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Oper shr profit nine cts vs loss seven cts
Oper net profit 628,000 vs loss 491,000
Sales 50.7 mln vs 41.8 mln
Avg shrs 7,033,000 vs 6,557,000
Note: Oper net excludes extraordinary profit of 423,000
dlrs, or six cts a shr, and 110,000 dlrs, or one ct a share,
respectively, in 1987 and 1986 quarters, from utilization of
tax loss carryforwards.
Reuter
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U.S. trade representative Clayton
Yeutter said Canada's finding announced today that U.S. corn
imports injure Canadian farmers is "totally unjustified."
"U.S. corn exports to Canada are so small that it is
inconceivable that they injure Canadian corn farmers by any
reasonable measure," Yeutter said in a statement.
He said if other countries follow Canada's lead it could
result in "a rash of protectionist actions throughout the
world." French corn growers have recently indicated they will
challenge U.S. corn gluten feed shipments to Europe.
Yeutter said the U.S. will examine the Canadian decision
closely and if the U.S. believes the decision was not based on
facts, "will carefully evaluate appropriate responses." Yeutter
did not say what steps the U.S. may take in response.
Reuter
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Oper shr two cts vs eight cts
Oper net 41,000 vs 153,000
Sales 7,456,000 vs 7,965,000
Year
Oper shr 22 cts vs 50 cts
Oper net 434,000 vs 1,103,000
Sales 31 mln vs 33.6 mln
Note: Current qtr and year figures exclude loss from
discontinued operations of 384,000 dlrs, or 20 cts per share.
Prior qtr and year figures exclude losses from discontinued
operations of 1.9 mln dlrs, or 88 cts per share and 2.3 mln
dlrs, or 1.07 dlrs per share, respectively.
Reuter
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Shr 18 cts vs 39 cts
Net 507,000 vs 762,000
Sales 11.3 mln vs 11.7 mln
Avg shrs 2,789,000 vs 1,961,000
Nine mths
Shr 39 cts vs 90 cts
Net 1,076,000 vs 1,752,000
Sales 32.9 mln vs 33.3 mln
Avg shrs 2,771,000 vs 1,955,000
Reuter
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Shr 18 cts vs 19 cts
Net 400,413 vs 421,451
Revs 9,343,228 vs 8,213,449
Nine mths
Shr 39 cts vs 46 cts
Net 853,891 vs 1,011,999
Revs 24.6 mln vs 22.3 mln
Reuter
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Shr loss 30 cts vs profit 11 cts
Net loss 1,247,000 vs profit 454,000
Revs 12.3 mln vs 17.5 mln
Year
Shr loss 24 cts vs profit 32 cts
Net loss 979,000 vs profit 1,303,000
Revs 60.6 mln vs 61.7 mln
Reuter
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Dec 31
Shr loss one ct
Net loss 176,639
Revs 150,300
NOTE: Company went public in April 1986.
Reuter
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Shr 91 cts vs 1.25 dlrs
Net 8,710,000 vs 11.7 mln
Avg shrs 9,526,287 vs 9,362,379
NOTE: Share adjusted for 10 pct stock dividend in May 1986.
Net includes loan loss provisions of 12.7 mln dlrs vs
2,400,000 dlrs.
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Shr profit nil vs loss nil
Net profit 28,565 vs loss 204,553
Revs 507,529 vs 6,563
Nine mths
Shr loss nil vs loss nil
Net loss 404,011 vs loss 649,495
Revs 938,345 vs 32,535
Reuter
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Insituform Group Ltd of Guernsey,
Channel Islands, said it has exercised an option to convert a
250,000 stg loan to affiliate Insituform Permaline Ltd to
common shares, raising its stake in the unit to 75 pct from 50
pct.
The remainder is held by Permaline's management and an
investment group.
Insituform also said James Colclough has resigned from its
board for health reasons and secretary Scott Saltpeter has
resigned, effective June Five.
Reuter
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Total futures and options turnover on the
London International Financial Futures Exchange (LIFFE) fell
slightly during February, although daily average Eurodollar
volume set a new record, LIFFE said today.
Total futures and options turnover last month was 822,378
contracts, down from January's 881,778, but sharply above the
comparative February 1986 figure of 463,146 lots, it said.
Eurodollar turnover during February was 140,417 lots,
against January's 100,941 and the year ago figure of 81,648.
The daily average was a record 7,020 lots, up four pct from the
previous record, set in March 1985.
February trading encompassed a new daily record of 66,087
contracts on the 19th of the month, exceeding the previous
record of 61,398, which had been set on February 6, LIFFE said.
FT-SE 100 index futures volume was sharply higher during
February, with 22,109 contracts trading, against January's
15,279 and the year-ago level of 8,181.
Open interest also set new records last month in
Eurodollars at 29,372 contracts, in FT-SE 100 at 4,898 and in
short sterling interest rate futures at 19,846 lots.
Key futures volumes as detailed by LIFFE were:
Feb'87 Jan'87 Feb'86
Long gilt 424,865 525,354 134,420
Eurodollar 140,417 100,941 81,648
Short sterling 94,720 87,619 67,640
T-bond 84,694 87,980 133,766
FT-SE 22,109 15,279 8,181
Currencies 2,799 2,112 7,737
Short gilt 74 85 6,516
Key options volumes as detailed by LIFFE were:
Feb'87 Jan'87 Feb'86
Long gilt 44,640 54,329 ----
Eurodollar 3,580 1,720 2,844
T-bond 1,737 3,479 ----
Sterling 1,466 2,223 18,191
FT-SE 1,277 657 ----
Total options 52,700 62,408 23,238
(Long gilt, T-bond and FT-SE index options were not trading
in February 1986).
Reuter
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Colombian oil installations were not
damaged by an earthquake which shook Ecuador and southern
Colombia last night and there are no plans to suspend exports,
a spokesman for the state-run oil company Ecopetrol said.
He said no damage was reported, unlike in Ecuador where
indefinite force majeure was declared on crude exports.
Colombia currently produces about 360,000 barrels per day
(bpd) of crude. Exports in january totalled 123,000 bpd.
The quake, which in Colombia measured between 6.5 and seven
on the 12-point international Mercalli scale, caused panic
among residents but no injuries were reported.
Reuter
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Chicago Milwaukee Corp said it welcomed
an investment by Shearson Lehman Brothers Inc in its company.
Yesterday, Shearson Lehman, a subsidiary of American
Express Co (AXP), disclosed in a Securities and Exchange
Commission filing that it holds a 5.35 pct interest in Chicago
Milwaukee.
Chicago Milwaukee's stock edged up 2-1/8 to 138 on turnover
of 8,100 shares, as one of the biggest gainers on the NYSE. The
stock has been trading in a 154 to 128 range for the last 52
weeks.
Edwin Jacobson, Chicago Milwaukee president, declined to
comment on movement of the company's stock but said,"From an
investment point of view, we are pleased to have Shearson,
Lehman as a substantial investor."
Shearson, Lehman purchased the shares for investment
purposes and may continue buying shares depending on market
conditions, according to the filing.
Chicago Milwaukee, which sold its railroad interests to Soo
Line Railroad Co (SOO) in February 1985, currently manages and
sells its real estate which consists of 28,000 parcels in 11
states.
Reuter
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Dauphin Deposit Corp said it has
signed a letter of intent to acquire Colonial Bancorp Inc of
New Holland, Pa., in an exchange of 3.6 to 4.4 Dauphin shares
for each colonial share, depending on the market value of
Dauphin shares just before the merger takes place.
