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Qtly div 30 cts vs 30 cts prior
Pay March 31
Record March Five
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Qtly div 22 cts vs 22 cts prior
Pay April 30
Record April 10
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Shr loss 46 cts vs loss 1.17 dlrs
Net loss 4,990,000 vs loss 12.8 mln
Revs 47.0 mln vs 42.3 mln
Year
Shr loss 3.08 dlrs vs loss 1.28 dlrs
Net loss 33.7 mln vs loss 13.3 mln
Revs 132.8 mln vs 132.5 mln
Avg shrs 10.9 mln vs 10.4 mln
NOTE: Includes losses of 501,000 vs 83,000 in qtr and 2.2
mln vs 83,000 in year from equity of 50 pct-owned companies.
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Stanley Works said it has acquired Acme
Holding corp, a maker of sliding and folding door hardware, and
the designs, patents and other righs of Plan-A-Flex Designer
Co, which provides kits for home design and remodeling
projects.
It said Acme had 1986 sales of over 50 mln dlrs.
Terms were not disclosed.
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Qtly div 7-1/2 cts vs 7-1/2 cts prior
Pay April 10
Record March 27
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Qtly div 45 cts vs 45 cts prior
Pay March 31
Record March 20
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Qtly div eight cts vs eight cts prior
Pay May 11
Record April 24
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Oper shr profit 14 cts vs loss 31 cts
Oper net profit 374,000 vs loss 707,000
Revs 19.1 mln vs 15.5 mln
Avg shrs 2,610,000 vs 2,560,000
Year
Oper shr profit 20 cts vs loss 69 cts
Oper net profit 530,000 vs loss 1,376,000
Revs 69.1 mln vs 64.3 mln
Avg shrs 2,603,000 vs 2,565,000
NOTE: Excludes gain of 309,000 dlrs vs loss 72,000 dlrs in
qtr and gains of 458,000 dlrs vs 23,000 dlrs in year from tax
loss carryforwards. Includes gains of 76,000 dlrs and 378,000
dlrs in 1985 qtr and year, respectively.
Reuter
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A reduction of the U.S. federal budget
deficit will be needed to help eliminate the nation's huge
trade deficit, U.S. trade representative Clayton Yeutter said.
Speaking to the New York Chamber of Commerce and Industry,
Yeutter said "Capital and trade flows are clearly
inter-releated now.
"Unless we get the budget deficit down, we will not get the
trade deficit down."
He did not elaborate on his views of the linkages between
the two deficits.
Private analysts have said that the financing of large U.S.
budget deficits requires heavy capital inflows from overseas
investors through purchases of U.S. Treasury and, to a lesser
extent, other U.S. securities as well.
"We'll make some progress in reducing the 170 billion dlr
trade deficit in 1987, but there's still a long way to go,"
Yeutter said.
He said the problem must be approached on many fronts and
focus most strongly on U.S. and overseas fiscal and monetary
policies to foster economic growth, U.S. competitiveness and
the establishment of a "level playing field" for trade.
The U.S. trade representative said the Federal Reserve
under Chairman Paul Volcker has done its part to improve the
trade situation by getting interest rates down.
On the fiscal side, Yeutter said "the budget deficit is
still our biggest problem" and there has not been enough
progress toward reducing that deficit.
In the international area, he said that "our major trading
partners could still do more to stimulate domestic growth."
Commenting on Japan, which is running around a 80 billion dlr
trade surplus with the United States, Yeutter said "Japan is
just not doing the job on the import side."
Yeutter declined to comment on statements relating to the
dollar made earlier today by Commerce Dept undersecretary of
Economic Affairs Robert Ortner.
In a Washington address to an Export-Import Bank sponsored
meeting, Ortner said he believed the dollar at current levels
was fairly priced against most European currencies, but that
the yen is 10 or 15 pct undervalued.
"The market will determine the dollar's proper value in the
end," Yeutter said. However, he added that, if the U.S. and
other nations do not take the necessary steps to cut the U.S.
trade deficit, "the dollar will be the equalizer."
Yeutter said there is no quick fix to the trade problem and
any resort to such tactics as protectionist trade legislation
or trade restrictions poses real dangers.
He said "there's relatively little that Congress can do to
legislate a solution to the trade problem."
Protectionist legislation will only provoke retaliation by
U.S. trading partners, Yeutter said.
"There is no doubt in my mind about the willingness of our
trading partners to retaliate against unfair trade
legislation," Yeutter said, adding that policy flexibility is
essential in solving international trade problems.
Reuter
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Oper shr 1.18 dlrs vs 58 cts
Oper net 2,266,000 vs 1,037,000
Revs 45.8 mln vs 41.4 mln
Avg shrs 1,924,000 vs 1,800,000
NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
benefit of tax loss carryforward.
Results for Tel Aviv, Israel-based company translated at
rate of one dlr to 1.485 new Israeli shekels.
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The highly visible drama involving the
yen's sharp rise against the U.S. Dollar is obscuring the fact
that the Japanese currency has hardly budged against major
European currencies, thus creating a new set of exchange rate
distortions, Japanese and European research officials said.
The officials, looking beneath the rhetoric of statements
by the Group of Five (G-5) industrial nations, told Reuters the
currency movements of the past two years are also creating a
fundamentally new world trade picture, which is throwing up new
trade tensions and imbalances.
Trade figures show that the new currency alignments are
already changing the Japan-U.S. Trade axis into a Japan-
European Community (EC) axis, to the discomfort of Europe.
In many ways, not least in terms of rare international
cooperation, the September, 1985 New York Plaza pact between
the U.S., Japan, West Germany, Britain and France to cut down
the value of the dollar was a historic one.
But it is the underlying peaks and troughs of the major
currency movements which lay bare the real picture, in which
the Plaza pact appears as an event of prime importance, but not
necessarily central significance, the officials said.
The officials said that when the Plaza agreement took
place, the dollar was already on its way down. The agreement
simply helped it on its way. Senior EC financial expert in
Tokyo Tomas de Hora has watched the movements closely.
"You have to look at the dollar's peak compared with now,
and that was well before Plaza," he said.
On February 25, 1985, the dollar peaked against the yen at
263.15 yen. On September 20, the Friday before Plaza, it was
242. Since then, despite massive Bank of Japan intervention and
periodic market frights about further G-5 concerted action, the
dollar trend has been down, down, down.
Yet the ECU is now around 173.4 yen. The historical cross
rates for sterling and the mark tell much the same story. The
European currencies are moving back up against the yen.
The close relationship between exchange rates and trade
flows makes it difficult to see which is driving which, but
undoubtedly the trade equation between the big three is
changing. In 1986, Japanese imports and exports with the EC
both grew by around 50 pct in dollar terms, five pct in yen.
This gave Japan a 16 billion dlr trade surplus.
Last January, Japanese exports to the EC totalled half of
of sales to the U.S, against about a third in recent years.
Trade with the U.S in 1986 rose 23 pct for exports and 12
pct for imports in dollar terms, but fell 13 pct for exports
and 21 pct for imports in yen terms.
"The basic meaning for Europe is that Japanese firms have a
tremendous interest in exporting to Europe, where every unit
sold maximises profits in yen terms, which is what is important
to them. Suddenly, instead of the U.S., It is Europe that is
laying the golden egg," said de Hora.
The EC is worried. EC business also had a remarkable year
in Japanese sales, but this can be explained partly due to its
start from a small base, compared with total Japan-U.S. Trade.
The Japanese think EC firms are now more competitive than
U.S. Firms, a factor which is aggravating the exchange rate
imbalance, and which will cause problems.
"This currency alignment between Japan and the EC is
reflecting the excellent performance of the EC countries. But
therefore, Japanese goods may keep their price competitive
edge," said Azusa Hayashi, Director of the First International
Economic Affairs Division of the Foreign Ministry. "If you want
my objective view, I don't expect a drastic improvement in our
trade imbalance. Last year, we asked for moderation in exports,
and this year we may have to do so again," he said.
REUTER...
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Tandem Computers Inc said it expects
higher earnings and revenues in its second fiscal quarter
ending March 31 against a year ago.
"We feel we will continue to see higher growth in the
quarter," James Treybig, president and and chief executive
officer, told a meeting of securities analysts.
In the second fiscal quarter last year, Tandem earned
9,950,000 dlrs or 29 cts per share on revenues of 176.3 mln
dlrs.
Treybig declined to offer specific projections for the
quarter but he said the results might be lower than those for
the first quarter of fiscal 1987, when Tandem earned 27.1 mln
dlrs or 58 cts a share. He said Tandem's second quarter is
traditionally slower than the first.
L.F. Rothschild Unterberg Towbin analyst Frederic Cohen
estimated Tandem's second quarter net at 40 to 45 cts per
share. For the full year, he said he expects the computer maker
to earn about 2.40 dlrs a share. In fiscal 1986, Tandem earned
1.44 dlrs a share.
Treybig, who founded the Cupertino, Calif.-based company,
said he has seen a rebound in computer orders in the United
States. "The U.S. economy is picking up, and buying decisions
are being made. We didn't see that a year ago," he said.
The executive said Tandem will increase its research and
development spending to about 100 mln dlrs this year from 87
mln dlrs in fiscal 1986.
He said the company plans to introduce several products,
including two low-end systems and a data base that uses the SQL
programming language, an industry standard. Tandem also won a
major order from the <Bank of Tokyo>.
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Australia accused the U.S. of increasing
protectionism on agricultural products and called for an end to
Washington's special 32-year exemption from certain GATT rules
on agricultural trade.
Robert Arnott, Australia's delegate to the General
Agreement on Tariffs and Trade (GATT), made the appeal at a
special annual meeting which reviews the 1955 U.S. waiver.
"Australia today said the United States' goals of reducing
U.S. barriers to agricultural trade were being contradicted by
actions which in fact increased protection in trade in
agriculture," the Australian delegation said in a statement.
"The United States section 22 waiver is one of the basic
flaws in the GATT coverage of agriculture," Arnott told the
meeting.
