodelings. Albertsons a grocery chain said total capital expenditures for these projects will be in excess of 200 mln dlrs in 1987. Reuter | ALBERTSON'S <ABS> TO INCREASE NEW STORE OPENINGS |
Pall Corp said sales for the second quarter ended January 31 were up 17.5 pct to 94.0 mln dlrs from 80.0 mln dlrs a year before and orders were up 15.5 pct to 101.1 mln from 87.4 mln. For the first half it said sales were up 16.0 pct to 174.6 mln dlrs from 150.3 mln dlrs a year before with orders up* 13.0 pct to 189.6 mln from 167.7 mln. Reuter | PALL CORP <PLL> SECOND QUARTER SALES, ORDERS UP |
Standard and Poors Corp said it upgraded 500 mln dlrs of debt of Navistar International Corp and its unit Navistar Financial Corp. Raised were the companies senior debt to BB from B and subordinated debt to B-plus from CCC-plus. S and P cited Navistars recent issuance of 104 mln shares of common stock and planned redemption of 515 mln dlrs of debt. The recapitalization would save Navistar about 86 mln dlrs in annual interest expense the rating agency said. However the ratings remain speculative because of severe pricing pressures in the trucking industry S and P stressed. Reuter | NAVISTAR <NAV> DEBT UPGRADED BY S/P |
Qtr ended Jan 31 Shr 72 cts vs 71 cts Net 3062000 vs 3023000 Revs 58.5 mln vs 56.4 mln Nine mths Shr 2.10 dlrs vs 1.73 dlrs Net 8972000 vs 7337000 Revs 169.9 mln vs 161.7 mln Note: Net includes gain from sale of land of 1105000 dlrs or 26 cts a share for the nine mths. Reuter | JOHN WILEY AND SONS INC <WILLB> 3RD QTR NET |
Shr 30 cts vs 36 cts Net 1914388 vs 1906095 Sales 58.8 mln vs 40.7 mln 1st half Shr 47 cts vs 53 cts Net 2961718 vs 2817439 Sales 107.7 mln vs 74.9 mln Avg shrs 6342353 vs 5342353 Reuter | ARBOR DRUGS INC <ARBR> 2ND QTR JAN 31 NET |
Shr profit six cts vs profit eight cts Net profit 102000 vs profit 151000 Revs 4846000 vs 5041000 Avg shrs 1725744 vs 1806323 12 mths Shr loss 1.36 dlrs vs profit 56 cts Net loss 231800 vs profit 789000 Revs 17.5 mln vs 20.9 mln Avg shrs 1710655 vs 1404878 Reuter | TECHNOLOGY DEVELOPMENT CORP <TDCK> 4TH QTR NET |
Thousands of Spanish farmers battled police in this northeastern city during a march to demand a better deal from the EC protest organisers said. The farmers traded stones for tear gas and rubber pellets and occupied local government buildings in Saragossa. In the southern city of Malaga citrus growers dumped more than 20 tonnes of lemons on the streets to protest against duties levied by the EC against their exports. Spain joined the community in January last year and farmers say they have suffered competition from EC imports without sufficient compensation. Reuter | SPANISH FARMERS BATTLE POLICE IN N.E. SPAIN |
Tandem Computers Inc said the Telaction Corp unit of J.C. Penney Co Inc <JCP> selected the Tandem NonStop computer system for a new interactive home shopping system scheduled to go into operation during the summer. Tandem said the new system will be the first consumer controlled home shopping and information service delivered by cable television. The Telaction service will be initially available to more than 125000 households in the Chicago test area Tandem also said. Reuter | TANDEM <TNDM> HAS HOME SHOPPING DEAL |
Shr 64 cts vs 1.16 dlrs Net 602000 vs 1079893 Sales 8208000 vs 11.6 mln NOTE: Prior year net includes gain 1317000 dlrs or 1.41 dlrs shr on sale of West Paces Racquet Club. Current year net includes 15 ct shr extraordinary gain. Reuter | FLANIGAN'S ENTERPRISES INC <BDL> 1ST QTR DEC 27 |
TRIANGLE INDUSTRIES INC 4TH QTR OPER SHR LOSS THREE CTS VS PROFIT 27 CTS |
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Murgold Resources Inc said the number three vein zone at its Timmins Ontario property yielded partial assay results of 1.08 ounces gold a short ton across an average width of 4.2 feet and length of 200 feet. It said many of the individual assays were more than one ounce a ton but had not been cut. The company said these results were expected because the structure was known from previous drilling as a narrow but very high-grade gold vein. Its known length is 2800 feet and will be explored and tested as part of the underground work Murgold said. Reuter | MURGOLD RESOURCES HAS PARTIAL GOLD ASSAYS |
Chrysler Corp <C> will begin exporting vehicles before the end of this year to Europe the worlds second largest market which it left in 1978. Robert Lutz executive vice president told a news briefing: After a lapse of almost nine years Chrysler is about to re-enter the European market. And we are here to stay. Michael Hammes vice president of international operations said Chrysler planned to market a few hundred vehicles by year end. By the end of 1988 we hope to reach 5000. The first cars would be sold in West Germany Austria and Switzerland he said. The European base would be in West Germany but no final decision had been made on other sites. The company will not set up its own dealer franchises but intends to work through distributors who will wholesale the vehicles to a franchised dealer organisation. Lutz commented We prefer to export to Europe rather than manufacture here because it will allow us to take full competitive advantage of the favourable exchange rates due to the declining value of the dollar. The vehicles on show at this weeks Geneva motor show include Chrysler LeBaron Turbo coupe and convertible the Dodge Lancer ES four-door hatchback the Dodge Shadow ES compact the Plymouth Voyager miniwagon and the Dodge Daytona Shelby Z. Chrysler is aiming for the mainstream European buyer who appreciates sporty cars with 2.2 litre engines officials said. Prior to negotiating a loan guarantee program with the U.S. Government in 1978 Chrysler sold its European operations to Peugeot SA <PEUP.P>. Chrysler now owns 24 pct of Mitsubishi Motors Corp <MIMT.T> and 15 pct of <Maserati> which may serve as European distribution channels in future Hammes said. Reuter | CHRYSLER TO SELL CARS IN EUROPE BEFORE YEAR END |
The U.S. Delegation at the International Coffee Organization (ICO) talks on export quotas is planning to leave tomorrow morning but will ask a representative from the U.S. Embassy in London to attend the negotiations if they continue a U.S. Spokesman said. One delegate said: If the U.S. Delegation is going home and the Brazilians are not budging then theres no negotiation. A full ICO council meeting is set for 1900 hours local for a progress report. Opinions among delegates over the potential for reaching an agreement vary widely and several delegates have said the chances of success were almost impossible to gauge. Reuter | U.S. DELEGATION PLANS TO LEAVE ICO TALKS TUESDAY |
