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Oper shr seven cts vs 20 cts
Oper net 347,855 vs 787,117
Revs 6,748,868 vs 6,849,499
Avg shrs 5,391,666 vs 4,277,157
Year
Oper shr 56 cts vs 46 cts
Oper net 2,617,528 vs 2,003,661
Revs 27.1 mln vs 27.3 mln
Avg shrs 4,763,793 vs 3,377,157
NOTE: Net excludes realized gains on investments of 925,576
dlrs vs 577,389 dlrs in quarter and 1,776,341 dlrs vs 797,932
dlrs in year.
Reuter
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The oil services industry is on the
verge of a recovery because of rising crude prices, oil
industry analysts said.
The analysts, who issued buy recommendations on some
stocks, said the recovery in oil services should begin in the
second half of 1987, after drilling activity bottoms out in the
first half, and continue into the next decade.
"People, however, cannot afford to wait for drilling to go
up to start buying," said Sandi Haber Sweeney, senior research
analyst at Sanford C. Bernstein and Co Inc.
Among the recommended buys are Schlumberger Ltd <SLB>,
Halliburton Co <HAL>, Dresser Industries <DI>, Baker
International <BKO>, and McDermott International Inc <MDR>,
which may be the target of a takeover by Harold Simmons, a
Dallas-based investor.
Analysts said although major oil companies are increasing
exploration and development overseas, they expect the pickup in
oil services will begin in the U.S.
"Activity in the U.S. is so depressed it should move up
faster," said Vishnu Sharp of Goldman Sachs.
The number of active oil drilling rigs in the U.S. was 766
last week compared with 1,212 rigs one year ago, Huges Tool Co
<HT> figures show.
The average number of working rigs in the U.S. for 1987 is
projected at 978 versus 964 in 1986, according to Ike Kerridge,
vice president of stockholder relations at Hughes Tool. "The
first significant pickup in drilling activity will occur in the
second half of 1988," Kerridge said.
Overseas drilling activity is expected to follow a similar
pattern, Kerridge said.
"Halliburton is the best value," said Jeffrey Freedman,
vice president at Smith Barney, Harris and Upham Inc, adding
the company controls the greatest amount of liquidity of common
stock market value, is diversifed in non-oil field businesess,
and has the lowest multiple of stock price to operating cash
flow including debt.
Schlumberger is Freedman's second favorite oil service
stock.
"Schlumberger is expected to continue to be the dominant
technical leader in the industry," Freedman said.
"Schlumberger's management shift, asset restructuring,
including a pending merger of Fairchild Semiconductor, and its
considerable cash horde sets the stage for the company to
maximize its significant industry advantage and capitalize on
the project upturn in exploration and development activity,"
according to a report by George Gaspar, first vice president at
Robert W. Baird and Co Inc.
Gaspar estimates earnings per share for Schlumberger at 25
cts for 1987 and one to 1.75 dlrs in 1988 compared with 20 cts
in 1986 excluding a fourth quarter special charge of 1.87
billion dlrs.
Bernstein's Sandi Sweeney is recommending a group of oil
service companies and said choosing among them is difficult.
Her favorite is Baker International, which is involved in a
possible merger with Hughes Tool Co.
Dresser Industries will also benefit from the recovery but
possibly not as much as other companies because it is not a
pure service company, Sweeney said.
Dresser is expected to improve profitability owing to cost
reductions and streamlined operations, including the sale and
leaseback of its headquarters, said Swarup.
Reuter
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Creditanstalt-Bankverein <CABV.VI> is
likely to raise its 1987 dividend from the 1986 payment of 12
pct of share capital, deputy general-director Guido
Schmidt-Chiari said.
The 1985 dividend was 10 pct, unchanged from the previous
year and Schmidt-Chiari noted that the parent bank's share
capital had risen to 3.1 billion schillings at the end of 1986
from 2.7 billion a year earlier.
Schmidt-Chiari made the forecast at a news conference when
the bank announced a 1986 consolidated banking group net profit
of 496.7 mln schillings for 1986, against 354.5 mln in 1985.
Schmidt-Chiari did not elaborate on his dividend forecast.
The banking group's consolidated balance sheet total rose
to 453.4 billion schillings at year-end from 425.4 billion.
General director Hannes Androsch said higher investment
would lead to continuing growth in profits in future. Last
year's better profits had resulted from improvements in
services provided by the bank and also in profits on schilling
lending.
Schilling lending had grown last year and interest rate
margins had also improved but remained unsatisfactory when
compared with those in other countries, he said.
Increased provisions for possible bad debts at home and
abroad, particularly in Latin America, had lowered profits,
Androsch said, but declined to give an exact figure.
Schmidt-Chiari said that foreign lending business had
fallen significantly due to exchange rate fluctuations,
removing some 22 billion schillings from the balance sheet
total.
In an attempt to generate more foreign business,
representative offices would be opened this year in Tokyo, Hong
Kong, Moscow and Prague. Androsch welcomed government plans to
abolish legal controls on foreigners buying voting shares and
drawing dividends.
Preference shares of state-controlled Creditanstalt rose
eight schillings on the Vienna Bourse today to 2,008. Brokers
said improved results had been widely expected by investors.
Androsch said industrial holdings had performed better in
1986 than in previous years, giving a return on investment of
2.6 pct compared with 1.3 pct in 1985. Creditanstalt, Austria's
largest bank, holds majority interests in 10 medium-sized and
large Austrian companies.
But he forecast its biggest industrial subsidiary, Steyr
-Daimler-Puch AG <SDPV.VI> would return a 1987 result similar
to the expected 1986 operating loss of 700 mln schillings.
REUTER
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CPC International Inc
said it has agreed in principle to sell its Peterson/Puritain
Inc subsidiary to Hi-Port Industries Inc.
CPC said the sale is not expected to have a significant
impact on its earnings and is subject to approval by boards of
both companies. Terms were not disclosed.
Peterson/Purittan is a contract packager of personal care
and household products.
Reuter
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Shr 47 cts vs 40 cts
Net 4,258,000 vs 5,942,000
Revs 92.6 mln vs 77.1 mln
Avg shrs 8,977,000 vs 15.0 mln
Year
Shr 1.22 dlrs vs 1.34 dlrs
Net 16.4 mln vs 20.0 mln
Revs 329.1 mln vs 272.1 mln
Avg shrs 13.5 mln vs 15.0 mln
NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in
quarter and 6,979,000 dlrs vs 2,425,000 dlrs in year.
1986 year net reflects undisclosed amount of expenses for
defense of takeover effort.
Reuter
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OPEC has reaffirmed its commitment to
fixed crude oil prices of around 18 dlrs a barrel and an
overall output ceiling of 15.8 mln barrels per day (bpd) to
defend prices, its president Rilwanu Lukman said.
He told a news conference here "After due consultation with
my colleagues in OPEC, I hereby wish to emphasize that Nigeria
and all member countries of OPEC remain determined to uphold
the December agreement by adhering strictly to their various
quotas and official selling prices."
Lukman added no extraordinary OPEC conference was planned.
"We are in a position to re-confirm that, despite misleading
news in foreign media to the contrary, ... OPEC member
countries as a whole produced below their agreed quota in the
month of February," Lukman, who is Nigerian oil minister, said.
Lukman put the overall OPEC output shortfall in February at
900,000 bpd and said this was as a result of their firm
determination to defend official selling prices of 18 dlrs
agreed upon last December in Geneva.
The December agreement set an overall output ceiling for
OPEC of 15.8 mln bpd for first half 1987 and restored fixed
prices as from February 1 around a reference point of 18 dlrs.
Oil prices rallied immediately after the Geneva accord but
fell again last month on reports that OPEC was producing more
than the agreed level.
