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The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) -
Natl Loan Release Call
Avge Rate-X Level Price Price
Wheat 2.55 2.40 IV 4.65 --
V 4.65 --
VI 4.45 --
Corn 1.35 1.92 IV 3.15 3.15
V 3.25 --
X - 1986 Rates.
Natl Loan Release Call
Avge Rate-X Level Price Price
Oats 1.24 0.99 V 1.65 --
Barley n.a. 1.56 IV 2.55 2.55
V 2.65 --
Sorghum 2.34 3.25-Y IV 5.36 5.36
V 5.54 --
Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
n.a.-not available.
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Argentine grain board figures show
crop registrations of grains, oilseeds and their products to
February 11, in thousands of tonnes, showing those for futurE
shipments month, 1986/87 total and 1985/86 total to February
12, 1986, in brackets:
Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total
2,692.4 (4,161.0).
Maize Mar 48.0, total 48.0 (nil).
Sorghum nil (nil)
Oilseed export registrations were:
Sunflowerseed total 15.0 (7.9)
Soybean May 20.0, total 20.0 (nil)
The board also detailed export registrations for
subproducts, as follows,
SUBPRODUCTS
Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total
111.8 (82.7) .
Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8
(87.4).
Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0,
total 166.1 (218.5).
Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5,
total 149.8 (145.3).
Vegetable oil registrations were :
Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil,
Jun 10.0, total 182.4 (117.6).
Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8,
(76.1).
Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0,
Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER
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Champion Products Inc said its
board of directors approved a two-for-one stock split of its
common shares for shareholders of record as of April 1, 1987.
The company also said its board voted to recommend to
shareholders at the annual meeting April 23 an increase in the
authorized capital stock from five mln to 25 mln shares.
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Computer Terminal Systems Inc said
it has completed the sale of 200,000 shares of its common
stock, and warrants to acquire an additional one mln shares, to
<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
The company said the warrants are exercisable for five
years at a purchase price of .125 dlrs per share.
Computer Terminal said Sedio also has the right to buy
additional shares and increase its total holdings up to 40 pct
of the Computer Terminal's outstanding common stock under
certain circumstances involving change of control at the
company.
The company said if the conditions occur the warrants would
be exercisable at a price equal to 75 pct of its common stock's
market price at the time, not to exceed 1.50 dlrs per share.
Computer Terminal also said it sold the technolgy rights to
its Dot Matrix impact technology, including any future
improvements, to <Woodco Inc> of Houston, Tex. for 200,000
dlrs. But, it said it would continue to be the exclusive
worldwide licensee of the technology for Woodco.
The company said the moves were part of its reorganization
plan and would help pay current operation costs and ensure
product delivery.
Computer Terminal makes computer generated labels, forms,
tags and ticket printers and terminals.
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Shr 34 cts vs 1.19 dlrs
Net 807,000 vs 2,858,000
Assets 510.2 mln vs 479.7 mln
Deposits 472.3 mln vs 440.3 mln
Loans 299.2 mln vs 327.2 mln
Note: 4th qtr not available. Year includes 1985
extraordinary gain from tax carry forward of 132,000 dlrs, or
five cts per shr.
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Ohio Mattress Co said its first
quarter, ending February 28, profits may be below the 2.4 mln
dlrs, or 15 cts a share, earned in the first quarter of fiscal
1986.
The company said any decline would be due to expenses
related to the acquisitions in the middle of the current
quarter of seven licensees of Sealy Inc, as well as 82 pct of
the outstanding capital stock of Sealy.
Because of these acquisitions, it said, first quarter sales
will be substantially higher than last year's 67.1 mln dlrs.
Noting that it typically reports first quarter results in
late march, said the report is likely to be issued in early
April this year.
It said the delay is due to administrative considerations,
including conducting appraisals, in connection with the
acquisitions.
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Oper shr loss two cts vs profit seven cts
Oper shr profit 442,000 vs profit 2,986,000
Revs 291.8 mln vs 151.1 mln
Avg shrs 51.7 mln vs 43.4 mln
Six mths
Oper shr profit nil vs profit 12 cts
Oper net profit 3,376,000 vs profit 5,086,000
Revs 569.3 mln vs 298.5 mln
Avg shrs 51.6 mln vs 41.1 mln
NOTE: Per shr calculated after payment of preferred
dividends.
Results exclude credits of 2,227,000 or four cts and
4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
six cts and 4,104,000 or 11 cts for prior periods from
operating loss carryforwards.
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Shr one dlr vs 73 cts
Net 12.6 mln vs 15.8 mln
Revs 337.3 mln vs 315.2 mln
Nine mths
Shr 3.07 dlrs vs 3.08 dlrs
Net 66 mln vs 66.2 mln
Revs 1.59 billion vs 997.1 mln
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Dean Foods Co expects earnings for the
fourth quarter ending May 30 to exceed those of the same
year-ago period, Chairman Kenneth Douglas told analysts.
In the fiscal 1986 fourth quarter the food processor
reported earnings of 40 cts a share.
Douglas also said the year's sales should exceed 1.4
billion dlrs, up from 1.27 billion dlrs the prior year.
He repeated an earlier projection that third-quarter
earnings "will probably be off slightly" from last year's 40
cts a share, falling in the range of 34 cts to 36 cts a share.
Douglas said it was too early to project whether the
anticipated fourth quarter performance would be "enough for us
to exceed the prior year's overall earnings" of 1.53 dlrs a
share.
In 1988, Douglas said Dean should experience "a 20 pct
improvement in our bottom line from effects of the tax reform
act alone."
President Howard Dean said in fiscal 1988 the company will
derive benefits of various dairy and frozen vegetable
acquisitions from Ryan Milk to the Larsen Co.
Dean also said the company will benefit from its
acquisition in late December of Elgin Blenders Inc, West
Chicago.
He said the company is a major shareholder of E.B.I. Foods
Ltd, a United Kingdom blender, and has licensing arrangements
in Australia, Canada, Brazil and Japan.
"It provides ann entry to McDonalds Corp <MCD> we've been
after for years," Douglas told analysts.
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The Commodity Credit Corporation, CCC,
has accepted an export bonus offer to cover the sale of 37,000
long tons of wheat flour to North Yemen, the U.S. Agriculture
Department said.
The wheat four is for shipment March-May and the bonus
awarded was 119.05 dlrs per tonnes and will be paid in the form
of commodities from the CCC inventory.
The bonus was awarded to the Pillsbury Company.
The wheat flour purchases complete the Export Enhancement
Program initiative announced in April, 1986, it said.
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Brown-Forman Inc said its board
has approved a three-for-two stock split and a 35 pct increase
in the company cash dividend.
