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Commerce Secretary Malcolm Baldrige
has asked the White House to consider blocking the planned
Japanese acquisition of a major U.S. supercomputer and
semiconductor manufacturer for national security reasons, U.S.
officials said.
The officials, who asked not to be named, said yesterday
that Baldrige has "serious concerns" about the sale of Fairchild
Semiconductor Corp. to Fujitsu Ltd., another major electronics
firm.
The officials told Reuters that if the sale went through it
could leave the U.S. military overly dependent on a foreign
/ompany for vital high technology equipment used in its
advanced missiles, aircraft electronics and intelligence
gathering.
In addition, they said, the sale would also worsen the
already strained trade relations between the U.S. and Japan
stemming from the huge Japanese surplus.
The White House Economic Policy Council would consider the
sale in the coming weeks, they said.
Defense Secretary Caspar Weinberger's position was not
immediately known but in the past he has opposed the transfer
of high technology to foreign governments and companies.
Supercomputers made by Fairchild and other U.S.
manufacturers are widely used throughout the world, but none
have been sold to the Japanese government or to Japanese
government-run agencies and universities.
Reuter
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First Union Corp said
shareholders of First North Port Bancorp of Northport, Fla.,
have approved a merger into First Union for 40 dlrs per share,
or about 5,100,000 dlrs.
The company said the acquisition is still subject to
regulatory approvals and is expected to be completed during the
second quarter.
Reuter
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Sand Technology Systems Inc said it is
considering a reverse stock split of at least one-for-10 and
expects to report a second-quarter profit, compared to a loss
last year.
The stock consolidation "is something we're discussing, but
it's not definite," Sand Technology president Jerry Shattner
told Reuters in an interview.
A private placement recently brought the number of
outstanding shares to 106 mln, up from 97.1 mln shares on July
31, 1986, the fiscal yearend.
"The company has always had the aura of a penny stock,"
Shattner said, adding that Sand plans, at some time, to apply
for listing on the Montreal Stock Exchange.
Shattner said the company expects to report a profit of
five pct, or about 350,000 dlrs, on sales of seven mln dlrs,
for the second quarter ended January 31. Results for the third
quarter should be about the same as the second, he added.
Last year, Sand lost 243,064 dlrs on revenues of 7,012,195
dlrs in the second quarter.
After "a disastrous first quarter," Sand hopes to break even
in the current fiscal year, Shattner said. The company has
scaled back its sales forecast to about 25 mln dlrs, from the
33.5 mln dlrs projected in December.
The rapid appreciation of the Japanese yen against U.S. and
Canadian dollars last year led to Sand's loss of 2.1 mln dlrs,
or two cts per share, on sales of 24.9 mln dlrs.
In the first fiscal quarter this year, the company lost
1,350,387 dlrs, or one ct per share, on sales of 3,570,585
dlrs.
Shattner believes the company will post better results this
year due to several factors.
"Last year, one of our biggest problems was we were buying
products in Japanese yen. We now buy some products from Hitachi
in U.S. dollars and the results are starting to show up in the
second quarter," he said.
Sand Technology sells, under its trademark, computer
accessories such as disk drives, solid-state memory enhancement
devices and printers manufactured by Hitachi Ltd <HIT> of
Japan.
Shattner said Sand's affiliate in Detroit, ST Systems Inc,
is developing software that lets large maniframe computers
handle large databases and share them between applications.
It is also distributing a new product called Sapiens, which
is artificial intelligence computer language for use by major
corporations.
The company has also reduced costs through some staff
cutting and a switch to profit sharing plans for sales staff
instead of straight commissions, Shattner said.
And Sand plans to market a laser printer in the fourth
fiscal quarter, Shattner said.
Reuter
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Concorde Ventures Inc said it has signed
a letter of intent to acquire Englewood, Colo., homebuilder
Winley Inc for 12 mln common shares.
The investment company said after the merger the combined
company will have 15 mln shares outstanding.
For the year ended January 31, Winley earned 116,000 dlrs
pretax on revenues of 11.7 mln dlrs.
Reuter
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Dune Resources Ltd said its oil
reserves increased 225 pct during 1986 while its natural gas
reserves were up six pct.
The company said its proven oil reserves were estimated at
605,682 barrels on December 31, up from 186,655 barrels a year
earlier boosted by discoveries during the year put at 423,659
barrels.
It said gas reserves rose to 8.8 mln cubic feet from 8.3
mln on Dec 31, 1985, as discoveries of nearly 1.3 mln cubic
feet were partialy offset by production of 287,391 cubic feet
and downward revisions of previous estimates totaling 491,694
cubic feet.
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.
As reported yesterday, Qintex said, about seven mln
Princeville shares had been tendered in response to the offer.
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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Feb 28 end
Shr five cts vs one ct
Net 161,019 vs 50,745
Revs 1,048,543 vs 478,700
Avg shrs 3,217,500 vs 4,350,000
Nine mths
Shr 12 cts vs four cts
Net 390,179 vs 169,275
Revs 2,658,692 vs 1,478,066
Avg shrs 3,217,500 vs 4,350,000
NOTE: Corrects reversed figures in March 11 item.
Reuter
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Taiwan imposed currency controls today
in what bankers called a desperate move to prevent speculation
as the Taiwan dollar appreciated against the U.S. currency.
The strict controls will require proof that large
remittances to Taiwan are connected to commercial transactions
rather than currency speculation.
Bankers attacked the controls as ineffective, saying they
were a panic reaction to pressure from Washington for faster
appreciation of the Taiwan currency against the U.S. dollar,
which would slow exports to the United States.
Remittances exceeding one mln dlrs earned through exports,
shipping, insurance or bank lending will now need government
approval, along with remittances of more than 10,000 dlrs from
any other source.
Reuter
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Iran attacked the Saudi Arabian
supertanker Arabian Sea off the United Arab Emirates last night
but the vessel was able to proceed after the incident, Lloyds
Shipping Intelligence reported.
The 315,695-dwt Arabian Sea had set sail on Tuesday after
loading oil at the Saudi port of Ras Tannurah. Lloyds said the
attack occurred at about 2200 hrs local time (1800 GMT).
Reuter
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Taiwan will relax import controls on
more foreign goods, a government spokesman said today.
The move was to allow greater access to Taiwan markets by
overseas trading partners, especially the United States, an
official of the Council for Economic Planning and Development
told Reuters.
Import curbs on about 400 foreign goods, including
stationery and books, would soon be relaxed, he said.
Taiwan announced it would ease curbs on some 600 farming
and industrial products last month.
The official said the moves were intended to balance trade
between Taiwan and the United States and other trading
partners. Taiwan's trade surplus reached a record 15.6 billion
dlrs last year, up from 10.62 billion in 1985.
Reuter
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Most Japanese companies have decided not
to renew term contracts to lift Iranian crude oil because spot
prices remain considerably lower than OPEC's official levels,
industry sources said.
They said a cargo of the Mideast benchmark crude Dubai
traded yesterday at 16.50 dlrs a barrel, compared to its
official price of 17.42 dlrs.
Only one Japanese company has renewed its term contract for
Iranian crude oil for the second quarter, the sources said.