"The idea was to suggest that OPEC's agreement would not
hold and this caused some customers to hold back purchases of
OPEC oil and resort to destocking to meet their needs," Lukman
said.
He said the 900,000 bpd shortfall last February was based
on the verified figure for 10 out of OPEC's 13 members, adding
that Nigeria alone had a shortfall in production of 100,000
bpd.
Iraq disassociated itself from the December agreement,
while the production figures of Ecuador and the United Arab
Emirates needed to be verified, Lukman said.
"If that is the price we have to pay to make the agreement
succeed, we are ready ... OPEC is not changing its price level
of 18 dlrs," the group's president said.
He said the OPEC price differentials committee meeting
formerly postponed to April had been put off indefinitely.
"Furthermore, no extraordinary meeting of the conference is
at the moment contemplated since most agreements reached in
December are being adhered to," he said.
Asked if the committee did not need to meet soon to narrow
the gaps in the prices of the various OPEC crudes -- fixed in
relation to the 18 dlr benchmark -- Lukman replied "We consider
the defence of our prices much more crucial than differentials."
Lukman said OPEC was aware that consumers had heavily drawn
on stocks of both crude oil and refined products to levels well
below this time last year and soon they would return to the
market in search of crude.
"We don't see that there is going to be any difficulty in
maintaining the 18 dlr price throughout the rest of the year,"
Lukman said.
The OPEC president praised non-OPEC oil producers, which he
said had contributed to the group's efforts to stabilise
prices, but he criticised Britain for maintaining its long-held
view not to do anything to help the market.
"We are quite confident, however, that in the long-term with
two-thirds of the world's reserves in OPEC hands, the future is
ours. We will use that advantage responsibly," he said.
Lukman described the disruption in Ecuador's output
following an earthquake as tragic, but refused to say if the
South American country would be allowed a higher output quota
when it recovered from the disaster.
REUTER
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Dutch port and transport union, FNV,
is presenting its case against 800 planned redundancies in
Rotterdam's general cargo sector to parliament's standing
committee on social affairs today, a union spokesman said.
With 285 of the 4,000-strong workforce on strike, the union
will tell the committee the government has a duty to help solve
the dispute that has been disrupting the general cargo sector
for more than seven weeks, the spokesman added.
The union will also take its case against the redundancies,
350 of them planned for this year, to a court in Amsterdam
tomorrow, he added.
Reuter
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<Qintex America Ltd> said it is again
extending its offer of 13 dlrs a share for 3.3 mln Princeville
Development Corp shares until today from yesterday.
At midnight yesterday, 7,242,117 Princeville shares had
been tendered, up from 5,887,165 shares 24 hours earlier.
Qintex said it is extending the offer to allow Princeville
to comply with federal law restricting the ownership of U.S.
airlines by non-U.S. citizens and to finalize the terms and
conditions of the letter of credit or bank guarantee required
under the previously announced acquisition agreement.
Reuter
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Novell Inc said its board
declared a two-for-one stock split, payable to holders of
record at the close of business on MArch 31.
It said shareholders at the annual meeting approved a
doubling of authorized common shares to 30 mln from 15 mln and
a limitation of directors' liability.
Reuter
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Heart Federal Savings and Loan
Association said its board declared a two-for-one stock split,
payable April 30 to holders of record April 15.
The company said the split is subject to shareholder
approval at the April 15 annual meeting of an increase in
authorized common shares to 10 mln from five mln.
Reuter
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Pre-tax income 788 mln Danish crowns vs 872 mln
Sales 4.21 billion crowns vs 4.11 billion
Income after tax 521 mln crowns vs 604 mln
Earnings per 20-crown share 20.45 crowns vs 23.79
Dividend 20 pct (unchanged).
Reuter
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Qtly div 10 cts vs 10 cts in prior qtr
Payable March 31
Record March 23
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Shr 18 cts vs 14 cts
Net 556,036 vs 403,945
Sales 15.6 mln vs 13.6 mln
Avg shrs 3,132,555 vs 2,934,285
Year
Shr 60 cts vs 48 cts
Net 1,805,229 vs 1,400,247
Sales 60.1 mln vs 52.3 mln
Avg shrs 3,012,917 vs 2,940,219
NOTE: 1985 share data adjusted to reflect three for two
stock split effective June 30, 1986
Reuter
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The Bank of England said it gave the
money market assistance worth 106 mln stg this afternoon,
buying bank bills at the rates established on Monday.
The Bank bought 11 mln stg of band one bills at 10-3/8 pct
and 95 mln stg of band two paper at 10-5/16 pct. This is the
first time that it has intervened today.
The Bank has revised its estimate of the liquidity shortage
in the market down to 250 mln stg from 300 mln initially.
REUTER
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Shr 45 cts vs 50 cts
Net 18.0 mln vs 19.9 mln
Sales 116.1 mln vs 108.8 mln
Year
Shr 1.01 dlrs vs 1.04 dlrs
Net 39.8 mln vs 41.1 mln
Sales 304.5 mln vs 278.1 mln
NOTE: Share adjusted for three-for-two split in June 1986.
Reuter
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Hughes Tool Co said its board voted at
a special meeting last night to approve a new agreement with
regulators that would allow the company to complete its
proposed merger with Baker International Corp <BKO>.
The agreement, approved by the U.S. Department of Justice
yesterday, will give the merged company, Baker Hughes, six
months instead of three to sell certain assets.
The pact also allows a three-month extension, if warranted,
and limits the obligation of the new company to give financial
support to the businesses to be divested, pending their sale.
The company said its board recommended that shareholders
approve the merger of the oilfield service companies. A
previously adjourned meeting of Hughes Tool stockholders will
be resumed this afternoon, it said.
"Hughes will work with Baker and the Justice Department
towards negotiating the final form of the consent decree and
filing it as soon as possible," the company said in a
statement. Closing of the merger would occur immediately after
the filing, it said.
The assets to be sold under the consent decree consist of
Baker's domestic oilfield drilling bit business and its
domestic submersible electric pump business. Baker has an
agreement to sell the pump business to Trico Industries Inc
<TRO>.
The financial terms of the merger are unchanged, a Hughes
spokesman said. Under those terms, each Baker common share and
Hughes common share would be converted into one share and 8/10
of a share, respectively, of Baker Hughes Inc, which would be
formed as a new holding company.
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Triton Energy Corp said its 70 pct owned
<Canadian Worldwide Energy Ltd> affiliate's Lasmo et al
Tableland 4-36-2-10W2 well in Saskatchewan flowed 567 barrels
of 37 degree gravity oil through a 17/64 inch choke from depths
of 8,531 to 8,548 feet and 636 barrels of oil per day through a
20/64 inch choke from depths of 8,500 to 8,507 feet.
Triton said because of the well's status as a deep
exploratory well, production qualifies for a five-year royalty
holiday under the Saskatchewan drilling incentive products.
It said the well's initial production is expected to be
restricted to an allowable level of about 300 barrels a day,
although it is capable of sustaining much higher rates.
The company said London and Scottish Marine Oil PLC owns a
50 pct interest in the well and its spacing unit, Canadian
Worldwide 25 pct, <Saskatchewan Oil and Gas Corp> 10 pct,
<Interprovincial Pipeline Ltd's> Home Oil Co Ltd 7.5 pct and
Scurry-Rainbow Oil Ltd <SRB> 7.5 pct.
Triton said Royal Dutch/Shell Group's <RD> <SC> Shell
Canada Ltd <SHC> affiliate retains a convertible overriding
interest in the well.