The company cited its improved earnings outlook and
continued strong cash flow as reasons for raising the dividend.
Brown-Forman said the split of its Class A and Class B
common shares would be effective March 13.
The company said directors declared a quarterly cash
dividend on each new share of both classes of 28 cts, payable
April one to holders of record March 20. Prior to the split,
the company had paid 31 cts quarterly.
Brown-Forman today reported a 37 pct increase in third
quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a
seven pct increase in sales to a record 337 mln dlrs.
Brown-Forman said nine month profits declined a bit to 66.0
mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08
dlrs a share, a year earlier due to a second quarter charge of
37 cts a share for restructuring its beverage operations.
The company said lower corporate tax rates and the
restructuring "are expected to substantially improve
Brown-Forman's earnings and cash flow in fiscal 1988."
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Shr profit 15 cts vs profit four cts
Annual div 72 cts vs 72 cts prior yr
Net profit 72,000 vs profit 16,000
Revs 7,075,000 vs 2,330,000
12 mths
Shr profit 42 cts vs loss 11 cts
Net profit 203,000 vs loss 55,000
Revs 16.1 mln vs 3,971,000
NOTE: annual dividend payable April 10, 1987, to
stockholders of record on March 27, 1987.
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Shr 39 cts vs 50 cts
Net 1,545,160 vs 2,188,933
Revs 25.2 mln vs 19.5 mln
Year
Shr 1.53 dlrs vs 1.21 dlrs
Net 6,635,318 vs 5,050,044
Revs 92.2 mln vs 77.4 mln
NOTE: Results include adjustment of 848,600 dlrs or 20 cts
shr for 1986 year and both 1985 periods from improvement in
results of its universal life business than first estimated.
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Qtly div eights cts vs 7.5 cts prior
Pay March 31
Record March 13
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Shr loss 22 cts vs loss 18 cts
Net loss 3,035,000 vs loss 2,516,000
Revs 20.9 mln vs 19.6 mln
Qtly div three cts vs three cts prior
Year
Shr profit two cts vs profit 34 cts
Net profit 215,000 vs profit 4,647,000
Revs 93.4 mln vs 98.7 mln
NOTE: Dividend payable April one to shareholders of record
March 17.
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Shr 45 cts vs 58 cts
Net 1.1 mln vs 829,000
Sales 7.9 mln vs 9.4 mln
Avg shrs 2,332,397 vs 1,428,000
Year
Shr 1.22 dlrs vs 1.06 dlrs
Net 2.9 mln vs 1.5 mln
Sales 25.7 mln vs 22.2 mln
Avg shrs 2,332,397 vs 1,428,000
Reuter
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Standard Trustco said it expects earnings
in 1987 to increase at least 15 to 20 pct from the 9,140,000
dlrs, or 2.52 dlrs per share, recorded in 1986.
"Stable interest rates and a growing economy are expected to
provide favorable conditions for further growth in 1987,"
president Brian O'Malley told shareholders at the annual
meeting.
Standard Trustco previously reported assets of 1.28 billion
dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on
common shareholders' equity was 18.6 pct last year, up from 15
pct in 1985.
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Shr loss 51 cts vs loss three cts
Net loss 7,041,000 vs loss 467,000
Rev 138.9 mln vs 131.4 mln
12 months
Shr loss 64 cts vs profit 46 cts
Net loss 8,843,000 vs profit 6,306,0000
Rev 558.9 mln vs 556.7 mln
NOTE: Net loss for 4th qtr 1986 includes charge for
restructuring of 2.6 mln dlrs after tax, or 19 cts a share.
1986 net loss includes after tax special charge of 2.7 mln
dlrs, or 20 cts a share.
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McLean Industries Inc's United
States Lines Inc subsidiary said it has agreed in principle to
transfer its South American service by arranging for the
transfer of certain charters and assets to <Crowley Mariotime
Corp>'s American Transport Lines Inc subsidiary.
U.S. Lines said negotiations on the contract are expected
to be completed within the next week. Terms and conditions of
the contract would be subject to approval of various regulatory
bodies, including the U.S. Bankruptcy Court.
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ChemLawn Corp <CHEM> could attract a
higher bid than the 27 dlrs per share offered by Waste
Management Inc <WNX>, Wall Street arbitrageurs said.
Shares of ChemLawn shot up 11-5/8 to 29-3/8 in
over-the-counter- trading with 3.8 mln of the company's 10.1
mln shares changing hands by late afternoon.
"This company could go for 10 times cash flow or 30 dlrs,
maybe 32 dollars depending on whether there is a competing
bidder," an arbitrageur said. Waste Management's tender offer,
announced before the opening today, expires March 25.
"This is totally by surprise," said Debra Strohmaier, a
ChemLawn spokeswoman. The company's board held a regularly
scheduled meeting today and was discussing the Waste Management
announcement. She said a statement was expected but it was not
certain when it would be ready.
She was unable to say if there had been any prior contact
between Waste Management and ChemLawn officials.
"I think they will resist it," said Elliott Schlang,
analyst at Prescott, Ball and Turben Inc. "Any company that
doesn't like a surprise attack would."
Arbitrageurs pointed out it is difficult to resist tender
offers for any and all shares for cash. Schlang said ChemLawn
could try to find a white knight if does not want to be
acquired by Waste Management.
Analyst Rosemarie Morbelli of Ingalls and Snyder said
ServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were
examples of companies that could be interested.
ChemLawn, with about two mln customers, is the largest U.S.
company involved in application of fertilizers, pesticides and
herbicides on lawns. Waste Management is involved in removal of
wastes.
Schlang said ChemLawn's customer base could be valuable to
another company that wants to capitalize on a strong
residential and commercial distribution system.
Both Schlang and Morbelli noted that high growth rates had
catapulted ChemLawn's share price into the mid-30's in 1983 but
the stock languished as the rate of growth slowed.
Schlang said the company's profits are concentrated in the
fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for
the full year, and 2.58 dlrs in the fourth quarter.
Morbelli noted ChemLawn competes with thousands of
individual entrepreuers who offer lawn and garden care sevice.
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inflation
plan, initially hailed at home and abroad as the saviour of the
economy, is limping towards its first anniversary amid soaring
prices, widespread shortages and a foreign payments crisis.
Announced last February 28 the plan froze prices, fixed the
value of the new Cruzado currency and ended widespread
indexation of the economy in a bid to halt the country's 250
pct inflation rate.
But within a year the plan has all but collapsed.
"The situation now is worse than it was. Although there was
inflation, at least the economy worked," a leading bank
economist said.
The crumbling of the plan has been accompanied by a
dramatic reversal in the foreign trade account. In 1984 and
1985 Brazil's annual trade surpluses had been sufficient to
cover the 12 billion dlrs needed to service its 109 billion dlr
foreign debt.