The company said the acquisition is subject to approval by
Colonial shareholders and regulatory authorities. Colonial had
assets at year-end of about 150 mln dlrs.
Reuter
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Qtly div 27-1/2 cts vs 27-1/2 cts prior
Pay May One
Record April 17
Reuter
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Qtly div 10 cts vs 10 cts prior
Pay March 31
Record March 16
Reuter
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Qtly div 42 cts vs 42 cts prior
Pay April Seven
Record March 20
Reuter
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U.S. crude oil prices rose above 18
dlrs a barrel this week and industry analysts said the price
could rise another dollar as inventories fall.
"OPEC is keeping its production down, and in the cash market
there is tight supply of crude with short transportation time
to major refining centers," said Daniel McKinley, oil analyst
with Smith Barney, Harris Upham and Co. "That could send prices
50 cts to a dollar higher," he added.
The U.S. benchmark crude West Texas Intermediate rose to
18.15 dlrs a barrel today, a rise of 1.50 dlrs this week.
The rally in oil prices this week came after prices fell in
February more than two dlrs from its high of 18.25 dlrs a
barrel.
"Oil traders were pulling prices down on the assumption that
oil stocks were building and OPEC was producing well above its
15.8 mln bpd quota, but now both of those assumptions have come
under question," McKinley said.
Yesterday the International Energy Agency in its monthly
report said that oil stocks in the OECD area, or in
industrialized nations, were drawn down by 1.3 mln bpd during
the first quarter of this year.
IEA estimates that the draw in oil stocks during the first
quarter of this year will come largely from oil companies whose
inventory levels by April one will be an estimated 326 mln
tonnes, or about 74 days consumption.
Industry analysts also said the estimate of a 3.5 mln bpd
draw in stocks made by Shell Chairman Peter Holmes yesterday
fed speculation that other major companies were destocking.
Traders said the destocking has come about as a result of a
so-called buyers strike, which kept refiners from buying
officially priced OPEC oil in an effort to get the organization
to offer discounts to the official price.
"This struggle between the companies and OPEC is the
ultimate game of chicken but it will be resolved relatively
soon. I would imagine by about the middle of the month (March),"
the general trading manager of an international oil company
told Reuters in a telephone interview.
For its part OPEC has moved to win this game by cutting
excess supplies from the market by a reduction of its own
output, traders said. A Reuter survey estimates OPEC output to
be 14.7 mln bpd this week.
Also, an earthquake in Ecuador yesterday led it to suspend
oil exports indefintiely and force majeure its shipments.
"This will reduce short-haul availabilities by about 250,000
bpd almost immediately and the longer the suspension continues,
the larger the draw in stocks will be for companies expecting
it to be there," McKinley said.
International oil traders said that other short-haul
crudes, such as North Sea Brent, were also scarce because Asian
refiners bought the oil after absorbing a lot of the readily
available Mideast crudes earlier this week.
If this pattern continues then oil companies will bid up
the price of oil as they purchase for their refineries, trading
managers at several companies told Reuters.
But there were skeptics who said they wondered how long
OPEC can retain its unity if buyer resistance continues.
Stephen Hanke, chief economist at Friedburg Commodity
Management, said OPEC production was lower "because of the
Saudi cut (to 3.1 mln bpd) and this could spell trouble if it
gives other members an incentive to exceed their quotas."
He added, "The Saudis will be picking up the tab for other
members who produce over their quota, and the drain on the
Saudis will continue, forcing them to cut output maybe as low
as 2.5 mln bpd to support the 18 dlrs average price," he added.
There are also signs of some OPEC crudes being sold in the
spot market at below OPEC official prices, traders said.
Oil traders said Nigerian Brass River sold for delivery
into the U.S. Gulf at a price related to North Sea brent, which
traded this week at 17.60 dlrs, far below the official price of
18.92 dlrs for the similar quality Bonny Light.
Iranian oil is also surfacing in the U.S. Gulf and the Far
East at reported discounts to its 17.50 dlrs official price.
"There is a lot of oil priced on government-to-government
deals, which are below official prices and this is probably
being resold," one international trader said.
Reuter
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The Minneapolis Grain Exchange (MGE)
will start trading futures contracts in high fructose corn
syrup on April 6 if the Commodity Futures Trading Commission
(CFTC) approves the contract as expected next week.
Pat Henderson, spokesperson for the MGE, said the exchange
expects contract approval at CFTC's Tuesday meeting. It has
been under review since the exchange submitted the proposal in
December, 1985.
The proposed contract is based on 48,000 pound lots of
55-pct high fructose corn syrup, the equivalent of one tank
truck of the sweetening agent derived from corn in the wet
milling process. The syrup, commonly called HFCS-55, is most
commonly used as a sweetener in soft drinks and other
beverages.
Delivery would be by shipping certificate from production
facilities designated by the exchange. The contract, designated
by the symbol "HF," would trade from 0900 to 1315 CST. Months
traded would correspond with the Chicago corn futures months of
March, May, July, September and December.
Contract price will be quoted per hundred weight, with a
minimum price fluctuation of one cent and maximum fluctuation
of one dlr per CWT.
"We hope the producers and users of fructose will be
actively involved, those producers being the large processors,
the corn wet millers, and the users being the beverage
bottlers," Henderson said. "But there are potentials for all
types of people to use it. There is quite a list of industries
that utilize fructose."
Reuter
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Qtly div four cts vs four cts prior
Pay March 31
Record March 20
NOTE: First Federal Savings and Loan Association of
Brooksville.
Reuter
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Qtly div 30 cts vs 30 cts in prior qtr
Payable May 25
Record May one
Reuter
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Telecom Plus International Inc
said <Siemens AG>'s Siemens Information Systems wants to amend
its agreement to purchase Telecom's 65 pct interest in Tel Plus
Communications to delay payment of 25 mln dlrs for 11 months.
Telecom's shareholders are scheduled to vote on the 165 mln
dlr transaction Monday.
Telecom said it advised Siemens it intends to close the
transaction on March 16, as scheduled, if it is approved by
shareholders. A spokesman said this means Telecom will decide
before the 16th whether or not to accept the proposed change.
Explaining its request for the amendment, Siemens informed
Telecom it had recently become aware of information causing
concern with respect to certain accounting and other matters.
Siemens said it will therefore need to continue its review
beyond March 16 to determine whether certain representations
and warranties are true.
Telecom said it advised Siemens it knows of no information
which would make its representations and warranties untrue.
Siemens already owns the remaining 35 pct of Tel Plus. The
65 pct represenmts Telecom's principal operating asset.
A Telecom spokesman said the agreement calls for payment of
all but 29 mln dlrs of the price at closing. Of this, 21 mln
dlrs was to be paid 11 months later and two mln dlrs per year
on the anniversary date of the transaction.
He said Siemens is now proposing that 25 mln dlrs be added
to the 21 mln dlrs to be paid in 11 months.
Telecom said the proposed amendment would also permit
Siemens to defer repayment of up to an additional 50 pct of
certain intercompany debt until completion of the review.
Telecom said it estimates this to ba about 15 mln dlrs.
Reuter
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Qtly div 29-1/2 cts vs 29-1/2 cts prior
Pay April 15
Record March 27
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Shr profit four cts vs loss 99 cts
Net profit 545,000 vs loss 13.1 mln
Revs 75.3 mln vs 37.9 mln
Avg shrs 14.8 mln vs 13.1 mln
Year
Shr profit 34 cts vs profit 34 cts
Net profit 4,908,000 vs profit 4,487,000
Revs 216.8 mln vs 117.7 mln
Avg shrs 14.6 mln vs 13.1 mln
NOTE: 1985 net included gain on sale of foreign properties
of 15.5 mln dlrs or 1.19 dlrs per share and a writedown of oil
and gas properties of 12.5 mln dlrs or 96 cts per share. 1985
4th qtr net included writedowns of oil and gas properties.