Ford Motor Cos program to introduce air-bags in its compact cars is facing widespread resistance from both consumers and dealers a trade paper said. As of February 20 Automotive News said Ford dealers had sold only 455 1987-model Ford Tempos equipped with airbags and 294 similarly-equipped Mercury Topaz models compared with more than 100000 of the standard-equipped compact models. Ford has projected output of 12000 Tempo and Topaz models equipped with airbags in the 1987 model year but Automotive News said the current inventory of unsold cars represents a disastrously high 1-1/2-year supply at current selling rates. Most of Fords sales of the compact cars equipped with air bags have been made to fleet buyers such as the U.S. government the paper said with 11000 having been sold since they were announced in late 1985. Ford executives recently said their goal is to sell annually between 500000 and one mln cars equipped with air bags by 1990 if the federal government will relax certain regulatory standards as has been urged by some traffic safety administrative staff. Reuter | FORD <F> AIR-BAG PROGRAM FLAGGING - REPORT |
Murgold Resources Inc said the number three vein zone at its Timmins Ontario property yielded partial assay results of 1.08 ounces gold a short ton across an average width of 4.2 feet and length of 200 feet. It said many of the individual assays were more than one ounce a ton but had not been cut. The company said these results were expected because the structure was known from previous drilling as a narrow but very high-grade gold vein. Its known length is 2800 feet and will be explored and tested as part of the underground work Murgold said. Reuter | MURGOLD RESOURCES <MGDVF> HAS PARTIAL ASSAYS |
Standard and Poors Corp said it downgraded to A-plus from AA-minus about 350 mln dlrs of senior debt of PACCAR Inc and its unit PACCAR Financial Corp. S and P said PACCAR has experienced earnings weakness. But the company remains profitable and should achieve significant cost reductions from its recent shut down of two assembly plants S and P noted. The rating agency pointed out that price discounting has eroded some of PACCARs pricing advantage in the premium custom-built segment of the trucking industry which is PACCARs traditional market niche. Reuter | PACCAR <PCAR> AND UNIT DEBT DOWNGRADED BY S/P |
DEAN WITTER AGREES TO SEC CENSURE FOR FAILING TO FULLY REPORT CASH TRANSACTIONS |
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Standard and Poors Corp said it placed on creditwatch with negative implications Mack Trucks Incs 140 mln dlrs of BB-plus senior debt. S and P said Mack lost significant market share in heavy duty trucks last year. Through the nine months ended September 30 1986 the companys pretax loss before restructuring costs equity income and extraordinary items widened to 30 mln dlrs from 23 mln dlrs in the year earlier period it noted. S and P withdrew the BB-plus ratings on the unit Mack Financial Corps 9-5/8 pct debentures due 1990 and 9-3/4 pct debentures of 1991 as they were called for redemption. Reuter | S/P MAY DOWNGRADE MACK TRUCKS <MACK> DEBT |
More than two mln tonnes of surplus maize dotted across Zimbabwe in huge piles is posing an economic headache for the country. The grain Southern Africas staple has been bought by the Grain Marketing Board (GMB) at prices guaranteed before it was planted and is costing the GMB about 27 mln dlrs a month in storage and interest payments to make the purchases. Accumulated over the past two years of bumper harvests the surplus represents about two years of domestic consumption and is set to grow as further deliveries are due shortly. Some deals have been made with aid donors such as European countries and Australia to provide Zimbabwe with wheat in return for maize sent to neighbouring Mozambique where the United Nations has urged greater world efforts to feed the hungry. But transport constraints keep those figures low and the only significant dent was a sale of 250000 tonnes to South Africa last year. Because of the costs it has incurred the GMB cannot afford to give the maize away and the standard 90 kg bags have been accumulating economists here said. But failure to find buyers on glutted world grain markets is damaging Zimbabwe as it needs foreign exchange to finance imports for other areas of the economy the economists added. At present it is a no-win situation. Let us hope some of the extra aid (UN) Secretary General Javier Perez de Cuellar called for at the weekend will be spent here a Western aid specialist said. At least this years poor rains havent exacerbated the situation too badly he added. Rainfall during the current rainy season has been far below average ravaging all but the irrigated lands of large commercial farmers. While this may curb the amount of maize delivered this year to the GMB the government also acted late last year to slash maize production and force diversification. Calling for a switch to other crops such as oilseeds Agriculture Minister Moven Mahachi said an economically-viable price of 180 dlrs a tonne would be paid this year for only half the amount of maize bought by the GMB in 1986 and above that growers would be paid an unprofitable 100 dlrs. The poor rains have also adversely affected other crops such as sorghum soybeans groundnuts tobacco and cotton the Agriculture Ministry reported at the end of February. Reuter | ZIMBABWE'S MAIZE MOUNTAIN POSES ECONOMIC PROBLEM |
U.S. semiconductor manufacturers struggling to stem a river of red ink are increasingly looking toward customized designs rather than mass-market chips for future profits. The market for customized chips - semiconductors designed for a very specific application or product - is expected to expand by 25 to 30 pct this year compared with only about six pct for the entire integrated circuit industry. Market researcher Dataquest Inc estimates that sales of customized chips totaled about 4.5 billion dlrs worldwide last year about 12 pct of the total chip market. By 1990 however customized chips are expected to represent a 12 billion to 15 billion dlr market about 25 pct of total chip sales. More important for their vendors because they are not a standard design customized chips represent a sellers market and prices and profit margins can be set accordingly. High volume memory chips have become a perfect commodity market Robert Brodersen a professor of electrical engineering at the University of California at Berkeley told an industry forum. The product is interchangeable between one manufacturer and another and customers base their buying decisions almost entirely on price Brodersen said. He predicted that in the next few years only a handful of the worlds largest chip manufacturers (most of them Japanese) will produce memory chips the standard electronic component found in everything from digital watches to computers. The rest of the industry just wont be involved. Last weeks International Solid State Circuits Conference the chip industrys annual forum for new developments seemed to support Brodersens prediction. Of the 116 papers presented at the conference some 40 pct had Japanese authors the first time they have outnumberd the