For the first nine months of 1986 all seemed to be on
target for a repeat, with monthly surpluses averaging one
billion dlrs. But as exports were diverted and imports
increased to avoid further domestic shortages the trade surplus
plunged to 211 mln dlrs in October and since then has averaged
under 150 mln.
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The Panama Canal Commission, a U.S.
government agency, said in its daily operations report that
there was a backlog of 39 ships waiting to enter the canal
early today. Over the next two days it expects --
2/26 2/27
Due: 27 35
Scheduled to Transit: 35 41
End-Day Backlog: 31 25
Average waiting time tomorrow --
Super Tankers Regular Vessels
North End: 13 hrs 15 hrs
South End: 4 hrs 26 hrs
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<America First Federally Guaranteed
Mortgage Fund Two> said it is making a special distribution of
71.6 cts per exchangeable unit, which includes 67.62 cts from
return on capital and 3.98 cts from income gains.
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Qtly div 35 cts vs 35 cts prior
Payable March 31
Record March nine
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AM International Inc, reporting an
operating loss for the January 31 second quarter, said
prospects for the balance of the fiscal year remain good.
It said orders at its Harris Graphics subsidiary, acquired
in June 1986, "continue to run at a strong pace." For the six
months, orders rose 35 pct over the corresponding prior-year
period, or on an annualized basis are running at about 630 mln
dlrs.
The backlog at Harris is up 30 pct from the beginning of
the fiscal year, AM said.
AM International said its old division are expected to
benefit from recent new product introductions and the decline
in the value of the dollar.
"Research, development and engineering expenditures in
fiscal 1987 will be in the 45-50 mln dlr range, and the company
said it has allocated another 30-40 mln dlrs for capital
expenditures.
Earlier AM reported a fourth quarter operating loss of two
cts a share compared to profits of seven cts a share a year
ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs.
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The Commodity Credit Corporation (CCC)
announced 1.5 mln dlrs in credit guarantees previously
earmarked to cover sales of dry edible beans to Honduras have
been switched to cover sales of white corn, the U.S.
Agriculture Department said.
The department said the action reduces coverage for sales
of dry edible beans to 500,000 dlrs and creates the new line of
1.5 mln dlrs for sales of white corn.
All sales under the credit guarantee line must be
registered and shipped by September 30, 1987, it said.
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Gulf barge freight rates firmed again on
the outlook for steady vessel loadings at the Gulf, increasing
the demand for barges to supply those ships, dealers said.
No barges traded today on the St Louis Merchants' Exchange
call session, versus 29 yesterday.
Quotes included -
- Delivery this week on the Illinois River (Joliet) 135 pct of
tariff bid/140 offered, with next week same river (ex Chicago)
quoted the same - both up 2-1/2 percentage points.
- Next week Mississippi River (St Louis) 120 pct bid/127-1/2
offered - up five points.
- Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2
offered - up 7-1/2 points.
- On station Illinois River (south Chicago) 135 pct bid/140
offered - no comparison.
- March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up
2-1/2 points.
- March Ohio River bid at yesterday's traded level of 125 pct,
offered at 132-1/2.
- March lower Mississippi River (Memphis/Cairo) 112-1/2 pct
bid/120 offered - no comparison.
- May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered
- no comparison.
- Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct
bid/145 offered, with Sept/Dec same section 125 pct bid/135
offered - no comparison.
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Gulf Applied Technologies Inc said it
sold its pipeline and terminal operations units for 12.2 mln
dlrs and will record a gain of 2.9 mln dlrs in the first
quarter.
It added that any federal taxes owed on the transaction
will be offset by operating loss carryovers.
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Shr 80 cts vs 72 cts
Net 55,513,000 vs 48,741,000
Revs 290.9 mln vs 264.2 mln
Year
Shr 3.09 dlrs vs 2.72 dlrs
Net 213,470,000 vs 184,649,000
Revs 1.12 billion vs 992.9 mln
Avg shrs 69,127,000 vs 68,004,000
Reuter
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Shr 27 cts vs 29 cts
Net 13,555,000 vs 14,635,000
Revs 104,606,000 vs 110,311,000
Avg shrs 47.2 mln vs 47.1 mln
12 mths
Shr 4.10 dlrs vs 3.66 dlrs
Net 226,653,000 vs 186,790,000
Revs 1.4 billion vs 1.3 billion
Avg shr 47.1 mln vs 47.1 mln
NOTE: latest 12 mths net includes gain 46 cts per share for
sale of Virginia service territory to Dominion Resources Inc
<D>.
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CoFAB Inc said it acquired <Gulfex Inc>,
a Houston-based fabricator of custom high-pressure process
vessels for the energy and petrochemical industries.
CoFAB said its group of companies manufacture specialized
cooling and lubricating systems for the oil and gas,
petrochemical, utility, pulp and paper and marine industries.
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Qtly div eights cts vs eight cts prior
Pay April one
Record March 13
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Shr 30 cts vs 5.92 dlrs
Net 1,142,000 vs 16.0 mln
Revs 10.6 mln vs 24.2 mln
Year
Shr 90 cts vs 6.20 dlrs
Net 3,320,000 vs 16.9 mln
Revs 45.00 mln vs 26.2 mln
NOTE: 1986 4th qtr and yr amounts include acquisition of
98.8 pct of common of Atico, formerly Peninsula Federal Savings
and Loan Association, on January 24, 1986.
1985 4th qtr and yr net include net gain of 15.9 mln dlrs
or 5.86 dlrs per share on exchange of common of Pan America
Banks Inc for common of NCNB Corp purusant to a merger of the
companies.
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Shr primary 95.30 pesos vs 29.71 pesos
Shr diluted 61.11 pesos vs 18.49 pesos
Qtly div 1.25 pesos vs 1.25 pesos
Net 1.9 billion vs 779 mln
Revs 6.1 billion vs 4.7 billion
NOTE: Full name Philippine Long Distance Telephone Co.
Figures quoted in Philippine Pesos.
Dividend payable April 15 to holders or record March 13.
Exchange rate on day of dividend declaration was 20.792 pesos
per dollar.
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Qtly div five cts vs N.A.
Payable April two
Record March 20
NOTE:1986 dividend includes special two cts per share for
the period beginning with the fund's commencement of operations
on Novebmer three through December 31, 1986.
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Qtly div 25 cts vs 25 cts prior
Pay April 30
Record April 16
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Qtly div two cts vs 1.7 cts
Pay March 26
Record March 12
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0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Annual div Class A 14 cts vs 12 cts prior
Annual div Class B 12.1 cts vs 10.4 cts prior
Payable April one
Record March 20
NOTE: full name is BDM International Inc.