Reuter
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Lucky Stores Inc said it and
investor Asher Edelman agreed on a settlement that prohibits
Edelman and his group from taking specified actions to obtain
control of the company and that limits the Edelman group's
ownership of Lucky's stock to less than five pct of any voting
securities.
The arrangement also provides for the dismissal of pending
litigation between the parties, Lucky Stores said.
The settlement also calls for the withdrawal of Edelman's
motion to intervene in pending shareholder actions against
Lucky Stores and its directors, the company said.
In addition, the standstill provisions also apply to
Hancock Fabrics after it is spun off to Lucky stockholders, the
company said.
Lucky Stores said the arrangement also calls for the
company to submit to stockholders at a special meeting set for
December 31 a proposal from Edelman seeking their views
concerning repeal of a charter provision that limits the voting
power of substantial Lucky stockholders.
Edelman, who owns about five pct of Lucky Stores' stock,
last year was rebuffed in his effort to acquire the company.
Last October Lucky Stores implimented a restructuring
program that included the repurchase of 28 pct of its own
common shares and reincorporation in Delaware.
The spinoff of Hancock Textile Co, a chain of 324 retail
stores, was one of the key parts of the restructuring program.
Edelman and his Plaza Securities Co partnership
subsequently sued in an attempt to block the proposed
reincorporation, which was a condition of the repurchase and
restructuring plan.
Under this latest arrangement, Lucky Stores said it agreed
to reimburse the Edelman group for 2.8 mln dlrs of
out-of-pocket expenses, which include litigation and other
costs.
"This agreement serves the interests of Lucky stockholders
by avoiding the significant cost of continued litigation and
the accompanying demands on management time," Lucky Stores
chairman John Lillie said in a statement.
Reuter
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American Telephone and Telegraph Co's
proposal to deregulate its long distance phone service is
unlikely to produce a radical change in phone rates, but it
should help the company's profits, analysts said.
"Deregulation will mean more pricing discounts for large
volume users, but status quo for residential users," said
PaineWebber Group analyst Jack Grubman.
But the proposals will scrap the pricing formula that has
constrained the company's profits in the long distance
business, leading to higher profit margins, analysts said.
ATT has long pushed for deregulation of its long-distance
business, the profits of which have been limited by a regulated
rate-of-return on the company's investments. The rate was cut
last year to 12.20 from 12.75 pct.
Earlier today the company proposed to the Federal
Communications Commission to scrap the formula, cut the amount
of time needed to approve rate proposals, and leave it up to
its competitors to oppose it filings.
MCI Communications Corp <MCIC> made a similar filing
yesterday, saying greater the moves would increase competition
in the telephone business.
Analysts said the proposals will allow ATT to cut costs in
the long-distance unit, and increase its profit margins
previously constrained by the rate of return. But many said
they did not expect the proposals to lead to higher prices in
the industry, simply because of the competition the phone
industry giant faces.
"You probably wouldn't see as much of a price decline,"
said Gartner Group analyst Fritz Ringling. "But you wouldn't
see a rise." Grubman said the proposals will allow ATT to
selectively raise or lower prices, depending on the market. "It
will give ATT a lot more flexibility," he said.
ATT now faces a period of comment in which a number of
companies will be able to respond to the proposals in FCC
hearings.
It may face at least one strong opponent, U.S. Sprint, the
long distance joint venture between GTE Corp <GTE> and United
Telecommunications Inc <UT>.
"We think the Congress of the FCC should establish a
reasonable rate of return. Someone should establish it," a U.S.
Sprint spokesman said. But he added the company was not opposed
to greater competition.
It may also take some time for the proposals to go through,
and in the process they may be altered by the various
constituencies affected by the move.
"There's so much complexity, so much inertia, so much
bureacracy, that stricly speaking about the mechanisms, it
won't happen that fast," said analyst Victor Krueger of the
Gartner Group.
Reuter
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Struthers Wells Corp said it expects
to report a loss, without tax benefit, of about 16 mln dlrs for
the fiscal year ended November 30, 1986, versus a profit of
295,000 dlrs in fiscal 1985.
The company added, however, that about 13.6 mln dlrs of the
loss relates to discontinued operations and disposal of
subsidiaries.
The company said the loss is part of its previously
announced restructuring that includes the sale of its foreign
and domestic units.
Struthers added that it has filed with the Securities and
Exchange Commission for an extension to file its annual report
on form 10-K as a result of delays caused by the restructuring.
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Trans World Airlines Inc said it owns
more than four mln USAir Group shares or about 15 pct of the
total outstanding.
TWA said it may acquire additional shares in the open
market, in private transactions, through a tender offer or
otherwise, subject to Department of Transportation approval.
TWA has offered 52 dlrs per share for USAir Group. USAir
rejected the offer yesterday, calling it a last-minute attempt
to interfere with its takeover of Piedmont Aviation Inc.
A TWA spokesman said the company has filed an application
for approval on its offer to buy USAir with the Department of
Transportation, and later today it will file a response to
USAir's motion with the DOT to dismiss the TWA application.
TWA said it made the statement today on its stock position
in USAir in response to inquiries.
Traders said they believed TWA Chairman Carl Icahn was the
buyer of an 855,000 share block crossed today by Salomon
Brothers.
USAir stock was trading at 50-3/4, up 2-1/4 on heavy volume
of 3.1 mln shares. TWA stock fell 3/8 to 30-5/8.
While analysts and arbitragers have speculated that Icahn
may have made the offer for USAir in order to trigger the
acquisition of his own airline, Wall Street today began to take
Icahn's effort more seriously.
"I think he's going to be the next Frank Lorenzo of Wall
Street," said one market source. Lorenzo, chairman of Texas
Air, has added to his airline with the acquisitions of Eastern
Airlines and People Express Airlines.
There was also speculation that Icahn would like to buy
USAir and then sell TWA as a merged company.
Reuter
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Silver State Mining Corp said it has
corrected its 1986 fourth quarter net income to 485,380 dlrs
from 528,790 dlrs reported earlier today.
The company earned 286,969 dlrs in last year's fourth
quarter.
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An investor group led by New York
investor George Soros said it was dissatisfied with Fairchild
Industries Inc management and was considering boosting its
holdings to as much as 49.9 pct of the aerospace and aviation
company's outstanding stock.
The group already controls 1,647,481 Fairchild Industries
shares or 11.5 pct of the total outstanding.
The group said it filed on Wednesday with federal antitrust
regulators for advance clearance to buy enough additional
shares to increase its total stake to up to 49.9 pct of the
total outstanding stock.
The group said its representatives had met with Fairchild
Industries officials to inform them "that they do not believe
management has been successful in enhancing or protecting
shareholder values."
It said it was considering the additional share purchases
to enable it to "assert a greater degree of influence over the
future management and policies of the issuer."
It said a decision on the specific level of share ownership
it would seek depended on market prices, future changes in
management policies, available financial resources and other
factors.
The group said it also reserved the right to pursue other
measures intended to influence Fairchild management and
policies, either alone or in concert with other investors.
The group includes Soros and Quantum Fund, an offshore
investment firm headquartered in Curacao, Netherlands Antilles
that is advised by Soros.
The group said that since its last SEC filing, made Jan. 2,
it had purchased no additional Fairchild shares and had sold
6,700 shares on the New York Stock Exchange Jan. 19.