United States. Most of the Japanese chip designs were in the memory category including Nippon Telephone and Telegraph Cos attention-grabbing 16 mln bit dynamic random access memory (dram) chip 16 times more powerful than anything now available. The most advanced memory chip described by a U.S. company was International Business Machine Corps <IBM> four mln bit chip and IBM only manufactures chips for its own internal use not for the open market. The problem with memory chips is that they are all based on the same well known design standards so they are easy to copy and inexpensive to manufacture. Because such large Japanese conglomerates as Sony Corp <SNE> NEC Corp <NIPNY> Matushita and Mitsui have their own enormous consumer and electronics product lines they also have a guaranteeed internal market for their chips so they can produce huge amounts at a very low cost per unit. Customized chips however are designed for a specific customer manufactured in small quantities and expensive relative to standard chips. Computer markets are increasingly looking to customized chips because they are difficult to copy thus making the final product harder to clone as well. Intel Corp <INTC> the leading manufacturer of the microprocessors that form the brains of most computers alerted the industry to its intention to switch to customized chips last fall. The company which just reported a loss for 1986 said it will spend 75 mln dlrs over the next three years to turn itself into a leading manufacturer of custom and semi-custom chips. Intel joins some 275 companies already competing for a piece of the customized chip business but it has an advantage that the others do not. IBM which owns a 20 pct stake in Intel has agreed to share the designs for many of the 15000 chips it makes for its own use. Intel will customize those designs and sell them to others. It will also get to use IBMs proprietary computer system for designing chips considered by experts to be one of the most advanced in the world. Intels success is still not guaranteed however. Industry analysts noted that it is far different to design a mass market item than a customized chip that requires a close working relationship with the customer. Intel spent five years and 100 mln dlrs developing its newest 30386 microprocessor. A much faster turnarouond time and much lower development costs will be required for customized chips if the firm is to succeed. Reuter | TECHNOLOGY/CHIP INDUSTRY SEEKS CUSTOM DESIGNS |
SEARS TO RESTRUCTURE DISTRIBUTION |
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Continental Illinois Corp settled an administrative complaint by the Securities and Exchange Commission by agreeing to recharacterize 425 mln dlrs previously reported in the second quarter 1984 as a loss of sale on loans. Under the settlement which was announced simultaneously with the filing of the SECs administrative action Continental agreed to restate earlier financial reports to single out the 425 mln dlrs as a separate loan loss item instead of lumping it together with another item. The bank holding company said the change does not affect its operating results for 1984. The SEC stressed in the complaint that it was not challenging Continentals reported net loss for the second quarter of 1984. But it said it was misleading for the bank to split the 950 mln dlr loan loss provision in half attributing 425 mln dlrs of it to the event of sale. The 425 mln dlrs should have been part of a 950 mln dlr billion dlr loan loss provision required by the Office of the Comptroller of the Currency the SEC said. Continental had originally listed 565 mln dlrs of the loan loss provision as a credit loss and another 425 mln dlrs as a loss on sale of loans the SEC said. It was misleading for the bank to list the 425 mln dlrs as loss on sale which implied the loss would not have occurred had there not been a sale of distressed loans to the Federal Deposit Insurance Corp the SEC said. The bank should have listed 990 mln dlrs as a credit loss instead of 565 mln dlrs and should not have charecterized the other 425 mln dlrs as a provision for loss on sale of loans the SEC said. Continental agreed to the settlement with the SEC without admitting or denying any violations the SEC said. But it agreed to restate its 1984 financial statements to accommodate the SECs objections and to report to its shareholders a summarized version of the SECs administrative action against it the agency said. A Continental official stressed that the settlement in no way will result in any change or restatement of the companys earnings for that period. Reuter | CONTINENTAL ILL <CIL> TO RECHARACTERIZE LOSS |
Shr 20 cts vs 28 cts Net 393371 vs 555989 Revs 3669602 vs 3498780 Reuter | REX-NORECO INC <RNX> 1ST HALF JAN 31 NET |
Morrison Knudsen Corp said its National Projects Inc subsidiary was awarded a contract worth about 27 mln dlrs for construction of improvements at the U.S. Navys Fallon Naval Air Station in Nevada. The company said the work scheduled for completion in Early 1989 involves revamping of the bases utility systems paving of a runway apron contruction of a control tower and aircraft hanger and improvements on the base target range. Reuter | MORRISON KNUDSEN <MRN> GETS NAVAL STATION JOB |
Oper shr eight cts vs five cts Oper net 164000 vs 116000 Sales 8059000 vs 7148000 Year Oper shr 67 cts vs 19 cts Oper net 14920000 vs 433000 Sales 30.9 mln vs 24.8 mln NOTE: Net excludes discontinued operations losses 768000 dlrs vs 40000 dlrs in quarter and loss 700000 dlrs vs gain 307000 dlrs in year. 1985 year net excludes gain 482000 dlrs from change in accounting for investment tax credits. Share adjusted for August 1986 100 pct stock dividend. Reuter | PACKAGING SYSTEMS CORP <PAKS> 4TH QTR NET |
Molecular Biosystems Inc said it announced new SNAP DNA Probe Kits for the detection of rotavirus and malaria. The company said it also introduced the Extractor a new DNA/RNA sample preparation column. The company based in San Diego Calif. said the Extractor dramatically simplifies the isolation and purification of DNA and RNA from actual clnical samples. Reuter | MOLECULAR BIOSYSTEMS <MOBI> OFFERS NEW PRODUCTS |
Ended Jan four Shr loss 14 cts vs loss 27 cts Net loss 850000 vs loss 1400000 Revs 2280000 vs 2220000 Year Shr loss 30 cts vs loss 1.06 dlrs Net loss 1800000 vs loss 5500000 Revs 9500000 vs 12.9 mln Reuter | G.D. RITZY'S INC <RITZ> 4TH QTR LOSS |
Western Digital Corp said it is adding the Network Courier an electronic mail software package by Consumers Software to its Local Area Network (LAN) products. The company said The Network Courier allows LAN users to exchange messages and complete files without having to exit their current applications and to exchange mail and files with remote networks. Reuter | WESTERN DIGITAL <WDC> ADDS ELECTRONIC MAIL |