Arnott said the waiver had continually been used as a
justification for "dubious protective measures" by the U.S. He
listed a recent Dairy Export Incentive Program and steps to
close the U.S. sugar market to imports.
He also told Reuters the waiver allowed Washington to
impose quotas on imports of farm products where it had domestic
support programs. This covered imports of dairy products,
peanuts, cotton and sugar.
Asked to comment, Michael Samuels, U.S. ambassador to the
GATT, told Reuters: "These charges have been made since the very
beginning. The waiver is part of domestic U.S. agricultural
policy, part of our law when we joined the GATT".
"We have agreed to put the waiver on the table during the
Uruguay Round and invite other countries to do the same with
their programs. We can negotiate them all," Samuels added.
Ninety-two nations are taking part in the four-year Uruguay
round of talks launched in Punta del Este last September.
Bargaining in agricultural goods and services (banking,
tourism, insurance) is included for the first time as well as
manufactured goods.
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First Union Corp said it has
agreed to acquire First State Bancshares Inc of Pensacola,
Fla., and its First State Bank of Pensacola subsidiary for
about 457,000 common shares.
First State has assets of about 110 mln dlrs. The
acquisition, expected to be treated as a pooling of interests,
is expected to be completed in the third quarter of 1987
subject to approval by regulatory agencies and First State
shareholders.
Reuter
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Oppenheimer and Co analyst Robert
McAdoo raised his 1987 earnings estimate for NWA Inc, parent of
Northwest Airlines, following a strong quarterly report by the
company yesterday, according to Oppenheimer market strategist
Michael Metz.
NWA shares rose 1-5/8 to 74-3/8 in active trading.
McAdoo raised his 1987 estimate to 7.50 dlrs a share from
five dlrs and maintained a buy recommendation on the stock,
Metz said.
McAdoo was traveling and could not be reached for comment.
Yesterday, Minneapolis-based NWA reported fourth quarter
net of about 9.8 mln dlrs or 45 cts a share against a loss of
two mln dlrs or nine cts in the 1985 quarter.
For the year, earnings rose to 76.9 mln dlrs or 3.26 dlrs
from 73.1 mln or 3.18 dlrs. The 1986 results include Republic
Airlines since NWA acquired it Aug 12, 1986.
Reuter
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A House Agriculture Committee meeting
later today to draft a disaster aid bill is expected to spark a
debate between lawmakers who want to expand the 0/92, or
"de-coupling," provision to cover feedgrains, and those who
oppose 0/92 or want it severely limited, Congressional sources
said.
The disaster aid bill as it now stands calls for a one-year
0/92 pilot program for 1987 crop wheat and the 1988 winter
wheat crop. The bill would allow farmers to forego planting and
still receive 92 pct of deficiency payments.
The administration has strongly urged that the bill be
expanded to feedgrains and to more than one year.
It is difficult to tell in what form the 0/92 provision
will emerge from the committee, the sources said.
Proponents of an expansion of 0/92 maintain there are large
estimated cost savings of such a bill -- ranging from estimates
by the administration of 200 to 500 mln dlrs.
Opposition to a reopening of the 1985 farm bill at this
time is the major reason cited by those against an expansion of
the bill, committee staffers said.
The 0/92 plan is scheduled to be discussed at 1530 EST. A
conflicting floor vote delayed the start of the meeting, and
staffers said it may have to be delayed even until next week.
Such a delay would not bode well for proponents of an
expanded 0/92 program, since spring planting in many areas of
the country will be underway in the next few weeks and signup
for the 1987 wheat and feedgrains program ends March 30.
Farmers are now making their planting decisions, so
something has to be done quickly if a 0/92 program is to be
implemented, an Agriculture Department source said.
An expansion of 0/92 to feedgrains was opposed in last
week's subcommittee hearing on the bill, with subcommittee
chairman Dan Glickman, D-Kan., saying that more study of the
consequences of decoupling on feedgrains plantings was
necessary.
Major commodity groups, including the National Corn
Growers, the American Farm Bureau and the National Cattlemen's
Association, have voiced strong opposition to 0/92.
But proponents of an expanded 0/92 argue that the bill
currently is not equitable for all grains producers, so it
should be extended to other crops.
There will be difficulty in limiting 0/92 to wheat, said
Gene Moos, aide to house majority leader Tom Foley, D-Wash.
Projected cost savings, in the current atmosphere of try to
decrease farm expenditures, would also be hard to ignore in the
debate to expand the 0/92 application, Moos said.
Rep. Charles Stenholm, D-Tex., may be planning to introduce
a bill to restrict 0/92 to only 1987 crop wheat, with the
argument that now is not the time to vote in favor of any major
changes in the farm bill.
"Stenholm's bill is not a rejection of 0/92, only of the
timing," a congressional staff member said.
Rep. Arland Stangeland (R-Minn.) is reported to have an
amendment to expand the 0/92 provision to 1987 and 1988
feedgrains.
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Yellow Freight System Inc said
its expects 1987 first quarter profits to be substantially
below the 14.2 mln dlrs or 50 cts a share earned in the same
period a year ago.
Revenues have been depressed by recent price discounting,
added costs from expansion programs, lower shipping volumes and
increased costs associated with severe weather conditions
on the East coast, company officials told analysts here.
An industry-wide rate hike of 2.9 pct, set for April one,
will cover Yellow Freight's upcoming labor and other costs but
will not make a contribution to operating margins, it said.
Reuter
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The 20 pct stake in Moulinex SA <MOUP.PA>
sold by <Scovill Inc> of the U.S. Was spread among at least 50
institutional investors worldwide, a spokesman for brokers
James Capel said. Capel handled the deal.
The buyers were based in centers ranging from Europe to
North America and Japan, he added.
Moulinex's capital is split among Jean Mantelet, president
of the company, with 42 pct, along with private investors
holding 38 pct and the 20 pct which has just been sold, company
sources said earlier in Paris.
REUTER
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Carl Icahn's bold takeover bid for
USAir Group <U> has clouded the fate of Piedmont Aviation Inc,
which was being courted by USAir.
Yesterday, Icahn's Transworld Airlines Inc <TWA> made a 1.4
billion dlr offer for USAir Group. The move complicated a USAir
takeover offer for Piedmont, which was believed to be close to
accepting the bid.
Today, USAir rejected Icahn's 52 dlr per share offer and
said the bid was a last-minute effort to interfere in its
takeover of Piedmont. Icahn was unavailable for comment.
Piedmont fell one to 68-5/8 on volume of 963,000. TWA was
off 3/8 to 31-1/2. USAir fell 1-3/8 to 47-3/4 as doubt spread
it would be taken over.
Analysts and market sources view the TWA bid as an attempt
to either trigger a counter offer from USAir or to attract a
suitor who might want both airlines once they merged.
"The next move is either Icahn starts a tender offer or
Piedmont and USAir announce a deal," speculated one arbitrager.
Some arbitragers said there is now some risk in the current
price of Piedmont since it is not clear that USAir's bid will
succeed.
Piedmont's largest shareholder and other suitor, Norfolk
Southern Corp <NSC> has offered 65 dlrs per share for the
company. USAir offered 71 dlrs cash per share for half of
Piedmont stock, and 73 dlrs per share in stock for the balance.
Some arbitragers, however, believe the depressed price of
Piedmont offers a buying opportunity since the airline is
destined to be acquired by someone. USAir, they said, is the
least likely to be bought.
Icahn, who has long talked about further consolidation in
the airline industry, also offered USAir the alternative of a
three-way airline combination, including TWA and Piedmont.
But Wall Street has given little credibility to Icahn's
offer, which lacked financing and was riddled with
contingencies.
Still, he has succeeded in holding up a merger of two
airlines - both of which analysts said would fit well with TWA.
"You can't discount him," said one arbitrager.
Analysts, however, said Icahn would have to prove he is
serious by following through with his threats or making a new
offer. In making the offer for USAir, Icahn threatened to go
directly to shareholders for 51 pct of the stock at a lower
price if USAir rejected his offer.
"It's clear Icahn wants to sell and he's bluffing," said
one arbitrager.
Analysts said the 52 dlr per share offer was underpriced by
about six dlrs per share.
Some analysts believe Icahn's proposed three-way airline
combination might face insurmountable regulatory hurdles, but
others believe it could be cleared if the companies are
acquired separately.
"TWA would have to be the surviving company for the deal to
work," said one analyst.
Analysts said such a merger would be costly and
complicated. TWA has the best cost structure, since Icahn
succeeded in winning concessions from its unions.
In order for the other carriers to come down to TWA's wage
scale in a merger, TWA would have to be the surviving entity,
analysts said.
Such a move does not necessarily free Icahn of TWA, they
said. They said he showed skill in reducing Ozark Airlines'
costs when he merged it into TWA last year, and he might be a
necessary ingredient for a merger to work.
However, other analysts speculated the managements of
Piedmont and USAir would not tolerate Icahn as head of a new
company. They said a USAir acquisition of TWA might be a way
for him to exit the company if USAir's airline is then merged
into TWA.
Reuter
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Baker International Corp treasurer Eric
Mattson said the company hoped to iron out snags in a proposed
merger with Hughes Tool Co <HT> but declined to say if or what
compromises might be acceptable to it.
The proposed merger that would create a 1.2 billion dlr
oilfield services company was thrown into limbo yesterday when
Hughes management, balking at the terms of a government consent
decree, offered a counter-proposal to Baker.
Earlier today, Hughes adjourned a shareholders meeting
called to vote on the proposed merger until March 11 and said
it hoped to resume negotitations with Baker.
Hughes chairman W.A. Kistler told reporters that Hughes did
not want to sign the Department of Justice consent decree until
after Baker's submersible pump and drilling bit operations were
sold.
Mattson told Reuters that Baker still believed a merger was
possible between the two giant oilfield service companies.
"The company's position is we would like to see the merger
be completed, which is in the best interests of our
shareholders and their shareholders," Mattson said.