Reuter
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National Bank of Hungary first
vice-president Janos Fekete said he hoped a planned eight pct
devaluation of the forint will spur exports and redress last
year's severe trade deficit with the West.
Fekete told Reuters in an interview Hungary must achieve at
least equilibrium on its hard currency trade.
"It is useful to have a devaluation," he said. "There is now a
real push to our exports and a bit of a curb to our imports."
The official news agency MTI said today Hungary would
devalue by eight pct and it expected the new rates to be
announced later today. Fekete said the rates would come into
effect tomorrow.
He said one reason for the devaluation was that Hungary had
a higher rate of inflation over the past two years than its
main partners (around eight pct in 1985 and between five and
5.5 pct in 1986).
This was partly an after-effect of action Hungary took to
prevent inflation from soaring during the oil price shocks of
the 1970s, he added.
Hungary devalued by a similar amount last September and by
between three and four pct early last year.
But the country's hard currency trade balance nevertheless
fell into a deficit of 539.4 mln dlrs from a surplus of 295.3
mln in 1986 and 1.2 billion in 1985.
Fekete said Hungary was hoping for a hard currency trade
surplus of between 200 and 300 mln dlrs this year, but that a
more likely outcome would be closer to equilibrium on total
hard currency trade of around 10 billion dlrs.
One Western commercial attache here said: "Devaluation of
itself will not change anything. It will only be useful if they
also make efforts to restructure industry and improve the
quality of their export goods."
Fekete said he hoped to raise credits on good terms this
year to invest in restructuring industry.
It would be his role to persuade international banks to
cooperate in this process. He noted Hungary had been given an
AA rating enabling it to raise money on the Japanese Samurai
bond market.
Hungary's net hard currency debt soared to 7.79 billion
dlrs last year from 5.01 billion in 1985, partly because of a
current account deficit of 1.42 billion dlrs and partly because
the fall in the dollar increased the dollar value of debt
denominated in marks or yen.
He said he feared net debt would also rise slightly this
year, but he was in favour of borrowing for the purpose of
modernisation.
"I am for credits to invest for that purpose," he said. "I am
against credits for consumption." He forecast gross domestic
product growth of two pct this year, from one pct in 1986.
Fekete said Hungary would continue to restructure its debt
profile by prepaying high interest shorter and medium term
loans with cheaper long term money for which it was looking
more and more to the fixed interest rate bond market, where he
considered rates to be low.
Hard currency foreign exchange reserves would stay at
around 3.5 billion dlrs, he said. On the budget deficit, which
tripled to a provisional 47 billion forints last year after
quadrupling in 1985, Fekete said the finance ministry was
working out measures to reduce an approved target deficit for
this year of 43.8 billion forints to between 30 and 35 billion
forints.
REUTER
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Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
The officials could neither confirm nor deny reports that
Venezuela will temporarily produce Ecuador's entire OPEC quota,
set at 210,000 barrels per day for first half 1987.
"All options are open at this moment in the context of
cooperation on oil production," a Venezuelan energy and mines
ministry source said.
Discussions are also under way to arrive at a formula to
compensate Ecuador for the loss in oil export revenue while the
pipeline is repaired, officials said.
Santos Alvite last night met Venezuelan energy and mines
minister Arturo Hernandez Grisanti and will today hold talks at
technical level, officials said.
Industry sources said that among the options are for
Venezuela to produce Ecuador's entire quota, or for Venezuela
and non-OPEC Mexico to share it and for the latter to supply
Ecuador's Far Eastern clients.
But the ministry source said that no decision has yet been
reached on the matter, and that an announcement would be made
in due course.
Santos Alvite said earlier in Quito that Ecuador would have
to import six to seven mln barrels of crude oil to meet its
needs until the line was repaired.
Ecuador energy and mines minister Javier Espinosa Teran
said last night his country needs 120 mln dlrs to repair the
damage to the export pipeline caused by the earthquake.
REUTER
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Goodyear Tire and Rubber Co said it
will receive about 588 mln dlrs in cash from Loral Corp <LOR>
for the business of Goodyear Aerospace Corp.
Goodyear said the previously announced acquisition by Loral
is expected to be completed March 13. When Loral announced the
transaction January 12, the company said it was paying 640 mln
dlrs for Goodyear Aerospace.
Goodyear said the price it will receive is after
adjustments for such items as pension and benefits provision,
allocation of liabilities and asset valuations. Last year
Goodyear Aerospace had revenues of 695 mln dlrs.
Reuter
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Raab Karcher AG, a trading
subsidiary of VEBA AG <VEBG.F>, said it increased operating
profit in 1986 despite a sharp decline in turnover, and added
there were good chances this profit level could be held in
1987.
Operating profit rose to just under 120 mln marks in 1986,
from around 100 mln in 1985.
However, the group's third party sales fell sharply to 7.2
billion marks from 9.4 billion the year before, largely due to
lower prices for energy products, particularly oil and coal,
managing board chairman Klaus Giesel told a news conference.
Reuter
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Hovnanian Enterprises Inc said
its board of directors has declared a two-for-one split of its
outstanding common stock.
The company said shareholders will receive one additional
share for each share held at the close of business on March 23,
1987 and additional shares will be distributed on April 13,
1987.
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British Aerospace Plc <BAEL.L> said it
has increased its stake in <Systems Designers Plc> to 22.1 pct
or 25.46 mln ordinary shares following the purchase of 10.45
mln ordinary shares.
The British Aerospace Pension Fund holds 2.15 mln ordinary
shares in Systems, representing a stake of 1.9 pct.
A spokesman for British Aerospace said it has no present or
future intention of making a full bid for Systems Designers.
System Designers shares were nine pence higher at 100 prior to
the share stake announcement, and have showed little movement
since.
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Qtly div 18 cts vs 14 cts prior
Pay March 31
Record March 25
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Oper shr profit 32 cts vs loss 66 cts
Oper net profit 2,454,000 vs loss 3,558,000
Sales 96.1 mln vs 91.4 mln
Year
Oper shr profit 72 cts vs loss 63 cts
Oper net profit 6,495,000 vs loss 1,833,000
Sales 368.1 mln vs 322.1 mln
NOTE: Earnings exclude losses from discontinued
consolidated operations of 460,000 dlrs, or eight cts a share
vs 5,364,000 dlrs, or 86 cts a share in the quarter and
11,334,000 dlrs, or 1.82 dlrs a share vs 11,637,000 dlrs, or
1.88 dlrs a share for the year
Earnings exclude a loss on the sale of discontinued
consolidated operations of 200,000 dlrs, or three cts a share
in the 1986 quarter and a loss of 4,960,000 dlrs, or 80 cts a
share vs a gain of 4,404,000 dlrs, or 71 cts a share for the
year
NOTE: 1985 earnings exclude losses from discontinued
unconsolidated operations of 5,488,000 dlrs, or 89 cts a share
in each period
1985 earnings exclude gain from termination of defined
benefit pension plan of 490,000 dlrs, or eight cts a share in
the quarter and 1,438,000 dlrs, or 23 cts a share for the year
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PMI Fund Inc said its board declared
monthly dividends of six cts for April, four cts for May, five
cts for June, seven cts for July and six cts for August.
The fund, which customarily omits dividends in March and
September, last paid six cts in February. Dividends declared
today are payable April Three, May Six, June Four, July Three
and August Six to holders of record March 23, April 17, May 15,
June 12 and July 17.
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Jan 31 end
Shr 51 cts vs 38 cts
Net 3,254,000 vs 2,423,000
Sales 65.9 mln vs 51.1 mln
Year
Shr 1.18 dlrs vs 1.15 dlrs
Net 7,485,000 vs 7,285,000
Sales 207.5 mln vs 164.1 mln
Reuter
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TENERA LP said it will make an
initial quarterly distribution of 17 cts per unit on April 15
to holders of record March 31.
