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The Federal Reserve is expected to
enter the U.S. Government securities market to add temporary
reserves, economists said.
They expect it to supply the reserves indirectly by
arranging a fairly large round, two billion dlrs or more, of
customer repurchase agreements. The Fed may add the reserves
directly instead via System repurchases.
Federal funds, which averaged 6.02 pct on Friday, opened at
6-1/8 pct and traded between there and 6-1/16 pct. Funds are
under upward pressure from settlement of recently sold two-year
notes and from a Treasury tax and loan call on banks.
Reuter
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<Four Seasons Hotels Inc> and VMS Realty
Partners said they agreed to acquire the Santa Barbara Biltmore
Hotel in California from Marriott Corp, for undisclosed terms.
Closing was expected by March 31, they added.
The companies said they would jointly own the hotel and
rename it the Four Seasons Biltmore at Santa Barbara. They said
they would spend more than 13 mln U.S. dlrs "to enhance the
Biltmore's position as one of the finest resort hotels in North
America." Chicago-based VMS Realty is a real estate and
development firm.
Reuter
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Stone Container Corp said it is
splitting its common stock 2-for-1 and increasing its dividend
33-1/3 pct.
The dividend of 20 cts a share, an increase of five cts
over the prior 15 cts a share on pre-split shares, is payable
June 12 to holders of record May 22.
The stock split also is payable June 12 to holders of
record May 22.
Reuter
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Shr 81 cts vs 57 cts
Net 3,660,273 vs 2,437,914
Rev 28.5 mln vs 23.1 mln
Six months
Shr 29 cts vs 12 cts
Net 1,325,755 vs 483,559
Rev 31.7 mln vs 26.4 mln
Reuter
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Shr loss 20 cts vs profit 96 cts
Net loss 499,000 vs profit 2,369,000
Revs 11.5 mln vs 10.3 mln
NOTE: Prior year net includes gain on sale of property of
4,557,000 dlrs.
Reuter
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A study group said the United States
should increase its strategic petroleum reserve to one mln
barrels as one way to deal with the present and future impact
of low oil prices on the domestic oil industry.
U.S. policy now is to raise the strategic reserve to 750
mln barrels, from its present 500 mln, to help protect the
economy from an overseas embargo or a sharp price rise.
The Aspen Institute for Humanistic Studies, a private
group, also called for new research for oil exploration and
development techniques.
It predicted prices would remain at about 15-18 dlrs a
barrel for several years and then rise to the mid 20s, with
imports at about 30 pct of U.S. consumption.
It said instead that such moves as increasing oil reserves
and more exploration and development research would help to
guard against or mitigate the risks of increased imports.
Reuter
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Oper shr profit 36 cts vs loss 1.48 dlrs
Oper net profit 1,353,000 vs loss 5,551,000
Revs 11.3 mln vs 8,142,000
Year
Oper shr profit 31 cts vs loss 1.58 dlrs
Oper net profit 1,165,000 vs loss 5,919,000
Revs 38.0 mln vs 31.6 mln
NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss
4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs
4,744,000 dlrs in year. 1986 items include settlement of
patent suit and provision for investment writeoff and 1985 item
provision for loss on sale of scale business.
1986 net both periods excludes 400,000 dlr tax credit.
Reuter
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Shr 1.65 dlrs vs 1.50 dlrs
Net 5,370,000 vs 4,901,000
Rev 8.4 mln vs 7.8 mln
NOTE: 1986 net gain from property investments 717,000 dlrs,
or 22 cts per share, vs 721,000 dlrs, or 22 cts per share.
Reuter
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Investor Sumner Redstone, who leads
one of the two groups vying for control of Viacom International
Inc, offered to sweeten his bid for the company by 1.50 dlrs a
share cash and 1.50 dlrs in securities.
In a filing with the Securities and Exchange Commission,
Redstone, who controls Dedham, Mass.,-based National Amusements
Inc, a theater chain operator, offered to raise the cash
portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs.
Redstone also raised the face value of the preferred stock
he is offering to 7.50 dlrs from six dlrs.
The Redstone offer, which is being made through Arsenal
Holdings Inc, a National Amusements subsidiary set up for that
purpose, which also give Viacom shareholders one-fifth of a
share of Arsenal common stock after the takeover.
Viacom said earlier today it received revised takeover bids
from Redstone and MCV Holdings Inc, a group led by Viacom
management which is competing with Redstone for control of the
company and already has a formal merger agreement with Viacom.
The company did not disclose the details of the revised
offers, but said a special committee of its board would review
them later today.
The Redstone group, which has a 19.5 pct stake in Viacom,
and the management group, which has a 5.4 pct stake, have both
agreed not to buy more shares of the company until a merger is
completed, unless the purchases are part of a tender offer for
at least half of the outstanding stock.
The two rivals also signed confidentiality agreements,
which give them access to Viacom's financial records provided
they keep the information secret.
In his SEC filing, Redstone, who estimated his cost of
completing the takeover at 2.95 billion dlrs, said Bank of
America is confident it can raise 2.275 billion dlrs.
Besides the financing it would raise through a bank
syndicate, Bank of America has also agreed to provide a
separate 25 mln dlr for the limited purpose of partial
financing and has committed to provide another 592 mln dlrs,
Redstone said.
Merrill Lynch, Pierce Fenner and Smith Inc has increased
its underwriting commitment to 175 mln dlrs of subordinated
financing debt for the Viacom takeover, from the 150 mln dlrs
it agreed to underwrite earlier, Redstone said.
Redstone said his group would contribute more than 475 mln
dlrs in equity toward the takeover.