"Our goal is for a merger to occur. Because of the
litigation, I can't go any further than that," he said.
Baker filed a lawsuit in Texas state court late yesterday
to force Hughes to abide by terms of the proposed consent
decree.
Mattson also declined to comment on whether the directors
of Baker and Hughes have scheduled any meetings to discuss the
merger.
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Homestead Financial Corp
said it has increased the dividend on its Class A common shares
to 6-1/4 cts a share, from five cts prior, while declaring an
initial dividend on its Class B common stock of 3-3/4 cts a
share.
Homestead said the two classes of stock emerged as part of
its recapitalization plan which also doubled the number of
authorized common, comprising both classes, to 11 mln shares.
Homestead said the dividends are payable on April 6, to
shareholders of record March 20.
Homestead also said that class b shareholders who want to
increase their dividends may exchange their shares for an equal
number of class A shares on or before March 20.
Reuter
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Oper shr 52 cts vs 51 cts
Oper net 626,013 vs 613,127
Sales 4,544,929 vs 4,402,572
NOTE: Earnings exclude extraordinary securities loss of
29,532 dlrs, or two cts a share vs a gain of 81,358 dlrs, or
seven cts a share
Reuter
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China has added 90,000 tonnes of U.S.
wheat to its purchases for delivery in the 1987/88 season and
cancelled 30,000 tonnes of wheat purchases for delivery in the
1986/87 season, the U.S. Agriculture Department said.
According to the department's Export Sales Report covering
transactions in the week ended February 26, China has
outstanding wheat commitments for the 1986/87 season of 30,000
tonnes and 420,000 tonnes for delivery in the 1987/88 season.
The wheat season begins June 1.
China has total corn commitments for 1986/87 of 1,011,200
tonnes and soybeans commitments of 157,500 tonnes.
The season for corn and soybeans began September 1.
Reuter
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Opec Conference President Rilwanu Lukman
said the group was producing well below the 15.8 mln bpd
ceiling it set in December, partly because liftings had been
delayed or postponed by customers unwilling to pay fixed Opec
prices.
Lukman, during a brief visit to London on his way home from
Jamaica, told Reuters in a telephone interview that in
February, Opec had underproduced partly because members were
strictly abiding by production quotas and partly because they
were resisting the temptation to sell at discounts to official
prices of around 18 dlrs a barrel.
"We are determined to stand firm by the (December) accord,"
he said. "I have spoken to every other Opec minister and they
are committed to making the accord work," he said.
Lukman gave no specific figures for February output. He
said the Opec secretariat in Vienna was finalizing these
figures.
Told of a Reuters survey published today which estimated
that Opec output so far this week was below 15 mln bpd, he
said; "That could well be correct."
Opec"s news agency Opecna today issued a statement saying
group output was "well below" its ceiling in February. But it
gave no figures.
But one source close to Opec indicated that February output
may have been between 15.3 and 15.5 mln bpd.
The Reuter survey estimated Opec February output at around
16 mln bpd.
Opec agreed in December to cut output by 7.25 pct to 15.8
mln bpd and to return to fixed prices starting February 1.
Lukman said Qatar, Nigeria, Saudi Arabia and Iran had all
produced in February below their Opec quotas. Iraq, which said
it would not honour its 1.466 mln bpd quota under the December
pact, had produced less than had been anticipated, he said.
Lukman said that some industry reports "may be correct" that
in February, Nigeria propuced 75-100,000 bpd below its 1.238
mln bpd quota, Saudi Arabia 500,000 bpd less than its 4.133 mln
allocation and Qatar 20 to 30 pct under its 285,000 bpd quota.
He said that sweet crudes such as those produced by his
country were coming under price pressure because they were
currently officially priced above sweet North Sea grades and
the United States" West Texas Intermediate (WTI) crude.
However, he said Opec in December had anticipated that
demand would be slack at this time of year for seasonal reasons
and expected the market to firm in two to three weeks.
"We have to be patient for two or three weeks. The market is
now firming on actual fundamentals," he said, adding that he
expected it to go "up and up" even beyond official prices after
early April. This is when, traditionally, there is more demand
for gasoline-rich crudes such as Nigeria"s.
The Opec President said producers such as Kuwait, Venezuela
and Indonesia were having less problems with output than
producers like his own country because they exported oil
products.
Also, some of Venezuela"s heavy grades were outside the Opec
pricing system, he said.
Lukman said that if refiner-buyers, now refusing to lift
some Opec oil at official prices, instead used their own stocks
and ran them down to "dangerous levels," they would eventually
have to buy Opec oil.
"When they realise it is not a free-for-all (in the market)
they will realise they should buy now instead of paying more
later on," he said.
Lukman, asked about industry reports that Nigeria was being
pressured by equity producers for better terms, said it was
important to know that terms with them were negotiable,
flexible and under constant review, not only when the market
seemed weak.
He said that so far, no meeting of the seven-nation
ministerial differentials committee had been scheduled and that
such a meeting, now twice-postponed, was not a high priority
for Opec at the moment.
"At this time, we have to get our priorities right," he said.
"The most important thing now is ensuring that the accord is
working, not dealing with a differential of cents between
grades."
But if any Opec member raised concerns or objections over
the differential system, a meeting would be called, he said.
Reuter
| [
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Qtly div 12.5 cts vs nil
Pay April 3
Record March 16
Note: in quarters preceeding 4th qtr, dividend was 29 cts.
Reuter
| [
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Oper shr 1.18 dlrs vs 58 cts
Oper net 2,266,000 vs 1,037,000
Revs 45.8 mln vs 41.4 mln
Avg shrs 1,924,000 vs 1,800,000
NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
benefit of tax loss carryforward.
Results for Tel Aviv, Israel-based company translated at
rate of one dlr to 1.485 new Israeli shekels.
Reuter
| [
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Qtly div 40 cts vs 40 cts
Pay April 10
Record March 25
Reuter
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Shr 13 cts vs eight cts
Net 1,364,712 vs 881,082
Rev 11.6 mln vs 11.5 mln
NOTE: Qtr includes extraordinary gain of 586,826 dlrs, or
six cts a share, versus 183,850 dlrs or two cts a share in
fiscal 1986's first qtr.
Reuter
| [
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Qtly div 65-1/2 cts vs 65-1/2 cts prior
Pay April 15
Record March 19
Reuter
| [
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Qtly div 15 cts vs 15 cts previously
Pay May 29
Record May Eight
Reuter
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FFB Corp, parent of the First
Federal Bank of Connecticut FSB, said it declared an initial
quarterly dividend of five cts per share.
The company said the dividend is payable March 31 to
holders of record March 17.
Reuter
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|
Combined International Corp should have
another strong year, President Patrick G. Ryan told analysts,
although he declined to forecast earnings specifically.
In 1986, the company reported operating income of 5.51 dlrs
a share, up from 4.84 dlrs a share a year earlier. Revenues
increased to 1.81 billion dlrs from 1.36 billion dlrs.
Ryan said Combined is testing a direct response long-term
care product through its Union Fidelity Life Insurance Co and
has plans to offer it through Ryan Insurance Group.
In answer to a question on Combined's possible exposure to
AIDS-related health claims, Ryan said it was "minimal" although
he conceded that every carrier who provides coverage is
vulnerable.
Reuter
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Finance Minister Michael Wilson said
large inflows of capital into Canada, principally into the
country's bond market, is a major reason behind the sharp
recovery in the Canadian dollar.
He said the inflow of funds, mainly from Japan, Europe and
the United States, is the result of "confidence in the
direction this country is going in."
"That is the reason why the (Canadian) dollar today is
higher than 75 cts (U.S.) compared to this time last year (when
it was) a little over 69 cts," Wilson told the House of Commons
daily question period.
Figures released this week show foreigners purchased a
record 23.1 billion dlrs of Canadian bonds in 1986, more than
double the previous year, with Japan investing a record 9.5
billion dlrs in the market.
Wilson was responding to opposition party questions about a
possible loss of jobs from the rise in Canadian investment
abroad. Canadian investment, including the buying of foreign
companies, stocks and bonds, rose to 12.53 billion dlrs from
6.19 billion dlrs in 1985.
The minister said the flow of funds from abroad would
generate many new jobs in Canada.
Reuter
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Shr nine cts vs three cts
Net 549,000 vs 72,000
Rev 7.0 mln vs 2.8 mln
Year
Shr 49 cts vs 32 cts
Net 2,441,000 vs 801,000
Rev 19.6 mln vs 9.7 mln
Reuter
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Pitt-Des Moines Inc said it will
acquire <Chicago Steel Corp> in exchange for a portion of its
stock.
Reuter
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Top U.S. and European farm trade and
government representatives called for a sweeping reform of
world agriculture to redress a critical demand and supply
imbalance.
Speakers at a conference on world agricultural markets here
demonstrated a growing U.S.-European consensus on the need for
an urgent and collective overhaul of world farm trade and
production.
"It is vital that we work together to bring more freedom and
harmony into the world agricultural trade...(if not) the
disruptions in markets may grow even more severe, the walls of
protection climb higher and the level of possible retaliation
become more harmful," U.S. Department of Agriculture Deputy
Administrator William Bailey said.
Bailey said his attendance at the two-day meeting, which
ends tomorrow, demonstrated the U.S. recognises the need to
adjust its policies to the changing market environment.
The need for urgent reforms is justified by the "imbalance
and tensions of the world economy," the secretary general of the
Organisation for Economic Cooperation and Development
Jean-Claude Paye said.
And the forum for such a reform is the General Agreement on
Tariffs and Trade, he noted.
Paye stressed the need for a progressive and joint
reduction of agricultural subsidies as well as social measures
to help farmers in unprofitable areas.
Another possible solution would be to stop supporting farm
prices, allowing them to be fixed by supply and demand, and
instead help farmers through income support and adjustment
aids, proposed James Howard, Executive Vice-president of
Cargill (USA), one of the world's largest cereal houses.
