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ProtocomDevices Inc said it has seen
more erosion of its general financial condition since December
31, and is actively engaged in negotiations to secure
additional financing. It also said it has undergone a
restructuring of its management and is instituting further
staff reductions.
It said Ramon Morales has relinquished his role as
president and chief operating officer and assumed the position
of executive vice president in charge of international sales.
It also said Rafael Collado has assumed the positions of
president and chief operating officer in addition to his role
as chief executive officer.
For the year ended January 31, 1986, the company had a net
loss of 51,000 dlrs or 24 cts a share on revenues of 2.8 mln
dlrs.
Reuter
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Shr 86 cts vs 99 cts
Net 435,610 vs 497,160
Sales 16.6 mln vs 17.7 mln
NOTE: 1986 year net penalized 13 cts shr from loss of
investment tax credits.
Reuter
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Net loss 14,144,000 vs loss 863,000
Revs 10.3 mln vs 16.7 mln
NOTES: 1986 loss includes write-down of 15.1 mln dlrs in
the carrying value of oil and gas properties taken in the first
quarter
Cash flow from operationswas 6,237,000 dlrs, or 3.01 dlrs
per unit, vs 9,315,000 dlrs, or 4.56 dlrs per unit
Reuter
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U.S. Agriculture Secretary Richard
Lyng said the Reagan administration had not decided on offering
the Soviet Union subsidized wheat but that such an offer had
not been ruled out.
In an interview with Reuters, Lyng also said that he had no
knowledge of any upcoming discussion of the matter within the
cabinet.
Asked if the administration had ruled out offering to
subsidize wheat exports to the Soviet Union under the
department's export enhancement program, Lyng said, "No. We
haven't made a decision on it, haven't even talked about it,
haven't even looked at it."
Reminded that there have been reports that Moscow would buy
U.S. wheat if competitively priced, Lyng responded, "If they
(the Soviets) would offer to buy some wheat, would we accept
it? It would depend on what price they offered."
Lyng added that he did not think the price of U.S. wheat
was far off the world price.
Asked about persistent speculation that the administration
would offer Moscow a wheat subsidy, Lyng said, "Some people
think they're doing it to see if they can get a little spurt in
the market."
Agriculture Undersecretary Daniel Amstutz last week asked
the Commodity Futures Trading Commission to investigate reports
that wheat prices were being manipulated by reports that a U.S.
wheat subsidy offer was imminent.
Reuter
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Shr 22 cts vs 19 cts
Net 1.1 mln vs 994,000
Year
Shr 83 cts vs 60 cts
Net 4.3 mln vs 3.1 mln
NOTE:1985 net includes tax loss carryforward gain of 8,000
dlrs.
Reuter
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Shr profit nil vs loss five cts
Net profit 232 vs loss 124,380
Revs 143,397 vs 61,901
1st half
Shr profit one ct vs loss 10 cts
Net profit 15,722 vs loss 264,539
Revs 354,843 vs 120,403
Reuter
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Blue Grass Breeders Inc said it has
completed the acquisition of Equine Enterprises Inc for four
mln common shares.
It said it is obligated to deliver another 2,741,660 shares
on the attainment of a certain level of shareholders' equity
during any fiscal quarter within 12 months of closing.
If all the contingent shares are issued, Blue Grass said
former owners of Equine will have a 75 pct interest in Blue
Grass.
Equine is a New Mexico quarter horse breeding and racing
company.
Reuter
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Shr loss two cts vs loss five cts
Net loss 17,334 vs loss 51,507
Sales 245,560 vs 179,839
Avg shrs 1,136,785 vs 1,046,785
Six mths
Shr profit four cts vs loss 17 cts
Net profit 47,749 vs loss 174,373
Sales 721,937 vs 284,809
Avg shrs 1,136,785 vs 1,046,785
Reuter
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periods ended January 31
Shr profit 22 cts vs loss 26 cts
Net profit 439,000 vs loss 522,000
Revs 5,600,000 vs 3,859,000
Nine mths
Shr profit 46 cts vs loss three cts
Net profit 912,000 vs loss 59,000
Revs 14.6 mln vs 18.3 mln
NOTE: Year ago revenues include 400,000 dlrs in quarter and
2,227,000 dlrs in nine months from operations of subsidiary
sold in April 1986
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Financial and industrial holding company
Nord Est plans to make a convertible bond issue for a total of
400 mln francs, President Gustave Rambaud said.
He told a news conference Nord-Est expected to receive
approval from the Bourse supervisory body COB in the next two
week, when terms would set according to market conditions.