The Redstone equity contribution to the takeover would
consist of all of his group's 6,881,800 Viacom common shares
and at least 118 mln dlrs cash, he said.
The new offer, the second sweetened deal Redstone has
proposed in his month-long bidding war with management, also
contains newly drawn up proposed merger documents, he said.
Last week, the management group submitted what it called
its last offer for the company, valued at 3.1 mln dlrs and
consisting of 38.50 dlrs a share cash, preferred stock valued
at eight dlrs a share and equity in the new company. Redstone's
previous offer had been valued at 3.2 billion dlrs.
Reuter
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Montedison Spa <MONI.MI> said it has
concluded its negotiations with Spanish pharmaceuticals company
<Antibioticos SA>.
A company spokesman told Reuters "We have concluded the
talks and we are now awaiting authorization from Spanish
authorities." He declined to comment further.
Earlier today the Italian company postponed a scheduled
press conference on its talks with Antibioticos. An Italian
press report today said Montedison has agreed to acquire
Antibioticos for 500 billion lire.
REUTER
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UtiliCorp United Inc said it
completed the acquisition of West Virginia Power from Dominion
Resources for about 21 mln dlrs.
The sale was approved by the West Virginia Public Service
Commission in January and became effective March one. West
Virginia's management will continue to be responsible for
operating the utility, it said.
Reuter
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French operators last Friday requested
licences to export 10,500 tonnes of free market maize, 11,950
tonnes of free market barley and 13,000 of soft wheat flour to
non-EC countries, at prefixed daily (droit commun) rebates,
French trade sources said.
The latest requests for the maize were for export to
Switzerland, Austria and Lichtenstein at a maximum daily rebate
prefixed last Friday at 141 Ecus a tonne against a previous 20
Ecu daily rebate.
The special daily rebate for maize was set in the context
of a Commission commitment to grant this season rebates for the
export of 500,000 tonnes of French maize to non-EC countries,
in compensation for concessions to the U.S. in the recent
dispute over grain sales to Spain.
If the latest French requests are accepted as expected,
this will bring the total of French maize exported in this
context to 25,500 tonnes.
The Commission last Thursday granted weekly rebates for the
sale of 15,000 tonnes of free market maize to non-EC countries.
Requests for barley were for export to Switzerland, Austria
and Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed
restitution of 125 Ecus a tonne, while requests for soft wheat
flour were for export to various non-EC countries at an
unchanged 178 Ecus a tonne.
Reuter
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A study group said the United States
should increase its strategic petroleum reserve to one mln
barrels as one way to deal with the present and future impact
of low oil prices on the domestic oil industry.
U.S. policy now is to raise the strategic reserve to 750
mln barrels, from its present 500 mln, to help protect the
economy from an overseas embargo or a sharp price rise.
The Aspen Institute for Humanistic Studies, a private
group, also called for new research for oil exploration and
development techniques.
It predicted prices would remain at about 15-18 dlrs a
barrel for several years and then rise to the mid 20s, with
imports at about 30 pct of U.S. consumption.
The study cited two basic policy paths for the nation: to
protect the U.S. industry through an import fee or other such
device or to accept the full economic benefits of cheap oil.
But the group did not strongly back either option, saying
there were benefits and drawbacks to both.
It said instead that such moves as increasing oil reserves
and more exploration and development research would help to
guard against or mitigate the risks of increased imports.
Reuter
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Union Carbide Corp is looking to
acquisitions and joint ventures to aid its chemicals and
plastics growth, according the H.W. Lichtenberger, president of
Chemicals and Plastics.
Describing this as a major departure in the company's
approach to commercial development, he told the annual new
business forum of the Commercial Development Association "We
are looking to acquisitions and joint ventures when they look
like the fastest and most promising routes to the growth
markets we've identified."
Not very long ago Union Carbide had the attitude "that if
we couldn't do it ourselves, it wasn't worth doing. Or, if it
was worth doing, we had to go it alone," Lichtenberger
explained.
He said "there are times when exploiting a profitable
market is done best with a partner. Nor do we see any need to
plow resources into a technology we may not have if we can link
up profitably with someone who is already there."
He said Carbide has extended its catalyst business that way
and is now extending its specialty chemicals business in the
same way.
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Bank of America NT and SA's
<BAC.N> West German branch said it is negotiating the sale of
Bankhaus Centrale Credit AG, a small local West German bank it
acquired in 1965, and of its West German Visa credit card
operation.
Michael Seibel, Bank of America vice-president and regional
manager, said the negotiations were proceeding well. He
declined to give further details.
Bank of America's West German branch lost some 32 mln marks
in 1985. The result includes profit and loss transfers from
Bankhaus Centrale Credit and the Visa organisation. The sale of
the units is part of the bank's worldwide restructuring plan.
REUTER
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Semi div 13 cts vs 18 cts prior
Pay March 13
Record March Two
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Mthly div 4.5 cts vs 4.5 cts prior
Pay March 13
Record March Two
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Mthly div 3.6 cts vs 3.6 cts prior
Pay March 13
Record March Two
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Mthly div 7.7 cts vs 7.7 cts prior
Pay March 13
Record March Two
Reuter
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Mthly div 7.3 cts vs 7.3 cts prior
Pay March 13
Record March Two
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Mthly div six cts vs six cts prior
Pay March 13
Record March Two
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The Canadian government is expected
to announce later this week its final ruling whether U.S. corn
exports to Canada have injured Ontario corn growers, U.S.
government and farm group representatives said.
The deadline for a final determination is March 7.