A Fairchild Industries official later said Soros had told
the company he was not dissatisfied with its management.
"Contrary to the filing, Mr. Soros has told the company
today that he is not dissatisfied with management," Fairchild's
Bill Fulwider told Reuters.
However, Fulwider said the company would have nothing to
say at this time about Soros' disclosure that he may buy up
enough additional Fairchild shares to hold as much as 49.9 pct
of the company's outstanding stock.
Reuter
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Payless Cashways Inc chairman David
Stanley told analysts the company's first quarter results to be
reported March 17 will be better than the seven cts per share
reported in the year ago quarter.
"It was not a wonderful sales quarter, but it only
represents 14 pct of the year's total results," Stanley said.
Stanley also said that 1987 full year sales will be in
excess of 1.8 billion dlrs as compared to the 1.5 billion dlrs
reported in 1986. He also said that analysts' estimates of 1.55
dlr per shr for 1987 "are not crazy."
Payless reported net income of 1.22 dlr per share in 1986.
"The economy may not get a lot better, but we expect our
advantages in the lumber industry and cost cutting measures to
keep us competitive," Larry Kunz, chief financial officer,
said.
The company acquired Knox Lumber Co for about 24.3 mln
dlrs in October 1986.
Stanley said the company's stronger-than-optimal balance
sheet will enable it to make further acquisitions but no
negotiations are going on at the current time.
He said some benefits of a new management information
system will be felt in 1987 and more substantially in 1988.
REUTER...^M
| [
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] |
Shr loss 3.86 dlrs vs profit 37 cts
Net loss 24,973,000 vs profit 2,389,000
Sales 62.5 mln vs 65.3 mln
Year
Shr loss 3.22 dlrs vs profit 1.32 dlrs
Net loss 20,861,000 vs profit 8,515,000
Sales 268.0 mln vs 272.7 mln
NOTE: 1986 earnings include a provision for restructuring
costs of 23,675,000 dlrs, or 3.66 dlrs a share (pre-tax) and
the effect of adoption of FASB 87 which reduced pension expense
by 617,000 dlrs for the quarter and 1,817,000 dlrs for the year
before taxes
Earnings include nonoperating income from the effect of
nonrecurring gains of 1,811,000 dlrs in the 1st Qtr of 1986
from the sale of its minority interest in Plexus Corp and
1,480,000 dlrs in the 3rd Qtr of 1985 related to the sale of
excess property
Reuter
| [
0,
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0,
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0,
0,
0,
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0
] |
Shr loss 15 cts vs loss 11 cts
Net loss 632,000 vs loss 437,000
Revs 3,206,000 vs 2,650,000
Year
Shr loss 19 cts vs loss 24 cts
Net loss 793,000 vs loss 1,004,000
Revs 11.5 mln vs 14.4 mln
NOTE: Prior year figures restated to reflect merger in
March 1986 with Amtron Corp.
Reuter
| [
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Qtrly 42 cts vs 42 cts prior
Pay April 7
Record March 20
Reuter
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] |
SouthTrust Corp, a 5.1 billion
dlr multibank holding company, said it entered into agreements
to acquire four Florida banks with assets totalling more than
233.2 mln dlrs.
Terms of the agreements were not disclosed.
The four banks are: Central Bank of Volusia County, with
assets of 59.3 mln dlrs, Bank of Pensacola with assets of 63.8
mln dlrs, and Vista Bank, which operates Vista Bank of Volusia
County with assets of 37.8 mln dlrs and Vista Bank of Marion
County with assets of 72.3 mln dlrs.
It said the agreements are subject to regulatory approval.
Reuter
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|
Hughes Tool Co rose one to 12-1/4 on
1,658,000 shares, apparently reflecting a belief that Baker
International Corp <BKO> will be able to persaude Hughes to go
along with a previously announced merger, analysts said.
This week Hughes seemed to back out of the merger but then
said it was still interested in talking.
"It sounds like Baker wants it and if people are convinced
a deal is going to go through the stock goes up," said analyst
Phil Pace of Kidder, Peabody and Co. Holders of Hughes would
get 0.8 share of Baker for each Hughes share.
Reuter
| [
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Aetna Life and Casualty Co said
it reached an agreement to acquire a 49 pct interest in
Universal Life and General Insurance Sdn Bhd <ULG>, a Malaysian
composite insurance company.
The company said the 51 pct balance will continue to be
owned by Malaysia Apera Group of private investors.
The transaction is valued at approximately 37.8 mln dlrs
and is expected to be completed by March 31, 1987.
Reuter
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] |
Carling O'Keefe Ltd said it sold its
Star Oil and Gas Ltd unit to United Coal (Canada) Ltd for about
57 mln dlrs cash.
Carling said it will record an extraordinary gain of about
two mln dlrs after tax, or nine cts a common share resulting
from the sale.
The company did not elaborate further on financial terms.
A Carling official later said in reply to an inquiry that
Carling would record the extraordinary gain in its fourth
quarter ending March 31.
The move came after Carling's 50 pct-owner <Rothmans Inc>
agreed last week to sell its Carling stake to <Elders IXL Ltd>,
of Australia, for 196.2 mln Canadian dlrs.
Reuter
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] |
The channel ferry Herald
of Free Enterprise from the British Townsend Thorensen company
was sinking off the Belgian coast tonight with 463 people on
board, the Dutch newsagency ANP reported today.
An unspecified number of people had fallen into the water,
it said, quoting the pilot organisation in this south-western
Dutch port city near the Belgian border.
It said the vessel had capsized after a collision but gave
no more details.
Dan Kaakebeen a spokesman for the Dutch salvage firm Smit
International told Reuters by telephone from Rotterdam that the
vessel was just off the Belgian port of Zeebrugge with 463
passengers and crew when the accident occurred at 1850 GMT.
Kaakebeen said the firm had one vessel at the scene and
another on its way with divers on board.
A spokesman at the port authority of nearby Vlissingen said
attempts were being made to pull the vessel into shallow
waters.
Weather conditions were good with no fog or wind, and there
were many other vessels in the area.
Reuter
| [
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] |
Shr loss 1.22 dlrs vs profit 27 cts
Net loss 8,812,432 vs profit 1,847,560
Revs 7,981,198 vs 10.3 mln
Avg shrs 7,187,941 vs 6,828,368
NOTE: Current year includes tax credit of 800,000 dlrs.
Reuter
| [
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0,
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0,
0,
0,
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0,
0
] |
Shr loss 24 cts vs loss nine cts
Net loss 216,697 vs loss 47,344
Sales 144,403 vs 118,391
Reuter
| [
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0,
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Shr loss 12 cts vs loss 16 cts
Net loss 214,000 vs 309,000
Revs 3,056,000 vs 2,545,000
Year
Shr loss 43 cts vs loss nine cts
Net loss 754,000 vs loss 159,000
Revs 11.4 mln vs 11.4 mln
Reuter
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Lloyds Bank Canada, a unit of <Lloyds
Bank International PLC>, said net profit soared to 3,053,000
dlrs for the first quarter ended January 31 from 9,000 dlrs a
year earlier.
Loan loss provisions, a mandatory five-year averaging of
actual loan losses, also rose in the first quarter to 6,375,000
dlrs from year-ago 113,000 dlrs, the bank said.
Lloyds Bank Canada became Canada's largest foreign bank
last autumn with its 200 mln Canadian dlr acquisition of
Continental Bank of Canada.
Reuter
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Strikes by Brazil's 40,000
seamen and by petrol station owners in four states are causing
major headaches to a government already wrestling with a debt
crisis.