Oper shr loss three cts vs profit 27 cts Oper net loss 178000 vs profit 4165000 Sales 783.7 mln vs 464.6 mln Avg shrs 25.3 mln vs 10.3 mln Year Oper shr profit 2.61 dlrs vs profit 2.75 dlrs Oper shr diluted profit 2.05 dlrs vs profit 2.66 dlrs Oper net profit 47.6 mln vs profit 31.0 mln Sales 2.67 billion vs 1.65 billion Avg shrs 16.0 mln vs 9.8 mln Avg shrs diluted 24.5 mln vs 10.2 mln NOTES: Results include American Can Packaging Inc and National Can Corp from acquisition on Nov 1 1986 and April 16 1985 respectively 1986 4th qtr oper results reduced 3.0 mln dlrs or 12 cts a share by retroactive elimination of investment tax credits 1985 operating profit includes gains of 1.8 mln dlrs or 17 cts a share in quarter and 6.8 mln dlrs or 67 cts a share in year from sale of investments Operating net excludes loss of 647000 dlrs or three cts a share vs profit 173000 dlrs or two cts a share in quarter and loss 647000 dlrs or four cts a share vs profit 5847000 dlrs or 60 cts a share in year from discontinued operations. 1986 operating results also exclude charges of 1271000 dlrs or five cts a share in quarter and 34.0 mln dlrs or 2.12 dlrs a share in year from early extinguishment of debt Reuter | TRIANGLE INDUSTRIES INC <TRI> 4TH QTR LOSS |
Moodys Investors Service Inc said it lowered the ratings on about 390 mln dlrs of Fluor Corps long-term debt and commercial paper. Moodys said the action which completes a review begun February 6 reflects expectations that pressure on earnings and cash flow are likely to continue for some time. This will result in stress on debt-protection measures although the firms continuing core businesses have strong positions within their industries. Ratings cut include those on senior notes Eurobonds and pollution control bonds to BA-2 from BAA-3 and commercial paper to not-prime from prime-3. Reuter | FLUOR CORP <FLR> DEBT DOWNGRADED BY MOODY'S |
Oper shr five cts vs 15 cts Oper net 236996 vs 661780 Revs 11.3 mln vs 11.00 mln Avg shrs 4249221 vs 4218754 Year Oper shr 33 cts vs 57 cts Oper net 1465700 vs 2033457 Revs 44.0 mln vs 41.4 mln Avg shrs 4348127 vs 3431669 NOTE: Net excludes discontinued TGC Industries Inc operations nil vs gain 123174 dlrs in quarter and loss 213809 dlrs vs gain 377412 dlrs in year. Reuter | ESI INDUSTRIES INC <ESI> 4TH QTR NET |
Electronic Control Security Inc said an initial public offering of 1250000 units is under way at 1.60 dlrs each through underwriters led by Jersey Capital Markets Group Inc. Reuter | ELECTRONIC CONTROL <ECSIU> INITIAL OFFER STARTS |
SEARS TO CLOSE CHICAGO DISTRIBUTION CENTER, LAY OFF UP TO 1,800 EMPLOYEES |
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Shr 73 cts vs 58 cts Shr diluted 69 cts vs 54 cts Net 1101000 vs 901000 Sales 33.0 mln vs 29.1 mln NOTE: Results include BMD of New England Inc from September 1 1986 purchase. Reuter | THUNANDER CORP <THDR> YEAR NET |
Tylan Corp said it renewed its eight mln dlr annual credit agreement with Bank of America and First Los Angeles Bank. The agreement includes a revolving credit line and a term loan through December 31 1987 both of which are secured by the assets of the company Tylan said. It said both lines bear interest at one pct over the prime rate subject to upward adjustment based on certain contingencies. Terms of the agreement include warrants for the banks to buy up to 200000 Tylan shares the company also said. Reuter | TYLAN <TYLN> RENEWS CREDIT LINE |
Nacco Industries Inc said a group of utilities called the Capco group has taken actions to exercise its option to acquire the Quarto Mining Co unit of Naccos North American Coal Co. The purchase would be for about 10 mln dlrs and would if completed generate a substantial capital gain for Nacco the company said. The price is equal to the value of coal reserves contributed to Quarto by North American Coal. In 1986 Quarto produced about 3.6 mln tons of coal and net earnings of 5.9 mln dlrs Nacco said. Capco is a group of utilities that includes Ohio Edison Co <OEC> and Centerior Energy Corp <CX>. Reuter | NACCO INDUSTRIES <NC> UNIT TO BE SOLD |
Porsche AG said its Porsche Cars North America Inc affiliate will raise prices of 1987 models starting with vehicles produced after April 30 an average of three pct on base prices and 2.5 pct on all options. It said new prices are 23910 dlrs for the 924S up from 22995 dlrs 27840 dlrs for the 944 up from 26775 dlrs 30850 dlrs for the 944S up from 29665 dlrs 36300 dlrs for the 944 Turbo up from 34915 dlrs 41440 dlrs for the 911 Coupe up from 40425 dlrs 43.590 dlrs for the 911 Targa up from 42525 dlrs and 47895 dlrs for the 911 Cabriolet up from 46725 dlrs. The company said it also raised prices to 63295 dlrs for the 911 Turbo Coupe up from 61750 dlrs to 71035 dlrs on the 911 Turbo Targa up from 69300 dlrs to 78415 dlrs on the 911 Turbo Cabriolet up from 76500 dlrs and to 63520 dlrs on the 928S 4 up from 61970 dlrs. Reuter | <PORSCHE AG> RAISING U.S. PRICES |
Valley Federal Savings and Loan Association said it appointed Joseph Biafora to the post of chairman and the companys president Donald Headlund was named to the additional post of chief executive. The new appointments follow the death of former chairman and chief executive Robert Gibson the company said. It said Biafora had been vice chairman of the board. Reuter | VALLEY FEDERAL <VFED> NAMES NEW OFFICERS |
Federal regulators said Dean Witter Reynolds Inc the brokerage subsidiary of Sears Roebuck and Co agreed to a censure to settle charges that it failed to fully report cash transactions. In a complaint which was issued simultaneously with the settlement the Securities and Exchange Commission charged Dean Witter the fourth largest U.S. brokerage house with failing to report more than one mln dlrs of cash transactions. In its administrative complaint the SEC stressed that was not charging Dean Witter with taking part in a scheme to launder cash. But it said it found 35 single lump sum cash deposits in excess of 10000 dlrs made with Dean Witters branch offices and another three multiple cash deposits made by a customer on a single day which totaled more than 10000 dlrs. The total unreported cash was 1062234 dlrs the agency said. Federal law requires brokerage firms and banks to report to the Treasury Department all cash deposits greater than 10000 dlrs. After examining seven pct of the Dean Witters branch offices between July 1983 and April 1985 the SEC said it found that the firm reported 1880376 dlrs in cash deposits each of which had been greater than 10000 dlrs but failed to report another 1062234 dlrs. Besides agreeing to the censure Dean Witter agreed to tighten its oversight of its branch offices. Another major brokerage firm E.F. Hutton Group Inc recently disclosed in an SEC filing that a federal grand jury in Providence R.I. was probing its compliance with cash deposit reporting requirements at its Providence office. Reuter | SEARS <S> DEAN WITTER UNIT AGREES TO SEC CENSURE |