He said the issue was meant to boost capital ahead of new
investments.
Rambaud said the company would pay a 1986 dividend of 5.25
francs, unchanged on 1985. Parent company net profit last year
rose to 99.5 mln francs against 71.1 mln in 1985.
Provisional consolidated profits were lower at 185 mln
francs compared with 200 mln in 1985, of which 120 mln, against
147 mln, was attributable to the group. He said the lower
profit was mainly due to losses made by steel-tube maker
Vallourec, in which Nord Est has a 12.5 pct stake.
Rambaud said he forecast a 1987 parent company net profit
before provisions of around 135 mln francs.
REUTER
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Solv-Ex Corp said it
successfully completed its oil sands pilot testing program
under its agreement with Shell Canada Limited <SHC> and
received a 250,000 U.S. dlr bonus payment.
It also said that Shell Canada exercised its option to take
over Solv-Ex's 25 pct working interest in the construction of
the oil facility, relieving it of its obligation to raise about
62.5 mln Canadian dlrs for plant construction.
It said 30 pct of that loan was guaranteed by the
Government of Alberta.
In exchange for Shell's participation, Solv-Ex said Shell
is obligated to pay it an up-front royalty and a running
royalty based on the operating profits of the oil sands
facility. It said the Shell Canada 7,500 barrel per day oil
sands project will be built on Shell's oil sand lease about 40
miles north of Fort McMurray in the Athabasca region of
northern Alberta.
Solv-Ex said the project will cost about 260 mln Canadian
dlrs. It said that following a final feasibility study the
plant should open in the early 1990s when oil prices are
expected to exceed 20 U.S. dlrs per barrel.
Reuter
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Union Pacific Corp said it will enter
a 50-50 partnership with Petroles de Venezuela, PDVSA, to own
and operate Union Pacific's 160,000 barrel-per-day Corpus
Christi, Texas, oil refinery.
The assests to be acquired by the partnership are valued at
190 mln dlrs, Union Pacific said.
Closing is expected to take place in early April and the
venture is to be called Champlin Refining Co.
The partnership will acquire the refining and distribution
systems currently owned and operated by Champlin Petroleum, a
wholly owned subsidiary of Union Pacific.
The venture will acquire the related inventories and the
Champlin trade name, the company said.
PDVSA and Union Pacific will each contribute half the
capital required by the venture and arrange a revolving credit
facility with U.S. and foreign banks to finance inventories and
receivables, Union Pacific said.
Petroles de Venezuela also signed a 25-year agreement to
supply at least 140,000 bpd of Venezulean crude oil and naphtha
to the refinery at market related prices.
Under various options the in the agreement PDVSA could
supply another 50,000 bpd on similar terms, the company said.
"This will provide a stable, long-term supply to the
refinery at competitive costs, thereby assuring the economic
viability of the plant," a statement issued by Union Pacific
said.
The statement said the agreement with PDVSA will enable the
company to supply a steady flow of refined products to its
customers.
Union Pacific said employees of the refinery would be
transfered to the new company and would retain the same
benefits as in the past.
Reuter
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A Purolator Courier Corp director
resigned from the company's board, saying he plans to take
steps to make or find an offer that tops the 265 mln dlr buyout
deal already accepted by Purolator's board, the company said.
The director, Doresy Gardner, resigned in a March 10 letter
to the Purolator board, which was included in a filing made by
the company to the Securities and Exchange Commission.
Gardner noted that the terms of the merger agreement in
which the company would bought out by a group of its managers
and E.F. Hutton LBO Inc bar directors from taking action to
solicit, initiate or encourage acquisition proposals.
"I, as a shareholder, wish to solicit, initiate or
encourage such an offer or indication of interest, and believe,
therefore, that I should resign as a director of the
corporation," Gardner said in the letter.
"Accordingly, I hereby resign as a director of Purolator
Courier Corp, effective immediately," he said.
Gardner said he believes shareholders could get a better
deal than the buyout offer if the company would agree to be
sold to some other entity, or if it could sell off all or part
of its U.S. courier division.
On March 4, another Purolator shareholder, Rodney Shields,
filed a class action suit on behalf of the company's
shareholders charging the company and its board with breaching
their fiduciary duty by failing to take steps to ensure that
shareholders got the highest possible price in the buyout.
The deal would give shareholders 35 dlrs a share in cash if
just 83 pct of Purolator's 7.6 mln shares are tendered. If more
are tendered, they would receive 29 dlrs in cash and six dlrs
in debentures and a warrant to buy stock in the new company in
exchange for each share.