Franz-Josef Feiter, agricultural adviser to West German
Chancellor Helmut Kohl, agreed the European Community must take
greater heed of market constraints in fixing farm prices.
However, "differentiated policy treatment is required" to
take account of large disparities in the situation around the
EC, he said.
"Agriculture is an efficient sector of the European economy
and will remain so if the right policy is pursued within the
Community," he said.
Reuter
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Rexcom Systems Corp said it agreed to
buy all the assets of Postech Inc from Comtech Group
International Ltd, a Canadian computer service company, for 70
pct of Rexcom's voting shares.
The purchase will be for Rexcom common and preferred stock.
Postech, the Canadian firm's U.S. marketing arm, sells
computerized restaurant management systems and security systems
in the U.S.
The deal is subject to approval by the boards of Postech
and Rexcom.
Reuter
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Shr 17 cts vs 84 cts
Net 709,000 vs 3,605,000
Rev 86.4 mln vs 87.0 mln
Year
Shr 1.79 dlrs vs 1.10 dlrs
Net 7,452,000 vs 4,695,000
Rev 362.8 mln vs 316.0 mln
NOTE: 1986 net includes gains from sale of non-operating
assets of 800,000 dlrsm versus 1.2 mln dlrs in 1985.
1985 net includes nonrecurring cost of 2.6 mln dlrs and
provision for separation pay of 1.5 mln dlrs.
Reuter
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A House Agriculture Committee meeting
to draft a disaster aid bill containing a controversial 0/92
provision has been postponed until next Tuesday, committee
staff members announced.
The bill contains a provision implementing a 0/92 acreage
reduction plan for 1986 wheat and 1987 winter wheat, thereby
making payments available to farmers who were not able to plant
last year's winter wheat crop because of flooding.
Controversy exists over whether the 0/92 provisions of the
bill should be expanded, cut back or left as is.
Reuter
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Union Carbide Corp said its 1986
long term debt was 3.06 billion dlrs compared to 1.71 billion
dlrs in 1985.
The company released its audited 1986 results.
The company also said its long term debt was reduced by
about 1.5 billion dlrs from the third quarter to the end of the
year by asset sales and equity offerings. Union Carbide sold
its battery products, home and automobile products and
agricultural products businesses in 1986. In the fourth
quarter, it offered 30 mln shares of stock, raising about 650
mln dlrs.
The asset sales and equity offering were part of a
recapitalization plan undertaken by the chemicals company last
year.
Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a
share compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were
unchanged from the company's preliminary earnings report made
on Jan 28. The earnings results for the fourth quarter were
also unchanged.
Included in the 1986 numbers are a 564 mln dlr gain from
sale of the different businesses, a 270 mln dlr pension credit
and a charge of 473 mln dlrs from the purchase of long term
debt at a premium under the recapitalization.
In the audited results released today, the company broke
down results by business segment.
Operating profit in the fourth quarter for all of the
company's operations on a consolidated basis, before corporate
and interest expense and taxes, was 181 mln dlrs against a loss
of three mln dlrs in the 1985 quarter.
In the year, operating profit was 791 mln dlrs compared to
a loss of 253 mln dlrs in 1985.
In a statement, the company said it defeated a hostile
takeover attempt, by GAF Corp <GAF>, and recapitalized the
company, adding, "While all this was going on, our continuing
businesses performed very soundly, with substantial operating
profit improvement over 1985."
Carbon products posted operating profit of eight mln dlrs
in the quarter, down from 29 mln dlrs, and 49 mln dlrs in the
year against a loss of 146 mln dlrs.
Chemicals and plastics had fourth quarter operating profit
of 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In
the year, chemicals and plastics earned 472 mln dlrs against
losses of 142 mln dlrs in 1985.
Operating income at industrial gases rose to 64 mln dlrs
from 55 mln in the quarter and to 276 mln dlrs from 222 mln in
the year.
The company's specialties and services segment cut its
losses in the quarter to 13 mln dlrs from 40 mln dlrs and in
the year to three mln dlrs from 181 mln dlrs.
Eliminations of business conducted between the company's
industry segments contributed two mln dlrs to fourth quarter
1985 profits but did not affect the 1986 quarter. The
eliminations caused losses of three mln dlrs compared to six
mln dlrs in the year.
The 1985 operating results include a host of unusual
writeoffs and depreciation charges totaling 134 mln dlrs in the
quarter and 906 mln dlrs in the year.
Capital expenditures rose to 524 mln dlrs in 1986 from 501
mln dlrs.
By segment, spending at carbon products fell to 42 mln dlrs
from 57 mln dlrs and spending fell at specialties and services
to 126 mln dlrs from 143 mln dlrs.
At chemicals and plastics, expenditures rose to 147 mln
dlrs from 133 mln and at industrial gases they rose to 209 mln
dlrs from 168 mln dlrs.
The company's cash and equivalents fell to 299 mln dlrs at
year end from 430 mln dlrs at year end 1985, after a net
decrease of 131 mln dlrs during 1986.
Current assets at year-end fell to 2.41 billion dlrs from
4.43 billion dlrs and current liabilities fell to 1.88 billion
dlrs from 2.38 billion.
Reuter
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Shr loss 49 cts vs loss 1.36 dlrs
Net loss 928,835 vs loss 1,648,665
Year
Shr loss 33 cts vs loss 4.21 dlrs
Net loss 593,533 vs loss 4,970,951
Assets 203.9 mln
Loans 151.5 mln
Deposits 192.0 mln
Note: 1986 loss included non-recurring expenses of
1,275,000 dlrs comprised of asset write-downs, legal proceeding
and a 930,000-dlr provision for loan losses.
Reuter
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Shr 23 cts vs 28 cts
Net 8,877,000 vs 9,530,000
Revs 342 mln vs 278.9 mln
Avg shrs 39.4 mln vs 34 mln
Year
Shr 1.91 dlrs vs 1.62 dlrs
Net 70.5 mln vs 50.5 mln
Revs 1.3 billion vs 990.5 mln
Avg shrs 37 mln vs 31.3 mln
NOTE: On Dec one, 1986, company acquired Holt, Rinehart and
Winston and W.B. Saunders and The Dryden Press and their
foreign subsidiaries. By including these companies for the
single month of December 1986, 4th qtr earnings were raised by
seven cts per shr and for the year by eight cts per shr.
Reuter
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Lone Star Industries Inc said
it has agreed to acquire ready-mixed concrete and aggregates
businesses from <Riedel International Inc> of Portland, Ore.,
for an undisclosed amount of cash.
Lone Star's one sentence statement gave no further details
and company spokesmen were not available.
Reuter
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Shell Francaise <SFMF.PA>, a subsidiary of
<Shell Petroleum NV>, returned to the black last year for the
first time since 1982, with parent company net profit of 43 mln
francs against losses of 968 mln in 1985 and 1.07 billion in
1984. In 1982 it posted a profit of 329 mln.
The company said in a statement that cash flow had improved
strongly although it remained negative at 182 mln francs
against 1.34 billion in 1985, due largely to improved
performances by its main profit centres.
It said the results could have been even better had it not
been for the collapse of refining and sales profit margins in
the last quarter of the year.
In 1986 Shell sold 14.74 mln tonnes of oil products against
14.52 mln tonnes in 1985.
The company said the results were in line with its targets
for the second year of its three-year recovery programme.
Meanwhile, <Societe Shell Chimie) said it also returned to
profit in 1986, for the first time since 1976, posting net
profit of 160 mln francs against a 1985 loss of 57 mln. No
other details were available.
Reuter
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Brazil has suspended the importation
of 500,000 tonnes of maize ordered last year because of the
excellent domestic maize harvest expected this year,
Agriculture Minister Iris Resende said.
The Agriculture Ministry expects a record maize crop of
27.7 mln tonnes, a 36 pct increase on last year's crop of 20.3
mln tonnes.
Brazil's total grain crop is expected to be 65.3 mln
tonnes. "This is a record in the history of Brazilian
agriculture," a ministry spokesman said.
Resende announced suspension of the maize imports at a news
conference in Brasilia yesterday.
The ministry spokesman said he had no other details on the
maize transaction.
Reuter
| [
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Shr loss 28 cts vs loss 29 cts
Net loss 584,100 vs loss 459,500
Sales 1,339,800 vs 1,6390,800
Year
Shr loss 64 cts vs loss 79 cts
Net loss 1,314,700 vs loss 1,237,100
Sales 7,249,600 vs 6,311,500
Reuter
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Qtly div 19 cts vs 19 cts in prior qtr
Payable May one
Record April two
Reuter
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Financial Corporation of
America's American Savings and Loan Association unit said it
signed a definitive agreement to buy three retail savings
branches from Gibraltar Financial Corp's <GFC> Gibraltar
Savings unit.
The purchase, which must be approved by the Federal Home
Loan Bank and the California Department of Savings and Loans,
would increase American Savings' deposits by about 40 mln dlrs.
The branches are in La Jolla, La Mesa and San Juan
Capistrano, Calif.
Reuter
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Renewed confidence in OPEC's ability to
limit production helped U.S. energy futures settle above
yesterday's closing prices, according to analysts.
They also said the heating oil contract found additional
support from a short-covering rally on the close.
April crude closed 24 cts higher to 17.75 dlrs. April
heating oil was 1.47 cts higher to 47.91 cts a gallon.
"Most traders expected follow through profit-taking from
yesterday but the market found suport from bullish reports that
OPEC is producing within its quota," said Simon Greenshields, a
vice president with Morgan Stanley and Co Inc.
News today, including OPEC President Rilwanu Lukman
statement that OPEC February production did not exceed its
official quota of 15.8 mln barrels per day, helped bouy prices,
traders said. A Reuter survey found OPEC production in early
March was 14.7 mln bpd.
In addition to short-covering, heating oil found support
from traders buying it against sales of gasoline and crude, as
well as from expectations for continued drawdowns in stocks as
refiners shut down for maintenance, traders said.