U.S. officials said they are encouraged by the outcome in a
similar case covering European pasta imports. In that case,
Canada decided pasta imports, which take about ten pct of the
Canadian market, did not injure domestic producers. U.S. corn
exports represent only about five pct of the Canadian market.
Canada slapped a 1.05 dlrs per bushel duty on U.S. corn
imports in November 1986, but reduced the duty to 85 cts last
month because the Canadian government said U.S. subsidies to
corn producers were less than Canada earlier estimated.
Reuter
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Qtly div six cts vs six cts prior
Pay April 28
Record March 31
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Dutch port and transport union, FNV,
agreed to an employers' request to reconvene abandoned peace
talks tonight to try to end strikes that have disrupted
Rotterdam's general cargo sector for the past six weeks, a
union spokesman said.
Talks broke down Thursday when the union walked out after
employers tabled their final offer to end the strikes which
started January 19 in protest at planned redundancies of 800
from the sector's 4,000 workforce, starting with 350 this year.
The employers' invitation to restart the talks comes on the
day a deadline set by Minister of Social Affairs Louw de Graaf
for a resolution of the dispute expires.
De Graaf said if the dispute had not ended by today he
would withdraw the 10 mln guilder annual labour subsidy to the
sector.
No comment was immediately available from the employers'
organization.
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Qtly div 35 cts vs 35 cts prior
Pay April One
Record March 14
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The Federal Reserve entered the U.S.
Government securities market to arrange 1.5 billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-3/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
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<Nippon Telegraph and Telephone Corp>
(NTT) expects its profits to fall to 328 billion yen in the
year ending March 31, 1988 from a projected 348 billion this
year, the company said.
Total sales for the same period are expected to rise to
5,506 billion yen from a projected 5,328 billion this year, NTT
said in a business operations plan submitted to the Post and
Telecommunications Ministry.
NTT said it plans to make capital investments of 1,770
billion yen in 1987/88, including 109 billion for research and
development, as against a total of 1,600 billion this year.
Reuter
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Shr 10 cts vs 14 cts
Net 531,896 vs 727,781
Revs 16.0 mln 16.8 mln
Six mths
Shr 30 cts vs 39 cts
Net 1,532,431 vs 2,000,732
Revs 32.7 mln vs 34.5 mln
Reuter
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Qtly div 14 cts vs 14 cts prior
Pay March 13
Record March Two
Reuter
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Shr 67 cts vs 23 cts
Net 5,220,000 vs 3,143,000
Revs 236.1 mln vs 256.2 mln
Avg shrs 7.8 mln vs 13.7 mln
Six Mths
Shr 85 cts vs 59 cs
Net 8,919,000 vs 8,158,000
Revs 483.8 mln vs 515.5 mln
Avg shrs 10.4 mln vs 13.7 mln
NOTE: Fiscal 1987 second quarter and first half earnings
include a gain of 3.4 mln dlrs and exclude preferred dividend
requirements of five mln dlrs in the quarter and 5.6 mln dlrs
in the first half.
Fiscal 1986 net reduced by currency losses equal to six cts
a share in the second quarter and equal to nine cts in the six
months.
Reuter
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Qtly div 10 cts vs 8-1/3 cts prior
Pay April 21
Record March 20
NOTE: Interchange Financial Services Corp.
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Kapok Corp said it is in
techical default of its loans from Southeast Banking Corp <STB>
and Murray Steinfeld but is negotiating with the lenders.
It said neither has declared the loans due.
The company said it has agreed to sell the Peter Pan
Restaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs
after the payment of expenses.
Reuter
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Shr 11 cts vs 13 cts
Net 1,037,690 vs 1,270,460
Sales 10.1 mln vs 9,215,836
Six Mths
Shr 25 cts vs 31 cts
Net 2,319,376 vs 2,930,507
Sales 21.2 mln vs 18.9 mln
Reuter
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Shr loss 14 cts vs loss 21 cts
Net loss 353,000 vs loss 541,000
Revs 2,668,000 vs 2,525,000
Avg shrs 2,452,3000 vs 2,552,300
Reuter
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Shr six cts vs four cts
Net 383,189 vs 241,857
Revs 1,506,756 vs 793,459
12 mths
Shr 24 cts vs 15 cts
Net 1,520,797 vs 929,017
Revs 5,268,486 vs 2,617,995
Reuter
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Qtly div 11 cts vs 11 cts prior
Pay April 17
Record March 20
Reuter
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Oper Shr loss 40 cts vs loss 10 cts
Oper net loss 2,136,000 vs loss 467,000
Revs 21.9 mln vs 12.9 mln
12 mths
Oper shr loss 63 cts vs loss 30 cts
Oper net loss 3,499,000 vs loss 1,756,000
Revs 82.0 mln vs 54.5 mln
NOTE: Excludes income from discontinued operations of
1,478,000 vs 952,000 for qtr, and 31.2 mln vs 6,500,000 for
year.
Excludes extraordinary charge of 2,503,000 for current qtr,
and 4,744,000 for year.
Reuter
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Shr loss four cts vs loss one ct
Net loss 413,021 vs loss 163,932
Revs 600,971 vs 665,800
Reuter
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Net income 154.7 mln pesos vs 127.5 mln
Operating revenues 4.42 billion vs 3.3 billion
Operating profit 621.2 mln vs 203.4 mln
Earnings per share 4.80 vs 3.95
NOTE: Company statement said gold operations contributed 74
pct of consolidated earnings.
Reuter
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Unocal Corp's Union Oil Co said it
lowered its posted prices for crude oil one to 1.50 dlrs a
barrel in the eastern region of the U.S., effective Feb 26.