The partnership said the dividend is greater than it had
expectd to pay and was warranted by fourth quarter results and
anticipated results for this year's first quarter.
TENERA said it expects a comparable distribution for the
second quarter. It said about 13 cts per share of the first
quarter amount will be taxable income.
Reuter
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Hanson Industries, the U.S. arm of
Hanson Trust PLC <HAN>, said it has proposed to sell, in
separate transactions, Kaiser Cement's Northwest Terminals and
Montana City plant, to Lone Star Industries Inc <LCE> and <Ash
Grove Cement West Inc>, respectively for a total of 50.2
mln dlrs.
Hanson said the deals are subject to normal conditions of
closing.
Hanson Industries completed the purchase of Kaiser Cement
on March 3, for about 250 mln dlrs.
Hanson said Kaiser Cement is now an indirect wholly owned
unit of Hanson Trust and forms part of its building products
group.
"These sales are a continuation of an asset redeployment
program at Kaiser Cement and will allow Kaiser to concentrate
its efforts in the California marketplace, where it is the
largest cement producer and holds a premiere market position,"
Hanson Industries chairman Gordon White said.
Reuter
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Ecuador's deputy energy minister
Fernando Santos Alvite arrived here last night for talks on
further Venezuelan assistance to his country's oil industry
following last week's earthquake, officials said.
Ecuador was obliged to suspend crude oil exports for an
expected five months as a result of damage to 25 miles of
pipeline linking its jungle oil fields with the Pacific port of
Balao. Oil normally accounts for 60 pct of its exports.
Fellow OPEC member Venezuela has already agreed to lend
Ecuador five mln barrels of crude, to be repaid in kind after
180 days, to help meet its domestic consumption needs.
Reuter
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The Bank of England said it provided the
money market with unspecified late assistance of around 240 mln
stg.
This brings its total assistance on the day to 346 mln stg
compared with a liquidity shortfall it estimated at a revised
250 mln stg.
Overnight interbank sterling was being offered at eight pct
shortly after the Bank's announcement.
REUTER
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Finland's mining and metals group
Outokumpu Oy <OUTO.HE>, which last week reported a 1986 loss of
83 mln markka after three successive years of profits, said it
restructured its key copper processing division in an attempt
to rationalize production and improve profitability.
Outokumpu's Managing Director Pertti Voutilainen told a
news conference the reorganization involved a split of the
division into a new independent division with six profit
centres.
Outokumpu group had a 1986 loss before appropriations and
taxes of 83 mln markka after a profit of 355 mln in 1985. It
had profits in 1984 and 1983 but a loss, 171.2 mln, in 1982.
Outokumpu acquired two Swedish copper manufacturers in
January 1986, <Metallverken Ab> and <Wirsbo Bruks Ab>, that
were merged into its copper processing division.
The division had a turnover of 3.2 billion markka last
year, 42 pct of Outokumpu's group turnover of 7.58 billion.
The new Outokumpu division, called Copper Products
Industry, is to incorporate Outokumpu's copper production
plants, including its two U.S. Subsidiaries <Nippert Co> and
<Valleycast Inc>, as well as Metallverken and part of Wirsbo.
Outokumpu is planning to make Wirsbo an independent
division in the Outokumpu group and transfer only Wirsbo's
copper tube production into one of the new division's profit
centres. A definite decision on Wirsbo will be taken later this
year.
The new division will have production plants in Finland,
Sweden, Norway, the Netherlands and the U.S.
REUTER
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The U.S. merchandise trade deficit
on a balance of payments basis was a record 38.37 billion dlrs
in the October to December fourth quarter, the Commerce
Department said.
The record trade shortfall came after a revised 37.15
billion dlr third quarter deficit. The department previously
reported the third quarter deficit was 37.67 billion dlrs.
For the full year 1986, the merchandise trade deficit was a
record 147.7 billion dlrs, up from 124.4 billion dlrs in 1985,
the department said.
During the final quarter last year imports rose 2.78
billion dlrs or three pct to 95.7 billion dlrs, while exports
rose 1.56 billion dlrs or three pct to 57.33 billion dlrs.
The trade report on a balance of payments basis excludes
such factors as military sales and the costs of shipping and
insurance.
The Commerce Department said non-petroleum imports in the
quarter were up 2.7 billion dlrs or three pct to 87.7 billion
dlrs, with the largest increases in consumer goods, which rose
1.2 billion dlrs, and in non-monetary gold and passenger cars
from Canada, up 900 mln dlrs each.
Lumber imports from Canada fell 300 mln dlrs or 33 pct
because of a 15 pct duty on imports from Canada, the department
said. Passenger car imports fell 600 mln dlrs because of an 18
pct decrease in the number of South Korean-made imported cars
and a nine pct decrease from Japan.
On the exports side, agricultural exports rose 600 mln dlrs
or nine pct to 7.1 billion dlrs, primarily because of a 104 pct
or 600 mln dlr increase in soybean exports.
Soybean shipments to Western Europe rose sharply because
supplies from Brazil, a traditional major exporter, were
limited by drought.
Commerce said the U.S. trade deficit with Latin America
rose 900 mln dlrs to 2.6 billion dlrs, with Japan increased 700
mln dlrs to 14.8 billion dlrs and with Western Europe rose 200
mln to 7.2 billion dlrs in the quarter.
The deficit with newly industrialized Far East countries,
including Hong Kong, South Korea, Singapore and Taiwan, fell
500 mln dlrs to eight billion dlrs and with Canada the deficit
decreased 200 mln dlrs to 3.3 billion dlrs in the quarter.
In the full year 1986, imports rose 30.6 billion dlrs or
nine pct to 369.5 billion dlrs. Exports increased by only 7.3
billion dlrs or three pct to 221.8 billion dlrs.
Commerce said petroleum imports during 1986 fell 16.6
billion dlrs or 33 pct to 33.9 billion dlrs because of lower
prices. The average price per barrel decreased to 14.72 dlrs
from 26.41 dlrs.
Agricultural exports fell by 2.6 billion dlrs or nine pct
to 26.9 billion during the year. The average price of rice fell
27 pct, cotton was down 22 pct, corn 18 pct, wheat 16 pct and
soybeans nine pct.
The trade deficit with Japan for all of 1986 rose 11.1
billion dlrs to 54.6 billion dlrs and with Western Europe
increased 7.2 billion dlrs to 28.6 billion dlrs.
Reuter
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Bayer USA Inc said sales of its
affiliated operating cmpanies based in the U.S. increased in
1986 by 4.4 pct from the previous year.
Combined sales were 4.2 billion dlrs, up from 4.0 billion
dlrs in 1985, the company said.
However, the company said net income was 106.9 mln dlrs,
three pct below 1985.
Bayer said its operating companies include Mobay Corp,
Miles Laboratories Inc, Agfa-Gevaert Inc, Compugraphic Corp,
Haarmann and Reimer Corp, Deerfield Urethane Inc and Helena
Chemical Co.
Bayer said Mobay, its primary chemicals company, reported
net income of 83.4 mln dlrs, up eight pct of 1985. It also said
Miles, its pharmaceutical and healthcare company, recorded
net income of 29 mln dlrs, a 44 pct increase over 1985.
Reuter
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Deb Shops Inc said its board
declared a 100 pct stock dividend and will increase the
quarterly dividend to four cts from 3-1/4 cts after adjustm,ent
for the split.
The company said the split is payable April 17 to holders
of record March 25. The dividend increase will be effective
with the April 30 payment, it said.