Unleaded gasoline for April finished 0.55 cent higher to
51.24 cts a gallon.
Reuter
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The U.S. Treasury repeated a White
House statement that only President Reagan and Treasury
Secretary James Baker are authorized to speak on the dollar.
A Department spokesman was commenting on remarks by
Commerce Department Under-Secretary Robert Ortner that the yen
was undervalued 10 or 15 pct against the dollar but European
currencies were fairly priced against the U.S. currency.
"As Larry Speakes said on January 14 this year, only two
people in this administration are authorized to speak on the
dollar and that is the president and the secretary of the
treasury," the spokesman told Reuters.
reuter
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Corn sales gained 2,494,900 tonnes in
the week ended February 26, the highest weekly total since
August 1984 and two and three-quarter times the prior week's
level, the U.S. Agriculture Department said.
In comments on its Export Sales Report, the department said
sales of 1.0 mln tonnes to the USSR -- previously reported
under the daily reporting system -- were the first sales for
delivery to the USSR under the fourth year of the U.S.-USSR
Grains Supply Agreement, which began October 1.
Japan added 689,700 tonnes to previous purchases and sales
to unknown destinations rose by 429,800 tonnes.
Wheat sales of 362,400 tonnes for the current season and
151,000 for the 1987/88 season were down by more than half from
the previous week's combined sales, it said.
Egypt, Japan and Iraq were the major wheat buyers for
delivery in the current year, while sales to China decreased by
30,000 tonnes for the current season, but increased by 90,000
tonnes for the 1987/88 season, which begins June 1.
Net sales of soybeans totalling 274,200 tonnes equaled the
preceding week, but were nearly a third below the four week
average. Major increases were for Belgium, South Korea, Mexico
and Italy, it said.
Soybean cake and meal sales of 103,700 tonnes were 2-3/4
times the previous week's marketing year low, but six pct less
than the four week average.
Major increases for West Germany, Belgium, Spain, Italy and
Australia were partially offset by declines to unknown
destinations.
Soybean oil sales of 5,400 tonnes were the result of
increases for Venezuela and reductions of 500 tonnes for
unknown destinations.
Combined sales activity in cotton of 75,200 running bales
-- 44,700 bales for the current year and 30,500 bales for the
1987/88 bales -- were 56 pct below the prior week's good
showing, the department said.
Major purchasers for the current season were South Korea,
Japan, Taiwan and Thailand, while South Korea and Indonesia
were the major buyers for the 1987/88 season, which begins
August 1.
Reuter
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Shr loss 1.62 dlrs vs profit 83 cts
Net loss 17.2 mln vs profit 8.3 mln
Revs 264.0 mln vs 338.0 mln
NOTE:Year ago figures based on 12 months ended February 28,
1986 because company changed reporting period to end December
31.
1986 10 months loss includes 10.3 mln dlrs writedown of
certain assets.
Reuter
| [
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Shr 20 cts vs 17 cts
Net 680,000 vs 533,000
Sales 6,473,000 vs 5,996,000
Year
Shr 57 cts vs 84 cts
Net 1,967,000 vs 2,099,000
Sales 20.8 mln vs 19.0 mln
Reuter
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Unicorp American Corp said it signed a
definitive agreement to acquire Lincoln Savings Bank FSB.
Under terms of the agreement announced in January, Lincoln
would be acquired by a unit of Unicorp which is minority-owned
by Lincoln president Alton Marshall.
The acquisition will take place through a voluntary
conversion of Lincoln to a federally chartered stock savings
bank from a mutual federal savings bank.
In connection with the conversion, Unicorp will contribute
150 mln dlrs in cash to Lincoln.
Reuter
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Humana Inc said its board
approved a shareholder rights plan, or so-called poison pill
plan, to ensure its shareholders receive fair treatment in the
event of a proposed takeover.
Humana said it is now aware of any effort to gain control
of the company.
Under the plan its board declared a dividend distribution
of one right for each outstanding common share held as of March
16. It said each right entitles holders to purchase a unit of
1/100 of a share of newly authorizes series A participating
preferred at 75 dlrs per unit.
Humana said the rights become effective after an entity
acquires 20 pct or more of its outstanding common or tenders
for 30 pct of its stock. After such an acquisition, then each
right entitles holders to purchase securities of the company or
an acquiring entity having a market value of twice the right's
exercise price.
Humana said the rights expire March 4, 1997, unless
redeemed earlier. It said the rights may be redeemed by the
company for one ct per right at any time prior to 10 days
following a public announcement that a 20 pct position has been
acquired.
Reuter
| [
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Oper shr profit 63 cts vs loss 1.15 dlrs
Oper net profit 6,629,000 vs loss 12.4 mln
Revs 23.6 mln vs 22.4 mln
Year
Oper shr profit 1.65 dlrs vs loss 1.28 dlrs
Oper net profit 17.5 mln vs loss 13.8 mln
Revs 93.1 mln vs 86.8 mln
Note: Oper data does not include loss from discontinued
operations of 7,932,000 dlrs, or 73 cts per shr in 4th qtr
1985, loss of 40.5 mln dlrs, or 3.83 dlrs per shr in the 1986
year or gain of 104.3 mln dlrs, or 9.68 dlrs per shr in 1985.
Also does not include 4th qtr 1985 extraordinary loss of
1,028,000 dlrs, or ten cts per shr.
Reuter
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Great Western Financial
Corp's subsidiary Great Western Bank said it will purchase
three retail banking branches in south Florida with total
deposits of 90 mln dlrs.
Great Western said it will purchase branches in Deerfield
Beach and Hollywood with approximately 80 mln dlrs in deposits
from Guardian Savings and Loan Association, and one in Palm
Beach with approximately 10 mln in deposits from Goldome
Savings Bank.
Reuter
| [
1,
0,
0,
0,
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] |
A one billion dlr lawsuit pushed
Hughes Tool Co into an about-face on its rejection of a
proposed merger with Baker International Corp <BKO>, Wall
Street analysts said.
Last night, Hughes said the planned merger with Baker was
off. Baker then filed a suit seeking punitive damages from
Hughes for calling off the merger. At midday today Hughes said
it was still interested in the merger.
The analysts also said Hughes may be worried that its
troubles could make it a takeover candidate.
There was speculation today that Harold Simmons, the Dallas
investor, might try to acquire Hughes, but Simmons told Reuters
he is not interested.
Simmons said he intends to file a 13-D with the Securities
and Exchange Monday reporting a stake of five pct or more in
some publicly traded company. He declined to identify the
target other than to rule out Hughes.
One analyst said another factor in the latest Hughes
turnabout was Borg-Warner Corp <BOR>, which owns 18.5 pct of
Hughes. Borg-Warner ex-chairman J.F. Bere, who serves on the
Hughes board, is believed to favor the merger with Baker.
Despite the Hughes statement that it is interested in a
merger, and Baker's response that a merger is still possibile,
analysts said no one could be certain where the situation was
going.
"I think the merger is not going through," said Phil Pace,
analyst at Kidder, Peabody and Co. He said the merger "lost a
lot of its appeal" when the U.S. Department of Justice required
that Baker sell off its Reed Tool Co operation.
Although the Reed operation is relatively small in view of
the total size of a combined Baker-Hughes, Pace said "30 to 40
pct of the cost savings are tied up in that."
"They (Hughes) are obviously concerned about the lawsuit,"
said James Crandell, analyst at Salomon Brothers Inc.
"Apparently they are willing to continue discussions but
whether they will alter their position, I don't know.
"It's getting a little confusing," said James Carroll,
analyst at PaineWebber Group Inc. He said the arguments cited
by Hughes yesterday for not doing the merger "tend to be weak."
Hughes said yesterday that as a condition of the merger it
wanted Reed Tool and other businesses sold prior to April 22,
the projected merger date. A government decree allowed a longer
period of time.
Hughes contended it was better to formally combine the
companies with the status of Reed already settled. Baker
apparently sees no reason to speed up the sale.
Carroll said Baker had previously estimated 110 to 130 mln
dlrs in savings if the companies were combined without selling
Reed. But he said Baker now thinks 75 to 85 mln dlrs will be
saved while Hughes sees a saving of only 50 to 60 mln dlrs.
Carroll also noted that since the merger accord was first
signed "the outlook for the industry has improved materially."
Hughes may simply feel the pressure on the oil service industry
is lifting.
Reuter
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Armtek Corp, formerly known as
Armstrong Rubber Co, said it signed agreements with <Condere
Corp> for the sale of its Natchez, Miss. tire plant and its S
and A Truck Tire Sales and Services Corp.
Terms were not disclosed. Armtek spokesman John Sievers
said S and A is a 50 mln dlr business.
Earlier this week, Armtek announced the sale of its
industrial tire and assembly business division to Dyneer Corp
of Scotsdale, Ariz.
Cash proceeds from both sales will be used to reduce
outstanding debt.
Under a long term supply agreement with Condere, it is
anticipated that truck tires produced at the Natchez plant will
be supplied to the Armstrong Tire Co, an Armtek operating
company, the company said.
The closing is scheduled to be concluded by March 31, it
said.
Reuter
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Shr loss four cts vs loss 34 cts
Net loss 2,922,000 vs loss 19.9 mln
Revs 4,071,000 vs 8,012,000
Year
Shr loss 23 cts vs loss 79 cts
Net loss 17.3 mln vs loss 46.2 mln
Revs 22.4 mln vs 28.6 mln
Reuter
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Shr loss 94 cts vs profit 28 cts
Net loss 6,319,337 vs profit 1,702,016
Revs 2,899,513 vs 5,239,106
Note: 1986 net includes 5,250,000 dlr writedown of oil and
gas properties.