Union said a 1.50 dlrs cut brings its posted price for the
U.S. benchmark grade, West Texas Intermediate, to 16 dlrs.
Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the
company said.
No changes were made in Union's posted prices for West
Coast grades of crude oil, the company said.
Reuter
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WEDGE Group Inc, a Houston investment
firm with a 5.5 pct stake in American Medical International
Inc, said it has had talks with Pesch and Co, which is seeking
control of the company.
In a filing with the Securities and Exchange Commission,
WEDGE, which is owned by Issam Fares, a Lebanese citizen living
in Switzerland, also said it discussed the possibility of
joining with others in its own bid to seek control of AMI.
WEDGE stressed that it has no current plans to seek control
of AMI, but refused to rule out a takeover try in the future.
WEDGE said it has had discussions with AMI management,
Pesch, the closely held health care and investment concern
controlled by Chicago physician LeRoy Pesch, and other AMI
shareholders.
It did not specify in its SEC filing which issues --
selling its AMI stake or joining with others in a takeover try
-- were discussed with which group. But it said the talks did
not produce any agreements or understandings.
WEDGE said it believes that "some form of restructuring of
AMI and its business would be highly desirable and appropriate
at this time."
WEDGE, which holds 4.8 mln shares of AMI common stock, said
it plans to hold further talks with company management, Pesch
and other shareholders.
Pesch last week sweetened his bid for the company to 22
dlrs a share in cash and securties, or 1.91 billion dlrs based
on AMI's total outstanding, from an all-cash 20 dlr a share
bid, which the company rejected.
Reuter
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Qtly div four cts vs four cts prior
Pay March 27
Record March 13
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Banner Industries Inc said 19.8 mln of
the outstanding 20 mln shares in Rexnord Inc were tendered
pursuant to its 26.25 dlr a share offer that closed at midnight
EST Feb 27.
Together with the five mln Rexnard shares it already owns,
the company said it now holds a 97 pct stake in the company.
It said the completion of the deal is subject to approval
by Rexnard holders and to other closing conditions. It expects
the deal to close in about 60 days.
Reuter
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Qtly div 36 cts vs 36 cts prior
Pay April one
Record March 13
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Bank of America NT and SA's <BAC.N>
West German branch said it is negotiating the sale of Bankhaus
Centrale Credit AG, a small local West German bank it acquired
in 1965, and of its West German Visa credit card operation.
Michael Seibel, Bank of America vice-president and regional
manager, said the negotiations were proceeding well. He
declined to give further details.
Bank of America's West German branch lost some 32 mln marks
in 1985. The result includes profit and loss transfers from
Bankhaus Centrale Credit and the Visa organisation. The sale of
the units is part of the bank's worldwide restructuring plan.
-- corrects year of loss in third paragraph in item which
originally ran February 27.
Reuter
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OSR Corp said it has agreed
to acquire the properties and assets of Telcom International
Group for 10.5 mln common shares, which would give former
Telcom owners an 84 pct interest in the combined company.
Telcom is an international film and television distributor.
The assets being acquired consist mostly of distribution
rights to films valued at over one mln dlrs, the company said.
OSR said as part of the acquisition agreement is is
required to sell its 80 pct interest in Standard Knickerbocker
Ltd, which makes jeans in Canada.
OSR said it expects to net about 150,000 dlrs on the sale
of Standard Knickerbocker.
The company said both transactions are subject to approval
by shareholders at a meeting to be held in April or May, it
said.
Reuter
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Mercury Entertainment Corp said it
expects improved results in 1987.
The company today reported a loss for the year ended
November 30 of 413,021 dlrs on revenues of 600,971 dlrs,
compared with a loss of 163,932 dlrs on revenues of 665,800
dlrs a year before.
Reuter
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Cronus Industries Inc said it agreed to
sell its heat transfer equipment business, Southwestern
Engineering Co, for a slight premium over book value, plus a
release of Cronus from liability on approximately three mln
dlrs of subsidiary indebtedness.
The company said the sale to a subsidiary of Senior
Engineering Group PLC, a British company, will take place this
month.
Reuter
| [
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Qtly div 65 cts vs 65 cts prior
Pay May Seven
Record April Seven
Reuter
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Jacobson Stores Inc said its
board voted a three-for-two stock split, payble March 30,
record March 13.
In other action, Jacobson's directors approved an increase
in its quarterly dividend to 11 cts on a post split basis
payable April 14, record March 30.
The new dividend rate represents a 32 pct increase over the
12-1/2 cts paid quarterly on a pre-split basis.
Reuter
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Oper shr 18 cts vs 51 cts
Oper net 1,048,000 vs 1,870,000
Revs 72.2 mln vs 73.5 mln
Avg shrs 5,910,000 vs 3,680,000
Year
Oper shr 82 cts vs 72 cts
Oper net 4,307,000 vs 2,637,000
Revs 295.3 mln vs 287.5 mln
Avg shrs 5,235,000 vs 3,680,000
NOTE: Results exclude one-time gains of 223,000 or four cts
and 564,000 or 11 cts for 1986 qtr and year vs gains of
6,359,000 or 1.73 dlrs and 7,318,000 or 1.99 dlrs for prior
periods.
Reuter
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] |
Hoechst AG of West Germany said
it has completed the acquisition of Celanese Corp.
Hoechst acquired a majority of Celanese shares in a recent
tender offer at 245 dlrs per common share.
Reuter
| [
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Americus Trust for American Home
Products Shares said it extended its deadline for accepting
tendered shares until November 26, an extension of nine months.