The sources said Japanese companies had been lifting a
total of about 185,000 barrels per day (bpd) of Iranian crude
under term contracts, but only one firm has agreed to lift in
the second quarter. It is lifting just 10,000 to 15,000 bpd.
They said this move could inspire Iran to offer discounts
on cargoes loading in April, but the likelihood of discounts
depended largely on the levels of spot prices.
"If the spot price of Dubai goes above 17.30 dlrs we would
probably buy Iranian crude at the official price," one Japanese
refiner said.
"We don't intend to put pressure on them," he added.
Buyers have little incentive to renew contracts to lift oil
at official OPEC prices while spot prices on all grades are
considerably lower, oil traders said.
They said if spot prices move higher there will be no
problem finding OPEC crude to purchase at the official prices.
Qatar has chartered floating storage for its crude oil after
finding no buyers at official prices in March. The problem is
likely to recur in April, adding to that country's surplus.
The traders added that Iraq had dissociated itself from
OPEC's December production agreement, while agreeing to the
fixed prices.
But oil analysts said if OPEC keeps group output close to
its first-half 1987 ceiling of 15.8 mln bpd, supply and demand
would be balanced by the end of the second quarter.
They also said if OPEC holds its official price structure
based on a reference price of 18 dlrs, spot price fluctuations
should be limited to a 16.50 to 17.20 dlrs range for Dubai and
a 17 to 18 dlrs range for the North Sea's Brent blend.
One Japanese refiner said, "At the moment there's a lot of
pressure on OPEC, particularly on Qatar. But if they hold out
there will be no problem, and I'm beginning to trust their
ability."
Nigerian oil minister and OPEC president Rilwanu Lukman
told a news conference in Lagos yesterday, "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."
He said OPEC believed consumers had drawn heavily on stocks
of both crude oil and refined products, reducing them to levels
well below this time last year. He said consumers would soon
return to the market in search of crude.
A Japanese refiner said, "The European and U.S. Markets are
beginning to look better so OPEC might be quite lucky."
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Possis Corp said its board approved
a 100 pct stock dividend payable May One, record March 27.
At the company's annual meeting Wednesday, Possis said
shareholders approved a proposal to increase the authorized
common shares to 20 mln from eight mln. The company currently
has about 3.9 mln shares outstanding.
Reuter
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Shr 29 cts vs 16 cts
Net 610,000 vs 329,000
Sales 6,714,000 vs 4,582,000
Reuter
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Qtly div 50 cts vs 50 cts prior
Pay April 30
Record March 31
Reuter
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Telco Systems Inc said its plan
to distribute a dividend of common stock purchase rights to
shareholders of record on March 16 has been delayed pending the
completion of necessary regulatory approvals.
Reuter
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Clayton and Dubilier Inc and senior
management of a unit of Borg-Warner Corp <BOR> said it will
form a new company to buy Borg-Warner's industrial products
group for about 240 mln dlrs.
Borg-Warner industrial products has sales of about 300 mln
dlrs from three divisions, which provide advanced technology
fluid transfer and control equipment, systems and
services worldwide, Clayton said.
The new company will have 3,000 employees and be
headquartered in Long Beach, Calif., the company said.
Peter Valli, vice president of Borg-Warner Corp and
president of its industrial products division, will become
president and chief executive officer of the new company,
according to Clayton.
Clayton, a private investment firm, said this was the third
mangement buyout of a divestiture completed by them since
December 1986.
Reuter
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Shr 10 cts vs seven cts
Net 1,541,000 vs 1,056,000
Revs 20.1 mln vs 17.0 mln
1st half
Shr 19 cts vs 11 cts
Net 2,945,000 vs 1,742,000
Revs 38.2 mln vs 35.2 mln
Reuter
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The Bank of England said it gave the
market further assistance of two mln stg during the afternoon,
buying that amount of band two bank bills at 10-5/16 pct.
The bank has given the market assistance worth 1.503
billion stg today to offset a shortage it estimated at a
revised 1.60 billion.
REUTER
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Shr 13 cts vs 15 cts
Net 2,193,000 vs 1,918,000
Revs 18.2 mln vs 15.2 mln
NOTE: Share after preferred dividends.
Reuter
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General Mining Union Corp Ltd
chairman Derek Keys cautioned that profits may not rise this
year if the rand stays at its current level of 48 U.S. Cents.
"We would do well to repeat last year's results if the rand
stays depressed," Keys said.
The level of the dividend, however, "ought not to be
affected," he added, discussing the 1987 outlook.
General Mining earlier reported that 1986 per share
earnings rose 28 pct to 616 cts.
Reuter
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Qtrly div 34 cts vs 34 cts
Pay May 15
Record April 24
Reuter
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Shr 12 cts vs 13 cts
Net 414,968 vs 449,533
Revs 5,726,722 vs 5,276,627
Six mths
Shr 23 cts vs 33 cts
Net 779,981 vs 1,116,857
Revs 11.3 mln vs 11.3 mln
Reuter
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Borg-Warner Corp said it agreed to sell
its industrial products group to <Clayton and Dubilier Inc>
and senior management of the group, for about 240 mln dlrs.
Clayton and Dubilier is a New York-based private investment
firm, which has completed two other management-led buyout
transactions since December 1986.
Borg-Warner's industrial products group, based in Long
Beach, California, has sales of about 300 mln dlrs and employs
about 3,000 staff.
Its businesses include standard and custom engineered
centrifugal pumps and mechanical seals for the petroleum
industry and advanced controls for the aerospace and defense
industries.
The sale is part of Borg-Warner's planned restructuring.
the proposed sale is subject to approval by Borg-Warner's
directors, it said.
Reuter
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The Panamanian bulk carrier Juvena is
still aground outside Tartous, Syria, despite discharging 6,400
tons of its 39,000-ton cargo of wheat, and water has entered
the engine-room due to a crack in the vessel bottom, Lloyds
Shipping Intelligence Service said.
The Juvena, 53,351 tonnes dw, ran aground outside Tartous
port basin breakwater on February 25 in heavy weather and rough
seas.
Reuter
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<Guardian-Morton Shulman Precious
Metals Inc> said Morton Shulman and Guardman Investment
Management Services Inc agreed in principle for Andrew Sarlos
to make a takeover bid for all special shares and series II
warrants of Guardian-Morton, subject to regulatory approval and
completion of definitive documentation.
Guardman Investment, current manager and owner of all
common shares of Guardian-Morton, also agreed to sell the
common and its management agreement to a company controlled by
Sarlos if the takeover bid is successful, Guardian-Morton said.
Price to be offered for the Guardian-Morton special shares
under the takeover bid will be 90 pct of the net asset value of
the special shares at the time of the bid, and two dlrs for
each series II warrant, the company said.
Guardian-Morton said the takeover bid will be conditional
on Sarlos acquiring at least 90 pct of the special shares and
90 pct of the series II warrants, when combined the number of
special shares and warrants owned by the offeror at the time of
the bid.
Investment companies managed by Sarlos currently own
slightly less than 10 pct of Guardian-Morton's special shares.