BankEast Corp said it has completed the acquisition of United Banks Corp in an exchange of 1.86 BankEast shares for each United share. It said the acquisition is worth about 11.3 mln dlrs. Reuter | BANKEAST CORP <BENH> COMPLETES ACQUISITION |
U.S. tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to 96000 tonnes in the year started March 1 a government official said. The agreement by the seven-member Association of Tin Producing Countries (ATPC) aimed to cut the world surplus and boost prices. Following the accord ATPC Chairman Subroto appealed to the United States to restrict its tin releases from its strategic stockpile. We dont think that (the U.S. government) has a large influence in the (tin) market at this stage of the game said Thomas ODonnell Director of International Commodities at the State Department. Last year the United States released about 4900 tonnes of tin to two ferroalloy firms. Reuter | U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD |
Banner Industries Inc said it plans to accept for payment after the close of business today all the common shares of Rexnord Inc that were tendered under its 26.25 dlr per share tender offer. Banner said its offer for all of the roughly 20 mln shares of Rexnord it did not already own expired last Friday and will not be extended. Based on a preliminary count about 19.8 mln Rexnord shares were tendered under the offer Banner said. Combined with the roughly five mln shares it already holds Banner said it will own about 97 pct of Rexnords shares. Banner said last Friday that it had arranged bank credit to finance most of the tender offer and the subsequent merger with Rexnord under which remaining Rexnord holders may receive 26.25 dlrs a share. It said the balace of the funds will be obtained through a private placement for which Drexel Burnham Lambert Inc is acting as agent. Banner said it expects to complete the merger with Rexnord within 60 days. Reuter | BANNER <BNR> TO ACCEPT REXNORD <REX> SHARES |
American Nursery Products Inc said it has purchased Heinis Nursery Inc of Miami which grows indoor foliage plants for wholesale distribution and had sales of 44720000 dlrs for the year ended August 31. Terms were not disclosed. Reuter | AMERICAN NURSERY <ANSY> MAKES ACQUISITION |
The U.S. Department of Transportation (DOT) has concluded that a ban on smoking on all domestic airline flights is not justified at this time. The department made known its conclusions in a report to Congress made public today on a recommendation by the National Academy of Sciences that such a ban be adopted. We agree that exposure to environmental tobacco smoke could be viewed as a problem by some crew and passengers. However we believe that further study is needed before the department can propose a definitive response to this recommendation the DOT report said. The National Academy of Sciences (NAS) had studied the issue of smoking on airlines under a DOT grant. It recommended a ban in August after concluding that tobacco smoke when confined to an airliners cabin posed potential health hazards to cabin crew members irritated passengers and crew and created a risk of fires. The DOT said more study was needed of the health effects of environmental tobacco smoke and of the concentration and distribution of pollutants on various aircraft types. It also called for more study of possible changes in aircraft ventilation systems and said it wanted to spend more time considering whether a ban should be extended to international as well as domestic flights. Reuter | DOT REJECTS SMOKING BAN ON DOMESTIC FLIGHTS |
American Motors Corp said it will take steps to build a proposed new jeep vehicle at an unspecified alternative location after the weekend breakdown of talks with the United Automobile Workers union on a concessionary contract covering workers at AMCs Wisconsin operations. AMC spokesman Lloyd Northard told Reuters that the company will not build its new Jeep ZJ sports utility vehicle at its Kenosha Wisc. assembly plant as a result of the talks failure. We sincerely regret this outcome but the responsibility for it rests entirely with the local union bargaining committees the company said in a statement. We will therefore initiate the actions necessary to place the new Jeep product in an alternative location rather than at Kenosha. UAW officials said during the weekend they did not regard the collapse of talks as final after the companys final proposal on a new contract was unanimously rejected by union bargainers. But AMC said the unions rejection of its concessions package means that plants in Kenosha and Milwaukee will lose 6500 jobs because the assembly complex in Kenosha will not be getting new work as had been proposed with a new contract. This unfortunate outcome demonstrates the difficulty of maintaining existing working and bringing new work to existing U.S. operations AMC said. Asked if the company considered the decision to phase out the Kenosa plant by 1989 as previously detailed to be final Northard said: If the union came to us and said they would accept our final proposal thats another matter. But the company charged bargainers for UAW Locals 72 and 75 had reneged on commitments for a new agreement with lower labor rates made in 1985 when the union locals negotiated a concessionary agreement covering AMCs Wisconsin operations. AMC which last week reported its first profitable quarter in two years said it wanted a contract for the plants with labor rates and work rules comparable to agreements between the UAW and Japanese automakers operating in the U.S. Wall Street investors reacted to the AMC-UAW impasse by driving down AMCs stock price. In active trading AMC was off 3/8 to 3-1/2 a 9.7 pct decline since Fridays close. Reuter | AMC <AMO> SAYS STEPS TAKEN AFTER UAW TALKS FAIL |
Archive Corp said it signed an agreement under which <Microamerica> a value-added reseller of personal computers peripherals and supplies will distribute its Archive XL tape drive. Archive said Microamerica will carry both models of the XL drive a 40-megabyte 5.25-inch drive based on the QIC-40 standard that is compatible with the IBM PC/XT and PC/AT PCs. Reuter | ARCHIVE CORP <ACHV> SIGNS DISTRIBUTOR AGREEMENT |
InSpeech Inc said it has acquired Northwest Rehabilitation Inc and Len M. House and Associates and United Rehabilitation Inc for undisclosed terms. Northwest provides physical therapy services and has annual sales of about six mln dlrs and Houyse provides speech therapy services and has annual sales of about 4000000 dlrs. Both are based in Minneapolis. Reuter | INSPEECH <INSP> MAKES ACQUISITIONS |
SEARS TO TAKE 20 MLN DLR AFTER-TAX CHARGE IN FIRST QUARTER FOR RESTRUCTURING |
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Status Game Corp said it is introducing a new Video Bingo game that enables the player to buy up to four bingo cards and at the same time play against computer simulated bingo games. Reuter | STATUS GAME <STGM> TO INTRODUCE VIDEO BINGO |