Reuter
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Shr profit 75 cts vs profit 25 cts
Net profit 2,742,962 vs profit 936,333
Sales 74.9 mln vs 70.1 mln
Year
Shr profit 1.05 dlrs vs loss 1.07 dlrs
Net profit 3,868,888 vs loss 3,931,580
Sales 299.3 mln vs 281.1 mln
Reuter
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Century Telephone Enterprises Inc
said it has accepted an offer to sell its cable television
properties in Michigan, Tennessee, Florida, Arkansas and
Louisiana for a "substantial" gain.
The company said details were not disclosed.
Reuter
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Shr 12 cts vs seven cts
Net 817,000 vs 512,000
Revs 107.5 mln vs 99.9 mln
Avg 6.9 mln vs 7.2 mln
NOTE: 1987 net includes 2.4 mln dlr pretax gain on
settlement, 743,000 dlrs gain on securities sale, interest
expense net of investment income of 2.2 mln dlrs and 920,000
dlrs in fiscal 1986. Change of European operations method
resulted in pre-tax translation losses of 1.1 mln dlrs in 1987.
Period ended January 30.
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Paradise Fruit Co Inc said its
board declared a dividend of 25 cts per share, payable March 31
to holders of record March 19.
The company last paid 50 cts per share in January 1986 and
before that paid 60 cts in January 1985.
Paradise said commercial bank lending agreements it entered
into in June 1986 include retained earnings requirements that
limit the amount of earnings available for distribution to
shareholders.
Reuter
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Oper shr 1.30 dlrs vs 1.51 dlrs
Oper net 4.06 mln vs 4.17 mln
Sales 146.3 mln vs 155.9 mln
Note: 1985 excludes extraordinary loss of 7.45 mln dlrs, or
2.70 dlrs per share.
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Dec 31 end
Shr profit nil vs loss four cts
Net profit 6,891 vs loss 590,460
Revs 6,518,133 vs 2,521,884
Avg shrs 13.1 mln vs 12.0 mln
Nine mths
Shr profit six cts vs loss seven cts
Net profit 772,703 vs loss 758,620
Revs 20.1 mln vs 7,599,017
Avg shrs 13.2 mln vs 10.9 mln
Reuter
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Qtly div six cts vs six cts prior
Pay April Three
Record March 23
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U.S. Agriculture Secretary Richard
Lyng said he was not sure a long-term U.S.-Soviet grain
agreement would be worth extending when it expires next year.
"It hasn't been worth much in the last two years....They
haven't lived up to the agreement as I see it," Lyng said in an
interview with Reuters.
"It would be my thought that it's not worth any effort to
work out an agreement with someone who wants the agreement to
be a one-sided thing," he said.
However, Lyng said he did not want to make a "definitive
commitment one way or another at this point."
Under the accord covering 1983-88, the Soviets agreed to
buy at least nine mln tonnes of U.S. grain, including four mln
tonnes each of corn and wheat.
Moscow bought 6.8 mln tonnes of corn and 153,000 tonnes of
wheat during the third agreement year, which ended last
September, and this year has bought one mln tonnes of corn.
Lyng said he had no knowledge of how much U.S. grain Moscow
would buy this year.
"I've seen people making comments on that and I don't know
how they know, unless they talk to the Soviets," he said. "I have
no knowledge, and I really don't think anyone other than the
Soviets have any knowledge."
Lyng said he thought the Soviets bought U.S. corn last
month because "they needed it and because the price was right."
"Our corn has been pretty reasonably priced. And I think
they've always found that our corn was good," he said.
Reuter
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Qtly div 7-1/2 cts vs 7-1/2 cts prior
Pay April 30
Record April 15
Reuter
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Shr loss 1.5 cts vs loss five cts
Net loss 17,334 vs loss 51,507
Sales 245,560 vs 179,839
Six mths
Shr profit four cts vs loss 17 cts
Net profit 47,749 vs loss 174,373
Sales 721,937 vs 284,809
Reuter
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<Powerine Oil Co> said
its refinery here will resume operation today, with initial
crude oil runs of 20,000 barrels per day.
Powerine, a privately-held company, said it expects the
refinery to become fully operational by May, with crude oil
throughput at 35,000 bpd.
Initial oil products deliveries are scheduled for Monday,
Powerine said. The refinery had been closed due to a change of
ownership, the company said.