Reuter
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Shr 2.11 dlrs vs nine cts
Net 285,000,000 vs 10,500,000
Revs 7.35 billion vs 6.76 billion
Avg shrs 134,300,000 vs 131,600,000
Year
Shr 4.35 dlrs vs 1.73 dlrs
Net 582,300,000 vs 221,200,000
Revs 24.13 billion vs 22.33 billion
Avg shrs 134,300,000 vs 131,600,000
NOTE: Latest year earnings include a loss in each period of
16.4 mln dlrs, or 12 cts a share, for a premium paid in the
early call of a 250 mln dlr 12.75 pct 30-year debenture
Earnings include a gain from discontinued operations of
30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs,
or 1.82 dlrs a share in the quarter and a gain of 28.4 mln
dlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64
dlrs a share for the year
Reuter
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Dutch shipping and transport group
PHS Van Ommeren NV <OMMN.AS> said it has taken over a small
Dutch gas container firm as a first step in establishing a
world-wide gas container organisation.
The firm, Liquid and Gas Transport BV (LGT), employs 10
people and has a fleet of 200 gas containers.
Van Ommeren will shortly open an office in Singapore and
expand its facilities in Houston to establish the gas container
network.
REUTER
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Qtly div 10 cts vs eight cts prior
Pay April 16
Record March 31
Reuter
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International American Homes inc
said it has contracted to acquire <Diversified Shelter Group
Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27
pct in International American common stock to be valued on a 30
day trading average prior to closing.
It said the price is based on Diversified's estimated 3.2
mln dlrs pro forma pre-tax earnings for 1986 after adjustment
for certain non-continuing expenses. Diversified, a developer
of single family housing in the Atlanta market, had 1986
revenues of about 25.3 mln dlrs. The acquisition if subject to
International American arranging financing.
Reuter
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Oper shr 16 cts vs two cts
Oper net 467,000 vs 52,000
Sales 8,954,000 vs 6,338,000
Avg shrs 2,939,459 vs 1,979,916
Nine mths
Oper shr 45 cts vs 18 cts
Oper net 1,068,000 vs 387,000
Sales 24.5 mln vs 19.6 mln
Avg shrs 2,299,764 vs 1,979,916
NOTE: Current year net both periods excludes 176,000 dlr
gain from retirement of notes.
Backlog 30.8 mln vs 26.7 mln at start of fiscal year.
Reuter
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Shr 100.6 cts vs 76.9 cts
Final div 40 cts vs 32 making 58 cts vs 50
Pre-tax 14.17 mln rand vs 8.85 mln
Net 10.06 mln vs 7.69 mln
Tax 4.10 mln vs 1.16 mln
Gross premiums 210.16 mln vs 178.69 mln
Net premiums written 143.99 mln vs 123.88 mln
Underwriting loss 1.78 mln vs loss 6.25 mln
Div pay April 10, register March 27.
Note - period year to December 31 1986.
Reuter
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Shr diluted five cts vs 13 cts
Net 278,780 vs 442,532
Revs 5,101,747 vs 4,293,393
Avg shrs diluted 6,050,968 vs 3,414,145
NOTE: Net includes tax credits of 123,500 dlrs vs 179,000
dlrs.
Reuter
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Shr 60 cts vs 85 cts
Qtly div 10 cts vs 10 cts prior
Net 1,407,000 vs 1,996,000
Sales 75.4 mln vs 58.2 mln
NOTE: Dividend pay April 16, record April Nine
Reuter
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K Mart Corp said its record fiscal
1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs
a year ago, marked a "major turning point" for the world's
second biggest retailer.
K Mart said the earnings rise for the fourth quarter ended
January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from
"merchandising, refurbishing and expense control."
A year ago, K Mart took a charge of 239 mln dlrs for
discontinued operations. Earnings from continuing retail
operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a
share compared with 249.4 mln dlrs or 1.91 dlrs a year ago.
K Mart Chairman Bernard Fauber said "the success of these
programs is better illustrated by the strong 35.9 pct increase
in 1986 income from continuing operations before income taxes
to 1.03 billion dlrs, the first time K Mart Corp has reached
this milestone."
Sales for the 1986 fiscal year reached a record 23.8
billion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior
year. K Mart said 1985 was restated to account for discontinued
operations. Comparable store sales rose 5.5 pct in 1986 over
1985, it said.
Fauber said the sales growth came from greater consumer
acceptance of K Mart's apparel merchandise, "a marked increase
in hardline merchandise sales and a growing contribution from
specialty retailing operations."
K Mart said its fourth quarter pre-tax income from
continuing operations was 493 mln dlrs, a 32.3 pct gain from
372.6 mln dlrs last year. It said sales in the period grew 8.8
pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in
1985 with comparable store sales up 4.7 pct.
K Mart said its effective tax rate rose in 1986 to 44.6 pct
from 37.6 pct in 1985. But it said selling, general and
administrative expense eased to 23.2 pct of sales from 23.7 pct
in 1985.
"Our performance in 1986 marks a major turning point for K
Mart," Fauber said in a statement.
"In the years immediately prior to 1986, we focused on
changing the look of our stores and the structure of the
company."
K Mart, he said, committed billion of dollars for store
remodeling and installing a centralized point of sale system,
upgraded its merchandise mix, acquired three large specialty
retailers, divested underperforming businesses and restructured
its long-term debt.
"We were forced to pay a temporary price in the form of
slower earnings growth and a lower rating by the investment
community. However, beginning with the fourth quarter of 1985,
our improved performance is proof that our approach is correct
for the long term," the K Mart chairman said.
Reuter
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Quixote Corp said Dainippon Ink and
Chemicals Inc of Japan will buy 526,315 shares of Quixote
common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a
share.
It said the two companies also agreed to share the results
of their research and development activities in optical disc
technology.
Dainippon Inc's optical disc technology focuses on the
development of a new Direct-Read-After-Write optical disc and
an advanced erasable optical disc.
Quixote said its wholly owned subsidiary, LaserVideo Inc,
is making advancements in the art of mastering and
manufacturing Compact Discs, CD-ROMs and laser-read videodiscs.
Quixote said the agreement with Dainippon, which has annual
sales of more than two billion dlrs, provides for a Dainippon
representative to sit on the LaserVideo board of directors.
Reuter
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Qtly div 1-1/2 cts vs 1-1/2 cts prior
Pay April 15
Record March 30
Reuter
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American Savings and Loan Association of
Florida said <Knoll International Holdings Inc> has offered to
purchase 500,000 new shares of American Savings for 10 mln
dlrs, and the board has accepted Knoll's offer.
Knoll already owns 796,413 shares or 9.9 pct of American
Savings.
American Savings said the purchase will resolve a
previously-announced disagreement between American Savings and
the Federal Home Loan Bank of Atlanta on the replacement of the
capital American Savings used to repurchase common shares in
January 1985 from former chairman Marvin L. Warner.
It said completion of the transaction would give Knoll 15
pct ownership in American Savings.
American Savings said Knoll also had talks with chairman of
the executive committee Shepard Broad and chairman Morris Broad
on the purchase of their American Savings shares as well at 20
dlrs each but no agreement was reached.
American Savings said The company said Knoll's offer to buy
the new shares is not conditioned on other purchase of common
stock from any person or entity.
It said its previously-announced engagement of Salomon Inc
<SB> to evaluate alternatives to enhance shareholder values,
including the possible sale of American Savings, is still being
actively pursued.