Reuter
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Qtly div 41 cts vs 41 cts
Pay June 10
Record May 29
Reuter
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Shr 36 cts vs 68 cts
Net 10.0 mln vs 16.1 mln
Revs 441.6 mln vs 470.8 mln
YEAR
Shr 86 cts vs 1.77 dlrs
Net 29.1 mln vs 44.1 mln
Revs 1.43 billion vs 1.54 billion
Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S.
oil and gas properties partly offset by 1.1 mln dlr
extraordinary gain from tax gains and proceeds from sale of
Minnesota utility operations. 1985 net includes extraordinary
gain of 892,000 dlrs.
Shr after preferred divs.
Reuter
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Shr profit 26 cts vs profit 10 cts
Net profit 1,371,000 vs profit 482,000
Revs 48 mln vs 45.7 mln
Avg shrs 5.20 mln vs 5.15 mln
12 mths
Shr profit 1.05 dlrs vs loss 34 cts
Net profit 5,454,000 vs loss 1,766,000
Revs 191.7 mln vs 185.2 mln
Avg shrs 5.20 mln vs 5.15 mln
Reuter
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Qtr ends Dec 31
Shr loss 33 cts vs loss 16 cts
Net loss 5,632,426 vs loss 2,373,358
Revs 3,277,976 vs 1,535,550
Avg shrs 16.9 mln vs 14.4 mln
Reuter
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Shr basic 42 cts vs 1.41 dlrs
Shr diluted 42 cts vs 1.33 dlrs
Net 4,394,000 vs 13,070,000
Revs 191.0 mln vs 223.3 mln
Reuter
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Alpha Health Systems Corp, a
wholly-owned subsidiary of Pesch and Co, said it submitted a
merger proposal to the board of REPH Acquisition Co, the parent
company of Republic Health Corp, which is 64 pct owned by Pesch
interests.
The balance of REPH's common stock is owned by members of
Republic management, McDonnell Douglas Corp <MD>, Donaldson,
Lufkin and Jenrette and Pacific Asset Holdings L.P.
Republic currently owns 44 hospitals and manages 46 other
facilities, in 25 states.
Details of the proposal were not disclosed. Company
representatives were not immediately available.
The proposal provides that REPH would become a wholly-owned
subsidiary of Alpha and that the existing REPH common
stockholders would become stockholders of Alpha, it said.
REPH's board has appointed a special committee to negotiate
terms of the proposed merger, Pesch said.
Last year, Republic was acquired by REPH in a leveraged
buyout transaction led by Dr. LeRoy Pesch, the principal
shareholder of Pesch and Co.
Alpha recently submitted a second offer to acquire the
stock of American Medical International Inc (AMI) at 22 dlrs a
share in cash and securities, which is still being considered
by American Medical's board, Pesch said.
Reuter
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<Spar Aerospace Ltd>, reporting a
sharply lower 1986 profit, said it anticipated solid profit and
revenue growth during the next five years.
"Looking to the longer term, Spar is confident that its
continuing concentration on advanced robotics, satellite-based
communications and electro-optical defense systems will lead to
significant growth in revenues and earnings over the next five
years," the company said.
It also forecast higher 1987 sales due to an increased
order backlog. Revenues last year fell to 191 mln dlrs from
223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln.
Spar added that lower development costs in the
communications group and a return to normal operations in gears
and transmissions and aviation services "will remove a serious
drain on profits" this year.
It attributed its reduced 1986 earnings to communications
group losses resulting from continued heavy investment in new
products and market development, a four-month strike at its
Toronto plants and delays in receipt of authorization from
customers to start work on new programs.
Reuter
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Qtly div 28-3/4 cts vs 28-3/4 cts prior
Pay April three
Record March 13
Reuter
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Periods ended January 31
Net 1,443,000 vs 3,539,000
Revs 765.2 mln vs 685.8 mln
Reuter
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France and Yugoslavia agreed to set up a
joint economic commission as part of efforts to promote
commercial links and industrial cooperation between the two
countries.
The French Finance Ministry said the commission, to be
composed of businessmen, was agreed during talks between
Foreign Trade Minister Michel Noir and Yugoslavian minister
without portfolio Egon Padovan.
A ministry statement said both sides had agreed on the need
to boost trade links in keeping with an accord signed last year
calling for a 50 pct rise in commercial exchanges between the
two countries over the next six years.
French trade with Yugoslavia has grown little over the past
two years.
Reuter
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ChemLawn Corp said its board
rejected Waste Management Inc's 27 dlr-per-share tender offer
and urged its shareholders not to tender their shares.
ChemLawn said its board asked management and its financial
advisor, Smith Barney, Harris Upham And Co Inc, to seek other
purchasers of the company to maximize shareholder value.
ChemLawn also said it adopted a shareholder rights plan, or
"poison pill," during a 120-intermin safeguard period its board
adopted to deter attempts to acquire the company through any
means other than an all-cash tender offer while it seeks other
purchasers.
ChemLawn also said it began litigation against Waste
Management in federal court in Columbus, seeking injunctive and
other relief.
The suit alleges, among other things, that certain Waste
Management officers and directors purchased ChemLawn's stock
before making the tender offer. ChemLawn claimed such purchases
possibly violated the officers' fiduciary duties and the
Securities and Exchange Commission's insider trading rules.
Last week, Waste Management made a tender offer to acquire
ChemLawn for 27 dlrs per share or 270 mln dlrs.
ChemLawn said its board was determined that Waste's offer
was inadequate and not in the best interest of shareholders,
and could "adversely affect" the interests of its employees,
suppliers, creditors, and customers.
"Our board carefully reviewed Waste Management offer and
concluded that it does not fully reflect the value of the
company. We strongly urge our shareholders not to tender their
shares to Waste Management," said Chairman L. Jack Van Fossen.
ChemLawn said its rights plan is designed to protect
shareholders against abusive tactics, such as "market
accumulations by Waste Management or others."
Under the plan, one comon stock purchase right will be
distributed as a dividend on each outstanding share of ChemLawn
common.
ChemLawn said its rights holders can buy a share of its
common for one dlr if any entity acquires 25 pct or more of its
commmon, other than by an all cash tender offer for all its
shares or an approved acquisition agreement by its board.
It said the rights expire July three 1987, or 60 days after
they become exercisable if later than that date. It said its
board may redeem the rights for five cts per right any time
prior to their exercise date.
ChemLawn said the plan will not be triggered by purchases
purusant to Waste Management's present tender offer.
It said the dividend will be paid to shareholders of record
March 20.
Reuter
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Shr 39 cts vs not given
Net 8,801,000 vs not given
Revs 33.2 mln vs not given
Reuter
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ConAgra Inc agreed to acquire
Monfort of Colorado Inc in a stock transaction, both companies
said.
According to the letter of intent signed by the companies,
ConAgra will acquire all of Monfort's 4.3 mln outstanding
shares for 10.75 mln of its own shares.
Based on ConAgra's closing price of 34 dlrs today, the
transaction is worth about 356.5 mln dlrs. The merger is
expected to be completed in June, they said.
The companies said the acquisition will result in a
restatement of ConAgra's earnings for the fiscal year ending
May 31, but the restatement is not expected to materially
change the previously reported, or upcoming, fiscal year-end
earnings. In fiscal 1986, ConAgra had net income of 105.3 mln
dlrs on sales of 5.9 billion dlrs.
For its fiscal year ending August 1986, Monfort reported
25.1 mln dlrs in earnings on sales of 1.6 billion dlrs. The
company is one of the largest lamb and beef producers in the
U.S., producing, transporting and selling the products
domestically and internationally.
Reuter
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Key members of the House Agriculture
committee have agreed to scale-back the 0/92 provision of a
pending disaster aid bill to cover only 1987 crop wheat, but a
broader 0/92 proposal is likely to be resurrected later,
Congressional sources said.
The sources said key lawmakers including Reps. Glenn
English (D-Okla.), and Dan Glickman (D-Kan.) agreed to support
an amendment to be offered next week by Rep. Charles Stenholm
(D-Tex.) which would limit 0/92 only to producers of 1987 crop
winter and spring wheat.
This would scale-back the 0/92 provision to the original
proposal by English allowing a pilot 0/92 program for 1987
wheat only. That provision was later broadened by the
subcommittee to include 1988 crop winter wheat.
Under 0/92, a farmer can forego planting a crop but still
collect 92 pct of deficiency payments.
Earlier today, the House Agriculture committee postponed
until next Tuesday a meeting to consider the disaster aid bill
and 0/92.
The agreement to limit 0/92 to a wheat pilot program
follows vocal criticism of the proposal by some influential
farm groups who are concerned about the major impact of 0/92,
and by members of Congress wary of reopening the farm bill.
Congressional sources said there has not been enough time
to study the implications of a broad 0/92.
"The timing (of the proposal) is off," said one aide to a
House Agriculture committee member.
However, several Congressional sources said they expect a
broader 0/92 provision to emerge again when the House
Agriculture committee is faced next month with the need to make
spending cuts in the agriculture budget for fiscal 1988 as part
of an overall deficit reduction package.
Gene Moos, aide to House Majority leader Tom Foley
(D-Wash.), predicted agriculture's share of budget cuts may
exceed one billion dlrs.
A broader 0/92 might be resurrected later because both the
Congressional Budget Office and the Reagan administration
estimate it would result in significant budget savings.
A U.S. Agriculture Department official said 0/92 for all
1987 crops would save 300 to 400 mln dlrs and more than 1.5
billion dlrs over five years.
Another factor which could affect the 0/92 debate is the
approach of planting season, Congressional sources said.
Some officials said it already is late for implementation
of a 0/92 in 1987 because farm program signup ends March 31 for
wheat and feedgrains.
If Congress approved 0/92 later in the year sign-up either
would have to be extended or reopened, sources said.
Reuter
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The Reagan administration wants to
encourage expanded trade with the Soviet Union but does not
believe Moscow yet warrants most-favored-nation treatment,
Deputy Secretary of State John Whitehead said.
"It seems to me that more trade between us is better than
less trade," he told a forum on U.S.-Soviet trade relations.
To that end, the administration in January allowed foreign
policy controls on the export of oil and gas equipment to the
Soviet Union to lapse, he said.