A week ago seamen began their first national strike for 25
years and union leaders say they have seriously affected
Brazilian exports by making idle 160 ships.
On February 20 the Brazilian government suspended interest
payments on part of its huge foreign debt following a sharp
deterioration in its trade balance.
Today the government faced a fresh problem, when most
petrol station owners in Sao Paulo, the country's industrial
heartland, and in three other states closed down to press for
higher fuel prices.
There were fears that the combination of the two stoppages
could lead to a serious fuel shortage.
The seamen's leaders say their strike has halted 48 of the
72 ships belonging to the state oil company Petrobras.
The Jornal do Brasil newspaper, in an editorial today
entitled "Dangerous Confrontation," said: "From the economic
point of view the seamen's strike carries an alarming cost,
with grave consequences for the supply situation and for the
country's external trade."
The seamen are seeking a 275 pct pay rise and have rejected
offers of up to 100 pct.
Later today the Higher Labour Tribunal in Brasilia is due
to rule on whether the seamen's strike is legal. But a senior
official of the National Merchant Marine Union, Jorge Luis Leao
Franco, told Reuters that the strike would continue regardless
of the tribunal's ruling.
Labour unrest has worsened in Brazil following the collapse
over the last few months of the government's Cruzado Plan price
freeze. Prices have been rising at about 15 pct a month. Not
only workers but also businessmen are restive. Petrol station
owners said many garages had closed indefinitely today in Sao
Paulo, Parana, Mato Grosso and Mato Grosso do Sul.
Television reports said that in the Parana state capital of
Curitiba petrol stations were only supplying fuel for
exceptional cases such as ambulances and funeral processions.
Brazilian garage owners want to be allowed to raise their
profits on alcohol fuel and petrol sales to 1.26 cruzados (six
U.S. Cents) a litre from 0.56 cruzados (about 2.5 cents).
Queues formed at petrol stations in Sao Paulo late last
night as motorists filled up their tanks while they still
could.
Political sources said the government of President Jose
Sarney was closely following the strikes and the overall fuel
supply situation.
Reuter
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Dome Petroleum Ltd is under pressure
from one of its largest creditors, <Canadian Imperial Bank of
Commerce>, to sell its 42 pct stake in <Encor Energy Corp Ltd>,
energy industry analysts said.
Dome has pledged its 42.5 mln Encor shares as security for
part of its debt to Commerce Bank, estimated last year at 947
mln Canadian dlrs, and the bank wants Dome to sell the stock to
pay down debt, analysts said.
"The Commerce has been slowly but surely moving Encor in the
direction that might make it a saleable asset," said one analyst
who asked not to be named.
Dome earlier said it was not considering selling Encor
Energy, but reaffirmed the company's 23.3 pct interest in
Canadian gold producer Dome Mines Ltd <DM> is up for sale "at
the right price."
Dome, now negotiating a plan to restructure more than 6.10
billion dlrs in debt, sees Encor as a strategic investment that
it does not intend to sell, spokesman David Annesley said. The
Encor shares do not pay dividends.
A Commerce Bank spokesman also declined comment when asked
whether it is pressing Dome to sell its Encor stake.
At current market prices, Dome's stake in Encor would be
valued at about 308 mln dlrs, while its 20.9 mln Dome Mines
shares would be worth about 319 mln dlrs.
Recent strength in the price of Encor shares may also
prompt Commerce Bank to press Dome to divest its holding in the
Canadian oil and gas producer, analysts said.
"Encor's stock price has improved quite substantially in
recent weeks with a runup in crude prices," Peters and Co Ltd
oil analyst Wilf Gobert commented.
"The possibility is that Commerce Bank would like to see it
sold at these levels because they can get more for it now than
they have been able to in recent years," he added.
Encor traded earlier on the Toronto Stock Exchange at
7-1/8, near its 52-week high of 7-1/2 and up from around six
dlrs in early February.
The company also recently set up its own operating
management, which was previously carried out by Dome Petroleum,
Maison Placements Canada Inc analyst Denis Mote commented.
Dome and Encor "are actually going to get farther apart. So
(the sale) does make a lot of sense," Mote said.
However, analysts said Dome will resist any moves to divest
Encor in favor of retaining the operating assets since sale
proceeds would likely go directly to pay down Dome's debt to
Commerce Bank.
"I think they'll probably try to hang onto Encor as long as
they can," said Bache Securities Inc analyst Doug Weber.
Some of Dome's group of 56 major creditors might move to
block such a sale, arguing they have a claim on company assets.
"Other creditors generally all want to make sure that
something they might be able to get a piece of is not being
sold out from under them," said analyst Gobert.
Another stumbling block would be Encor's 225 mln dlr joint
liability in loans to Dome Petroleum advanced by Arctic
Petroleum Corp of Japan for Beaufort Sea exploration.
Analysts said a similar hurdle could also hinder the
possible sale of Dome Petroleum's interest in Dome Mines.
Dome Mines has guaranteed 225 mln dlrs of Dome Petroleum's
debt and has a "right of consent" to the sale of Dome Petroleum's
holding.
Presumably, a potential buyer of the Dome Mines shares
would seek some type of relief on the company's debt
obligations connected with Dome Petroleum, Gobert said.
Dome spokesman Annesley earlier declined to specify at what
price the company would consider selling its Dome Mines shares,
but said current prices of more than 15 dlrs a share "are very
attractive."
Reuter
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Shr nil vs one ct
Net 59,608 vs 95,909
Revs 2,921,629 vs 2,918,682
Avg shrs 7,062,172 vs 7,273,020
Year
Shr loss 1.22 dlrs vs profit 27 cts
Net loss 8,812,432 vs profit 1,847,560
Revs 3,070,327 vs 3,195,710
Avg shrs 7,187,941 vs 6,828,368
Reuter
| [
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Qtr ends Jan 31
Shr six cts vs eight cts
Net 103,436 dlrs vs 134,360 dlrs
Revs 1,762,270 vs 1,282,463
Reuter
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Iranian Oil Minister Gholamreza Aqazadeh
arrived in Algiers at the head of a large delegation for talks
on stabilizing oil prices, the official news agency APS said.
In a brief arrival statement, he said Iran and Algeria were
engaged in "continuous and stronger cooperation" on the world
petroleum market and had "deployed considerable efforts to
stablise petroleum prices."
He was greeted on arrival by Belkacem Nabi, the Algerian
Minister of Energy, Chemical and Petro-Chemical Industries.
Reuter
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Shr 16 cts vs 55 cts
Net 232,000 vs 814,000
Revs 22.4 mln vs 22 mln
Year
Shr 2.07 dlrs vs 2.43 dlrs
Net 3,108,000 vs 3,670,000
Revs 106.7 mln vs 101.1 mln
NOTE: Per share figures adjusted to reflect four-for-three
stock split paid March 26, 1986.
Reuter
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Landmark Savings Association said it
completed the sale of its Whitehall, Pa., office, including
deposits of about 31 mln dlrs, to Parkvale Savings Association.
Landmark said it realized a gain of about 1.1 mln dlrs on
the sale. The price was not disclosed.
Reuter
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The U.S. Feedgrains Council is
surprised and disappointed by the Canadian Import Tribunal's
decision that imports of corn from the U.S. are materially
injuring Canadian corn producers, a council spokesman said.
"At a time when the world is attempting to liberalize trade
in the new rounnd of multilateral negotiations, it is
incomprehensible that a country that stands to gain so much
from the reduction in agricultural trade barriers would
threaten that process by caving in to pressures for
protectionism," council president Darwin E. Stolte said.