Reuter
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Continental Health
Affiliates Inc said that it has acquired <Marketech Inc>, an 80
pct partner in <Diatronics Nutrition Services>.
Continental said Diantronics Nutrition Services is a joint
venture with physicians providing patient-ready home infusion
therapy products and services to outpatients of five northern
New Jersery hospitals representing over 1,900 inpatient beds.
Continental said the terms of the deal were not disclosed.
Reuter
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Visual Graphics Corp <VGCA> <VGCB>
said its board declared a quarterly dividend of 7-1/2 cts per
share on its class "B" common stock and 8-1/4 cts per share on
class "A" common stock payable April Three to shareholders of
record as of March 23.
The company set up the two classes of common stock in
February. Previously, the company had paid a 7-1/2 cent per
share quarterly dividend on one class of common stock.
Reuter
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Shr 71 cts vs 57 cts
Net 5,457,000 vs 4,299,000
Sales 62.9 mln vs 50.1 mln
Year
Shr 1.65 dlrs vs 1.37 dlrs
Net 12.6 mln vs 10.4 mln
Sales 181.4 mln vs 147.1 mln
Reuter
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Shr profit nine cts vs loss two cts
Net profit 1,419,000 vs loss 314,000
Revs 8,097,000 vs 4,794,000
Avg shrs 15.8 mln vs 15.5 mln
Year
Shr profit 37 cts vs loss 10 cts
Net profit 5,695,000 vs loss 1,268,000
Revs 40.9 mln vs 4,794,000
Avg shrs 15.6 mln vs 12.5 mln
NOTE: Company began operations Nov 17, 1985.
Reuter
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Shr 64 cts vs 51 cts
Net 4,373,000 vs 3,346,000
Sales 59.8 mln vs 45.5 mln
Avg shrs 6,808,000 vs 6,600,000
Nine mths
Shr 1.57 dlrs vs 1.18 dlrs
Net 10.7 mln vs 7,745,000
Sales 167.0 mln vs 123.1 mln
Reuter
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Danish-based insulin and enzymes
producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell
almost 10 pct in 1986 though sales rose by two pct.
The pre-tax figure fell to 788 mln crowns from 872 mln in
1985, on sales increased from 4.1 billion to 4.2 billion,
giving net earnings of 521 mln crowns against 604 mln in 1985.
Earnings per 20-crown share went from 23.79 crowns to 20.45
crowns but the company proposed an unchanged 20 pct dividend.
"Foreign exchange fluctuations in 1986 were a very
significant factor behind developments in the result before and
after tax," Novo said in a statement.
"Not only the U.S. Dollar but also other currencies
essential to Novo fell in 1986 in relation to the Danish crown,"
the statement added.
In November 1986, Novo purchased 75 pct of shares in A/S
Ferrosan, which heads a group specialising in research and
development of CNS (central nervous treatment) treatments and
the sale of pharmaceuticals and vitamins in Scandinavia.
The 357 mln crowns paid in goodwill "had a very limited
effect on the 1986 result," the Novo statement said.
Reuter
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Shr loss 30 cts vs loss 43 cts
Net loss 891,000 vs loss 969,000
Revs 1,930,000 vs 1,815,000
Avg shrs 2.9 mln vs 2.2 mln
Nine Mths
Shr loss one dlr vs loss 1.36 dlrs
Net loss 2,622,000 vs loss 3,037,000
Revs 4,638,000 vs 4,105,000
Avg shrs 2.6 mln vs 2.2 mln
Reuter
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Alpine Associates, a Cresskill, N.J.
securities dealer, told the Securities and Exchange Commission
it has acquired 565,100 shares of Leaseway Transport
Corp, or 5.9 pct of the total outstanding common stock.
Alpine, a limited partnership, said it bought the stock for
28.1 mln dlrs as an investment in the ordinary course of its
business as a securities dealer.
It left open the possibility that it might buy more
Leaseway stock or sell some or all of its current stake, but
said it has no plans to seek control of the company.
Reuter
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Shr 1.26 dlrs vs 67 cts
Net 7,299,000 vs 3,607,000
Revs 52.4 mln vs 40.7 mln
Avg shrs 6,028,755 vs 2,408,766
NOTE: 1985 results restated to include Deltona Corp <DLT>
investment on equity method.
Reuter
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Oper shr profit 18 cts vs loss one ct
Oper net profit 387,832 vs loss 29,312
Revs 6,872,630 vs NA
Year
Oper shr profit 39 cts vs loss 23 cts
Oper net profit 835,010 vs loss 441,836
Revs 20.8 mln vs NA
Avg shrs 2,135,909 vs 1,885,909
NOTE: Excludes gains of 378,000 dlrs or 18 cts and 715,000
dlrs or 33 cts in current qtr and year, respectively, from
benefit of tax loss carryforwards. Year-ago excludes losses of
75,809 dlrs or four cts in qtr and 146,061 dlrs or eight cts in
year from discontinued operations. 1985 restated.
Reuter
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Oper shr 91 cts vs seven cts
Oper net 4,356,774 vs 289,764
Revs 69.2 mln vs 50.2 mln
Avg shrs 4,736,692 vs 4,151,672
NOTE: 1985 net excludes 3,027,714 dlr loss from
discontinued operations.
Reuter
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<ANova Ventures Corp> said its board
declared a dividend payable in the form of registered shares of
stock in <Duvel Corp>, a blind public pool.
ANova describes itself as a publishing and financial
services firm specializing in arranging revers acquisitions and
mergers between blind pools/shells and private companies.
ANova said it created Duvel to act as a blind pool and will
seek an operating private company to merger with Duvel. Duvel
has sold 300,000 common shares to a private investor group to
finance expenses of registration and 640,000 shares will be
paid to ANova stockholders as a dividend, it added.
Reuter
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Chrysler Corp's 1.5 billion dlr bid to
takeover American Motors Corp <AMO> should help bolster the
small automaker's sales, but it leaves the future of its 19,000
employees in doubt, industry analysts say.
It was "business as usual" yesterday at the American Motors
headquarters, one day after the proposed merger was unveiled by
Chrysler and AMC's French parent Renault, according to company
spokesman Edd Snyder.
But AMC's future, to be discussed at a board meeting today,
would be radically different as a Chrysler subsidiary than if
it had continued with the state-run French car group as its
controlling shareholder.
Industry analysts said the future of AMC's car assembly
plant in Kenosha, Wis., and its Toledo, Ohio, Jeep plant would
be in doubt if the overcapacity predicted in the North American
auto industry by the early 1990s comes to pass.
Both plants are far from "state of the art" for car
manufacturing sites, and AMC has a history of poor labor
relations at each.
"Chrysler doesn't need that many new plants," said Michael
Luckey, automotive analyst for the Wall Street firm Shearson
Lehman Brothers. "They probably will close the Toledo plant and
move Jeep production to Canada."
Ronald Glantz of Montgomery Securities said that at the
very least, the new owner of the Toledo plant would be able to
wring concessions from the United Automobile Workers union
local representing Jeep workers.
"The UAW won't be able to hold them up for ransom as they
have AMC because during a down year, Chrysler will have
underutilized facilities to transfer production," he said.
Analysts said they foresaw no major complications that
would abort a combination which historians said would be the
auto industry's biggest merger since American Motors was formed
in 1954.
AMC was in need of a financial savior because of its losses
of more than 800 mln dlrs since 1980 and pressures in France
for Renault to cut its backing. The company had said it could
not forecast consistent profitability until 1988 at the
earliest.
In announcing the takeover agreement, Chrysler chairman Lee
Iacocca cited AMC's Jeep division as well as its new 675 mln
dlr assembly plant at Bramalea, Ontario, and its network of
1,200 dealers as the major attractions.