VERSATILE UNIT HAS LETTER OF INTENT TO BUILD 320 MLN DLR ICEBREAKER FOR FEDERAL GOVERNMENT - OFFICIAL |
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Bayer AG of West Germany said it has acquired Wyrough and Loser Inc of Trenton a maker of rubbr processing chemicals for undisclosed terms. It said its Mobay Corp subsidiary will transfer its entire U.S. Rhein-Chemie Rheinau GmbH specialty chemicals business for the rubber plastics and lube oil industries to Wyrough and Loser later this year. Reuter | BAYER <BAYRY> MAKES U.S. ACQUISITION |
Eagle Entertainment Inc said it signed a 10-year management and consulting agreement with 47.5 pct owned <Performance Guarantees Inc> to manage the affiliates business and retain 90 pct of its revenues. PGI provides independent film producers and their investors or lenders with completion bonds which guarantee that a film will be completed and delivered within budget and on schedule. Reuter | EAGLE ENTERTAINMENT <EEGL> TO MANAGE AFFILIATE |
Deputy oil ministers of the six-nation Gulf Co-operation Council (GCC) ended a meeting here after discussing co-ordination and co-operation in the oil field the Bahrain-based Gulf News Agency (GNA) said. The deputy ministers who declined to talk to reporters on the outcome of the 90 minute formal session later concluded a round of informal talks. The GCC groups four OPEC members -- Saudi Arabia Kuwait Qatar and the United Arab Emirates -- and non-OPEC nations Bahrain and Oman. Before the formal session had begun chairman Yousef Shirawi Bahrains Development and Industry Minister told reporters the gathering was a follow-up to talks held last Sunday in Qatar at full ministerial level. GNA gave no details on the outcome of todays talks. It said only The deputy ministers discussed current developments in the oil market particularly those relating to production and prices. The meeting in Qatar had reaffirmed the six Gulf Arab countries commitment to OPECs pricing and production accord forged in December last year. It also discussed ways of marketing crude oil on behalf of those GCC states encountering resistance to official OPEC prices. Oil industry sources have said Qatar has faced particular difficulty in selling its full quota of production. Reuter | GULF ARAB OIL MEETING ENDS |
Apple Computer Inc and AST Research Inc said they are offering two products that allow MS-DOS software compatibility with Apples new Macintosh SE and Macintosh II. Apple understands the importance of information sharing in multiple vendor environments said Apple Chairman John Sculley at a seminar where the new products were released. The products allow the new Macintosh computers to run MS-DOS applications in a window at the speed of an IBM PC-XT and IBM PC-AT. The products will require an external MS-DOS drive which Apple also announced today. Apple also introduced a host of other products including storage devices memory upgrade kits keyboards and two display monitors. In addition it announced jointly with Dow Jones and Co <DJ> and MCI Communications Corp <MCIC> new electronic mail software called Desktop Express that lets users send graphic documents over telephone wires. Reuter | APPLE <AAPL>, AST <ASTA> OFFER MS-DOS PRODUCTS |
Noland Co said February sales were off 2.3 pct to 29.4 mln dlrs from 300.1 mln dlrs a year earlier with year-to-date sales off 9.6 pct to 55.3 mln dlrs from 61.2 mln dlrs. The company blamed extremely disruptive winter weather in many of its markets. Reuter | NOLAND <NOLD> FEBRUARY SALES OFF TWO PCT |
The major U.S. Government bond brokers are likely to give in to pressure from regulators and investors within the next 18 months making their direct-dealing screens available to many of those firms that are not now eligible to receive them said Richard Lacy Chairman of Exco International Inc. Earlier today Exco said it purchased an 80 pct interest in RMJ Holdings Corp one of the largest of the four bond brokers that dominate the business. In a telephone interview Lacy said Within 18 months we think the number of players will be expanded. Currently the four major brokers will sell their direct-dealing screens to only primary dealers in U.S. Government securities or those that have applied to the Federal Reserve Bank of New york to become a primary dealer. The U.S. Justice department is looking into whether limiting access to the screens to just a small group of dealers is a violation of U.S. Anti-trust laws. Primary dealers of which there are now 40 are an elite group of firms approved to buy Treasury securities directly from the Fed. But Lacy said that any agreement to expand access to the brokers direct-dealing screens is likely to be not as far-reaching as some would like. Instead of making screens available to any firm willing to pay for one he said it is more likely that a second tier will be established. He also said that RMJ is not willing to break away from the group of bond brokers and be the only firm to make its screens widely available to any one who wants them. Bond market sources had speculated that RMJ is better prepared to offer its services nationwide than its three major competitors. Lacy also said that he does not see any immediate pressure for a further cut in commissions paid on bond transactions any time soon. In late 1985 transaction fees paid to brokers were cut in half to 39 dlrs per mln dlr transaction from 78 dlrs. Some U.S. primary bond dealers have been suggesting that with further increases in transaction volume fees can be cut without hurting the brokers profits. REUTER | GOVERNMENT BOND BROKER SEES WIDER DATA ACCESS |
European Community EC agriculture ministers struggled today to finalise new rules aimed at limiting sales into public cold stores of unwanted butter at high guaranteed EC prices diplomats said. The plan is the key element in a landmark accord to cut dairy output by 9.5 pct over two years agreed in outline last December after virtually nine days of non-stop negotiations. The accord which is due to operate from the start of the new milk marketing year on April 1 was hailed as the most significant step in an on-going campaign to reform costly EC farm policies and cut embarrassing food surpluses. Diplomats say the December agreement itself is not threatened but that its effect could be considerably weakened if the proposals are altered too radically. West Germany and Ireland are opposed to proposed limits on a farmers now automatic right to sell surplus butter into public stores when market prices and stocks are high. Faced with a butter mountain of a record 1.2 mln tonnes costing over two mln dlrs per day just to store EC farm Commissioner Frans Andriessen says farmers must be encouraged to cut production to meet demand. He is keen to reach an agreement on the milk problem before the ministers move on to consider this years annual price review which proposes extending the new system for butter sales to other sectors such as cereals. Reuter | EC MINISTERS STRUGGLE TO AGREE ON DAIRY CUTS |