Also, Washington and its allies are reviewing remaining
export controls in hopes of simplifying the list of prohibited
items and speeding up the licensing process, he said.
Whitehead said, however, the prefential treatment that
comes with most-favored-nation status is out for the moment.
U.S. law prohibits most-favored-nation status for countries
that restrict emigration and other rights.
"What we have seen so far (in improved rights under Soviet
Leader Mikhail Gorbachev) are promising trends," he said.
But, he added: "We don't know if they will continue, we
don't know how significant they will be."
Reuter
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McDonnell Douglas Corp, which has a five
mln dlr investment in Republic Health Corp <REPH>, said it has
not been approached to sell its shares in Republic Health.
Earlier, Alpha Health Systems Corp, a unit of Pesch and Co,
said it submitted a merger proposal to the board of REPH
Acquisition Co, the parent of Republic Health. LeRoy A. Pesch
is the principal stockholder of Pesch.
"We have not been approached by Mr. Pesch or anybody else
with respect to our holdings" in Republic Health, a McDonnell
Douglas spokesman told Reuters.
Reuter
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Paradyne Corp said it pleaded guilty
to criminal charges of conspiracy to defraud the Social
Security Administration and agreed to pay 1.2 mln dlrs in fines
and costs to the U.S. Government.
The company also reached agreements in principle for an 8.1
mln dlr settlement of class action law suits.
About 2.9 mln dlrs of the class action settlement will be
provided by Paradyne's insurance carrier. The settlement is
contingent on court approval after notice to class members, it
said.
The criminal case settlement dismisses all charges
including bribery and false statement, except for conspiracy to
which Paradyne pleaded guilty.
The criminal settlement includes the lifting of the
government's suspension, the dismissal of the federal civil
false claims suit and all charges against the individuals.
Of the 2.9 mln dlrs the insurance carrier will provide for
the civil settlement, 750,000 dlrs will go to settle a
derivative lawsuit.
For the year ended December 31, Paradyne reported a net
loss of 38.5 mln dlrs. The year-end results include an 8.0 mln
dlrs provision for future legal and or settlement costs to
cover the civil and criminal settlements announced today.
Paradyne also said it named Jerry Kendall as president and
chief executive officer, succeeding Robert Wiggins who resigned
as chairman and chief executive officer as part of the
settlement of the indictment.
Kendall formerly served as executive vice president and
chief operating officer.
The company also said that due to the sluggish marketplace,
it does not expect to be profitable in the first quarter but is
optimistic about the outlook for the year.
For the first quarter of 1986, the company reported net
income of 875,000 dlrs on sales of 66.0 mln dlrs.
Wiggins was among five Paradyine executives who were
charged along with three former officers in a 1985 federal
indictment stemming from a 115 mln contract awarded to Paradyne
in 1981 to build a computer network for the Social Security
Administration.
The men were accused of conspiring to bribe government
officials and defaud the Social Security Administration.
Wiggins and other defendants were also charged with providing
false testimony and obstructing justice during a Securities and
Exchange Commission investigation.
Under the settlement announced today, federal prosecutors
agreed to defer all charges against Wiggins and three other
defendants under a one-year pretrial agreement.
The charges would then be dropped if the defendants
successfully complete the probation period. Details of the
requirements in the agreement were not immediately available.
Reuter
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South Africa's state-owned energy
firm Soekor said it would continue tests after striking oil
some 120 kms (75 miles) south-southwest of Mossel Bay.
During production tests, about 5,000 barrels of oil and
five mln cubic feet of gas per day were produced, it said.
"This oil discovery will be followed-up as soon as possible
by further seismic surveys and drilling. Should further
drilling and tests in the area yield positive results oil
production from a floating platform could be considered."
Director General of Mineral and Energy Affairs Louw Alberts
announced the strike earlier but said it was uneconomic.
Reuter
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Greece, replying to a warning from Turkey
that it will stop Athens from seeking oil in the Aegean Sea,
repeated today that it has an exclusive right to decide where
or when to drill in the area.
A government spokesman said in a statement that if Ankara
believed Greece was contravening international law, it could
bring the issue before the courts.
The spokesman was responding to a statement by Turkish
Foreign Ministry spokesman Yalim Eralp that Ankara would take
action to stop Greece's oil activities beyond its territorial
waters as they were a violation of the 1976 Berne accord.
Reuter
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Shr loss 45 cts vs loss 1.34 dlrs
Net loss 1,240,000 vs loss 3,621,000
Revs 6,264,000 vs 4,626,000
Year
Shr loss 90 cts vs loss 2.01 dlrs
Net loss 2,487,000 vs loss 5,406,000
Revs 20.8 mln vs 21.7 mln
Reuter
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Shr profit one ct vs loss two cts
Net profit 52,405 vs loss 67,967
Sales 289,572 vs 188,713
Year
Shr loss one cts vs loss five cts
Net loss 51,019 vs loss 201,680
Sales 1.1 mln vs 490,935
Reuter
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Santa Fe Southern Pacific Corp will
later today formally ask the U.S. Interstate Commerce
Commission (ICC) to reconsider its earlier rejection of the
merger of the holding company's railroad assets, a company
spokesman said.
"We expect to file papers late tonight" asking the ICC to
reopen the rail merger case, spokesman Rich Hall said in a
telephone interview from the company's Chicago headquarters.
The ICC had rejected in July, on grounds it would reduce
competition, the merger of the Santa Fe and Southern Pacific
Railroads.
The deadline for seeking ICC reconsideration of the merger
plan is midnight tonight.
Santa Fe Southern Pacific owns the Santa Fe railroad and
holds the Southern Pacific railroad assets in trust while
awaiting federal approval of the merger plan.
The ICC had ordered the holding company to divest one or
the other railroad but stayed its ruling pending a decision on
the request for reconsideration.
If the ICC ultimately decides not to reopen the case, it is
expected to reinstate the divestiture order.
Reuter
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Brazil's recent announcement of a
suspension in interest payments on 68 billion dlrs of foreign
debt gave the banking system the jitters and confirmed views
among many international economists and commodities analysts
that Brazil will continue to flex its trading muscles in 1987.
The developing world's most indebted nation is also its
most prolific exporter of agricultural commodities such as
coffee and soybeans, and might maximize foreign exchange
revenue by selling hard on world markets, economists said.
"That sounds like a reasonable strategy. But there is no
way they can trade their way out of this situation," Aldo
Roldan, Vice President for International Services at Chase
Econometrics, said.
Roldan told Reuters that Brazil not only had to tackle the
problems of satisfying domestic demand and competing on glutted
world markets, but also had to work to make its position on
foreign exchange markets more profitable.
"Domestic costs have increased (due to inflation) and
exporters have not had the same offsetting movement in exchange
rates," Roldan said.
The Chase economist also said commodities markets were
depressed and generally did not appear very promising for a
country like Brazil, where pure commodities account for some 50
pct of exports and in 1986 had a total value of around 23
billion dlrs.
But he added: "They are always pretty aggressive and they
have good foreign marketing channels."
Analysts said a key factor in Brazilian trade will be
coffee, and even without background pressure from foreign
creditors the world's largest producer was expected to hit the
market this year with a vengeance.
Negotiations between International Coffee Organization
(ICO) members to re-establish producer export quotas broke up
earlier this week with major producers and consumers accusing
each other of intransigence.
"Brazil would not tolerate a change in ICO regulations,
which others wanted changed," one senior coffee dealer said.
The dealer, who declined to be named, said Brazil wanted to
preserve its market share. At the end of the talks, he said
Brazil hinted it could sell more than anyone else and others
would suffer.
Brazil will be an aggressive seller under any scenario but
as yet there is no sign of unusually heavy Brazilian sales, the
dealer said.
"If they do come into the market at this level it will go
lower and you could breach a dollar, ninety or eighty cents,"
he said.
New York coffee futures for May delivery settled 2.29 cents
lower Thursday at 104.68 cents a lb, while more distant
deliveries fell the six-cent maximum trading limit.
President of the Brazilian Coffee Institute, Jorio Dauster
told a press conference in Rio de Janeiro today that Brazil has
no set target for its coffee exports following the breakdown of
the ICO talks on export quotas.
Many economists and analysts believe soybeans could be the
focus of possible stepped-up Brazilian marketing efforts. "They
will be more aggressive this year than they have ever been,"
according to Richard Loewy, analyst for Prudential-Bache
Securities Inc.
Loewy believes the foreign debt problem, a good crop, plus
difficulties with storage would help motivate selling of the
Brazil soybean crop. "Brazilian farmers also need cash flow and
they can't afford to store the crops," he said.
The Chicago soybean complex has been nervous for some time
about large South American crops developing under near ideal
conditions towards record yields.
"We are going to see a very rapid decline, earlier than
usual, this year in our (U.S.) exports," Loewy said.
Tommy Eshleman, economist for the American Soybean
Association (ASA), said this year's Brazilian soybean harvest
could total 18 mln tonnes, versus 13.7 mln last year.
Marketings will be very aggressive this summer when prices
are usually high relative to the rest of the year due to the
vulnerability of the U.S. crop to bad growing weather.
Another incentive to sell might be trade anticipation of a
reduction in the U.S. government soybean loan rate, offered to
farmers who give crops as collateral, Eshleman said.
He said there has been some uncertainty this year about the
soybean loan rate, which acts as an effective floor for prices
by keeping supplies away from the free market. Farmers can
forfeit their beans to the government rather than repay the
loan.
"We're getting into a period when they (Brazil) are
starting to harvest and starting to export," Eshleman said. But
he added it will be a while before U.S. exports fall to below
10 mln bushels a week from around 20 mln bushels currently.
Jose Melicias from the research department of Drexel
Burnham Lambert said Brazil would be trying to export as much
as it can this year because of its economic situation.
He said the debt situation was a major consideration. "The
Brazilian government also does not have enough money to pay for
storage," he added.
Asked if a return to an inflationary environment in Brazil
would make farmers inclined to hold onto crops, Melicias said
it would not make a big difference.