Reuter
| [
1,
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0,
0,
0,
0,
0,
0,
0,
0
] |
Phillips Petroleum Co will emphasize
improving its short-term cash flow this year to pare its debt,
C.J. "Pete" Silas, chairman, told Reuters in an interview.
"Our priority is to get cash flow increased from the assets
already installed," he said, but he declined to estimate annual
cash flow for 1987.
Analysts estimate Phillips" cash flow at over one billion
dlrs for 1987, while long term debt, which resulted from
restructuring to find off corporate raiders in 1985, hovers
about 5.9 billion dlrs as of December 1986.
Silas said Phillips hope to achieve its goal by raising
the capital expenditures budget to develop its oil and gas
properties.
"We plan to develop the properties with short-term high cash
flow prospects," he said. He projected a capital expenditure
budget of 730 mln dlrs, up from the 1986 expenditure of 655 mln
dlrs.
Nearly half of that will be spent on exploration and
production, and most of that will be spend overseas, Silas
said.
"Phillips' top priority in 1987 will be to get the
waterflooding in Norway and jack up the (Ekofisk) oil fields to
improve our ability to extract oil and increase earnings," Silas
said.
Phillips estimates that the project, which is expected to
cost 1.5 billion dlrs, will increase recovery by 170 mln gross
barrels of oil over a period of 24 years.
Phillips is also pursue opportunities in China where Silas
said he was seeking "a modification of terms with the Chinese
government to make oil discoveries (in the offshore Xijang
fields) commercially viable."
In the U.S. Silas said Phillips hopes to get the Point
Arguello, Calif., field started up by the fourth quarter. "We
expect to start up the first platform then," Silas said.
But emphasis on short-term cash flow has also forced the
company to part with several oil and gas assets.
Phillips sold its interests in the T-Block in the U.K.
North Sea and U.S. reserves totaling about 1.3 billion dlrs in
1986 as part of a two billion dlrs asset sales program that is
now completed, Silas said.
"We sold high cost producing assets. They were not good
value for us but possibly so for someone else," Silas said.
Silas said the 1986 assets sales will not affect earnings
for the company.
"Everything we are doing is to manage our cash flow and we
are using that to manage our debt. Even the asset sales, while
regrettable, were necessary to reduce debt," Silas said.
He said no asset sales are planned this year as long as oil
prices don't fall sharply lower and stay at lower levels for
several months. "Then, everyone would be looking at sales (of
assets), and we're no different from the others," Silas said.
In other areas, Silas looks for improved earnings from
Phillips chemical operations, which provided 299 mln dlrs in
earnings for 1986, up from 219 mln dlrs in 1985.
"This was our second best year pushed by a good supply and
demand balance for products, low feedstocks and energy costs
for our operations," Silas said, "In 1987 we think the market's
supply and demand balance will be just as good but feedstock
and energy costs will rise due to price recovery."
Reuter
| [
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0,
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] |
Merrill Lynch Canada Inc, wholly owned
by Merrill Lynch and Co, is considering acquiring another
Canadian securities company as the result of federal and
provincial government moves to lift investment dealer ownership
restrictions on June 30, according to a published report.
"We're talking to a number of people," Merrill Lynch Canada
deputy chairman E. Duff Scott told The Toronto Star. "Whether
we're going to do something, I don't know," he said.
A Merrill Lynch Canada spokesman declined to comment on the
newspaper report when queried.
Scott did not disclose which investment dealers Merrill
Lynch Canada was considering acquiring, but the Toronto Star
quoted unidentified industry sources as saying serious
discussions have already been held with Burns Fry Ltd.
Burns Fry chairman Jack Lawrence told the newspaper the
investment dealer has not made a final decision, but was
examining "three or four alternatives."
Discussions between brokers about possible mergers is to be
expected pending industry deregulation, one investment industry
source, who asked not to be named, told Reuters.
"It's silly not to take a look (at making a merger or
acquisition). If you're a businessman, you have to take a look,"
the industry source said.
Under federal and provincial government regulations
expected to be in place by June 30, banks, trust companies and
foreign companies will be allowed to acquire existing
investment dealers or establish their own securities
subsidiaries.
Reuter
| [
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0,
0,
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] |
<Consolidated Gold Fields
PLC>'s ARC America Corp subsidiary said it has acquired
7,521,643 American Aggregates Corp shares, about 95 pct of
those outstanding, as a result of its tender offer which
expired February 27.
As soon as is practicable, ARC America will acquire
American Aggregates, converting the company's remaining shares
into the right to receive 30.625 dlrs a share.
Reuter
| [
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0,
0,
0,
0,
0,
0,
0,
0
] |
Biotech Capital Corp said it agreed to
buy High Technology magazine from the Goldhirsh Group of
Boston.
Terms were not disclosed.
The magazine publishes information about emerging
technologies and their impact on business. It has a circulation
of 200,000 and is the largest of its kind in the world, the
company said.
Reuter
| [
1,
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0,
0,
0,
0,
0,
0,
0,
0
] |
Pakistan's trade deficit narrowed to
2.64 billion rupees (provisional) in February 1987 from 2.85
billion (final) in January and compared with 2.94 billion in
February 1986, the Federal Bureau of Statistics figures show.
Exports fell to 5.04 billion rupees (provisional) in
February from 5.34 billion (final) in January and compared with
3.90 billion in February 1986.
Imports fell to 7.68 billion rupees (provisional) in
February from 8.19 billion (final) in January and compared with
6.84 billion in February 1986.
REUTER
| [
0,
0,
0,
0,
0,
0,
0,
0,
1,
0
] |
4th qtr
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 excludes 13,000 dlr tax credit.
Corrects March 11 item to exclude tax credit
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 34 cts vs 34 cts prior
Pay May 15
Record April 24
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 12-1/2 cts vs 10 cts prior
Pay April 15
Record March 31
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Semi div 7-1/2 cts vs 7-1/2 cts prior
Pay April 30
Record March 31
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Saudi Arabian oil output has fallen to
its lowest level in more than a year, giving fresh evidence of
the kingdom's determination to keep oil prices at 18 dlrs a
barrel, as agreed by Opec last December, oil industry sources
said.
They said Saudi output in the first eight days of March
averaged 2.6 mln barrels per day (bpd) including oil from the
neutral zone shared with Kuwait, compared to a February average
of 3.5 mln bpd.
They said Saudi Arabia was also selling oil from its crude
oil stocks in tankers around the world, which OPEC says must be
counted towards a member's production quota. Saudi Arabia's
quota is 4.133 mln bpd.
The lower production levels indicated Saudi Arabia, the
world"s largest oil exporter, was insisting on getting Opec
official prices, even at the cost of lower production, the
sources said.
King Fahd reiterated yesterday, in an interview with
Reuters and the television news agency Visnews, the Saudi
commitment to OPEC's December pact to boost oil prices to an
average 18 dlrs.
"Saudi Arabia is completely sticking to OPEC decisions," he
said.
The sources said the kingdom's exports from Gulf ports
averaged one mln bpd during the eight days ending last Sunday,
down from a February average of 1.9 mln bpd.
They said Saudi Arabia was allowing production to fluctuate
with lifting nominations and was not trying to maintain
artificially high levels by putting oil into storage.