Reuter
| [
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Qtly div three cts vs three cts prior
Pay March 13
Record February 27
Reuter
| [
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Shr 1.11 dlrs vs 1.04 dlrs
Net 44,092,000 vs 35,145,000
Revs 1.94 billion vs 1.34 billion
Note: 1986 results include extraordinary gain of 1,035,000
dlrs or six cts a share from secondary share offering of Canron
unit.
Reuter
| [
0,
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0,
1,
0,
0,
0,
0,
0,
0
] |
A group of affiliated New York
investment firms said they lowered their stake in Cyclops Corp
to 260,500 shares, or 6.4 pct of the total outstanding common
stock, from 370,500 shares, or 9.2 pct.
In a filing with the Securities and Exchange Commission,
the group, led by Mutual Shares Corp, said it sold 110,000
Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs.
Reuter
| [
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0,
0,
0,
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0,
0
] |
The Agricultural Stabilization and
Conservation Service (ASCS) has established these unit values
for commodities offered from government stocks through
redemption of Commodity Credit Corporation commodity
certificates, effective through the next business day.
Price per bushel is in U.S. dollars. Sorghum is priced per
CWT, corn yellow grade only.
WHEAT HRW HRS SRW SWW DURUM
Chicago -- 3.04 2.98 -- --
Ill. Track -- -- 3.16 -- --
Toledo -- 3.04 2.98 2.90 --
Memphis -- -- 3.05 -- --
Peoria -- -- 3.11 -- --
Denver 2.62 2.63 -- -- --
Evansville -- -- 2.99 -- --
Cincinnati -- -- 2.96 -- --
Minneapolis 2.65 2.71 -- -- 3.70
Baltimore/
Norf./Phil. -- -- 3.06 2.98 --
Kansas City 2.87 -- 3.17 -- --
St. Louis 3.03 -- 3.03 -- --
Amarillo/
Lubbock 2.64 -- -- -- --
HRW HRS SRW SWW DURUM
Lou. Gulf -- -- 3.16 -- --
Portland/
Seattle 3.07 3.08 -- 3.10 3.70
Stockton 2.78 -- -- -- --
L.A. 3.23 -- -- -- 4.05
Duluth 2.65 2.71 -- -- 3.70
Tex. Gulf 3.10 -- 3.16 -- --
CORN BRLY OATS RYE SOYB SORG
Chicago 1.47 -- -- -- 4.81 2.49
Ill. Track 1.49 2.04 -- -- 4.85 2.52
Toledo 1.41 2.04 1.50 -- 4.78 2.39
Memphis 1.59 1.95 1.71 -- 4.90 2.86
Peoria 1.51 --- -- -- 4.80 2.60
Denver 1.56 1.56 -- -- -- 2.54
Evnsvlle 1.54 2.04 1.50 2.17 4.90 2.61
Cinci 1.52 2.04 1.50 2.17 4.85 2.58
Mpls 1.34 1.75 1.50 1.85 4.68 --
Balt/Nor/
Phil 1.70 1.80 -- -- 4.98 3.12
KC 1.49 1.56 1.64 -- 4.76 2.58
St Lo 1.54 -- 1.66 -- 4.90 2.91
Amarlo/
Lubbck 1.84 1.40 -- -- 4.75 2.92
Lou Gulf 1.73 -- -- -- 5.05 3.12
Port/
Seattle 1.87 2.10 1.68 -- -- --
Stockton 2.18 2.23 2.10 -- -- 4.00
LA 2.54 2.50 -- -- -- 4.38
Duluth 1.34 1.75 1.50 1.85 4.68 --
Tex Gulf 1.73 1.48 1.73 -- 5.05 3.12
Reuter
| [
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Shr profit three cts vs loss three cts
Net profit 363,000 vs loss 197,000
Revs 3,761,000 vs 2,666,000
Year
Shr profit one cent vs loss 37 cts
Net profit 129,000 vs loss 1,715,000
Revs 11.4 mln vs 10.9 mln
Avg shrs 10,694,081 vs 4,673,253
Reuter
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There were seven grain ships loading and
six ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
Reuter
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Qtly div 25 cts vs 25 cts prior
Pay April one
Record March 15
Reuter
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American Express Co remained silent on
market rumors it would spinoff all or part of its Shearson
Lehman Brothers Inc, but some analysts said the company may be
considering such a move because it is unhappy with the market
value of its stock.
American Express stock got a lift from the rumor, as the
market calculated a partially public Shearson may command a
good market value, thereby boosting the total value of American
Express. The rumor also was accompanied by talk the financial
services firm would split its stock and boost its dividend.
American Express closed on the New York Stock Exchange at
72-5/8, up 4-1/8 on heavy volume.
American Express would not comment on the rumors or its
stock activity.
Analysts said comments by the company at an analysts'
meeting Tuesday helped fuel the rumors as did an announcement
yesterday of management changes.
At the meeting, company officials said American Express
stock is undervalued and does not fully reflect the performance
of Shearson, according to analysts.
Yesterday, Shearson said it was elevating its chief
operating officer, Jeffery Lane, to the added position of
president, which had been vacant. It also created four new
positions for chairmen of its operating divisions.
Analysts speculated a partial spinoff would make most
sense, contrary to one variation on market rumors of a total
spinoff.
Some analysts, however, disagreed that any spinoff of
Shearson would be good since it is a strong profit center for
American Express, contributing about 20 pct of earnings last
year.
"I think it is highly unlikely that American Express is
going to sell shearson," said Perrin Long of Lipper Analytical.
He questioned what would be a better investment than "a very
profitable securities firm."
Several analysts said American Express is not in need of
cash, which might be the only reason to sell a part of a strong
asset.
But others believe the company could very well of
considered the option of spinning out part of Shearson, and one
rumor suggests selling about 20 pct of it in the market.
Larry Eckenfelder of Prudential-Bache Securities said he
believes American Express could have considered a partial
spinoff in the past.
"Shearson being as profitable as it is would have fetched a
big premium in the market place. Shearson's book value is in
the 1.4 mln dlr range. Shearson in the market place would
probably be worth three to 3.5 bilion dlrs in terms of market
capitalization," said Eckenfelder.
Some analysts said American Express could use capital since
it plans to expand globally.
"They have enormous internal growth plans that takes
capital. You want your stock to reflect realistic valuations to
enhance your ability to make all kinds of endeavors down the
road," said E.F. Hutton Group analyst Michael Lewis.
"They've outlined the fact that they're investing heavily
in the future, which goes heavily into the international
arena," said Lewis. "...That does not preclude acquisitions and
divestitures along the way," he said.