Reuter
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Qtly div 12-1/2 cts vs 12-1/2 cts prior
Pay April 30
Record April 15
Reuter
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Qtly div five cts vs five cts prior
Pay April 15
Record March 30
Reuter
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Qtly div 45 cts vs 45 cts prior
Pay May 20
Record April 24
Reuter
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Qtly dividend six cts vs six cts
Pay April 15
Record March 31
Reuter
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Qtly div 54 cts vs 54 cts prior
Pay May One
Record April 10
Reuter
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Qtly div 17-1/2 cts vs 17-1/2 cts prior
Pay April 20
Record April 2.
o
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DeSoto Inc said it sold the
plant, inventory and certain other assets of some of its
industrial chemical operations to Plastic Specialities and
Technologies Inc, a privately-held company headquartered in
Parsippany, New Jersey. Terms were not disclosed.
Desoto's industrial chemical operations are based in Fort
Worth, Texas, and has annual sales of about 17 mln dlrs.
Reuter
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Shr loss 30 cts vs profit 12 cts
Net loss 2,374,000 vs profit 970,000
Revs 15.7 mln vs 13.4 mln
Year
Shr loss 13 cts vs profit 46 cts
Net loss 1,054,000 vs profit 3,425,000
Revs 61.8 mln vs 49.9 mln
Note: Full name Safeguard Health Enterprises Inc.
Current qtr and year figures include 2.9 mln dlr reserve
for estimated loss from proposed divestment of one-third of
existing 40 offices.
Reuter
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CytRx Corp said its 60 pct owned CytRx
Biopool Ltd subsidiary has acquired Biopool AB of Umea, Sweden,
for undisclosed terms.
It said former shareholders of Biopool AB own the remaining
40 pct in CytRx Biopool Ltd. Biopool AB develops cardiovascular
and fibrinolytic products for diagnostic applications.
The company said CytRx Biopool is studying the possible
combination of CytRx Corp's RheothRx drug to reduce platelet
aggregation and viscosity in blood with Biopool AB's drug t-PA
for dissolving blood clots.
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|
North American Holding Corp
said it expects to have record fourth quarter earnings and for
sales to exceed 10 mln dlrs.
For the fourth quarter ended March 30, 1986 the company
reported net income of 631,720 dlrs on sales of 5.2 mln dlrs.
It also said it expects revenues for the year to exceed 30
mln dlrs. For fiscal 1986, North American reported a net loss
of 126,900 dlrs on sales of 12.8 mln dlrs.
Reuter
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A group of investment firms told the
Securities and Exchange Commission they raised their stake in
Intermedics Inc to 1,721,900 shares, or 16.8 pct of the total
outstanding, from 1,565,900 shares, or 15.2 pct.
Bessemer Securities Corp, a New York investment firm,
Cilluffo Associates L.P., a New York investment partnership,
and related entities said they bought 156,000 Intermedics
common shares between February 24 and March 9 for 1.4 mln dlrs.
Reuter
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Qtly div six cts vs 4-1/4 cts prior
Pay April 10
Record March 23
Reuter
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Shr 13 cts vs 50 cts
Net 651,397 vs 2,602,120
Revs 26.4 mln vs 21.6 mln
NOTE: 1986 net includes gain 291,027 dlr gain from quantity
discount rebates on purchases of materials in prior years.
Reuter
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Shr loss 20 cts vs loss 14 cts
Net loss 352,000 vs loss 248,000
Revs 285,000 vs 681,000
Year
Shr loss 92 cts vs loss 49 cts
Net loss 1,613,000 vs loss 842,000
Revs 1,523,000 vs 2,557,000
NOTE: Full name is North Atlantic Technologies Inc
Reuter
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Selm-Societa Energia Montedison is to
close its Priolo crude refining units from March 15th to March
28th for maintenance, a company spokesman said.
Throughput at the refinery is currently estimated at
140-150,000 bpd, although total capacity is nearer 200,000 bpd.
Several other Mediterranean refineries are currently
shutdown for maintenance, most of which were scheduled some
months ago. But industry sources said that shutdowns may have
been rearranged to avoid running negative-netback crude.
Tighter availabilities of products as a result of the
shutdowns in the Med is helping to keep products markets
bullish, particularly for March deliveries, oil traders said.
Garrone's refinery at San Quirico (capacity 130,000 bpd) is
due to shutdown on March 14th for three weeks, and the
jointly-owned ISAB/Garrone refinery at Mellili, capacity
220,000 bpd, is due to start up around March 20-25th following
its closure for maintenance a month ago, a company spokesman
said.