Analysts reasoned that Chrysler might feel moved eventually
to sell off or close some of the older plants to cut overhead
costs in view of the new debts and liabilities it would incur
in the AMC buyout.
Reuter
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Qtly div nine cts vs eight cts prior
Pay May 12
Record March 31
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Shr 1.60 dlrs vs 3.12 dlrs
Net 10.6 mln vs 20.6 mln
Revs 162.5 mln vs 214.6 mln
Note: 1985 shr restated to reflect January 31, 1986 stock
split.
73 pct-owned by Kelsey-Hayes Co.
Reuter
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Qtly div 27-1/2 cts vs 27-1/2 cts prior
Pay April 15
Record March 31
Reuter
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Pacer Systems said it has
agreed in principle to acquire the assets of Sea Data Corp, a
maker of low-powered electronic systems including undersea
intelligent recording sensors and high-density digital data
recorders, for one mln dlrs.
Reuter
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Foreign exchange market rumours that the
the Bank of England has been selling sterling to halt its rise
prompted a wary response from dealers who said they saw no
obvious confirmation, market sources said.
Bank of England officials were not immediately available
for comment. Earlier this week, the Bank sanctioned a cut in
bank interest rates in a surprise move, which aimed at limiting
sterling's rise ahead of the March 17 budget.
But today the pound has strengthened to 72.7 on its
trade-weighted index from 72.1 last night, though the U.K.
Currency is below its day's high against the dollar.
REUTER
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Nov 30 end
Shr four cts vs 11 cts
Net 62,986 vs 174,158
Sales 720,906 vs 907,542
Year
Shr 18 cts vs six cts
Net 277,852 vs 94,263
Sales 2,247,374 vs 2,030,390
Reuter
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Shr one ct vs five cts
Net 50,745 vs 161,019
Revs 478,700 vs 1,048,543
Avg shrs 4,350,000 vs 3,217,500
Nine mths
Shr four cts vs 12 cts
Net 169,275 vs 390,179
Revs 1,478,066 vs 2,658,692
Avg shrs 4,350,000 vs 3,217,500
Reuter
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Oper shr profit one ct vs profit two cts
Oper net profit 63,000 vs profit 84,000
Sales 5,009,000 vs 4,042,000
1st half
Oper shr profit two cts vs loss 17 cts
Oper net profit 87,000 vs loss 794,000
Sales 9,838,000 vs 7,368,000
Backlog 17.8 mln vs 11.4 mln
NOTE: Current year net excludes tax credits of 32,000 dlrs
in quarter and 45,000 dlrs in half.
Reuter
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Oper shr 21 cts vs 34 cts
Oper net 480,000 vs 765,000
Revs 6,386,000 vs 5,862,000
Year
Oper shr 1.20 dlrs vs 78 cts
Oper net 2,692,000 vs 1,732,000
Revs 25.2 mln vs 20.3 mln
NOTEL Net excludes tax credit 35,000 dlrs vs reversal of
credit 40,000 dlrs in quarter and credits 79,000 dlrs vs 72,000
dlrs in year.
Reuter
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Sahlen and Associates Inc
said it has completed the purchase of Gleason Securities
Service Inc of New York and Gleason Plant Security Inc of
Connecticut.
Sahlen said the deal's terms were not disclosed, but added
that the acquired companies had combined annual revenues of
over 18 mln dlrs.
Sahlen, a private invetigation company, said the Gleason
companies provide security guard services to corporations in
the tri-state area.
Reuter
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Qtly div 15 cts vs 15 cts prior
Pay May 11
Record March 31.
Reuter
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Shr nine cts vs four cts
Net 658,159 vs 299,930
Revs 3,770,341 vs 2,614,224
Avg shrs 7,382,802 vs 6,747,442
Year
Oper shr 33 cts vs 18 cts
Oper net 2,287,179 vs 1,045,799
Revs 13.1 mln vs 8,577,853
Avg shrs 6,874,505 vs 5,951,612
NOTE: 1985 year net includes 13,000 dlr tax credit.
Reuter
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Shr loss 19 cts vs profit 11 cts
Net loss 1,140,270 vs profit 590,463
Revs 1,259,164 vs 3,225,512
Year
Shr loss 67 cts vs profit 10 cts
Net loss 4,004,840 vs profit 580,488
Revs 3,184,480 vs 9,123,041
Reuter
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Shr 14 cts
Net 510,917
Sales 12.3 mln
NOTE: Share adjusted for five for four stock split in
January 1987.
Backlog 13.0 mln dlrs vs 3,733,000 dlrs.
Company began operating January 27, 1986.
Reuter
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<Henry Ansbacher Holdings Plc> said it
has acquired a 51 pct interest in the U.S. Retail and general
corporate insurance broker <Adams and Porter Inc>.
The move is the first step in building a new international
insurance broking group following the appointment of a new
management team for its Seascope Insurance Holdings unit.
Ansbacher said A and P has exciting growth potential,
particularly on the east coast of the U.S. And has an annual
revenue of more than four mln dlrs. Ansbacher shares were up
4-1/2p to 90-1/2, helped by the announcement earlier today of a
1986 pretax profit rise to 5.56 mln stg from 2.74 mln in 1985.
REUTER
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Dutch bank F. Van
Lanschot Bankiers N.V., Co-owned by National Westminster PLC
<NWBL.L> and RABOBANK B.A. <RABN.A> , said 1986 net profit rose
8.8 pct to 24.1 mln guilders on a 4.8-pct higher balance sheet
total of 6.2 billion.
Van Lanschot Bankiers is a subsidiary of Van Lanschot
Beleggingscompagnie B.V. In which Britain's National
Westminster Bank PLC and Dutch cooperative bank RABOBANK
Nederland B.A. Each have a 40-pct stake. Commercial Union's
Dutch insurance unit <Delta Lloyd Verzekeringsgroep N.V.> has a
5.4-pct stake in Van Lanschot, which lowered risk provisions to
22.5 mln guilders.
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West German sugar statistician F.O.
Licht estimates European beet plantings this year at 7.22 mln
hectares compared with a revised 1986 figure of 7.21 mln,
traders said.
In its first estimate for 1987, it puts EC plantings at
1.85 mln hectares compared with 1.89 mln in 1986, while it
estimates sowings in Western Europe (including EC) at 2.49 mln
hectares compared with 2.50 mln in 1986.
Traders said Licht forecasts Eastern Europe plantings at
4.73 mln hectares against 4.72 mln in 1986.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
The Federal Reserve is expected to
intervene in the government securities market to add temporary
reserves via customer or system repurchase agreements,
economists said.
Most economists said the Fed will inject reserves
indirectly via customer repurchases, but they added that the
Fed might opt for a direct injection of reserves via overnight
system repurchases.
Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct
in early trading. Funds averaged 6.29 pct yesterday.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Shr 10 cts vs two cts
Net 163,832 vs 31,063
Sales 5,434,430 vs 3,167,735
Avg shrs 1,712,231 vs 1,533,277
Year
Shr 59 cts vs 41 cts
Net 1,016,375 vs 550,625
Sales 19.7 mln vs 9,755,018
Avg shrs 1,710,256 vs 1,327,172
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 52 cts vs 41 cts
Net 4,921,601 vs 3,157,070
Revs 35.8 mln vs 31.7 mln
Avg shrs 8,939,955 vs 7,600,000
Nine mths
Shr 52 cts vs 34 cts
Net 4,604,406 vs 2,585,621
Revs 36.0 mln vs 32.1 mln
Avg shrs 8,939,955 vs 7,600,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
J.C. Penney Co's stock rose sharply
after analyst William Smith of Smith Barney recommended the
stock, based on the company's strong earnings momentum and the
possibility of a stock buyback, dividend hike or stock split,
traders said.