Lewis said if American Express reduced its exposure to the
brokerage business by selling part of shearson, its stock might
better reflect other assets, such as the travel related
services business.
"It could find its true water mark with a lesser exposure
to brokerage. The value of the other components could command a
higher multiple because they constitute a higher percentage of
the total operating earnings of the company," he said.
Lewis said Shearson contributed 316 mln in after-tax
operating earnings, up from about 200 mln dlrs in 1985.
Reuter
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Liberty All-Star Equity Fund said
it declared an initial dividend of five cts per share, payable
April two to shareholders of record March 20.
It said the dividend includes a quarterly dividend of three
cts a share and a special payout of two cts a share, which
covers the period from November three, 1986, when the fund
began operations, to December 31, 1986.
The fund said its quarterly dividend rate may fluctuate in
the future.
Reuter
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(Ivaco Inc) said price pressure on steel
products, particularly in the U.S., and the recent increase in
the value of the Canadian dollar is expected to result in
"minimal" first quarter earnings.
It said subsequent quarters should show substantial
improvement from first quarter levels but 1987 earnings will
not reach 1986 levels as long as those conditions continue.
Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs,
after a one mln dlr extraordinary gain, from 35.1 mln dlrs the
previous year. It said demand for the company's products are
continuing at high levels and sales are expected to show
further growth. Revenues last year rose to 1.94 billion dlrs
from 1.34 billion dlrs in 1985.
Reuter
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U.S. grain carloadings totaled 26,108
cars in the week ended February 21, down 2.2 pct from the
previous week but 22.8 pct above the corresponding week a year
ago, the Association of American Railroads reported.
Grain mill product loadings in the week totalled 11,382
cars, down 1.8 pct from the previous week but 7.6 pct above the
same week a year earlier, the association said.
Reuter
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Industrial Equity (Pacific) Ltd, a
Hong Kong investment firm, said it raised its stake in Wrather
Corp to 816,000 shares, or 11.3 pct of the total outstanding
common stock, from 453,300 shares, or 6.3 pct.
In a filing with the Securities and Exchange Commission,
Industrial Equity, which is principally owned by Brierley
Investments Ltd, a publicly held New Zealand company, said it
bought 362,700 Wrather common shares between Feb 13 and 24 for
6.6 mln dlrs.
When it first disclosed its stake in Wrather earlier this
month, it said it bought the stock for investment purposes.
Reuter
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Shr loss 6.48 DLS VS PROFIT 23 CTS
Net loss 110.6 mln vs profit 4.1 mln
Revs 74.0 mln vs 152.0 mln
Year
Shr loss 6.52 dlrs vs profit 3.87 dlrs
net loss 111.2 mln vs profit 64.2 mln
Revs 501.0 mln vs 776.0 mln
Reuter
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Diamond Shamrock Corp said that
effective today it had cut its contract prices for crude oil by
1.50 dlrs a barrel.
The reduction brings its posted price for West Texas
Intermediate to 16.00 dlrs a barrel, the copany said.
"The price reduction today was made in the light of falling
oil product prices and a weak crude oil market," a company
spokeswoman said.
Diamond is the latest in a line of U.S. oil companies that
have cut its contract, or posted, prices over the last two days
citing weak oil markets.
Reuter
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Liebert Corp said its shareholders
approved the merger of a wholly-owned subsidiary of Emerson
Electric Co <EMR>.
Under the terms of the merger, each Liebert shareholder
will receive .3322 shares of Emerson stock for each Liebert
share.
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|
Coleco Industries Inc said
it expects to return to profitability in 1987.
Earlier, Coleco reported a net loss of 111.2 mln dlrs for
the year ended December 31 compared to a profit of 64.2 mln
dlrs in the year earlier.
In a prepared statement, the company said the dramatic
swing in operating results was due primarily to the steep
decline in sales of Cabbage Patch Kids products from 600 mln
dlrs to 230 mln dlrs.
Coleco said it changed from a single product company to a
more diversified organization through four major acquisitions
last year.
Products from the new acquisitions and other new product
introductions are expected to enable it to return to
profitability, it said.
At the annual Toy Fair earlier this month, vice president
Morton Handel said analysts' 1987 projected earnings of 90 cts
a share on sales of 600 mln dlrs are reasonable.
Reuter
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Gulf Applied Technologies Inc said it
sold its subsidiaries engaged in pipeline and terminal
operations for 12.2 mln dlrs.
The company said the sale is subject to certain post
closing adjustments, which it did not explain.
Reuter
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A group of affiliated Miami-based
investment firms led by Fundamental Management Corp said it
raised its stake in Robeson Industries Corp to 238,000 shares,
or 14.6 pct of the total, from 205,000 or 12.8 pct.
In a filing with the Securities and Exchange Commission,
the group said it bought 32,800 Robeson common shares between
Jan 26 and Feb 9 for 175,691 dlrs.
The group said it may buy more shares and plans to study
Robeson's operations. Afterwards it may recommend that
management make changes in its operations. Fundamental
Management Chairman Carl Singer was recently elected to the
Robeson board.
Reuter
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A study on grain certificates due out
shortly from the Government Accounting Office (GAO) could show
that certificates cost the government 10 to 15 pct more than
cash outlays, administration and industry sources said.
Analysis that the GAO has obtained from the Agriculture
Department and the Office of Management and Budget suggests
that certificates cost more than cash payments, a GAO official
told Reuters.
GAO is preparing the certificate study at the specific
request of Sen. Jesse Helms (R-N.C.), former chairman of the
senate agriculture committee.
The report, which will focus on the cost of certificates
compared to cash, is scheduled to be released in mid March.
The cost of certificates, said the GAO source, depends on
the program's impact on the USDA loan program.
If GAO determines that certificates encourage more loan
entries or cause more loan forfeitures, then the net cost of
the program would go up. However, if it is determined that
certificates have caused the government grain stockpile to
decrease, the cost effect of certificates would be less.
GAO will not likely suggest whether the certificates
program should be slowed or expanded, the GAO official said.
But a negative report on certificates "will fuel the fire
against certificates and weigh heavily on at least an increase
in the certificate program," an agricultural consultant said.
The OMB is said to be against any expansion of the program,
while USDA remains firmly committed to it.
Reuter
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Shr profit 10 cts vs loss seven cts
Net profit 286,870 vs loss 156,124
Revs 10.0 mln vs 7,577,207
Year
Shr profit five cts vs profit 42 cts
Net profit 160,109 vs profit 906,034
Revs 38.1 mln vs 31.2 mln
Avg shrs 2.9 mln vs 2.2 mln
NOTE: 1986 year includes 53 weeks.