The trust, which will accept up to 7.5 mln shares of
American Home Products <AHP>, said it has already received
tenders for about four mln shares.
The trust is managed by Alex. Brown and Sons Inc <ABSB> and
was formed November 26, 1986.
Reuter
| [
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Shr 59 cts vs 48 cts
Net 3,244,000 vs 2,584,000
Revs 169.3 mln vs 156.0 mln
12 mths
Shr 1.78 dlrs vs 1.32 dlrs
Net 9,733,000 vs 7,164,000
Revs 585.6 mln vs 541.0
Reuter
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Versatile Corp's 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 Versatile's bid was 100 mln dlrs lower than
competing bidders and will generate 1,000 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
Guard's 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 country's claim of sovereignty in the Arctic.
Reuter
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] |
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
| [
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Qtr ends Dec 31
Shr profit three cts vs loss three cts
Net profit 129,000 vs loss 85,000
Revs 4,001,000 vs 4,347,000
Avg shrs 3,994,347 vs 3,769,347
Nine mths
Shr loss 75 cts vs profit 39 cts
Net loss 2,900,000 vs profit 1,753,000
Revs 7,472,000 vs 15.3 mln
Avg shrs 3,845,438 vs 4,470,275
NOTE: net 1986 includes tax gain carryforward from
discontinued operations of Master's Merchandise Group in year
prior.
Reuter
| [
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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
| [
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] |
Shr 73 cts vs 58 cts
Net 1,101,000 vs 901,000
Sales 32.9 mln vs 29.1 mln
Note: Results include operations of BMD of New England Inc,
acquired Sept. 1, 1986.
Reuter
| [
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<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
| [
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[
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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
| [
0,
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0,
1,
0,
0,
0,
0,
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0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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
| [
0,
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0,
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0,
0,
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0,
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] |
[
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1,
0,
0,
0,
0,
1
] |
|
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
| [
0,
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0,
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] |
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 company's 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 company's taxes to decrease by five pct to 31 pct of net
income in 1987.
Reuter
| [
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Shr 46 cts vs 42 cts
Net 3,418,000 vs 3,129,000
Revs 24.7 mln vs 26.2 mln
Reuter
| [
0,
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0,
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] |
Shr profit two cts vs loss 12 cts
Net profit 156,726 vs loss 776,000
Revs 1,157,883 vs 890,138
Reuter
| [
0,
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0,
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0,
0,
0,
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0
] |
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
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mthly div 6.1 cts vs 6.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin Ohio Insured Tax-Free Income Fund.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mthly div 7.1 cts vs 7.1 cts prior
Pay March 31
Record March 16
NOTE: Franklin High-Yield Insured Tax-Free Income Fund.
Reuter
| [
0,
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] |
Convergent Technologies Inc
said it has reached an agreement in principle to buy Oakleaf
Corp, which supplies finance, insurance and leasing computers
to auto dealers.
The transaction will involve an exchange of Oakleaf stock
for cash and debt and is subject to a definitive agreement, the
companys said. No other terms were disclosed.
Oakleaf had 1986 sales of about 26 mln dlrs.
Reuter
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The New York Mercantile Exchange set
April one for the debut of a new procedure in the energy
complex that will increase the use of energy futures worldwide.
On April one, NYMEX will allow oil traders that do not
hold a futures position to initiate, after the exchange closes,
a transaction that can subsequently be hedged in the futures
market, according to an exchange spokeswoman.
"This will change the way oil is transacted in the real
world," said said Thomas McKiernan, McKiernan and Co chairman.
Foreign traders will be able to hedge trades against NYMEX
prices before the exchange opens and negotiate prices at a
differential to NYMEX prices, McKiernan explained.
The expanded program "will serve the industry because the
oil market does not close when NYMEX does," said Frank Capozza,
secretary of Century Resources Inc.
The rule change, which has already taken effect for
platinum futures on NYMEX, is expected to increase the open
interest and liquidity in U.S. energy futures, according to
traders and analysts.
Currently, at least one trader in this transaction, called
an exchange for physical or EFP, must hold a futures position
before entering into the transaction.
Under the new arrangement, neither party has to hold a
futures position before entering into an EFP and one or both
parties can offset their cash transaction with a futures
contract the next day, according to exchange officials.
When NYMEX announced its proposed rule change in December,
NYMEX President Rosemary McFadden, said, "Expansion of the EFP
provision will add to globalization of the energy markets by
providing for, in effect, 24-hour trading."
The Commodity Futures Trading Commission approved the rule
change in February, according to a CFTC spokeswoman.
Reuter
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Rospatch Corp said it will
have a news release later in response to today's acquisition
bid by Diagnostic Retrieval Systems Inc for 22 dlrs a share.
Rospatch earlier requested its stock be halted in over the
counter trading, last trade 24-1/8.
Diagnostic said its bid was for a total 53 mln dlrs through
a cash tender offer for all, but not less than 51 pct of
Rosptach outstanding common.
For its fourth-quarter ended December 31, 1986, Rospatch
reported net loss 2,649,000 or 1.10 dlrs a share compared a
loss of 627,500 or 35 cts profit for the 1985 period.
In December the Brookehill Group in New York said it had
9.7 pct stake. J.A. Parini, Rospatch chief executive, responded
on January eight by saying the investment was a vote in
confidence in the company.
Reuter
| [
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Qtly dividend 12-1/2 cts vs 12-1/2 cts
Pay March 31
Record March 16
Reuter
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Argentine crude oil production was
down 10.8 pct in January 1987 to 12.32 mln barrels, from 13.81
mln barrels in January 1986, Yacimientos Petroliferos Fiscales
said.