"I am very impressed with the strong basic earnings story,"
analyst Smith said, noting that the company has "fine tuned its
buying and inventories, and has admirably controlled costs in a
time that they needed to."
The stock jumped 2-1/2 to 98-3/4.
Smith said the company ended 1986 with a strong cash
position of about 639 mln dlrs as compared to 158 mln dlrs the
year before. "This implies the possibility of a share buyback,
or significant dividend increase or a stock split," he said.
In addition, he said the company has been gradually
adjusting its merchandise mix and its gross margins have been
improving.
Smith expects the company to earn 8.25-to-8.50 dlrs a share
in 1987 as compared to the 7.06 dlrs a share earned last year.
Last year's results include a 69 cent charge for the buyback of
debt.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Bankers Trust Co said it raised its
broker loan rate to 7-1/4 pct from seven pct, effective
immediately.
U.S. Trust Co, which also quotes its broker loan rate
publicly, is posting a 7-1/2 pct rate.
Reuter
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
Moore McCormack Resources Inc said it
agreed in principle to sell its Globe Metallurgical Inc unit to
Cyprus Minerals Co <CYPM> for undisclosed terms.
The sale, expected to close by mid-April, is subject to
certain conditions, including board approval at both companies.
Globe produces silicon metals and magnesium ferrosilicon.
The products are used in the chemical, aluminum, iron, rubber
and semiconductor industries.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The U.S. Department of Justice (DOJ)
is reviewing whether Trans World Airlines Inc <TWA> and
Chairman Carl Icahn violated federal antitrust law by failing
to seek advance clearance from the DOJ or the Federal Trade
Commission for his extensive open-market purchases of USAir
Group Inc <U> stock, a DOJ official told a Senate panel.
"This is a matter that is being looked into," Charles Rule,
acting assistant attorney general-antitrust, told the Senate
Judiciary Committee's Antitrust Subcommittee.
Rule declined further comment while the review was
continuing.
Rule was responding to panel Chairman Howard Metzenbaum
(D-Ohio), who had asked why the department was not acting
against "what appears to be a clear violation of the law."
Metzenbaum said Icahn had failed to file a pre-merger
notification form with the FTC prior to purchasing more than 15
mln dlrs' worth of USAir stock.
But Rule said that, for airline companies, a purchaser
would be exempt from the requirement if it instead had filed a
merger application with the U.S. Department of Transportation.
Icahn filed such an application with the DOT, but the
filing was thrown out by the DOT on Friday.
The DOT threw out the application late Friday on grounds it
lacked the necessary data for the government to review the
proposed USAir takeover bid.
Icahn refiled a more complete application form Monday.
Rule pledged to act against Icahn and TWA if a violation
were found.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr loss one ct vs loss 16 cts
Net loss 117,989 vs loss 528,394
Revs 820,484 vs 35,186
Avg shrs 8,226,577 vs 3,150,000
Nine mths
Shr loss seven cts vs loss 37 cts
Net loss 527,864 vs loss 1,177,434
Revs 1,975,487 vs 90,875
Avg shrs 7,277,418 vs 3,150,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
4th qtr Jan 31
Shr five cts vs 28 cts
Net 2,448,000 vs 13.3 mln
Revs 156.1 mln vs 225.5 mln
Avg shrs 47.3 mln vs 47.8 mln
Year
Shr 18 cts vs 1.01 dlrs
Net 8,430,000 vs 48.2 mln
Revs 587.9 mln vs 843.9 mln
Avg shrs 47.4 mln vs 47.9 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
|
Shr 19 cts vs 12 cts
Net 850,000 vs 432,000
Sales 9,850,000 vs 4,783,000
Avg shrs 4,504,000 vs 3,527,000
Nine mths
Shr 57 cts vs 37 cts
Net 2,400,000 vs 1,281,000
Sales 25.2 mln vs 12.8 mln
Avg shrs 4,233,000 vs 3,485,000
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div four cts vs four cts prior
Pay April 15
Record March 23
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a Fed spokesman said.
Dealers said Federal funds were trading at 6-5/16 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
| [
0,
0,
0,
0,
0,
0,
1,
0,
0,
0
] |
Private exporters said China bought a
total of 550,000 tonnes of U.S. wheat under the export
enhancement program, with final confirmation by the U.S.
Department of Agriculture of the subsidies still awaited.
The purchase consisted of a total of 340,000 tonnes of hard
red winter wheat for various May/Aug shipments, with 210,000
tonnes of soft red winter for Aug/Sept, the exporters said.
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
1
] |
Ope shr 63 cts vs 80 cts
Oper net 3,169,000 vs 3,757,000
Revs 9,585,000 vs 10.2 mln
Avg shrs 5,070,000 vs 4,721,000
NOTE: Net excludes gains from sale of investments of
887,000 dlrs vs 304,000 dlrs.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr loss 38 cts vs profit eight cts
Net loss 10.4 mln vs profit 2,144,317
Revs 72.9 mln vs 67.4 mln
Nine mths
Shr loss 21 cts vs profit 38 cts
Net loss 5,747,393 vs profit 10.1 mln
Revs 224.6 mln vs 200.6 mln
NOTE: Current year net both periods includes 20.0 mln dlr
pretax charge for disposition of 21 underperforming
company-owned restaurants.
Current year net includes tax credits of 3,205,000 dlrs in
quarter and 7,305,000 dlrs in year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
[
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
|
Chi-Chi's Inc said it has taken
a 20 mln dlr pretax charge against earnings for the third
quarter ended January 31 to cover the cost of disposing of 21
"underperforming" company-owned restaurants.
The company also said it has agreed to repurchase up to
three mln common shares on the open market.
The company now has about 27.1 mln shares outstanding.
Chi-Chi's today reported a loss for the third quarter ended
January 31, after the pretax charge and a 7,305,000 dlr tax
credit, of 10.4 mln dlrs, compared with a year-earlier profit
of 2,144,317 dlrs.
Chi-Chi's said it believes the disposition of the
restaurants has the potential of increasing its pretax earnings
by about two mln dlrs next fiscal year.
The company said it will use existing cash resources for
the share repurchases.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shares of Du Pont Co rose today after
accumulating recommendations from Shearson Lehman Brothers and
First Boston, traders said.
Du Pont, which opened with a two point gain, stood at
109-1/8, up 1-1/8.
First Boston's analyst was not available for comment.
Analyst Theodore Semegran of Shearson said he raised his
earnings estimates for the company to 7.25 dlrs a share in 1987
and eight dlrs a share in 1988. The company earned 6.35 dlrs a
share in 1986.
"Good domestic demand, higher operating earnings and a
strng export business, probably benefitting from a lower dollar
and effects of reduced imports in chemicals will continue to
aid Du Pont." He also noted that energy earnings in the first
quarter are better than expected because of the rise in crude
prices. Semegran expects first quarter earnings
of about 1.85 dlrs a share from 1.67 dlrs last year.
He also expects the company to raise its annual dividend
about 20 to 30 cts a share, from its current dividend of 3.20
dlrs a share, "and a stock split is possible but it has a low
probablility."
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
ChemLawn Corp said it has
started talks on the possible sale of the company with "various
parties" that it did not identify.
The company said the talks began after it considred and
rejected Waste Management Inc's <WMX> 27 dlr per share tender
offer for all its sharesd.
ChemLawn gave no details on the talks.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
SHV Holdings NV said it is
withdrawing its take-over bid for Imperial Continental Gas
Association <ICGS.L> after failing to gain the minimum number
of pledges sought from IC Gas shareholders.