The kingdom's main buyers, the four U.S. Oil firms with
past stakes in the national oil company Aramco -- Mobil, Exxon,
Texaco and Chevron -- enjoy considerable flexibility in the
timing and volume of their liftings but are bound to pay
official prices, the sources said.
Spot market prices have firmed in the past two weeks but
still remain below OPEC levels and major buyers have delayed
liftings in the hope they would improve, the sources said.
They expected low early March output to pick up towards the
end of the month as buyers sought to fulfill their contractual
obligations.
REUTER
| [
0,
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] |
Leader Development Corp said it
has purchased 300,000 shares of convertible preferred stock in
<Petrosurance Inc> for 1,500,000 dlrs in cash and real estate.
Petrosurance specializes in property and casualty insurance
for the oil industry.
Leader said the stock is convertible into a Petrosurance
common. Leader said it already owns 12.5 pct of Petrorusrance
and conversion would give it about 45.0 pct.
The company said Petrosurance will use the sale proceeds to
support growth and improve the structure of its reinsurance
treaties to retain a larger part of premiums written.
Reuter
| [
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0,
0,
0,
0,
0,
0,
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] |
Qtly div 27 cts vs 27 cts prior
Pay April 15
Record March 25
Reuter
| [
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0,
0,
0,
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] |
Qtr ends Feb 28
Shr 10 cts vs 17 cts
Net 411,275 vs 584,118
Revs 4,977,818 vs 4,714,581
Reuter
| [
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Shr loss 11 cts vs profit five cts
Net loss 279,726 vs profit 76,591
Revs 1,300,000 vs 2,200,000
Reuter
| [
0,
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0,
1,
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0,
0,
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] |
Sweden announced its promised program
of unilateral economic sanctions against South Africa and gave
firms an October deadline to cut trading links.
Foreign Trade Minister Anita Gradin said a trade boycott of
South Africa and neighbouring Namibia would take effect from
July 1, followed by a three-month period of grace to give
companies time to wind down their operations.
From October 1, no direct trade would be allowed in either
direction, with certain exceptions covering medical supplies
and printed matter, Gradin told a news conference.
She said exceptions would also be granted in cases where a
Swedish trade boycott would benefit South African firms and
disadvantage South Africa's black-ruled neighbours, the
front-line states.
Gradin cautioned that legislation upon which the boycott
would be based was not impossible to get round. She said a
parliamentary committee would investigate ways of closing some
of the bigger loopholes, including indirect trade with South
Africa via Swedish subsidiaries in third countries.
REUTER
| [
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Jan 31 end
Shr profit 49 cts vs loss not given
Net profit 1,360,000 vs loss 241,000
Revs 20.8 mln vs 14.3 mln
Avg shrs 2,760,000 vs 1,970,000
Reuter
| [
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British Telecommunications Plc's <BTY.L>
profit growth prospects for the coming years will be reduced by
increasing competition and continued costs for replacing old
telephone systems, deputy chairman Graeme Odgers said.
Speaking at a news conference on the third quarter results
which were released earlier today, Odgers said the company
faced heavy costs for installing new digital telephone systems
in Britain for three to five years.
He said <Mercury Communications Ltd>, a Cable and Wireless
Plc <CAWL.L> subsidiary, was becoming a significant competitor.
Odgers said Mercury was seeking to make inroads into some
of British Telecom's most profitable areas.
One company official privately estimated that British
Telecom still had a 99 pct share of the U.K. Telecommunications
market but feared that this could slip to 95 or 90 pct.
The recent two-and-a-half-week engineering strike, which
lead to some disruption in service, could well have encouraged
clients to consider using the Mercury system, Odgers said.
However, he forecast that the last quarter's results
overall should not be adversely affected by the walkout.
He calculated salary savings as a result of the strike at
50 mln stg and while loss of income on telephone calls should
be limited revenue probably dropped on peripheral activities.
But on balance Odgers said that group's financial strength,
economies of scale and the fact that it operates in a growth
industry will help produce annual profit increases for the
forseeable future.
British Telecom will also seek to expand into
manufacturing, he said, adding that research and development
expenditure will rise both in terms of value and compared with
the current proportion of two pct of overall turnover.
Analysts said the company's downbeat forecasts helped
shares dip to 242p in mid-afternoon, down 4p from yesterday's
close and off an early high of 248p.
Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said
the market expects slower profit growth, but forecast a seven
to eight pct rise in both earnings per share and pretax profit
over the next two years. In the 1985/86 financial year, pre-tax
profit rose to 1.81 billion stg from 1.48 billion.
Augar noted that a government-imposed formula linking
charges to inflation meant that the company's scope for raising
prices was limited as long as inflation remains low.
Reuter
| [
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] |
Shr two cts vs nine cts
Net 86,469 vs 325,937
Revs 5,119,637 vs 6,390,995
12 mths
Shr 10 cts vs 33 cts
Net 354,820 vs 1,148,476
Revs 21.2 mln vs 23.2 mln
Reuter
| [
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The Federal Reserve is not expected to
intervene in the government securities market today, several
economists said.
They said the Fed does not have a much of an adding need
this week and may wait until tomorrow or Monday before
supplying reserves.
But a few economists said there was an outside chance that
the Fed may inject reserves indirectly via a small round of
customer repurchase agreements.
Federal funds hovered at 6-1/8 pct this morning after
averaging 6.32 pct yesterday.
Reuter
| [
0,
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0,
0,
0,
1,
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] |
Shr 10 cts vs 11 cts
Net 226,000 vs 236,000
Sales 1.3 mln vs 1.5 mln
Year
Shr 38 cts vs 45 cts
Net 819,000 vs 1,001,000
Sales 5.8 mln vs 6.4 mln
Reuter
| [
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] |
Instinet Corp said its board has
scheduled a special shareholders' meeting for May 21 to vote on
its proposed merger into Reuters Holdings PLC <RTRSY>.
It said shareholders of record as of April 10 will be
eligible to vote at the meeting.
Instinet said the meeting date is subject to adjustment,
based on the length of time needed for the U.S. Securities and
Exchange Commission to complete its review of the filing of
merger proxy materials, which Instinet expects to make before
the end of March.
Instinet said the filing of the preliminary merger proxy
materials is tied to the finalization of audited financial
statements of Instinet and Reuters for 1986.
Under a merger agreement entered into in November, Reuters
tendered for up to 5.10 mln Instinet common shares, or about 45
pct of those not already owned by Reuters. As a result of the
tender, Reuters now owns about 49 pct of Instinet shares.
In the merger, holders of remaining Instinet shares will
receive 8.50 dlrs of Reuters American Depositary Shares for
each Instinet share.
The ADS's will be valued at the average of their closing
prices in the 10 trading days before the effective date of the
merger.
Instinet said it expects the merger to become effective as
soon as possible after shareholder approval at the special
meeting.
Reuter
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[
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|
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|
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|
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|
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|
[
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|
Qtrly div 17.5 cts vs 17.5 cts prior
Pay April 20
Record April 2
Reuter
| [
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The flavours and
fragrances firm <Naarden International N.V.>, acquired by
Anglo-Dutch food and detergents group Unilever Plc N.V. <UN.AS>
last year, said net profits for 1986 fell 11.4 pct to 19.5 mln
guilders.