 CORRECTION - CONTINENTAL ILL <CIL> In WASHINGTON story CONTINENTAL ILL. <CIL> TO RECHARACTERIZE LOSS please read in second paragraph ... to report the 425 mln dlrs together with other required loan loss provisions instead of singling it out as a separate item. .... Reverses previous. Reuter  | |
Sears Roebuck and Co said it will restructure its distribution operations resulting in a 20 mln dlr after-tax charge against earnings in its first quarter. The retailer on April 30 will close its major Chicago distribution center as the first part of the restructuring. A spokesman said up to 1800 workers will be affected with many of them laid off. Some of the workers may be transferred to other Sears operations. Sears said the restructuring and consolidation will save about 150 mln dlrs by 1991. Sears said it will set up a nationwide network of seven regions to handle all aspects of distribution of its products. The closing of the Chicago plant will be followed by the shutdown of four other distribution units over the next several years. Distribution centers will be closed in Boston Atlanta Memphis and Minneapolis with the Boston shutdown coming early next year. No other closings are planned before 1989. A spokesman said that while there will be layoffs at those facilities the company does not yet know how many workers will be let go. Sears distribution will be consolidated under regional management in Columbus Ohio Dallas Greensboro N.C. Jacksonville Fla. Kansas City Mo. Los Angeles and Philadelphia. However Sears said it will also evaluate the productivity of the Los Angeles and Philadelphia facilities to determine whether they will be modernized or relocated. Responsibility for ordering distribution center inventory will be centralized in Chicago. Reuter | SEARS <S> TO RESTRUCTURE DISTRIBUTION |
B.F. GOODRICH TO PHASE OUT SOME BUSINESSES, CUT STAFF BY 790 |
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Delta Air Lines Inc said it began service from Atlanta to Tokyo today. The carrier will fly single-plane through service departing daily from Atlanta and Tokyo five days a week it said. Reuter | DELTA AIR <DAL> BEGINS ATLANTA-TOKYO SERVICE |
Versatile Corps shipbuilding subsidiary has a letter of intent to build a 320 mln dlr polar icebreaker for the Canadian coast guard Transport Minister John Crosbie said. In a Vancouver address Crosbie said Versatile Pacific Shipyards Inc was the low bidder to build the Arctic Class 8 icebreaker but the company must meet certain financial and engineering conditions before the contract is awarded. The government also announced it will provide up to 13 mln dlrs in loan insurance to help Versatile prepare for the construction of the vessel. said before the contract can be awarded Versatile will be required to offer assurances that the shipyard is technically and financially capable of performing the work. Crosibie said Versatiles bid was 100 mln dlrs lower than competing bidders and will generate 1000 person years of direct employment. Work on the vessel which Crosbie said would be the most powerful icebreaker in the world would begin next year and completed in 1992. The government announced plans to build the icebreaker last year following the controversial passage of the U.S. Coast Guards vessel the Polar Sea through the disputed Northwest Passage. The U.S. government did not seek permission for the journey claiming the area was an international water way. The government said the icebreaker was needed to back up the countrys claim of sovereignty in the Arctic. Reuter | VERSATILE TO BUILD POLAR ICE BREAKER |
Chrysler Financial Corp a unit of Chrysler Corp is raising 250 mln dlrs through an offering of notes due 1992 with a 7-5/8 pct coupon and par pricing said lead manager Salomon Brothers Inc. That is 93.5 basis points above the yield of comparable Treasury securities. Non-callable for life the issue is rated Baa-1 by Moodys and BBB by Standard and Poors. Merrill Lynch Capital Markets co-managed the deal. On February 10 Chrysler Financial sold 200 mln dlrs of same-rated seven-year notes priced to yield 8.13 pct or 100 basis points over Treasuries. Reuter | CHRYSLER <C> UNIT SELLS NOTES AT 7-5/8 PCT |
Privately-held Pantry Inc which operates 477 convenience stores in five Southeastern states said it has engaged Alex. Brown and Sons Inc <ABSB> to explore a possbile sale of the company. It said it expects to start talks with prospective acquirers shortly. The company said it has been approached by a number of parties in recent months. Reuter | <PANTRY INC> INB TALKS ON BEING ACQUIRED |
Qtr ends Dec 31 Shr profit three cts vs loss three cts Net profit 129000 vs loss 85000 Revs 4001000 vs 4347000 Avg shrs 3994347 vs 3769347 Nine mths Shr loss 75 cts vs profit 39 cts Net loss 2900000 vs profit 1753000 Revs 7472000 vs 15.3 mln Avg shrs 3845438 vs 4470275 NOTE: net 1986 includes tax gain carryforward from discontinued operations of Masters Merchandise Group in year prior. Reuter | CONGRESS VIDEO GROUP INC <CVGI> 3RD QTR NET |
First Financial Management Corp said it revised the agreement under which it provides data processing services to First Union Corp of Georgia <FUNC>. The company said the revised agreement establishes specific minimum payments to be made by First Union and shortens the duration of the original pact by 16 months with the new agreement expiring on December 31 1989. Under terms of the amended contract First Financial said it received 19.8 mln dlrs in cash and is guaranteed an additional 50.3 mln dlrs in service revenues. The company said the agreement calls for minimum payments of 16.5 mln dlrs for the balance of 1987 18 mln dlrs in 1988 and 15.8 mln dlrs in 1989. Reuter | FIRST FINANCIAL MANAGEMENT <FFMC> REVISES PACT |
Renouf Corp of New Zealand said it has decided to proceed with its offer for all outstanding units of Benequity Holdings at 31 dlrs per unit. The company had been required to redice by March Two whether to proceed with the offer or terminate it based on its ability to obtain financing and on its review of Benequity operations. The offer is to expire March 13. Reuter | <RENOUF CORP> TO PROCEED WITH BENEQUITY <BH> BID |
Integrated Generics Inc said it is in the midst of several developments which could be favorable for the company but can make no further comments at the present time. The company said it released this brief statement in response to the American Stock Exchanges inquiry on the activity of the companys common stock which was up 5/8 to five in midafternoon trading. Reuter | INTEGRATED GENERICS <IGN> WILL NOT COMMENT |