On other commodity markets, Brazil's selling impact may be
muted no matter its need to generate capital.
Brazil is faced with a poor 1986/87 sugar harvest, which
could limit exports to the world market, analysts said. The
country may have oversold and be unable to honor export
commitments, and this plus higher domestic demand caused by
consumer price subsidies on ethanol and refined sugar, will
give it little room to stretch exports, they said.
Brazil's other major crop, cocoa, is in its third year of
surplus. "Cocoa consumption is basically flat and last year it
fell, so I don't think they can start throwing out cocoa and
find many more markets for it," one analyst said.
"If they come out as aggressive sellers, the market would
collapse and they can't afford to do that," she added.
Reuter
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OPEC produced an average 16.1 mln barrels
per day (bpd) of crude oil in February, down from 16.5 mln the
previous month and an overall 17.3 mln bpd in fourth quarter
1986, the International Energy Agency said.
A few OPEC countries last month exceeded the production
quotas set at their last conference in December, but liftings
were reduced from several countries, it said in its latest
monthly oil market report.
These cutbacks were due in part to buyer resistance to
fixed prices, introduced from February 1, particularly for
fixed volumes over an extended period.
It gave this breakdown for OPEC crude output, in mln bpd
FOURTH QTR 1986 JANUARY 1987 FEBRUARY
1987
SAUDI ARABIA 4.9 3.7 3.8
IRAN 1.6 2.2 1.9
IRAQ 1.6 1.6 1.7
UAE 1.3 1.2 1.2
KUWAIT 1.0 1.0 1.0
NEUTRAL ZONE 0.5 0.4 0.4
QATAR 0.3 0.3 0.2
NIGERIA 1.3 1.2 1.2
LIBYA 1.0 1.0 1.0
FOURTH QTR 1986 JANUARY 1987 FEBRUARY
1987
ALGERIA 0.6 0.6 0.6
GABON 0.1 0.2 0.2
VENEZUELA 1.6 1.6 1.6
ECUADOR 0.2 0.2 0.2
INDONESIA 1.3 1.2 1.2
TOTAL 17.3 16.5 16.1
The IEA said while Saudi production stayed below its quota
of 4.133 mln bpd, actual sales might exceed output due to
Norbec stock disposals. Contracts for Saudi crude have been
signed, but it is understood they have much leeway in required
liftings.
The report said the reduction in Iraqi air attacks on
Iranian export facilities allowed Iran's output to reach 2.2
mln bpd in January, but buyer resistance to fixed prices
apparently cut February production.
It said Iraqi exports are about 1.0 mln bpd through the
Turkish pipeline, 0.1-0.2 mln by truck through Jordan and
0.2-0.3 mln via the Saudi pipeline to Yanbu. Internal
consumption is some 0.3 mln bpd.
The IEA estimated total non-communist world oil supply in
February at 45.0 mln bpd, down from 45.4 mln in January and
47.0 mln in the fourth quarter.
The February world supply figure is made up of 16.1 mln bpd
OPEC crude production, 1.4 mln bpd OPEC natural gas liquids
(ngls), 16.6 mln bpd OECD crude and ngls, 8.3 mln bpd other
developing countries' crude and ngls, net trade of 1.1 mln bpd
with centrally planned economies, 0.5 mln bpd of
non-conventional crudes (such as tar sands and oil from coal)
and 1.0 mln bpd from processiing gains.
Within the OECD, preliminary Norwegian data show record
1.06 mln bpd output in January, with lower production expected
in February in accordance with government curtailments of
approximately 80,000 bpd, announced in support of OPEC.
REUTER
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A majority of the Senate Agriculture
Committee urged President Reagan to reverse his opposition to
export subsidies to the Soviet Union as a way to get its
negotiators to purchase some 500 mln dlrs in American wheat.
The group, led by committee chairman Patrick Leahy, a
Vermont Democrat, urged Reagan to step up negotiations with the
Soviet Union by providing export subsidies to help U.S.
farmers.
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<Enfield Corp Ltd> said it planned to
issue 60 mln dlrs principal amount of notes and 1.6 mln class E
preferred shares at 25 dlrs a share.
The notes would bear 8 pct yearly interest, mature March
31, 2002 and be convertible to common shares on either March
31, 1997 or the business day before a fixed redemption date at
13.50 dlrs a share, Enfield said.
It said each preferred share would be convertible to 1.85
common shares on either March 31, 1997 or the business day
before a fixed redemption date. Gordon Capital Corp and
Dominion Securities Inc agreed to acquire the issues, it said.
Enfield said it would use proceeds to retire short-term
bank debt and boost its 22 pct stake in <Consumers Packaging
Inc> and its interest in <Federal Pioneer Ltd> through open
market purchases.
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Wichita Industries Inc said it
agreed to buy Fountain Oil and Gas Inc.
Wichita said it it will acquire all of the outstanding
shares of Fountain in an exchange for about 11 mln newly issued
Wichita common shares. Wichita presently has about 3.6 mln
shares outstanding.
The transaction calls for the issuance of 1-1/2 shares of
Wichita common for each outstanding Fountain share.
Wichita also said it made a number of refinancing
agreements in connection with the acquisition.
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The Mexican state oil company
Petroleos Mexicanos (PEMEX) said its Far East customers would
be charged 17.25 dlrs per barrel for Isthmus crude in February
and 14.45 dlrs for the heavier Maya.
Pemex said this was 32 cts less than January Isthmus and 15
cts less than January Maya.
Far East customers, primarily Japan which buys an average
180,000 barrels per day of which 150,000 is Isthmus, pay
retroactively while European and U.S. clients are charged per
delivery.
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REPH Acquisition Co said its board
appointed a special committee to negotiate the terms of an
offer made earlier today by <Pesch and Co> to merge with its
Republic Health Corp <REPH> unit.
Pesch, through its Alpha Health Systems Corp unit, offered
to acquire the 36 pct of Republic Health stock that it does not
already own.
Terms of Pesch's offer have not been disclosed.
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An investor group led by members of
the Hunt family of Dallas, Texas, told the Securities and
Exchange Commission it has acquired a 6.2 pct stake in Comdata
Network Inc <CDN> and may try to influence company policy.
The investor group, led by Rosewood Financial Inc, said it
opposes a company recapitalization plan worked out between
Comdata and Mason Best Co, a Texas investment firm, which last
reported holding about 9.5 pct of the company's stock.
The Hunt group said it offered on March 3 to buy the entire
5.3 pct stake held by dissident shareholder Donald Carter at 14
dlrs each, but has received no reply as of yesterday.
Rosewood, which is owned by the Caroline Hunt Trust Estate,
whose trustees include Margaret Hunt Hill, also said it has
notified the Federal Trade Commission of its intent to buy
between 15 and 25 pct of Comdata's common stock.
Under federal law, it cannot buy more than 15 pct of
Comdata's stock until a 15 to 30 day waiting period is over,
unless the FTC gives it early approval.
Under the proposed Comdata recapitalization plan, the
company would buy up to 10 mln of its common shares at 13.25
dlrs each.
Mason Best, which belongs to CNI Parnters, a Texas
partnership, would not tender any of its stake under the plan,
but would instead buy another one mln Comdata common shares and
would get representation on the company's board.
The Hunt group said it has told Comdata that it considers
required payments under the plan, such as a 1.5 mln dlr fee and
the issuance of a warrant to buy 500,000 common shares to be a
waste of the company's assets.
The Hunt group, which also includes securities Texas firms
Cypress Partners L.P and Driftwood Ltd, said it spent 15.2 mln
dlrs on its 1,197,700 Comdata common shares.
Reuter
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Trade between Argentina and Brazil
jumped 90 pct in 1986 versus 1985, Foreign Minister Dante
Caputo said.
Speaking to reporters, Caputo said the near doubling in
trade showed the "tangible and immediate results" of a wide-
ranging economic integration accord signed by the presidents of
both countries last July.
He said trade last year totalled 1.3 billion dlrs versus
700 mln dlrs in 1985.
The accord provided for capital goods trade between the two
countries to rise to 2.0 billion dlrs over four years.
Argentine wheat exports to Brazil will increase from
1,375,000 tonnes in 1987 to 2.0 mln tonnes in 1991, the accord
said.
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Santa Fe Southern Pacific Corp will
later today formally ask the U.S. Interstate Commerce
Commission (ICC) to reconsider its earlier rejection of the
merger of the holding company's railroad assets, a company
spokesman said.
"We expect to file papers late tonight" asking the ICC to
reopen the rail merger case, spokesman Rich Hall said in a
telephone interview from the company's Chicago headquarters.
The ICC had rejected in July, on grounds it would reduce
competition, the merger of the Santa Fe and Southern Pacific
Railroads.
The deadline for seeking ICC reconsideration of the merger
plan is midnight tonight.
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Shr loss 10 cts vs profit seven cts
Net loss 918,000 vs profit 585,000
Revs 5,475,000 vs 4,430,000
YEAR
Shr profit 32 cts vs loss 24 cts
Net profit 2,909,000 vs loss 1,501,000
Revs 23.7 mln vs 15.0 mln
Note: 1986 4th qtr net includes 1.5 mln U.S. dlr, or 17 ct
shr, writedown of stake in Heck's Inc <HEX> and 300,000 U.S.
dlr, or three ct shr, writedown of arbitrage positions. 1986
fl-yr net includes 900,000 dlr net writedown of stake in
Heck's.
U.S. dlrs.
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A group led by GFI Nevada Inc, a
subsidiary of General Felt Industries, a Saddlebrook, N.J.
carpet maker, said it cut its stake in Allied Products Corp to
169,888 shares, or 3.4 pct, from 288,652 shares, or 5.8 pct.
In a filing with the Securities and Exchange Commission,
GFI said it sold 114,000 Allied Products common shares on March
3 at 42 dlrs each and donated another 4,746 shares to two
universities.
It said its dealings in the company's common stock were for
investment purposes only.
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