Naarden said earnings were hit by the fall in the value of
both the dollar and sterling, noting the figure was in line
with prior expectations. Net profit was 22.0 mln guilders in
1985.
Earnings per share fell to 4.64 guilders from 5.48 in 1985
on turnover of 627.8 mln, down from 662.6 mln. Naarden set a
cash dividend of 1.80 guilders, unchanged from last year but
without last year's share option for payment.
Reuter
| [
0,
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] |
Shr 81 cts vs 81 cts
Net 8,750,024 vs 7,772,932
Revs 157.6 mln vs 162.4 mln
Avg shrs 10.8 mln vs 9.6 mln
Reuter
| [
0,
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A Portuguese court has made a
preliminary ruling that the state grain buying agency EPAC
should not be allowed to take part in public import tenders
open to private importers, grain traders and officials said.
Under the terms of Portugal's January 1986 accession to the
European Community, EC, a grain import monopoly held by EPAC
(Empresa Publica de Abastecimento de Cereais) is being reduced
by 20 pct annually until all imports are liberalised in 1990.
Private traders protested last year that EPAC was being
permitted to take part in tenders open to them for the first
liberalised 20 pct share of the country's annual import needs.
The grain and oilseed importers association ACICO opened legal
proceedings to stop EPAC participating in the public tenders.
Miguel Ascensao of ACICO told Reuters that Lisbon's civil
court, in a preliminary ruling, had decided EPAC should not be
allowed to take part in tenders open to private traders.
Trade sources said the ruling, though effective
immediately, was subject to appeal and would have to be
confirmed in further proceedings.
A member of the government Cereals Market Commission said
that, as a result of the court's decision, the Commission would
not be able to accept offers from EPAC in a public tender being
held today for the import of 80,000 tonnes of corn.
Ascensao said the court ruling stated that EPAC's
participation in the public tenders violated the clauses of
Portugal's EC accession treaty dealing with the gradual
dismantling of the state agency's import monopoly.
It also said the participation of EPAC, which still
controls the national grain storage and distribution network,
was unfair competition to the private traders.
Traders said they believed the EC's Executive Commission
was unlikely to get involved in the dispute, preferring to
leave the case to be resolved as an internal Portuguese issue.
"They (the EC Commission) will be keeping a low profile," one
trader said.
ACICO says it is ready to take its case to Brussels if
necessary.
Reuter
| [
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] |
Newmont Mining Corp <NEM> said Magma
Copper Co anticipates being able to produce copper at a profit
by 1991, assuming copper prices remain at their current levels.
In an information statement distributed to Newmont
shareholders explaining the dividend of Magma shares declared
Tuesday, Newmont said Magma had a net loss of 46.6 mln dlrs in
1986, adding this was equal to 1.22 cts a share.
Newmont holders will receive 80 pct of Magma's stock as a
dividend of one share for each of the 30,458,000 Newmont shares
now held. Newmont will retain 15 pct of the stock.
The 1986 net loss was on a pro forma basis, Newmont said.
On a historical basis, it added, Magma had a 1986 net loss of
58.1 mln dlrs on a loss from operations of 42.3 mln dlrs.
On Dec 31, 1986, Newmont said, Magma had about 85.0 mln
dlrs of net operating loss carryforwards expiring in 1999-2000
and about 4.0 mln dlrs of investment tax credit carryover
expiring in 2000-2001.
Newmont said Magma has pre-tax losses of 290 mln dlrs
during the 1981 through 1985 period, noting the five major U.S.
primary copper producers reported aggregate pre-tax losses of
1.9 billion dlrs during five year period.
Newmont said Magma had total sales of 347.3 mln dlrs last
year, including copper sales of 293.4 mln dlrs.
It said the copper sales value was up from 267.6 mln dlrs
in 1985 reflecting a 10.1 pct increase in quantity sold to
212,000 short tons and a 0.4 pct decrease in price.
Reuter
| [
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4th qtr
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 excludes 131,000 dlr tax credit.
Reuter
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|
The European Community's, EC, cereal
management committee granted export licences for 5,000 tonnes
of quality soft bread-making wheat at a maximum export rebate
of 134.75 European currency units, Ecus, per tonne, traders
said.
The committee also granted export certificates of 35,000
tonnes of barley at 137.35 Ecus per tonne, but rejected all
bids for the export of soft feed wheat, they said.
Certificates were also granted for the export of 15,000
tonnes of maize at a maximum rebate of 132.90 Ecus per tonne,
the traders said.
Reuter
| [
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] |
The Federal Reserve entered the U.S.
Government securities market to arrange two billion dlrs of
customer repurchase agreements, a spokeswoman said.
Dealers said Federal funds were trading at 6-1/8 pct when
the Fed began its temporary and indirect supply of reserves to
the banking system.
Reuter
| [
0,
0,
0,
0,
0,
1,
1,
0,
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0
] |
Waste Management Inc said it
received notice of early termination of the Hart-Scott-Rodino
waiting period for its 270 mln dlr takeover bid for Chemlawn
Corp <CHEM>.
The waiting period was terminated March 11, Waste
Management said.
Chemlawn has rejected Waste Management's 27 dlrs a share
bid. It has said it was talking with other parties about
selling its business.
Reuter
| [
1,
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0,
0,
0,
0,
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Shr 1.42 dlrs vs 1.61 dlrs
Net 13.6 mln vs 15.5 mln
NOTE: Net asset value per share 77.72 dlrs vs 54.35 dlrs.
Reuter
| [
0,
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Cyacq Corp, an investor group
bidding for Cyclops Corp, said it would raise its outstanding
tender offer price for Cyclops common to 92.50 dlrs a share
from 80 dlrs, if certain conditions were met.
The increased offer would exceed the 90.25 dlrs a share
price offered by Dixons Group PLC in a tender offer for Cyclops
that is part of a definitive agreement to acquire the
Pittsburgh-based maker of carbon tool and specialty steel
products.
Cyacq includes Audio/Video Affiliates Inc and Citicorp
Capital Investors Ltd and other investors.
Cyclops has about 4.1 mln shares outstanding.
For the tender price to be raised, Cyclops must provide
Cyacq with all non-public information provided to Dixons Group
and Cyacq must be satisfied with financial projections made in
offering material by Dixons based on the information, Cyacq
said.
Additionally, Dixon Group's rights to buy Cyclops common
and its rights to fees or expenses if the Dixon-Cyclop merger
agreement is broken must be rescinded, Cyacq said.
Cyacq said financial projections it developed for Cyclops
were materially lower than the financial projections provided
by Cyclops to Dixons Group.
A Cyclops spokeswoman said the company had no details of
the new Cyacq proposal and could not comment. "We have nothing
in hand," she said.
In addition to making specialty metal products, Cyclops
also operates about 115 specialty stores that sell consumer
electronics products. The stores are located in 17 states
concentrated in the Northeast, Northwest and Southwest.
Cyclops employs about 8,900 people in Pennsylvania, Ohio
and other states. It also has interests in non-residential
construction.
In 1986, Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share
on sales of 1.5 billion dlrs, compared to 1985 earnings of 26.2
mln dlrs or 6.20 dlrs on sales of 1.4 billion, the spokeswoman
said.