Canada's finding will strain the U.S./Canadian trading
relationship, could damage the future of U.S. feedgrains
support for the free trade negotiations, and also negatively
impact farm trade reform with other nations, the council said.
Reuter
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Qtly div 25 cts vs 25 cts prior
Pay March 31
Record March 18
Reuter
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Shr profit one cent vs loss 37 cts
Net profit 148,000 dlrs vs loss 1,686,000
Revs 11.4 mln vs 10.9 mln
NOTE: Company said net is before extraordinary items and
taxes and declined to provide data on those items
Reuter
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About 200 people were rescued, some
badly hurt, from a sinking cross Channel ferry carrying
approximately 540 people off the Belgian port of Zeebrugge, a
port control spokesman said.
The spokesman, contacted by telephone, said only one third
of car ferry, the Herald of Free Enterprise owned by the
British company Townsend Thoresen, remained above water.
Divers have been sent down to try to rescue passengers
believed trapped in the ferry, which was on its way from
Zeebrugge to the English port of Dover and capsized just off
the pier, he added
Reuter
| [
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Oper shr loss one ct vs loss 2.65 dlrs
Oper net loss 100,000 vs loss 32.7 mln
Revs 142.3 mln vs 168.8 mln
12 mths
Oper shr profit 57 cts vs loss 2.76 dlrs
Oper net profit 7,072,000 vs loss 34.2 mln
Revs 544.0 mln vs 572.2 mln
Note: 1986 oper net excludes tax credits of 2,149,000 dlrs
for qtr and 2,200,000 dlrs for 12 mths. Includes restructuring
charges of 120 mln dlrs for qtr, 527 mln dlrs for 12 mths.
Reuter
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U.S. Agriculture Secretary Richard
Lyng said no decisions were taken today at a White House
Economic Policy Council meeting.
Speaking to reporters on his return from the meeting, Lyng
said only about five minutes of the session dealt with
agriculture issues.
"It was not a decision making meeting," Lyng said.
Aides to Lyng earlier said the administration's agriculture
legislative proposals would be the farm-related topic on the
agenda. Lyng would not comment on what farm issues were
discussed.
Asked how he would respond to farm groups and Congressmen
urging the U.S. to offer a wheat bonus to the Soviet Union,
Lyng said he would be listen but be "non-committal."
Reuter
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President Reagan formally ended
preferential duty-free trade treatment for exports from
Nicaragua, Romania and Paraguay under the Generalized System of
Preferences (GSP).
He took the action after determining that the three
countries are not taking steps to give their workers
internationally recognized rights.
U.S. Trade Representative Clayton Yeutter had announced the
intended action on January 2. The United States conducts no
trade with Nicaragua and very little trade with Romania and
Paraguay.
Reuter
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Advocates of a 0/92 plan for
feedgrains will likely delay offering their proposals if a
disaster aid bill before the House Agriculture Committee is
scaled back to include only 1987 winter wheat, congressional
sources said.
The disaster aid bill, introduced by Rep. Glenn English
(D-Okla.), sparked sharp controversy with its proposals to
implement a 0/92 program for 1987 wheat and 1988 winter wheat.
An agreement has been reached to trim the bill back to 1987
wheat, but supporters of a 0/92 feedgrains plan said even that
scaled-down version would not be equitable for farmers.
Unless the English bill pertains only to 1987 winter wheat,
it is more than a simple disaster payment and feedgrains should
be treated equally, they said.
If the bill is narrowed to just winter wheat, then
supporters of a 0/92 feedgrains amendment will probably not
offer their proposals next week, sources said.
English has agreed to support an amendment by Rep. Charles
Stenholm (R-Tex) to narrow the bill to 1987 wheat only, but
whether he would also back a further reduction is unclear.
Agricultural aides to English said the congressman's first
choice is to make the option available to all 1987 wheat
farmers. However, if the political reality is that disaster aid
for winter wheat farmers would be unavailable because of
controversy over spring wheat, then English might consider an
even greater cutback in the bill, they said.
Under a 0/92 plan, farmers could forego planting and still
receive 92 pct of deficiency payments.
Rep. Arlan Stangeland (R-Minn.) and Harold Volkmer (D-Mo.)
have both expressed interest in expanding the English bill to
include a 0/92 program for feedgrains.
An aide said Stangeland does not want to reopen the farm
bill, but to be fair to all crops.
Only a small percentage of spring wheat farmers would
likely sign up for 0/92 since the incentives to plant are
greater than to idle the land, economists said.
Opponents to a 0/92 feedgrains program argue it is
premature to make major changes in the farm bill and that the
House Agriculture Committee needs to study more closely the
impacts of such a program.
Reuter
| [
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Shr loss 20 cts vs profit 14 cts
Net loss 1,417,000 vs profit 933,000
Revs 5,623,000 vs 5,403,000
Avg shrs 6,957,300 vs 7,115,248
Six mths
Shr loss 18 cts vs profit 43 cts
Net loss 1,269,000 vs profit 3,079,000
Revs 15.7 mln vs 14.2 mln
Avg shrs 7,195,720 vs 7,115,248
Reuter
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Bell and Howell Co said it
completed the sale of its computer output microfilm business to
COM Products Inc, a unit of privately-held <LeBow Industries
Inc>.
The sum of the deal was not disclosed.
The unit makes a device that prints data directly from a
computer onto microfilm.
Reuter
| [
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Shr 85 cts vs 1.20 dlrs
Net 5,130,000 vs 7,236,000
Revs 93.6 mln vs 91.9 mln
Reuter
| [
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] |
Shr loss 33 cts vs profit 38 cts
Net loss 2,359,978 vs profit 2,805,389
Revs 76.2 mln vs 61.8 mln
Avg shrs 7,096,886 vs 7,392,586
Reuter
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DTD Enterprises Inc said it filed an
8-K report indicating that <EaglesLair Development Corp> had
assumed control of the company under a reorganization plan
signed last month.
The company said D. Gerald Lach, president of EaglesLair,
was named president and a director of DTD.
In addition, DTS's board resigned and EaglesLair appointed
new directors, the company said.
Reuter
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Qtly div 13 cts vs 12 cts prior
Pay April 17
Record March 31
Reuter
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Shr 31 cts vs 53 cts
Net 960,143 dlrs vs 1,631,011 dlrs
Revs 27.4 mln dlrs vs 18.9 mln dlrs
Avg shrs 3,079,533 vs 3,096,095
12 mths
Shr 1.01 dlrs vs 92 cts
Net 3,113,337 dlrs vs 2,855,755 dlrs
Revs 106.5 mln dlrs vs 78.3 mln dlrs
Avg shrs 3,079,516 vs 3,089,140
NOTE: per share amounts for qtr and year prior have been
restated to reflect a six-for-five stock split in August 1986.
Revs for qtr include capital gains of 3,049,564 vs
2,010,972, and for year of 9,841,204 vs 5,798,995.
Revs for qtr include non-insurance revenues of 1,627,518 vs
1,550,329, and for year of 7,289,973 vs 4,639,162.
Revs for qtr include life subsidiary account deposits of
548,538 vs 241,465, and for year of 2,104,840 vs 300,404.
Reuter
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Bradley Real Estate Trust said it signed
a 99-year lease for property in downtown Minneapolis to BCED
Minnesota Inc.
The lease will increase net income by about 24 cts a share
on a post-February 1987 three-for-two stock split basis. For
1986, the Trust reported net income of 1.3 mln dlrs or 38 cts a
share on a post-split basis.
Bradley will also be entitled to a one-time additional
rental payment of 30 cts a share upon BCED entering into a
space lease with a prime national tenant and a share in a
portion of net cash flow from operations on the property.