Cuba has told international sugar operators who have bought its sugar for shipment in March that these contracts will take second place to Cubas direct shipments to its export markets dealers here said. Some traders who have received telexes from Cuba said the language of the message was not totally clear and some believed shipments would be honoured if the traders declare the Soviet Union as the destination of their contracts. The telexes have fueled rising world prices in the last week and reflect a poor Cuban crop worry over Brazils export availability and increasing Soviet demand analysts said. Traders said signs of Cubas shortage of immediately available raw sugar to supply its traditional martkets was probably the factor behind Syria calling a snap buying tender last month. Normally Syria calls white sugar buying tenders for forward delivery and last months spot requirement resulted in the sale of several cargoes. Cuba in its telex told operators they would not receive March shipments as Cuba has to meet its contracts to export markets traders said. Reuter | CUBA TELLS TRADERS SUGAR EXPORTS MAY BE DELAYED |
B.F. Goodrich Co said it will phase out the production of aircraft tires missile and marine products and molded rubber products in Akron Ohio by the end of 1987 laying off about 790 salaried production maintenance and support services employees. The company said layoffs will start within the next few weeks. Goodrich said it will continue to make chemicals and adhesives in Akron employing about 356. Another 5000 salaried employees in Akron work for Goodrich. The company said it has not been able to operate the businesses being discontinued in Akron profitably enough to justify the large investment that it has in them. Goodrich said it will continue to make aircraft tires at Norwood N.C. and sonar domes at Jacksonville Fla. and will relocate its molded rubber products business to a site not yet chosen. It said it will stop making insulators for missiles. Goodrich said it is prepared to discuss with officials of the United Rubber Workers Union severance benefits for affected employees and issues related to the continued operation in Akron of the chemical and adhesives businesses and to the phaseout of the Akron aircraft tire missile and marine and molded rubber products manufacturing. A company spokesman said it does not expect any adverse impact on earnings from the move. Reuter | GOODRICH <GR> TO PHASE OUT SOME BUSINESSES |
Shr 73 cts vs 58 cts Net 1101000 vs 901000 Sales 32.9 mln vs 29.1 mln Note: Results include operations of BMD of New England Inc acquired Sept. 1 1986. Reuter | THUNANDER CORP <THDR> YEAR NET |
<Massachusetts Financial Services Co> said it has set the final income and capital gain distributions for <Trust for Thrift Institutions High Yield Series> of 1.069 dlrs and 7.645 dlrs respectively payable today. Reuter | FINAL TRUST FOR THRIFT INSTITUTIONS PAYOUT SET |
U.S. tin disposals should have little effect on an agreement reached last weekend by tin producing countries to limit group exports to 96000 tonnes in the year started March 1 a government official said. The agreement by the seven-member Association of Tin Producing Countries (ATPC) aimed to cut the world surplus and boost prices. Following the accord ATPC Chairman Subroto appealed to the United States to restrict its tin releases from its strategic stockpile. We dont think that (the U.S. government) has a large influence in the (tin) market at this stage of the game said Thomas ODonnell Director of International Commodities at the State Department. Last year the United States released about 4900 tonnes of tin to two ferroalloy firms. Reuter | (RPT) U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD |
ROSPATCH TO RESPOND TO DIAGNOSTIC BID |
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Mthly div 7.1 cts vs 7.1 cts prior Pay March 31 Record March 16 NOTE: Franklin Insured Tax-Free Income Fund. Reuter | FRANKLIN INSURED TAX-FREE SETS PAYOUT |
Mthly div 6.6 cts vs 6.6 cts prior Pay March 31 Record March 16 NOTE: Franklin Minneosta Insured Tax-Free Income Fund. Reuter | FRANKLIN MINNESOTA INSURED SETS PAYOUT |
Mthly div 6.9 cts vs 6.9 cts prior Pay March 31 Record March 16 NOTE: Franklin Michigan Insured Tax-Free Income Fund. Reuter | FRANKLIN MICHIGAN INSURED SETS PAYOUT |
Mthly div 6.5 cts vs 6.8 cts prior Pay March 31 Record March 16 NOTE: Franklin Massachusetts Insured Tax-Free Income Fund. Reuter | FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT |
U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS SOYBEANS 20,349 WHEAT 14,070 CORN 21,989 |
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Mthly div 6.5 cts vs 6.5 cts prior Pay March 31 Record March 16 NOTE: Franklin California Insured Tax-Free Income Fund. Reuter | FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT |
Diagnostic Products Corp president and chief executive officer Sigi Ziering said he expects to maintain the same compound average annal net income growth in 1987 as the company has for the past five years. We expect the same performance in net income over the next five years as we have had in the past Ziering said. Over the past five years Ziering said the company has had average compound net income growth of 32 pct annually with a 27 pct per year growth in earnings per share. For 1986 the company had net income of 6.3 mln dlrs or 1.07 dlrs per share vs 3.9 mln dlrs or 73 cts per share in 1985. Diagnostic manufactures medical immunological diagnostic test kits. Ziering said he expects the earnings growth to result from positive effect of the weaker dollar on the companys exports sales as well as accelerated market penetration. Ziering said he expected the Food and Drug Administration to approve three more of its drug abuse test kits by the end of the year which depending on approval should also help earnings growth. Ziering said as a result of the new tax laws he expected the companys taxes to decrease by five pct to 31 pct of net income in 1987. Reuter | DIAGNOSTIC PRODUCTS <DPCZ> SEES EARNINGS GROWTH |
Currency fluctuations may reassert their influence on the bullion market in the near future bullion bankers Samuel Montagu and Co Ltd said in a market report. But the firm said silver may lag behind gold in any reactions to movements on foreign exchanges. OPECs failure to address the recent decline in oil prices remains a worrying factor however and on balance it appears that the market should be approached cautiously Montagu said. The bank said the US economy has shown no noticeable long-term improvement and that both Latin American debt and the Iranian arms affair could undermine confidence in the dollar. Reuter | CURRENCIES COULD INFLUENCE BULLION AGAIN-MONTAGU |
Shr 46 cts vs 42 cts Net 3418000 vs 3129000 Revs 24.7 mln vs 26.2 mln Reuter | DUNKIN' DONUTS INC <DUNK> 1ST QTR JAN 24 NET |
Shr profit two cts vs loss 12 cts Net profit 156726 vs loss 776000 Revs 1157883 vs 890138 Reuter | CCR VIDEO CORP <CCCR> 1ST QTR NOV 30 NET |
Mthly div 7.1 cts vs 7.1 cts prior Pay March 31 Record March 16 NOTE: Franklin Puerto Rico Tax-Free Income Fund. Reuter | FRANKLIN PUERTO RICO TAX-FREE SETS PAYOUT |