Reuter
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Shr 16 cts vs 13 cts
Pay April 15
Record March 31
Reuter
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Shr loss 1.98 dlrs vs loss 5.24 dlrs
Net loss 23.3 mln vs loss 44.8 mln
Revs 13.6 mln vs 29.6 mln
Note: 1986 net includes nine mln dlr extraordinary loss for
oil and gas writedowns and unrealized foreign exchange losses
vs yr-ago loss of 32.5 mln dlrs.
Reuter
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Period ended December 31.
Shr 25 cts vs 20 cts
Net 801,000 vs 703,000
Revs 6,318,000 vs 3,926,000
Reuter
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Qtly div ten cts vs ten cts
Pay April 1
Record March 9
Reuter
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OPEC may be forced to meet before a
scheduled June session to readdress its production cutting
agreement if the organization wants to halt the current slide
in oil prices, oil industry analysts said.
"The movement to higher oil prices was never to be as easy
as OPEC thought. They may need an emergency meeting to sort out
the problems," said Daniel Yergin, director of Cambridge Energy
Research Associates, CERA.
Analysts and oil industry sources said the problem OPEC
faces is excess oil supply in world oil markets.
"OPEC's problem is not a price problem but a production
issue and must be addressed in that way," said Paul Mlotok, oil
analyst with Salomon Brothers Inc.
He said the market's earlier optimism about OPEC and its
ability to keep production under control have given way to a
pessimistic outlook that the organization must address soon if
it wishes to regain the initiative in oil prices.
But some other analysts were uncertain that even an
emergency meeting would address the problem of OPEC production
above the 15.8 mln bpd quota set last December.
"OPEC has to learn that in a buyers market you cannot have
deemed quotas, fixed prices and set differentials," said the
regional manager for one of the major oil companies who spoke
on condition that he not be named. "The market is now trying to
teach them that lesson again," he added.
David T. Mizrahi, editor of Mideast reports, expects OPEC
to meet before June, although not immediately. However, he is
not optimistic that OPEC can address its principal problems.
"They will not meet now as they try to take advantage of the
winter demand to sell their oil, but in late March and April
when demand slackens," Mizrahi said.
But Mizrahi said that OPEC is unlikely to do anything more
than reiterate its agreement to keep output at 15.8 mln bpd."
Analysts said that the next two months will be critical for
OPEC's ability to hold together prices and output.
"OPEC must hold to its pact for the next six to eight weeks
since buyers will come back into the market then," said Dillard
Spriggs of Petroleum Analysis Ltd in New York.
But Bijan Moussavar-Rahmani of Harvard University's Energy
and Environment Policy Center said that the demand for OPEC oil
has been rising through the first quarter and this may have
prompted excesses in its production.
"Demand for their (OPEC) oil is clearly above 15.8 mln bpd
and is probably closer to 17 mln bpd or higher now so what we
are seeing characterized as cheating is OPEC meeting this
demand through current production," he told Reuters in a
telephone interview.
Reuter
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Cenergy Corp reported fourth quarter net
income of 790,000 dlrs or seven cts per share on revenues of
7.7 mln dlrs.
For the year it reported a net loss of 6.5 mln dlrs or 70
cts per share as a result of writedowns in the book value of
its oil and gas properties in the first two quarters. Revenues
were 37 mln dlrs.
Following the company's fiscal year ended March 31, 1985,
it changed to a calender year end.
For the nine months ended Dec 31, 1985, it reported a loss
of 63.4 mln dlrs or 6.54 dlrs per share on revenues of 47.6 mln
dlrs, which it said was a result of noncash writedowns of oil
and gas properties.
For the year ended March 31, 1985, Cenergy reported net
income of 3,705,000 dlrs or 36 cts per share on revenues of 71
mln dlrs.
The company said its reserves during the year fell to five
mln barrels from 6.4 mln barrels of oil and to 60.1 bilion
cubic feet of gas from 63.7 BCF. It said these reserves did not
disappear but are available to produce as prices recover.
Reuter
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Two-for-one stock split
Pay May 12
Note: split is subject to approval of shareholders at April
23 annual meeting.
Company also said it will increase dividend on post-split
shares to six cts from five cts.
Reuter
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Torchmark Corp said its board
authorized the purchase from time to time of a significant
portion of its 7-3/4 pct convertible subordinated debentures.
As of February 25, it said there were outstanding 150 mln dlrs
of the principal amount of debenures.
The company also said it plans to redeem the debentures on
June eight.
It also declared a regular quarterly dividend of 25 cts per
share on its common payable May one to shareholders of record
April 10.
Reuter
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Shr loss six cts vs not available
Net loss 562,231 vs profit 10,253
Revs 8,871,874 vs 9,549,308
Year
Shr loss 60 cts vs loss nine cts
Net loss 5,058,145 vs loss 766,185
Revs 34.3 mln vs 35.5 mln
Reuter
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Qtly div three cts vs three cts prior
Pay April three
Record March 13
Reuter
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A senior official of Drexel Burnham
Lambert Inc and his father told the Securities and Exchange
Commission they have acquired 258,591 shares of Epsilon Data
Management Inc, or 9.4 pct of the total outstanding.
Kenneth Thomas, senior vice president-investments at
Drexel's Los Angeles office, and his father, retired university
professor C.A. Thomas, said they bought the stake for 2.1 mln
dlrs primarily for investment purposes.
They said they may buy more stock or sell some or all of
their stake, depending on market conditions, but have no plans
to seek control of the company.
Reuter
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Nova, the Canadian company that
owns 56 pct of Husky Oil Ltd, said it received government
approval for a transaction under which <Union Faith Canada
Holding Ltd> would buy a 43 pct stake in Husky.
Nova said the Minister of Regional and Industrial
Expansion, Michel Cote, ruled that Union Faith's purchase of
the Husky stake would not result in Husky ceding control to a
non-Canadian company. It said this ruling was a key condition
in completing the deal.
Union Faith is equally owned by <Hutchison Whampoa Ltd> and
<Hong Kong Electric Holdings Ltd>.
Under the agreement with Union Faith, Husky will become a
private company with Union Faith and Nova each holding 43 pct
of its stock.
Nine pct of Husky would be owned by relatives of Li
Ka-Shing, chairman of Hutchison, and five pct by the Canadian
Imperial Bank of Commerice.
Reuter
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Oper shr 27 cts vs 29 cts
Oper net 13.5 mln vs 14.6 mln
Revs 104.6 mln vs 110.3 mln
12 mths
Oper shr 4.10 dlrs vs 3.66 dlrs
Oper net 205 mln vs 186.8 mln
Revs 1.4 billion vs 1.3 billion
NOTE: 1986 12 mths oper net excludes extraordinary gain of
21.7 mln dlrs or 46 cts per share from sale of Virginia service
territory to Virginia Power.