The Esso Italiana refineries at Augusta and Siracusa will
not be closing this spring, a spokesman for the company said.
In France, the distillation unit at Societe Francaise de
BP's Lavera refinery has been closed for maintenance since
March 2, and is due to restart early April. Total capacity is
181,900 bpd. It is currently operating at around 50 pct
capacity, a company spokesman said.
Shell Francaise's Berre l'Etang refinery will shut down in
early April until mid-June, a company spokesman said. Capacity
is around 150,000 bpd. Compagnie Francaise de Raffinage (CFR)
will close the visbreaker at its La Mede refinery in early
April, but would not affect crude throughput at the refinery, a
company spokesman said. Current capacity is 136,000 bbl/day.
Despite current bullish sentiment in the Med, however,
traders noted that crude netbacks are beginning to look more
attractive, and most maintenance shutdowns should be finished
in two to three weeks.
As a result, oil industry sources suggest that the
situation may ease by mid-April.
Reuter
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Continuous rebel raids against oil
pipelines and foreign exploration camps endanger Colombia's
present oil bonanza, Franciso Chona, manager of the state-run
oil company Ecopetrol said.
"It seems the subversion wants to end with our oil bonanza,"
he told reporters.
He was speaking after a meeting with Defense Minister
Rafael Samudio, military chiefs and Mines and Energy Minister
Guillermo Perry to review the security situation in the light
of a recent upsurge of leftist guerrilla attacks in the
oil-rich Arauca region, bordering Venezuela.
Ecopetrol chief of security, Retired General Carlos
Narvaez, said security measures would be stricter and that the
armed forces were closely collaborating but gave no details.
Samudio said new plans had been designed and hoped they
would be effective. Samudio stressed that, despite the most
recent attacks, which cost more than four mln dlrs in damage,
the overall situation had improved compared with last December
when initial measures were taken to combat a wave of attacks.
Repeated bombings of a vital pipeline from the Cano Limon
oilfield to the Caribbean then led to a loss of 51,000 barrels
of crude.
Reuter
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Parker Drilling Co said its board
of directors voted to suspend the payment of dividends to
shareholders.
Parker Drilling said it has been paying a quarterly
dividend of one ct a share of common stock.
The company said it expects to save 1.3 mln dlrs a year
through the dividend suspension.
Reuter
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Shr nine cts vs 22 cts
Net 700,000 vs 2,200,000
Revs 5,400,000 vs 5,700,000
Avg shrs 7,589,344 vs 10.1 mln
12 mths
Shr 43 cts
Net 3,500,000
Revs 21.6 mln
NOTE: 12 mth figures not available for 1985 since company
started operations March 31, 1985.
Reuter
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Qtly div nine cts vs nine cts previously
Pay May 11
Record April 17
Reuter
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0,
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Qtrly div 41.5 cts vs 41.5 cts prior
Pay July 29
Record June 15
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SUN RAISES CRUDE POSTINGS 50 CTS, EFFECTIVE TODAY, WTI TO 17.50
dlrs/bbl

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Qtrly div nine cts vs nine cts prior
Pay May 1
Record April 9
Reuter
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First Granite Bancorp Inc
said it agreed in principle to become a wholly owned subsidiary
of Magna Group Inc <MAGI>.
Under terms of the agreement, First Granite shareholders
will receive 2.175 shares of Magna for each First Granite share
held. First Granite shareholders will be asked to approve the
tranaction in late summer.
First Granite, which has 675,000 shares outstanding, as of
Dec 31, 1986 had assets of 186.5 mln dlrs. It owns First
Granite City National Bank and Colonial Bank of Granite City,
Ill.
Magna Groups as of Dec 31, 1986 had assets of 1.47 billion
dlrs. It owns 13 banks, a data services company, a mortgage
company and a trust company, serving St. Louis as well as
Springfield, Centralia and Decatur, Ill.
Reuter
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|
Shr three cts vs three cts
Net 165,798 vs 143,872
Sales 1,787,561 vs 1,072,686
Six mths
Shr four cts vs four cts
Net 175,928 vs 191,310
Sales 3,137,695 vs 2,723,557
Avg shrs 4,862,046 vs 4,722,150
Reuter
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Qtly div 15 cts vs 12 cts in prior qtr
Payable June 25
Record May 28
Reuter
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Sun Co said it raised the contract
price it will pay for crude oil 50 cts a barrel, effective
today.