January 1987 natural gas output totalled 1.15 billion cubic
metrers, 3.6 pct higher than 1.11 billion cubic metres produced
in January 1986, Yacimientos Petroliferos Fiscales added.
Reuter
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|
North American Group Ltd's North
American Acquisition Corp said it has a definitive agreement to
buy 100 pct of Pioneer Business Group Inc of Atlanta.
Terms of the acquisition were not disclosed. Closing of the
acquisition is scheduled for April.
North American Acquisition said the agreement is subject to
due diligence and a satisfactory review of Pioneer's operation.
Pioneer makes business forms.
Reuter
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A bidding war for Viacom International
Inc, one of the largest U.S. entertainment companies, pitted a
management group and other investors against National
Amusements Inc, a closely held theater operator.
Both sides raised their bids over the weekend. A source
close to the management side insisted that timing was on his
side. He said if outside directors approve the management
proposal, a merger plan could be put to a vote of shareholders
with proxy material going out late this week. "It would take 20
days from the day we mail," said the source.
The source predicted National Amusements, controlled by
investor Sumner Redstone, would need "half a year" to complete
a tender offer because of the regulatory approvals that must
accompany any change in control of Viacom's broadcast licenses
and cable television franchises.
Redstone was not available for comment.
Some of Wall Street's arbitrage players said it was a rare
situation that could only be enjoyed - a true bidding war. One
said Redstone could begin a tender offer whenever he wanted and
if enough people were convinced his proposal was superior to
the Viacom management plan, he would have a chance to win.
The independent directors of Viacom were called into a
meeting today. Word on a decision was expected early tomorrow.
Viacom shares climbed 2-1/2 to 50-3/8 by midafternoon. One
major Wall Street firm issued a sell recommendation. "We think
we're at the end now, in terms of bidding," said the firm's
arbitrageur, who spoke on condition he not be identified.
Both Redstone's proposal and the management proposal would
create a restructured company heavily leveraged with debt. The
management plan would result in a balance sheet with about 2.5
billion dlrs in debt and nearly 500 mln dlrs in preferred
stock, convertible into 45 pct of the common stock.
Redstone's newest proposal offers holders 42 dlrs in cash,
a fraction of a share of exchangeable preferred stock with a
value of 7.50 dlrs, and one-fifth of a share of common stock
stock of Arsenal Holdings, representing 20 pct of the equity
interest in the restructured Viacom. One arbitrageur calculated
the equity in the Redstone plan was worth 2.50 dlrs making the
total package worth 52 dlrs per share.
Management offered 38.50 dlrs in cash, exchangeable
preferred stock worth 8.50 dlrs and a fractional share of
convertible preferred. The arbitrageur said the equity portion
was worth about 4.00 dlrs for a total of 51 dlrs.
Redstone's newest plan raised the amount of interest he
would pay on the cash portion of his offer for every day beyond
April 30 that a merger with Arsenal is not consummated. The
plan calls for intest to be paid at an annual rate of nine pct
during May and 12 pct thereafter. Previously Redstone offered
eight pct interest.
Other arbitrageurs said both Redstone and the management
group, led by president and chief executive Terrence Elkes,
were offering high prices. "Redstone really wants to own the
company," one said. Another said management seemed to have the
edge on the timing issue.
Redstone's company owns 19.6 pct ov Viacom's 35 mln shares.
A Wall Street analyst said it was hard to determine what
the equity in the newly leveraged company would be worth. He
noted as an example that new stock in FMC Corp <FMC>, which
adopted a highly leveraged structure last year, inititally
traded at 12.50 dlrs per share, dipped to nine dlrs, and is now
just over 30 dlrs.
Last week, Viacom reported fourth quarter earnings fell two
two cts per share from 23 cts. The company said interest costs
from several acquisitions affected results.
Shares of Warner Communications Inc <WCI> rose 7/8 to
31-1/8. Analysts noted Warner owns warrants to purchase 3.25
mln Viacom shares at 35 dlrs and another 1.25 mln shares at
37.50 dlrs.
Chris Craft Industries <CCN>, which owns a stake in Warner,
rose 1-1/4 to 22-3/4.
Viacom was created in 1970 and spun off from CBS Inc <CBS>.
The company has 940,000 cable television subscribers, operates
nine satellite television services and owns television and
radio stations. It is one of the largest distributors of films
and other programs for television.
Reuter
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Oper shr five cts vs 29 cts
Oper net 151,000 vs 867,000
Revs 12.7 mln vs 14.1 mln
Year
Oper shr 87 cts vs 52 cts
Oper net 2,650,000 vs 1,565,000
Revs 54.7 mln vs 49.1 mln
Note: oper data does not include 4th qtr 1986 extraordinary
credit of 14,000 dlrs or 4th qtr 1985 extraordinary loss of
139,000 dlrs, or five cts per shr. For year, does not include
extraordinary credit of 92,000 dlrs, or three cts per shr, in
1986 and 161,000 dlrs, or five cts per shr, in 1985.
Reuter
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Canada's decision to raise the issue
of a free trade pact with the U.S. was a sign of what many see
as a new spirit of Canadian self-confidence, a public policy
study group said
"It suggests the Canada of the immediate post-war period,
when it was a major player in the process of building a postwar
world," the Washington-based Atlantic Council said.
U.S. and Canadian negotiators opened talks last summer
aimed at dismantling trade barriers between the two countries,
the world's biggest trading partners with crossborder shipments
of about 150 billion dlrs annually.