Reuter
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] |
Suffield Financial Corp said the
Federal Reserve Board approved its application to acquire
Coastal Bancorp <CSBK>, Portland, Me.
Suffield said it still needs the approval of the
superintendent of Maine's banking department.
Reuter
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Qtly div four cts vs four cts
Pay April 3
Record March 23
Reuter
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] |
Oper shr 2.16 dlrs vs 2.07 dlrs
Oper net 8,037,000 vs 7,710,000
Revs 136.4 mln vs 133.3 mln
Note: 1986 net excludes extraordinary gain of 13 mln dlrs
or 3.50 dlrs shr from sale of <Camco Inc> shares vs yr-ago loss
of 4.3 mln dlrs or 1.14 dlrs shr.
Reuter
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Qtly div 51 cts vs 51 cts
Pay April 9
Record March 25
(Santa Anita Realty Enterprises Inc)
Reuter
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Qtly div 40 cts vs 40 cts
Pay March 31
Record March 16
Reuter
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] |
Oper shr five cts vs 36 cts
Oper net 508,000 vs 3,450,000
Revs 296.7 mln vs 298.0 mln
Note: former name Marshall Drummond McCall Inc.
Results include extraordinary gains of 952,000 dlrs or 11
cts per share in 1986 and 2,569,000 dlrs or 29 cts in 1985 from
income tax reduction.
Reuter
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(Marshall Steel Ltd), formerly Marshall
Drummond McCall Inc, said it will report a 17 mln dlr net gain
before taxes this year from the sale of its Drummond McCall
division, which was sold effective January one.
Reuter
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Oper shr 21 cts vs 18 cts
Oper net 659,000 vs 523,000
Revs 7,866,000 vs 5,503,000
Avg shrs 3,141,217 vs 2,925,294
12 mths
Oper shr 70 cts vs 46 cts
Oper net 2,075,000 vs 1,358,000
Revs 25.9 mln vs 19.3 mln
Avg shrs 2,980,247 vs 2,925,294
Note: Excludes tax gain of 295,000 dlrs for qtr and year.
Reuter
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The U.S. Agriculture Department is not
actively considering offering subsidized wheat to the Soviet
Union under the export enhancement program (EEP), senior USDA
officials said.
However, grain trade analysts said the proposal has not
been ruled out and that an offer might be made, though not in
the very near future.
"The grain companies are trying to get this fired up again,"
an aide to Agriculture Secretary Richard Lyng said. "But there
just isn't much talk about it, informally or formally."
Most analysts interviewed by Reuters were more confident
than USDA officials that bonus wheat would be offered to the
Soviets, even though U.S. officials did not make such an offer
when they held grain talks with Soviet counterparts earlier
this week.
But administration and private sources agreed that if the
Reagan administration did decide to offer subsidized wheat to
Moscow, it could take several months.
"I just don't see any proposal like that sailing through any
interagency process," the aide to Lyng said.
"An export enhancement offer is not consummated overnight,"
said one former USDA official, who noted that the
administration took three months to decide in favor of selling
China wheat under the subsidy program.
An official representing a large grain trade company said
deliberations within USDA might be nudged along by members of
Congress, a number of whom urged USDA this week to make a wheat
subsidy offer to the Soviets.
But Lyng's aide said that during a day-long visit to
Capitol Hill yesterday, House members did not press the
secretary on the subsidy question a single time.
The administration's interagency trade policy review group,
comprised of subcabinet-level officials, has not been asked to
clear a request to offer Moscow wheat under the EEP, officials
at the U.S. Trade Representative's Office said.
In their talks this week, the two sides discussed the
administration's previous EEP offer but did not talk about any
new initiative. One USDA official who took part in the
consultations this week described them as an exchange of "calm,
basic, factual economics."
Another USDA official said there was "not even an informal
suggestion or hint" that the Soviets would live up to their
pledge to buy four mln tonnes of wheat this year if they were
granted more favorable terms.
USDA and private sources agreed that consideration of an
EEP initiative by interagency review groups likely would be
delayed because of disarray within the White House stemming
from the Iran arms affair.
Reuter
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Shr 75 cts vs 52 cts
Net 1,699,124 vs 1,177,786
Revs 45.6 mln vs 31.6 mln
12 mths
Shr 2.22 dlrs vs 2.20 dlrs
Net 5,057,292 vs 4,961,085
Revs 130.2 mln vs 126.7 mln
Reuter
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<Versatile Corp> said
it agreed in principle to sell its Alberta-based Versatile
Noble Cultivators Co division to Vicon Inc, of Ontario, for
undisclosed terms.
The division manufactures tillage and spraying equipment.
Reuter
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(Groupe Videotron Ltd) said it agreed to
buy 50 pct of (Groupe Promexpo Inc), a company which
specializes in product exhibits, for three mln dlrs.
Reuter
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Shr 81 cts vs 66 cts
Net 5,011,000 vs 2,314,000
Revs 57.3 mln vs 17.6 mln
Note: results include extraordinary gains of 1,593,000 dlrs
or 26 cts a share in 1986 and 451,000 dlrs or 13 cts a share in
1985.
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Texaco Canada said it lowered the
contract price it will pay for crude oil 64 Canadian cts a
barrel, effective today.
The decrease brings the company's posted price for the
benchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26
Canadian dlrs a bbl.
Texaco Canada last changed its crude oil postings on Feb
19.
Reuter
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The U.S. Agriculture Department
probably will not offer a two dlr per bushel bonus payment to
corn farmers for any erodible cropland they enrolled in the
conservation reserve program last year, an aide to USDA
Secretary Richard Lyng said.
Sen. Charles Grassley (R-Iowa) said yesterday that Lyng had
indicated he would consider giving those farmers the same two
dlr bonus offered corn farmers who are signing up for the 1987
program this month.
But the aide to Lyng said it was doubtful that the
department would offer a retroactive bonus to farmers who
enrolled land in the 10-year conservation reserve last year.
"How are you going to stop the tide," he said, referring to
demands that would follow from other commodity groups.
Reuter
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Marathon Petroleum Co said it reduced
the contract price it will pay for all grades of crude oil one
dlr a barrel, effective today.
The decrease brings Marathon's posted price for both West
Texas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The
South Louisiana Sweet grade of crude was reduced to 16.85 dlrs
a bbl.
The company last changed its crude postings on Jan 12.