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(Dumez Investments I Inc) said 94.7 pct
of Westburne International Industries Ltd's outstanding common
shares have been deposited under its takeover bid.
It said it has received about 11,070,000 shares under its
22.50 dlrs per share offer which expired yesterday.
Dumez said it will proceed to acquire the remaining common
shares to give it 100 pct ownership of Westburne.
Dumez is a private company owned jointly by (Dumez S.A.)
and (Unicorp Canada Corp).
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<Canadian Natural Resources
Ltd> said it agreed in principle to sell 80 pct of its working
interest in certain producing and non-producing natural gas
properties located in southwestern Saskatchewan.
The transaction is expected to close on April 1, 1987, the
company said. It did not identify the buyer nor give the
selling price.
Proceeds will be used to satisfy a February 1987 repayment
demand by one of the company's lenders. Any excess proceeds
will be added to working capital, the company said.
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<Malrite Guaranteed Broadcast Partners
L.P.> said it bought WTRK Inc from <Cox Enterprises Inc> for
13.8 mln dlrs in cash.
It said WTRK owns and operates WTRK-FM, a Philadelphia
radio station. Transfer of the license for the sation has been
approved by the Federal Communications Commission.
Malrite Guaranteed said it is a limited partnerhip formed
to acquire and operate radio and tv stations. It said Malrite
Communications Group Inc <MALR> is the general partner.
Reuter
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Cyacq Corp said it extended its 80
dlr a share tender offer for Cyclops Corp to March 20 from
today.
Cyacq was formed by Citicorp Capital Investors Ltd and
Audio Video Affiliates INc <AVA> to acquire Cyclops. THe tender
offer began on February six.
The offer is conditioned upon at least 80 pct of the
outstanding shares and at least 80 pct of the voting securities
being tendered before expiration of the offer.
As of March six, only 353 shares of Cyclops' 4.1 mln
outstanding shares had been tendered.
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<Mono Gold Mines
Inc> said <NIM and Co Ltd> Partnership agreed to buy
flow-through shares with an aggregate purchase price of up to
300,000 dlrs.
It said, subject to fulfillment of certain conditions, the
price of the shares to NIM will be 79.6 cts per share, and said
it will issue 376,955 shares to the partnership.
Mono also said options to buy up to 300,000 dlrs of its
capital stock at 65 cts per share expire March three. It said
39,000 options have been exercised to net the company 25,530
dlrs to be added to working capital.
Reuter
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Qtly div 22 cts vs 20 cts prior
payable March 27
Record March 18
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|
Diplomat Electronics Corp said it
will reduce expenses by four mln dlrs a year in an effort to
stem losses and return to a positive net worth.
The company also said certain lenders agreed to take a 24
pct stake in the company by converting seven mln dlrs of debt
into preferred stock.
Diplomat said it will cut costs by several means, including
dismissal of 100 workers at its corporate headquarters,
consolidation of its warehousing and shipping operations and
reduction of management salaries. Moreover, it said it will
relocate its headquarters to Glendale, Calif.
Reuter
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Canada's ruling in favor of a duty on
U.S. corn was a keen disappointment to the National Corn
Growers Association and has set a dangerous precedent for other
nations to follow, said Mike Hall, lobbyist for the
association.
"The French corn growers will clearly charge ahead now and
just change corn to corn gluten feed" in their complaint, Hall
told Reuters.
A Canadian government agency ruled today that U.S. farm
policies are causing injury to Canadian corn farrmers and
supported an earlier imposed countervailing duty of about 85
cts per bushel.
"This was cleary a political decision," Hall said. "The
amount of corn we export to Canada is insignificant."
The unexpected ruling appeared to be based on the agrument
that Canada bases its corn prices on U.S. futures prices and
that American farm policy has driven down these prices, thus
causing lower prices to Canadian farmers and larger government
payments through its farm stabilization program, Hall said.
Hall said this is a new definition for injury, but that
other nations might also now apply this same argument to attack
U.S. farm programs.
The French corn growers could now charge that U.S. farm
programs create an unfair subsidy for corn gluten feed, Hall
said. The French have long wanted to control the imports of
U.S. corn gluten feed into the community, saying that the
imported feed was unfairly displacing European grain.
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Qtly div five cts vs five cts prior
Payable April three
Reocrd March 20
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Healthcare Services Of America
Inc said it will write off about 16 mln dlrs in non-recurring
expenses in 1986.
It also said it expects income from operations to be about
breakeven for 1986 and the estimated loss for the year to be
about the same as the writeoffs.
Results will be released by March 31, 1987.
Included in the writeoffs were six mln dlrs in
developmental costs, six mln dlrs in unamortized loan costs and
debt discounts and four mln dlrs in other non-recurring costs.
The company said it continues to be in default of certain
financial and non-financial covenants set forth in its major
loan documents.
It said negotiations continue with the banks, but has no
assurance that such funding will continue.
It said it authorized Smith barney, Harris Upham and Co to
seek a business combination with third parties.
Healthcare also said the board has authorized the sale or
lease of certain assets to reduce the cash required from the
revolving credit line for completion of current construction
projects.
For the year ended December 31, 1985 Healthcare reported
net income of 3.5 mln dlrs on sales of 54.4 mln dlrs
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USAir Group said it sought the help
of the U.S. Department of Transportation in its takeover fight
with Trans World Airlines Inc, asking the Department to order
TWA to sell its USAir shares.
"What they have done is in direct violation of the Federal
Aviation Act," USAir said.
It said TWA week filed a cursory application with the
Department of Transportation for approval of its proposed 1.65
billion dlr takeover of USAir.
USAir rejected the offer and said it asked the Department
of Transportation to dismiss the application.
USAir said it requested the dismissal because TWA avoided
pre-merger notification requirements, and also did not provide
a competitive and public interest analysis required under
regulations.
USAir said if the application is dismissed, TWA would be
limited to buying only 1.5 pct of its 31.7 mln outstanding
shares. If the application is approved, TWA could buy up to 10
pct, it said. TWA has said it owns less than 10 pct of USAir's
stock.
TWA today revealed that it has increased its holdings to
more than four mln USAir shares, 15 pct of the outstanding.
TWA vice president general counsel Mark Buckstein said the
company had made appropriate filings with the DOT and was in
compliance with the law.
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Shr loss 52 cts vs profit 1.07 dlr
Net loss 2,917,000 vs profit 5,963,000
Revs 34.1 mln vs 40.3 mln
Year
Shr loss 1.39 dlr vs profit 1.24 dlr
Net loss 7,749,000 vs profit 6,946,000
Revs 138.6 mln vs 186.2 mln
NOTE: 1986 net includes certain non-recurring charges of
about 5,506,000 dlrs for a number of items.
1985 4th qtr and yr net includes extraordinary credit of
4,974,000 dlrs or 89 cts per share.
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Shr loss 1.20 dlrs vs loss 1.97 dlrs
Net loss 6,248,000 vs loss 10.2 mln
Revs 33.1 mln vs not given
Year
Shr loss 1.25 dlrs vs loss 13.44 dlrs
Net loss 6,508,000 vs loss 69.6 mln
Revs 123.4 mln vs not given
NOTE: Results include charges of five mln dlrs or 96 cts
shr for 1986 qtr and year, compared with charge of 72.2 mln
dlrs or 13.94 dlrs shr in prior year from discontinued
operations and disposal of discontinued operations.
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United Companies Financial Corp
said its board declared a two pct stock dividend payable APril
eight to holders of record March 17.
The board also declared a regular quarterly cash dividend
of 12.5 cts payable April one to holders of record March 16.