The council's study said the trade talks, with a deadline
of October for an agreement, are the biggest issue in
U.S.-Canadian relations.
The study said liberalized trade between the two countries
would improve the competitiveness of their economies in world
markets and lessen trade irritants which now mar their ties.
The council said "in the past most Canadians have shied away
from the notion of a free-trade arrangement, fearing to be
overwhelmed economically and politically by a closer
association with a country 10 times their size in population."
But at the same time, it added, Canadians realized their
domestic market was too small to permit the mass production and
sales needed to raise productivity to the level demanded by an
increasingly competitive world.
The council said that in the talks, Canada is chiefly
interested in minimizing the imposing of U.S. duties against
allegedly subsidized exports.
A recent example was the 15 per cent duty the U.S. imposed
on Canadian lumber exports on grounds the shipments were being
subsidized.
The council said the chief U.S. concerns included ending
curbs against U.S. banking, insurance, telecommunications, and
the so-called "cultural industries" - publishing, broadcasting
and films.
It said other major U.S.-Canadian issues were defense
cooperation, "acid rain" and the U.S. rejection of a Canadian
assertion of sovereignty over waters of the Northwest Passage.
Reuter
| [
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Shr 24 cts vs 21 cts
Pay May 25
Record May eight
Reuter
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<Wavehill International Ventures Inc>
said it has agreed to acquire Personal Computer Rental Corp of
Coral Gables, Fla., in a transaction in which shareholders of
Personal Computer will receive shares respresenting about a 25
pct interest in the combined company.
The company said it will have about two mln shares
outstanding on a fully-diluted basis after the transaction. It
said after the acquisition it will infuse Perconal computer
with cash for expansion. It said Personal Computer now has 26
franchised locations and plans to add over 30 in 1987, seeking
eventually to expand into 420 markets in the U.S. and abroad.
Reuter
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] |
Security Pacific Corp said it
completed its planned merger with Diablo Bank following the
approval of the comptroller of the currency.
Security Pacific announced its intention to merge with
Diablo Bank, headquartered in Danville, Calif., in September
1986 as part of its plan to expand its retail network in
Northern California.
Diablo has a bank offices in Danville, San Ramon and Alamo,
Calif., Security Pacific also said.
Reuter
| [
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Shr six cts vs five cts
Net 188,000 vs 130,000
Revs 12.2 mln vs 10.1 mln
Avg shrs 3,029,930 vs 2,764,544
12 mths
Shr 81 cts vs 1.45 dlrs
Net 2,463,000 vs 3,718,000
Revs 52.4 mln vs 47.5 mln
Avg shrs 3,029,930 vs 2,566,680
NOTE: net for 1985 includes 500,000, or 20 cts per share,
for proceeds of a life insurance policy.
includes tax benefit for prior qtr of approximately 150,000
of which 140,000 relates to a lower effective tax rate based on
operating results for the year as a whole.
Reuter
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Imperial Chemical Industries PLC, the
largest chemical company in the United Kingdom, will expand its
specialty chemicals and drug businesses this year, and better
its 1986 results, said chairman-elect Denys Henderson.
"We expect to shift our company toward higher value-added
businesses and continue to broaden our base," Henderson told
reporters at an informal meeting here.
ICI today announced the formation of a new U.S.
drug company, ICI Pharma, which, with its Stuart
Pharmaceuticals unit, it said will double its current
pharmaceutical sales to 1.1 billion dlrs by 1990.
Henderson said, "Our pharmaceutical business gets lost in
the way that Glaxo's (Glaxo Holdings PLC) does not."
ICI's pharmaceutical division is the second largest drug
maker behind Glaxo in the U.K. Last year U.S. drug sales were
about 40 pct of its worldwide drug sales of 1.5 billion dlrs,
which in turn brought in 27 pct of its total profits.
He estimated that by 1990, ICI's pharmaceutical division
would account for about 30 pct of total company profits.
"The drug division far and away brings in the highest rate
of return," said A.W. Clements, finance director of ICI, who
was also at the meeting.
Henderson said the new U.S. drug concern would basically
act as a second sales force to double the exposure of its drugs
to doctors. ICI will hire 145 new salespeople by October one.
Henderson said the major new products in the company's
pipeline, expected to each bring in sales of over 200 mln dlrs
annually, were Statil, a treatment for diabetic complications,
Zoladex, a treatment for advanced prostate cancer, and Carwin,
a treatment for mild to moderate congestive heart failure.
Henderson said U.S. Food and Drug Administration approval
to market Statil and Zoladex, both under joint licensing
agreements with Merck and Co Inc <MRK>, is not expected until
about 1989. ICI expects to file for permission to market Carwin
in the U.S. later this year.
Henderson said the company's 1987 results would top 1986
income of 888 mln dlrs or 5.45 dlrs per ADR on sales of 15
billion dlrs, but he declined to specify by how much.
Henderson said 1987's results would be boosted by Glidden
Paints, which ICI bought last November for 580 mln dlrs from a
unit of Hanson Industries Inc.
Henderson also said that ICI has about nine billion dlrs
available for acquisitions. Last year the company made 40
acquisitions, the largest being Glidden. He said that more
acquisitions may be made this year but he ruled out an
acquisition of a pharmaceutical concern as "too expensive."
Henderson said that in his new role of chairman, effective
April one when he takes over from Sir John Harvey-Jones who
will retire, the biggest challenge ahead lay in continuing the
earnings momentum ICI has established over the past few years
after restructuring and selling off unprofitable businesses.