The agreement with Dixons Group calls for Cyclops's steel
and construction businesses to be sold to a unit of Alleghany
Corp <Y> for about 110 mln dlrs once the merger is completed.
A Cyacq spokesman said the new conditional tender price
would be all cash. He had no comment on whether Cyacq plans to
withdraw its current offer, which is scheduled to expire
midnight on March six.
Dixon Group's offer extends to March 17.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Oper shr 1.24 dlrs vs 1.55 dlrs
Oper net 120,800,000 vs 150,100,000
Revs 3.12 billion vs 2.74 billion
Year
Oper shr 2.62 dlrs vs 2.89 dlrs
Oper net 255,000,000 vs 280,500,000
Revs 9.26 billion vs 8.26 billion
NOTE: 1986 period ended February One
NOTE: Results exclude earnings from discontinued operations
of 9.0 mln dlrs, or nine cts a share vs 3.2 mln dlrs, or three
cts a share in the quarter and 2.1 mln dlrs, or two cts a share
vs 3.1 mln dlrs, or three cts a share for the year
1987 earnings exclude gain on sale of B. Dalton Bookseller
of 85.2 mln dlrs, or 88 cts a share in each period
1987 earnings exclude extraordinary charge from purchase
and redemption of debt of 12.6 mln dlrs, or 13 cts a share in
the quarter and 32.3 mln dlrs, or 33 cts a share for the year
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Shr 49 cts vs 39 cts
Net 886,937 vs 892,323
Revs 25.9 mln vs 23.7 mln
Year
Shr 1.78 dlr vs 1.34 dlr
Net 3,254,301 vs 2,472,676
Revs 100.6 mln vs 87.4 mln
NOTE: 1986 4th qtr and year net includes income loss of
MetCap subsidiary of 14,881 dlrs and 311,848 dlrs or 17 cts per
share, respectively.
1985 4th qtr and year net includes loss in MetCap unit of
108,598 dlrs and 298,412 dlrs or 16 cts per share,
respectively.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Security Pacific Corp said it
completed its previously announced acquisition of Orbanco
Financial Services Corp after receiving federal approval of the
deal.
Security Pacific said the Federal Reserve Board approved on
Wednesday its purchase of the Portland, Ore.-based bank holding
company and financial services concern.
The purchase of Orbanco, for about 47 mln dlrs in cash and
common stock, will be effective in 30 days, a Security Pacific
spokeswoman said.
Terms call for each share of Orbanco common stock to be
exchanged for about 14 dlrs of Security Pacific common stock,
plus 1.50 dlrs cash.
Each share of Orbanco's 100-dlr par value preferred stock
will be exchanged for 100 dlrs cash, plus accrued dividends.
Orbanco, with one billion dlrs in assests, is the holding
company for the Oregon Bank, Orbanco Real Estate Service Co,
American Data Service Inc and Orbanco Securities Corp.
Security Pacific now has four major regional bank purchases
outside California completed or pending.
Security Pacific bought The Arizona Bank, with assets of
four billion dlrs, in the fourth quarter of 1986.
Pending approval currently is the purchase of Rainier
Bancorporation <RBAN>, with assets of 9.2 billion dlrs. In
anticipation of legislative changes that take effect in 1989,
Security Pacific has also negotiated the future purchase of The
Nevada Bank, with assets of 615 mln dlrs.
Security Pacific is the sixth largest U.S. bank holding
company, with assets of about 61.60 billion dlrs.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 46 cts vs 77 cts
Qtly div six cts vs six cts prior
Net 2,198,469 vs 3,635,565
Revs 23.1 mln vs 26.0 mln
Note: 1986 net includes one-time charge of 249,000 dlrs or
five cts a share from discontinuation of Boat Sentry and
Lakontek products.
Qtly div payable April 15 to shareholders of record March
24.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
U.S. Agriculture Secretary Richard
Lyng said he will ask Japan to offer a share of its rice market
to U.S. exporters when he visits that country next month.
In an interview with Reuters, Lyng also said the Reagan
administration will ask Tokyo to remove its quotas on U.S. beef
and citrus exports.
Lyng, who plans to be in Japan April 14-27, said he will
not ask Tokyo to liberalize fully its rice market. "We will urge
that they consider sharing their rice market," he said.
The USDA secretary would not say how big a share of the
Japanese rice market the U.S. would request. "We've got none of
it now. If we got one per cent of it, it would be a big
improvement," he said.
Last year, the Reagan administration rejected a petition by
the U.S. rice industry seeking relief from Japanese import
restrictions.
However, the U.S. said it would reexamine the issue if by
mid-1987 Japan did not roll back import barriers to U.S. rice
exports.
Lyng said he would not be conducting formal negotiations
next month with Japan over their beef and citrus quotas, but
that his visit "may be a forerunner in a general way" to talks
prior to expiration of the bilateral agreement in March 1988.
He said, however, that the U.S. "will ask for a definite
liberalization of those items (beef and citrus).... When you
translate 'liberalization' into Japanese, it means do away with
the quota."
Reuter
| [
0,
0,
0,
0,
1,
0,
0,
0,
0,
0
] |
Union Pacific Corp said it will sign a
pact in Caracas on March 17 with Petroleos De Venezuela, PDVSA,
to sell the state owned company half of its Corpus Christi,
Texas refinery owned by its Union Pacific's Champlin Petroleum
Co subsidiary.
The sale will also include the related marketing and
distribution system for the refinery's products.
A spokesman for the company said that a statement may be
issued later today giving details of the transaction.
There was no immediate comment from PDVSA officials in New
York.
The Corpus Christi refinery has a capacity of about 160,000
barrels per day, the Union Pacific spokesman said, and is a
largely upgraded facility but he would place no value on the
transaction.
The additional acquisition of refinery and distribution
assets by PDVSA has been expected as Venezuela has been moving
aggressively to enhance its role in the oil industry from
producer to excpanding its presence in the downstream sector.
Purchase of part of Champlin's operations also fits a
profile which PDVSA officials have said previously they looked
for in any acquisition.
One PDVSA official said the company was looking for
independent oil companies with good refinery and distribution
network and a strong regional presence.
The potential purchase of the interest in Champlin followed
its earlier acquisition of a part interest in Southland Corp's
<SLC> Citgo Petroleum Corp subsidiary.
In that agreement signed September 15, 1986, PDVSA paid
Southland 290 mln dlrs for half of Citgo's stock.
The potetnital acquisition of half Champlin's Corpus
Christi plant will also give Venezuela an additional outlet for
its crude oil production while giving the refiner an assured
source of supply, trade sources said.
In the earlier deal with Southland, PDVSA agredd to to
supply Citgo with at least 130,000 bpd of crude oil and other
feedstocks.
Reuter
| [
1,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Shr 1.46 dlrs vs 1.13 dlrs
Net 14,650,000 vs 11,270,000
Sales 265 mln vs 227.1 mln
Avg shrs 10,020,000 vs 9,980,000
Note: Earnings are pro forma, including the increase in
common shares that took place last October when the company
went public through an initial offering of 1.4 mln shares. Avg
shrs assume the shares sold to public and employees were
outstanding during the entire period.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Zico INvestment Holdings INc said that
Bancroft Convertible Fund Inc filed suit seeking to enjoin
Zico's 30 dlr-a-share tender offer for 500,000 Bancroft shares.