SHV said in a statement it had sought to gain 750,000 IC
Gas shares under a 700p offer for IC Gas ordinary stock but was
informed that level was not reached when the deadline expired.
"The tender offer is therefore void," it said.
SHV also offered 252 pence for every one stg nominal of IC
Gas loan stock under the bid, made by <SHV (United Kingdom)
Holding Co Ltd>.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
LORD ABBETT VALUE APPRECIATION FUND
Annual div 33 cts vs 23 cts prior
Long term capital gain 2.06 vs 75 cts prior
Short term capital gain 18 cts vs 11 cts prior
Pay April 6
Record March 12
LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
Daily div .029 cts vs .029 cts prior
Pay April 15
Record April 15
LORD ABBETT TAX FREE INCOME NATIONAL SERIES
Daily .068 cts vs .068 prior
Pay April 15
Record April 15
LORD ABBETT TAX FREE INCOME FUND NY SERIES
Daily .067 cts vs .067 cts prior
Pay April 15
Record April 15
LORD ABBETT TAX FREE INCOME FUND TEXAS SERIES
Daily .059 cts vs .059 cts prior
Pay April 15
Record April 15
LORD ABBETT CALIFORNIA TAX FREE INCOME FUND
Daily .062 vs .063 cts prior
Pay April 15
Record April 15
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtr ended Jan 31
Net 55.3 mln dlrs vs 51.7 mln dlrs
Revs 419.1 mln vs 391.7 mln
Note: Revs include investment and other income of 18.4 mln
dlrs vs 18.5 mln dlrs.
Company is wholly owned by Gulf and Western Corp <GW>.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Period ended January 31.
Shr loss six cts vs profit one ct
Net loss 536,000 vs profit 166,000
Revs 2,099,000 vs 3,149,000
Avg shrs 10,429,000 vs 9,943,000
Nine Mths
Shre loss nine cts vs loss five cts
Net loss 790,000 vs loss 377,000
Revs 7,089,000 vs 7,646,000
Avg shrs 10,406,000 vs 9,351,000
Note: Full name Newport Pharmaceuticals International Inc.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 11-3/4 cts vs 11-3/4 cts prior
Pay March 27
Record March 13
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
River Oaks Industries Inc said
it agreed in principle to give control of the company to Benson
Seizer, a New York investor, in return for 2.6 mln dlrs in
capital.
The company, a maker of mobile homes, said it terminated
merger discussions with <Nursing Centers of America>.
River Oaks said it will place a 2.6 mln dlr convertible
note with Seizer, who in turn will name six additional members
to the company's five-member board. One of the new directors
will take over as chairman and chief executive officer, River
Oaks said.
River Oaks said the note will be convertible into two mln
shares of its common stock at one dlr a share. The company
currently has 14 mln shares outstanding.
The company said it will also grant Seizer an option to buy
an additional 2.6 mln shares during the next four years at 1.25
dlrs a share during the first year and 1.50 dlrs a share
thereafter.
The company said the money raised from Seizer will further
strengthen its balance sheet and enhance its ability to seek
selective expansion opportunities.
Seizer is experienced in turnaround situations and is
expected to take direct involvement in River Oaks management,
said Charles F. DeGroot, who will remain a director of the
company after giving up the post of chairman to one of Seizer's
board nominees.
Don Manning will cede his post as chief executive but will
remain president, the company said.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Consolidated group net profit 1.88 billion francs vs 1.29
billion.
Net financial and operating profit 1.11 billion vs 825.1
mln.
Extraordinary earnings 774.7 mln vs 462.8 mln.
Net dividend 165 francs vs 150.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
U.K. Interest rates look set to move
lower even after Monday's half-point cut in bank base rates to
10-1/2 pct, analysts said, citing as evidence the suspension of
a British National Savings issue yesterday.
The Department of National Savings, effectively a Treasury
Department unit, yesterday suspended its 32nd issue, launched
in October and paying a high tax-free 8-3/4 pct on five-year
private investments between 25 and 5,000 stg. A spokesman said
the suspension was just a reaction to yields on national
savings bonds being way out of line with the rest of the
market.
The move was followed by a surprise sell-out within minutes
today of a Bank of England one-billion stg tap issue, the
second such issue in as many weeks, analysts noted.
They said the near-instant sale of the entire new gilts
issue, for which the Bank of England had required a high 40 pct
downpayment, was clear evidence that the market thought rates
had to drop sooner rather than later.
The sale of the tranche of 8-3/4 pct treasury bonds due
1997 occurred in an active, bullish gilts market as downward
pressure on money market rates remained intact, with the
bellwether three-month interbank rate down 1/8 point at
10-9-7/8 pct.
It coincided with another strong sterling rally which
pushed the pound to four-year highs against the dollar.
"That government stock disappeared very quickly indeed," said
Stephen Lewis, head of economic research at stockbrokers
Phillips and Drew; "It is an indication that the market believes
rates are going to fall further ... At least by a half-point
immediately after the budget (on March 17), and some people
hope for more."
Stockbrokers James Capel said in a comment the move by the
National Savings Department was "of considerable significance."
It said, "the real message ... Is that the decks are being
quickly cleared so as to facilitate a speedy decision by the
building societies to cut their rates when the inevitable cut
in bank base rates to 10 pct materialises."
Building societies have said a drop in bank base rates
would normally have to exceed half a point to give rise to a
reduction in mortgage lending rates.
Lewis of Phillips and Drew said he too believed the
National Savings issue suspension may reflect new U.K. Treasury
policy to point building societies towards a mortgage rate cut.
"National Savings has been competing too effectively with
the building societies of late. Building society income has
been depressed in recent months," he said.
He and other analysts said Chancellor of the Exchequer
Nigel Lawson was keen to see mortgage rates fall to keep a lid
on U.K. Inflation.
Underlying upward pressure on prices is stronger in Britain
than in most other Western economies with inflation seen rising
well above four pct this year and above five pct in 1988 after
last year's 3.7 pct.
Emphasising the impact of mortgage rates on consumer
prices, Lewis said a one-point cut in building society rates
would reduce inflation in Britain by about 0.4 pct.
But Lewis and others noted that building societies had been
complaining to the government about intense competition from
National Savings, which they argued reduced the scope for early
mortgage rate cuts.
"The Chancellor need not be worried about losing some PSBR
funding from National Savings, but he must be taking the
building societies' criticism to heart. It looks like the
National Savings move reflects this," one senior dealer said.
A Savings Department spokesman refused to comment on this
interpretation, saying the suspension of the issue was merely a
reaction to the recent fall in U.K. Interest rates, which had
pushed yields on national savings bonds way out of line with
the rest of the market.
"We are not politically motivated ... Funding was just
becoming too expensive and we don't need all that money," he
told Reuters, adding the department had suspended issues at
least twice in the past, when offered interest rates were above
or below market rates.
He said demand for the issue had risen sharply of late as
U.K. Money market rates continued their steady decline and
income was threatening to overshoot an unofficial three billion
stg target set for fiscal 1986 ending March 31.
In the first 10 months of fiscal 1986, National Saving's
contribution to government funding totalled 2.72 billion stg,
compared with 2.01 billion stg in the same period of the
previous year, official figures show.
Figures for February, out on Monday, are expected to show a
further increase of between 300 and 400 mln stg, pushing the
total for 11 months above target, government officials said.
REUTER
| [
0,
0,
0,
0,
0,
1,
0,
0,
0,
0
] |
Qtly div 45 cts vs 45 cts previously
Pay May 1
Record March 31
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 14 cts vs 14 cts prior
Pay April 10
Record March 27
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 20 cts vs 20 cts prior
Pay June 16
Record May 22
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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