Reuter
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Oper shr profit six cts vs loss 20 cts
Oper net profit 734,000 vs loss 2,312,000
Revs 16.8 mln vs 13.9 mln
Year
Oper shr profit 30 cts vs profit three cts
Oper net profit 3,342,0000 vs profit 318,000
Revs 67.5 mln vs 52.6 mln
NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000
dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain
88,000 dlrs or one ct in year from net operating loss
carryforwards.
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Albertson's Inc said its board has
adopted a stockholder rights plan intended to protect them in
the event of any proposed takeover of the company.
Under the plan, stockholders will receive a dividend
distribution of one right for each share of common stock held
on March 23.
The rights are exercisable ten days after a person or group
acquires 20 pct or more of Alberston's common stock or
announces a tender offer for 30 pct or more of the stock.
Each right will entitle the shareholder to buy one newly
issued share of Alberston's common stock for 150.00 dlrs.
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Rospatch Corp said it
rejected a proposal by Diagnostic Retrieval Systems Inc to
acquire its stock at 22 dlrs a share.
Rospatch's board believes that the long term interests of
its shareholders will be best served by continuing as an
independent public company at this time, the company said in
response to an unsolicited offer from Diagnostic Retrieval.
Rospatch said Diagnostic's offer of February 27 is a
variation of a previous offer in January, the nature of which
was not disclosed.
Rospatch said it advised Diagnostic Retrieval that "it
would be contrary to the best interests of the corporation
to engage in any discussions concerning a business combination
with Diagnostic Retrieval."
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Shr profit six cts vs loss 4.51 dlrs
Net profit 815,167 vs loss 12,955,562
Revs 7,981,022 vs 2,954,488
Year
Shr profit 16 cts vs loss 7.22 dlrs
Net profit 2,446,100 vs loss 19,175,931
Revs 23.6 mln vs 14.6 mln
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International Minerals and
Chemical Corp said it completed its acquisition of Johnson and
Johnson Co's Pitman-Moore unit, a producer of animal health
products.
Terms of the acquisition were not disclosed. International
Minerals and Chemical said annual sales of the unit are about
45 mln dlrs.
Pitman-Moore makes health products for pets and for farm
and feedstock animals.
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JWT Group Inc has not been approached
by former Ted Bates Worldwide Chairman Robert Jacoby about the
possibility of a syndicate buying a 35 pct stake in JWT Group
on a friendly basis, a company spokesman said.
He said JWT would have no comment on an Advertising Age
report that Jacoby is considering heading up a venture capital
syndicate to purchase a 35 pct stake in JWT group.
Jacoby was not immediately available for comment on the
report. Ted Bates is now owned by <Saatchi and Saatchi>, the
world's largest advertising agency.
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Shr loss 18 cts vs loss one ct
Net loss 1,343,000 vs loss 49,000
Revs 6,778,000 vs 1,976,000
Year
Shr loss 67 cts vs loss ten cts
Net loss 4,693,000 vs loss 672,000
Revs 14.0 mln vs 7,034,000
Note: 1986 loss included one-time loss of 3,624,000 dlrs on
write-off of certain silver, oil and gas interests.
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Foote Mineral Co said it signed a
letter of intent with Shieldalloy Corp, a wholly-owned
subsidiary of <Metallurg Inc>, for the sale of its Cambridge,
Ohio, business.
The company said the sale, which will be explained in
greater detail after the definitive agreement has been signed,
is part of Foote's previously-announced plan to sell the entire
company.
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All major grain producing countries
must do their part to help reduce global surpluses and the
recent Australian farm policy proposals are flawed, two U.S.
wheat organizations said.
The recent Australian proposals were a good starting point
for discussions, "but we do not want the Australians to feel
they are alone in developing an agenda for discussions" on world
grain trade, the president of the National Association of Wheat
Growers, NAWG, and the chairman of U.S. Wheat Associates said
in a letter to U.S. Agriculture Secretary Richard Lyng and U.S.
Trade Representative Clayton Yeutter.
Future discussions on international wheat trade should
include three topics -- a commitment to privatization of
government-run export trading entities, a commitment to public
disclosure of sales and other terms if government entities are
involved, and a recognition that supply reductions by the U.S.
have kept world prices higher than they otherwise would be, the
two organizations said
While the Australian proposals are welcome the two
organizations said they are not in total agreement with their
assessments.
Australia's proposals, which aim to reduce U.S. target
prices and "quarantine" U.S. wheat stocks, would continue to
place the burden of supply adjustment and reform on U.S.
farmers, they said.
Other countries, including Australia, have benefitted
from the higher world prices that have resulted from past U.S.
acreage and crop reduction programs, the organizations said.
"We will not continue to hurt ourselves economically -- and
subsidize foreign wheat production -- by unilaterally stocking
grain and changing programs which protect our growers," Jim
Miller, president of NAWG said.
"We sincerely hope for some type of agreement among the
world's major grain producing nations to reduce stocks and
restore profitability to agriculture," Miller said.
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Gelco Corp said that,
excluding the effects of a restructuring plan, it expects
pre-tax operating earnings for the year to end July 31, 1987,
to be about the same as those of last year.
For the year ended July 31, 1986, Gelco reported pre-tax
operating earnings of 14.8 mln dlrs, or 1.08 dlrs a share.
However, final results will be affected by certain charges
including legal and investment advisors fees, preferred stock
dividends and other costs of restructuring, it said.
Expenses associated with restructuring are expected to be
offset by "significant" gains from the sale of some of Gelco's
business units, it said.
The final outcome for the fiscal year will be determined by
the timing and proceeds from the sale, it added.
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Subsets and Splits