The increase brings Sun's posted price for the West Texas
Intermediate and West Texas Sour grades to 17.50 dlrs/bbl. The
Light Louisiana Sweet grade was also raised 50 cts to 17.85
dlrs/bbl.
Sun Co last changed its crude postings on March 4.
Reuter
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Interim income dividend 20 cts. Last paid 1.14 dlrs
February 27, including capital gains of 50 cts.
Pyable April 20
Record April eight
Reuter
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|
Shr 11 cts vs nine cts
Net 677,498 vs 461,485
Revs 6,271,010 vs 5,135,729
Year
Shr 81 cts vs 20 cts
Net 4,406,065 vs 973,967
Revs 26.5 mln vs 14.1 mln
Avg shrs 5,457,339 vs 4,978,965
Reuter
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Minister of State for Finance Tom Hockin
said he has asked the Canadian Bankers Association, an industry
lobby group, for an explanation of the level of credit card
interest rates.
Hockin said he hopes to here the association's response on
the "important" issue soon. Hockin was responding to questions
in the House of Commons about why credit card rates, which run
as high as 28 pct per year, remain high when other rates are
falling.
Today, the Canadian bank rate fell to 7.28 pct from 7.54
pct last week and the Canadian Imperial Bank of Commerce cut
its prime rate, effective tomorrow, to 8.75 pct from 9.25 pct.
Reuter
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Qtly div nine cts vs nine cts in prior qtr
Payable May one
Record Apreil nine
Reuter
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|
Alleghney International Inc said the
plaintiffs in the existing lawsuits opposing its sale requested
an amendment to their complaint to include a class action
count.
Alleghney said the suit, filed in the U.S. District Court
for the Western District of Pennsylvania, was aimed at blocking
the sale of Alleghney to an affiliate of First Boston Inc.
Allegheney said the additional count sought by the
plaintiffs alleges the price to be offered for AI's common
stock, 24.60 dlrs, is grossly unfair and one the purposes of
the proposed sale is to absolve the individual defendants of
liability in the lawsuit.
The additional count among other forms of relief, requests
an injunction against the defendants from taking any steps to
accomplish the proposed sale, Alleghney said.
Reuter
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The number of seismic crews
searching for oil and gas in the United States dropped by nine
to a total of 151 crews, a decrease of six pct from January,
the Society of Exploration Geophysicists said.
The February total represented a 49 pct decrease from
February 1986.
Worldwide, the association's monthly survey showed that
seismic exploration for oil and gas increased to 395 in
February, up three from the month before. Africa added three
seismic crews, the Middle East increased by two and the Far
East added one while reductions were reported in Central and
South America, Europe and the United States.
Reuter
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BULL AND BEAR EQUITY INCOME FUND <BULAX> DIV
NEW YORK, March 12
Qtly div eight cts vs eight cts prior
Payable March 31
Record March 18
Reuter

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Shr 37 cts vs 37 cts
net 7.6 mln vs 7.5 mln
Revs 383.9 mln vs 326.3 mln
Year
Shr 1.17 dlrs vs 99 cts
Net 24.0 mln vs 20.3 mln
Revs 1.2 billion vs 1.0 billion
Reuter
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Phillips Petroleum said it raised the
contract price it will for all grades of crude oil 50 cts a
barrel, effective today.
The increase brings Phillip's posted price for the West
Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
bbl.
Phillips last changed its crude oil postings on March 4.
The price increase follows similar moves by USX's <X>
subsidiary, Marathon oil, and Sun Co <SUN> earlier today.
Reuter
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Oper shr loss 48 cts vs profit 50 cts
Oper net loss 11.3 mln vs profit 18.1 mln
Revs 262.8 mln vs 399.7 mln
Note: 1986 net excludes tax gain of 1.1 mln dlrs or three
cts shr vs yr-ago gain of 5.6 mln dlrs or 17 cts shr.
1986 net includes 15 mln dlr charge for reduction in
carrying value of refinery and related assets. 1985 net
includes 10.8 mln dlr gain on sale of Canadian natural gas
property.
U.S. dlrs.
Reuter
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Oper shr profit two cts vs loss 19 cts
Oper net profit 523,000 vs loss 2,191,000
Revs 102.5 mln vs 39.9 mln
Avg shrs 20.0 mln vs 11.1 mln
Year
Oper shr profit 11 cts vs loss 29 cts
Oper net profit 2,240,000 vs loss 2,884,000
Revs 304.4 mln vs 50.3 mln
Avg shrs 19.4 mln vs 9,759,000
NOTE: 1986 4th qtr and year oper net excludes a gain of
492,000 dlrs and 1,241,000 dlrs, respectively, for
carryforwards and a loss of 135,000 dlrs and 533,000 dlrs,
respectively, for early extinguishment of debt.