Reuter
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Shr 2.31 dlrs vs 1.96 dlrs
Net 119.0 mln vs 101.0 mln
Revs 10.03 billion vs 8.88 billion
Reuter
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U.S. farmers who in the past have
grown oats for their own use but failed to certify to the
government that they had done so probably will be allowed to
continue planting that crop and be eligible for corn program
benefits, an aide to Agriculture Secretary Richard Lyng said.
Currently a farmer, to be eligible for corn program
benefits, must restrict his plantings of other program crops to
the acreage base for that crop.
Several members of Congress from Iowa have complained that
farmers who inadvertantly failed to certify that they had grown
oats for their own use in the past now are being asked to halt
oats production or lose corn program benefits.
USDA likely will allow historic oats farmers to plant oats
but not extend the exemption to all farmers, Lyng's aide said.
Reuter
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Circuit Systems Inc said it has
bought all of the stock of (Ionic Industries Inc) in exchange
for 3,677,272 shares of its common.
Following the exchange there will be 4,969,643 shares of
Circuit Systems stock outstanding. Ionic holders will own about
74 pct of the outstanding stock of Circuit Systems, it said.
Ionic, a maker of circuit boards, had revenues of 8.4 mln
dlrs and pretax profits of 232,000 dlrs in 1986, up from
revenues of 5.9 mln and pretax profits of 204,000 dlrs in 1985,
Circuit Systems said.
Reuter
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Shr 23 cts vs 18 cts
Net 509,144 vs 277,834
Revs 2,258,341 vs 1,328,634
Avg shrs 2,177,553 vs 1,564,605
Nine mths
Shr 55 cts vs 42 cts
Net 1,150,633 vs 649,914
Revs 6,169,168 vs 3,178,115
Reuter
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Shr loss 32 cts vs loss seven cts
Net loss 1,566,000 vs loss 292,000
Revs 39.4 mln vs 34.7 mln
Year
Shr profit 79 cts vs profit 74 cts
Net profit 3,651,000 vs profit 3,020,000
Revs 147.9 mln vs 114.2 mln
Avg shrs 4,639,000 vs 4,059,000
Note: Per shr adjusted for 3-for-2 stock split July 1986
and 2-for-1 split May 1985.
Reuter
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Oper shr profit six cts vs loss two cts
Oper net profit 225,000 vs loss 91,000
Revs 4,814,000 vs 3,339,000
Year
Oper shr profit 12 cts vs loss two cts
Oper net profit 415,000 vs loss 73,000
Revs 16.4 mln vs 16.9 mln
Note: data does not include from discontinued operations,
4th qtr 1986 gain of 632,000 dlrs, or 19 cts per shr; 4th qtr
1985 loss of 250,000 dlrs, or seven cts per shr; 1986 year loss
of 4,054,000 dlrs, or 1.17 dlrs per shr; and 1985 year loss of
606,000 dlrs, or 17 cts per shr.
Reuter
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Houston Oil Trust said that independent
petroleum engineers completed an annual study that estimates
the trust's future net revenues from total proved reserves at
88 mln dlrs and its discounted present value of the reserves at
64 mln dlrs.
Based on the estimate, the trust said there may be no money
available for cash distributions to unitholders for the
remainder of the year.
It said the estimates reflect a decrease of about 44 pct in
net reserve revenues and 39 pct in discounted present value
compared with the study made in 1985.
Reuter
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Shr loss 2.07 dlrs vs loss eight cts
Net loss 11,445,000 vs loss 501,000
Revs 14.5 mln vs 11.0 mln
Year
Shr loss 1.91 dlrs vs profit four cts
Net loss 12,427,000 vs profit 211,000
Revs 60.8 mln vs 51.5 mln
Note: includes non-recurring charges of 12,131,000 dlrs in
the 4th qtr and 12,500,000 dlrs in the year for reserve for
underperforming restaurants.
Reuter
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Avery said its board authorizerd
a two for one stock split, an increased in the quarterly
dividend and plans to offer four mln shares of common stock.
The company said the stock split is effective March 16 with
a distribution of one additional share to each shareholder of
record March 9.
It said the quarterly cash dividend of 10.5 cts per share
on the split shares, a 10.5 pct increase from the 19 cts per
share before the split.
Avery said it will register with the Securities and
Exchange Commission shrortly to offer four mln additional
common shares. It will use the proceeds to repay debt, finance
recent acquisitions and for other corporate purposes.
Reuter
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Average interest rates on yen certificates
of deposit, CD, fell to 4.27 pct in the week ended February 25
from 4.32 pct the previous week, the Bank of Japan said.
New rates (previous in brackets), were -
Average CD rates all banks 4.27 pct (4.32)
Money Market Certificate, MMC, ceiling rates for the week
starting from March 2 3.52 pct (3.57)
Average CD rates of city, trust and long-term banks
Less than 60 days 4.33 pct (4.32)
60-90 days 4.13 pct (4.37)
Average CD rates of city, trust and long-term banks
90-120 days 4.35 pct (4.30)
120-150 days 4.38 pct (4.29)
150-180 days unquoted (unquoted)
180-270 days 3.67 pct (unquoted)
Over 270 days 4.01 pct (unquoted)
Average yen bankers' acceptance rates of city, trust and
long-term banks
30 to less than 60 days unquoted (4.13)
60-90 days unquoted (unquoted)
90-120 days unquoted (unquoted)
REUTER
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Japan is expected to cut the base lending
rate for state financial institutions to 5.5 pct from 6.2 as
part of the recent pact by major industrial nations in Paris,
Finance Ministry sources said.
They said the cut is based on a revision of the Trust Fund
Bureau Law, which should be approved by parliament on March 3,
abolishing the 6.05 pct minimum interest rate on deposits with
the bureau.
The bureau channels funds to government financial
institutions for public works and other official uses, they
said.
The base lending rate for state bodies such as the Japan
Development Bank, People's Finance Corp and the finance
corporations of local public enterprises usually moves in
tandem with long-term prime rates, the sources said.
However, it was impossible for them to follow the last cut,
to 5.8 pct from 6.2 pct on January 28, because the Trust Fund
Bureau rate was legally set at 6.05 pct.
The ministry will abolish the minimum rate and introduce a
market-related one to resolve the problem and stimulate the
domestic economy, they said.
On Tuesday, the ministry allowed long-term bankers to cut
their prime to a record low of 5.5 pct, effective February 28.
The move suggested it had reached agreement with depositors
using the bureau, the postal savings system of the Posts and
Telecommunications Ministry and the Japan welfare annuity of
the Ministry of Health and Welfare, the sources said.
These ministries are trying to determine which market rates
should be considered when setting the bureau's deposit rate,
the ministry sources said.
Coupon rates on new 10-year government bonds, minus 0.1
percentage points, is the likeliest choice, they added.
REUTER
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Subsets and Splits