In its complaint, Bancroft said the tender offer materials
and letters to shareholders are false and misleading and that
the tender offer violates the investment company act of 1940.
Zico said the suit is totally without merit and vigorously
intends to contest it.
A motion is scheduled to be heard on March 16.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Shr 14.63 dlrs
Net 21.8 mln
Revs 252.9 mln
NOTE: Company changed its reporting period to Dec 31 from
May 31. It said prior year comparisons were thus not
applicable.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The Turkish ore/bulk/oil vessel Obo
Engin, 78,078 tonnes dwt, had an explosion in its boiler
yesterday, Lloyds shipping Intelligence Service reported.
The vessel has retained some power and yesterday evening
was in position Lat. 25 57 N., Long. 75 06 W. It is diverting
to Jacksonville, Florida, with its cargo of 58,000 tons of
coal.
The vessel was bound for Iskenderun, Turkey from Lake
Charles.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Shr 67 cts vs six cts
Net 1.6 mln vs 131,630
Revs 6.5 mln vs 4.5 mln
Year
Shr 85 cts vs 19 cts
Net 2.0 mln vs 427,749
Revs 25.1 mln vs 17.4 mln
NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback.
Reuter Inc is a spindle maker. It is not connected with Reuters
Holdings PLC.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Qtly div 62-1/2 cts vs 62-1/2 cts previously
Pay April 30
Record April Seven
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Mobil Oil Corp said it will
restructure its Dallas-based Mobil Exploration and Producing
Services Inc operations April one, to provide stronger
technological support to its U.S. and overseas operations.
Mobil said the operation will consist of two new units,
Technical Services and Application Technology, along with the
existing Drilling and New Exploration Ventures groups. It said
R.C. Mills, president and general manager of its Exploration
and Producing Southeast Inc, has been named vice president and
general manager of the new operation reporting to P.J.
Hoenmans, president of its Exploration and Producing division.
Reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Shr loss nine cts vs profit 11 cts
Net loss 1,102,592 vs profit 1,364,763
Revs 2,836,508 vs 5,547,121
Year
Shr loss six cts vs profit 32 cts
Net loss 789,300 vs profit 3,953,822
Revs 11.7 mln vs 21.1 mln
NOTE: Per share figures reflect five pct stock dividend
paid December 1986.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Fabrique Nationale Herstal SA
<FNHB.BR> said it suffered a net loss of 2.99 billion francs
last year after being hit by strikes, the falling dollar and
declining oil prices.
An FN statement said the loss, which compared with a 6.8
mln franc profit the previous year, included considerable
charges for restructuring in 1986 and 1987. Without these the
net loss would have been 1.45 billion francs, it said.
It added that the restructuring plan would allow the firm
to return to long term profitability once it had been approved
by local authorities, banks and the workforce.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
<Protein Databases
Inc> said Millipore Corp through its venture capital
subsidiary, Millicorp, acquired an equity position in the
company.
Protein said it and Millipore intend to establish an
"interactive relationship."
No other details were disclosed about the amount of
Millipore's investment in Protein.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
The National Wildlife Federation
rejected an Interior Department draft plan to open wilderness
lands in Northern Alaska to oil and gas exploration.
The federation, the nation's largest conservation group,
said further study was needed to assess any possible damage
that development might have on the wildlife in the area, the
coastal plain of the Arctic National Wildlife Refuge.
Jay Hair, the federation's executive vice president, called
the Interior's research into the effects of development "so
fundamentally flawed that it provides little or no basis on
which to make a public policy decision."
Hair called the department's proposal a "reflection of a
largely political decision," adding "we have no confidence in
Interior to represent the broad public interest in this area."
Interior wants to open the 1.5 million acre coastal plain
to oil and gas exploration, but it said only with tough
safeguards to protect the area's caribou and musk-oxen.
It said a preliminary survey showed the region could hold
billions of barrels of oil and gas, and that its potential as
an energy resource would never be known without exploration.
Interior said oil on the coastal plain could match the 10
billion barrels found at Prudhoe Bay, just west of the plain.
Under existing law, Congress must agree to oil and gas
exploration, and if it does not act, the land will remain a
wildlife refuge protected from commercial development.
Hair said Interior's report failed to stress the
probability that finding recoverable oil is only 19 pct.
He said Interior's study also failed to weigh oil, gas,
fish and wildlife information the State of Alaska had gathered
nor had the department consulted the Environmental Protection
Agency on the possible effects of exploration.
The federation, in letters to Congressmen, proposed that a
nine-member commission be set up to study all aspects of the
issue and report back to Congress in about two years.
Hair said the federation was not opposed to the possible
exploration of oil, only that Interior's study was inadquate to
make a sound judgement.
Congressional observers said that at present there was
little sentiment in Congress to open the wildlife area for
commercial exploitation dispite increasing concern that the
United States is becoming overly dependent on foreign oil.
reuter
| [
0,
0,
1,
0,
0,
0,
0,
0,
0,
0
] |
Shr profit one ct vs loss one ct
Net profit 150,594 vs loss 55,352
Revs 19.0 mln vs 12.4 mln
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
Merrill Lynch and Co Inc fired the
head of the mergers department in its London office today,
saying he had been unable to provide a "satisfactory
explanation" in response to insider trading charges filed
yesterday by the Securities and Exchange Commission.
Merrill had suspended the official, Nahum Vaskevitch,
yesterday saying at the time it was "disappointed and angry" if
the SEC charges are true.
Merrill Lynch's statement at midday today said the firm
will continue to cooperatie fully with authoriteis in the U.S.
and London investigating Vaskevitch's activities.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Qtly div 54 cts vs 54 cts prior qtr
Pay 1 May
Record 10 April
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
The St Lawrence Seaway and the Welland
Canal linking Lakes Erie and Ontario were expected to open as
scheduled on March 31 and April 1, respectively, a St Lawrence
Seaway official said.
The entire Seaway is already free of ice due to the mild
Winter and could be open for navigation today, "but there
doesn't seem to be enough demand from shipping companies to
warrant an early opening," the Canadian official said.
Repairs are continuing at a stepped up pace on the Welland
Canal and should be completed by the April 1 start-up date, she
added.
Reuter
| [
0,
0,
0,
0,
0,
0,
0,
1,
0,
0
] |
Oper shr profit two cts vs loss 19 cts
Oper net profit 523,000 vs loss 2.2 mln
Revs 102.5 mln vs 39.9 mln
12 mths
Oper shr profit 11 cts vs loss 29 cts
Oper net profit 2.2 mln vs loss 2.9 mln
Revs 304.4 mln vs 50.3 mln
NOTE: All 1986 and last two months of 1985 include results
of NICO Inc acquired Oct 1985.
Prior year excludes discontinued operations loss of 14 cts
per share in the quarter and loss 18 cts a share in the year.
1986 excludes extraordinary gain of two cts per share in
the quarter and four cts per share in the year.
Reuter
| [
0,
0,
0,
1,
0,
0,
0,
0,
0,
0
] |
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