1985 4th qtr and year oper net excludes a loss of 1,457,000
dlrs or 14 cts per share and loss 1,735,000 dlrs or 18 cts per
share, respectively, for discontinued operations.
Reuter
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Purolator Courier corp's stock rose on
specualtion that a disgruntled former Purolator director would
find a new suitor for the company, traders said.
Purolator agreed in late February to a 35 dlr-a-share, 265
mln-dlr offer from E.F. Hutton LBO Inc and certain members of
its Purolator courier division's management.
The stock today hit 36-1/4, up one.
Today, Purolator revealed in a filing with the Securities
and Exchange Commission that director Doresy Gardner resigned
from its board of directors in a letter dated March 10.
The letter from Gardner said he resigned the board because
the merger agreement with Hutton barred directors from
soliciting new offers and he believes shareholders might get a
better deal. Gardner said he believes a better offer might be
found if the company would agree to be sold to some other
entity, or if it could sell off all or part of its U.S. courier
division.
"Basically, (the courier division) is a company that has
450 mln dlrs in revenues. It's a very large company and it's
being sold for 50 or 60 mln dlrs," said Gardner in a telephone
interview with Reuters.
Gardner is an official of Kelso Management, a firm
associated with Fidelity International Ltd. A group of Fidelity
companies owns eight pct of Purolator, and Gardner said he
personally owns 20,000 shares.
A Purolator official said the company has no comment on the
letter from Gardner.
Arbitragers speculated another overnight messenger service
may emerge as a likely bidder for Purolator. Before the
transaction with Hutton LBO was announced, analysts had also
speculated another courier company would be the most likely
suitor.
While one arbitrager acknowledged there in fact may be no
new bidders, he said the possibility one could appear pushed
the stock into play again.
"There's no shortage of possibilities. It's just a question
of management's willingness to let the process continue," said
one arbitrager.
Arbitragers said a new buyer might be found because they
believe Hutton LBO has taken on no risk in the transaction.
Hutton has begun a tender for 83 pct of Purolator at 35 dlrs
cash per share. The balance of Purolator's stock will be bought
for securities and warrants in a new company holding the U.S.
courier operations.
The arbitragers said tender offer documents show that
Hutton does not need to use its cash in the transaction and
will emerge with a giant, majority equity interest in
Purolator.
"As far as I can tell from the public documents from the
deal that's on the table, Hutton is basically putting up zero.
One always likes a situation like that. You always like to
think if they can do this deal at no risk, there should be
someone else in the world that could do it higher," said one
arbitrager.
The firm, however, is supplying temporary financing, and
sources close to the transaction disputed the claim that the
firm will not end up paying for its equity position.
While one scenario mentioned in the tender offer document
did note that the E.F. Hutton Group subsidiary may not have to
keep cash in the transaction, the sources said there is some
risk to the firm.
"There are a variety of contingencies and restricted cash,
and all sorts of things that make it very speculative," said
one of the sources, adding there are also severance payments to
employees.
The E.F. Hutton Group subsidiary is supplying 279 mln dlrs
in so-called "bridge" financing for the transaction. The bridge
financing is a temporary loan from Hutton.
The financing is to be replaced with permanent financing,
expected to come from banks. However, it may take some time to
replace the financing, the source said, resulting in what could
be a substantial expense to the firm.
Gardner said Hutton stands to gain fees of 10 to 20 mln
dlrs from the transaction, but sources close to the transaction
said fees are at the low end of the scale.
"It's a very complex transaction, but basically what
happens is they ostensibly put up money but the fees recapture
any investment they might have once the merger takes place,"
Gardner said.
Reuter
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The U.S. Agriculture Department said
private U.S. exporters reported purchases from foreign sellers
of 120,000 tonnes of wheat for delivery to unknown
destinations.
The wheat, consisting of 60,000 tonnes of hard red winter
and 60,000 tones of soft red winter, is for delivery during the
1987/88 season, which begins June 1.
A purchase from a foreign seller is a transaction in which
a U.S. exporter contracts to buy U.S.-produced commodities from
a foreign firm, the department said.
Reuter
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Diamond Shamrock said it raised the
contract price it will pay for crude oil 50 cts a barrel,
effective today.
The increase brings the company's posted price for the
benchmark grade, West Texas Intermediate, to 17.50 dlrs/bbl.