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An American Farm Bureau
Federation (AFBF) official said that far from hurting Canadian
corn producers, U.S. farm programs benefit all foreign
producers.
AFBF president Dean Kleckner made the comments in response
to the ruling earlier today by the Canadian Import Tribunal
that subsidized U.S. corn imports were injurious to Canadian
growers. The tribunal upheld a countervailing duty of 84.9 U.S.
cents a bushel.
"Farm Bureau specialists went to Ottawa and testified
previous U.S. farm programs have actually benefited all foreign
producers by reducing the amount of corn grown in the U.S. (and
losing market share), while exerting an upward influence on the
price of corn Worldwide," he said.
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A proposed buyout of Taft Broadcasting
Co by Dudley Taft and other investors includes a plan to sell
the company's Entertainment Group, according to one of the
investors.
Jonathan Nelson, managing director of Narragansett Capital
Corp <NARR>, which is participating in the buyout plan,
declined to say if buyers have already been lined up for the
Entertainment Group. "We are considering selling the group,"
Nelson said. Wall Street analysts said any of the Hollywood
film studios which might be interested.
Taft Broadcasting Co did not comment on the 145 dlr per
share offer. Taft has 9.2 mln shares outstanding, of which 12
pct are owned by the Taft and Ingalls families.
Dudley Taft relinquished the title of president in July but
continues as vice chairman of the company.
Taft-Narragansett requsted a response to its proposal by
March 12.
If the plan is accepted, Taft would be a private company
financed by high yield bonds and bank debt, Nelson said.
Narragansett is an investment management company specializing
in leveraged buyout transactions.
Taft shares climbed 19 to 151-1/2, causing arbitrageurs to
say investors believe the bidders may raise their price.
Robert M. Bass, who controls 25 pct of the stock, and
American Financial Corp, holder of 15 pct, did not return
telephohe calls seeking comment.
But Dennis McAlpine, analyst at Oppenheimer and Co, said "I
don't think it's worth 150 dlrs." He noted Taft recently agreed
to sell a group of independent television stations at a loss.
He said the entertainment group, which includes the
Hanna-Barbara animation studios, is currently hampered by a
glut of animated product.
Taft Broadcasting has never commented on reports that its
major stockholders met recently to discuss a break-up of the
company.
MacAlpine said there are lots of options for reshaping the
company with a distribution of various pieces to the major
shareholders among the possibilities.
Analyst Alan Gottesman of L.F. Rothschild, Unterberg Towbin
Inc said the Bass group has been increasing its stake in the
belief the company would be worth more with a change in its
strategy. He said Bass pushed for sale of the independent
television stations because the company paid too much.
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Higher oil prices and stronger than
expected U.S. employment growth led to sharp losses in U.S.
interest rate futures and diminished what had been a positive
chart outlook, financial analysts said.
The increase of 319,000 in non-farm payroll employment
during February was above market expectations for a rise of
170,000 to 200,000 jobs and sparked selling in Treasury bond
futures that drove the June contract through key technical
support at 101-2/32 at the opening Friday, they noted.
"I don't like that fact that we had a close below 101,"
said Prudential Bache analyst Fred Leiner. The 101-2/32 level
in the June bond contract had been the top of a three-month
trading range, which when penetrated during the rally Wednesday
led to bullish forecasts by chartists.
But analysts called it a false breakout on the weekly
charts when the June bond closed at 100-10/32 Friday.
Some also forecast that the high of the week at 101-19/32
may signal a bearish double top formation portending steep
losses.
"I tend to go along with the double top scenario," said
Northern Futures analyst Eileen Rico.
Rico noted that the possible formation, along with the fact
that the rally of the last two weeks in bond futures has
occurred on relatively low volume, were negative signals.
Despite what could be a negative chart outlook, Leiner
remains cautiously optimistic, and June bonds should find
support between 100 and 99-16/32 next week.
The optimistic outlook, as well as Leiner's expectation
that the yield curve will flatten in the near term, is based on
an improving inflation outlook.
With the dollar stable and economic data giving the Federal
Reserve little room to ease monetary policy, "the inflation
outlook is improving," Leiner said, and that should lead to
relatively stronger bond prices than bill and Eurodollar
prices.
Still, Leiner noted that the recent rise in oil prices
remains a concern for the inflation outlook.
Oil rose during the week on reports that OPEC nations were
maintaining production quotas and official prices, and got an
extra boost Friday due to the suspension of oil exports from
Ecuador after an earthquake Thursday.
"The runup in crude oil will be a short-lived phenomenon,"
said Carroll McEntee and McGinley analyst Brian Singer.
The rise in oil prices over the past week has been largely
"media induced," Singer said. He noted that even though OPEC
production may be within quotas, "oil stocks are at
tremendously high levels."
Although the Ecuador situation could cause a delay, oil
prices will eventually decline to the lows of late February, he
said, and that will be a supportive influence for bond prices.
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Sandoz Corp's Northrup King Co said
it bought Stauffer Seeds, a unit of Stauffer Chemical Co.
Terms were not disclosed.
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Energen Corp said it has
acquired the distribution system of the City of Clanton, Ala.
for about 1.2 mln dlrs.
The 1,800 customer system is the fourth municipal system
acquired by Energen's Alabama Gas subsidiary since October
1986, adding a total of 9,600 customers.
Reuter
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Qtly div 43 cts vs 43 cts prior
Payable May one
Record April 15
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Shr 22 cts vs 49 cts
Net 296,994 vs 657,416
Revs 6.5 mln vs 9.5 mln
Year
Shr 78 cts vs 1.51 dlrs
Net 1.0 mln vs 2.0 mln
Revs 27.6 mln vs 29.4 mln
Reuter
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Houston Oil Trust said there will be no
cash distribution to the unit holders in March.
The most significant factor for the lack of a distribution
this month is the establishment of additional special cost
escrow accounts, the company said, adding, that there may be no
cash distribution in other months or during the remainder of
the year.
For March, the working interest owner will place 1.9 mln
dlrs in special cost escrow accounts.
Reuter
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Monoclonal Antibodies Inc
said it signed an agreement in principle to buy <Genesis Labs
Inc> for about 10 mln dlrs of common stock.
The agreement is subject to shareholders approval and other
conditions.
Reuter
| [
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] |
Shr loss 37 cts vs loss 13 cts
Net loss 4.5 mln vs loss 1.5 mln
Revs 63.3 mln vs 53.8 mln
Year
Shr loss 74 cts vs profit 1.87 dlr
Net loss 9.0 mln vs profit 23.0 mln
Revs 239.5 mln vs 244.3 mln
NOTE:1986 net includes extraordinary gain of 10.6 mln dlrs
from tax loss carryforward in year and loss of 198,000 dlrs in
4th qtr.
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At least 26 people died when
a car ferry struck a pier as it left Belgium for Britain, a
nurse who took part in the rescue operation said.
Jan Van Moerbeke, a male nurse, said on coming off the
Herald of Free Enterprise that he had found six people on top
of the vessel who were dead. There were at least another 20
dead inside the boat, he added.
The governor of West Flanders province said 240 people were
still unaccounted for.
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Continental Federal Savings and
Loan Association said it was told that an estate holding 38 pct
of its stock plans to sell its stake at a premium over the
current stock price.
Continental said the estate of Harold Vernon and certain
parties have signed a letter of intent to sell the stock for
12.25 dlrs a share, for a total of about 6,538,000 dlrs.
Continental's stock closed at seven in over-the-counter
trading.
The thrift said the buyer is <BAC Inc>, a corporation
acting for certain unindentified parties.
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