Diamond Shamrock last changed its postings on March 4.
Reuter
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Defense Secretary Caspar Weinberger
will join Commerce Secretary Malcolm Baldrige in fighting
Fujitsu Ltd's <ITSU.T> plan to buy 80 pct of <Fairchild
Semiconductor Corp>, Pentagon officials said.
"He (Weinberger) opposes it. It is not in the best interests
of the country to have more of the micro-electronics business
leaving the United States," one of the Pentagon officials, who
asked not to be identified, told Reuters.
Commerce Department officials told Reuters yesterday that
Baldrige opposed the planned sale and that the White House
Economic Policy Council will take up the matter within weeks.
Commerce and defense officials said Baldrige and Weinberger
feared the U.S. military is already leaning too heavily on
foreign electronic support.
But the Defense Department also said today that Weinberger
and Baldrige differed on the proposed sale of U.S. computer
equipment to Iran.
The Commerce Department advised the Pentagon recently that
defense objections to two proposed sales -- to an Iranian power
company and the Islamic Republic of Iran News Agency -- were
not valid and the sales of small and medium computers would go
through unless more evidence was presented.
Reuter
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Implementation of a one-year 0/92
pilot program for wheat and feedgrains was strongly promoted
today by the chairman of a key house agriculture subcommittee
as a way to cut farm costs and simultaneously give farmers
another option when making their planting decisions.
"We have a budget driven farm policy. It may be a shame,
but we are locked into this," said Dan Glickman, (D-Kans.),
chairman of the subcommittee on wheat, soybeans and feed
grains. "We need to look at ways to cut costs and not hurt the
farmer. A 0/92 plan, if properly done, could do both."
Glickman announced this week plans to introduce a 0/92 bill
for 1987 and 1988 wheat and feedgrains. An aide to Glickman
said that it will probably be introduced next week.
Glickman said a 0/92 program, which allows a farmer to
forego planting and still receive 92 pct of his deficiency
payment, would not be a major revision of the 1985 farm bill --
only an extension of the 50/92 option already provided under
the current bill.
It is premature to make any major changes in the farm bill,
he said, but if agriculture has to make further cuts to meet
budget goals, a voluntary 0/92 plan would be better than
sharply cutting target prices, as USDA has proposed.
A 0/92 plan, however, would not be decoupling, but simply a
different type of acreage diversion program, Glickman said.
Decoupling -- delinking planting decisions from government
payments -- is too much of a policy change to approve at this
point, he said.
"I don't think there is any interest in pursuing a
decoupling bill this year. Period. Unequivocal," Glickman said
at the hearing.
Sen. Rudy Boschwitz (R-Minn.), cosponsor of the
Boren/Boschwitz decoupling plan, said he supports a short term
0/92 program as a move to a more permament decoupling plan.
Boschwitz plans to introduce a 0/92 plan in the senate. His
plan would guarantee a certain deficiency payment to
participating farmers, require that idled acreage be put to
conservation use only, prohibit haying and grazing on extra
idled acreage, limit participation to a certain number of acres
in a county and provide tenant protection provisions.
"I know we cannot obtain complete decoupling in 1987, but
we can at least move in that direction," Boschwitz said.
Robbin Johnson, vice president of Cargill, Inc., testified
in favor of decoupling. Decoupling would end the current bias
in U.S. farm policy towards overproduction and reduce farmers'
dependency on the government, he said.
A 0/92 plan does not go far enough in decoupling, Johnson
said, and would still encourage farmers to plant.
Officials from the National Corn Growers Association and
the National Cattlemen's Association said their groups oppose
any 0/92 or decoupling plan due to concerns about reopening the
farm bill and creating more confusion among farmers.
But when asked if his association were forced to choose
between a ten pct cut in target prices or a 0/92 program, Larry
Johnson of the Corn Growers said they would agree to 0/92
rather than take sharp cuts in target levels.
Reuter
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Safeguard Scientifics Inc
said it made a 2.5 mln dlr equity investment in <Sanchez
Computer Associates Inc>, a private computer software firm
based in Malvern, Pa.
Safeguard said the investment gives it a "major ownership
position" in Sanchez, which specializes in software products
for financial institutions.
Reuter
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Shr 20 cts vs 22 cts
Net 1,948,000 vs 2,124,000
Sales 40.9 mln vs 41.0 mln
Six mths
Shr 40 cts vs 50 cts
Net 3,864,000 vs 4,835,000
Sales 81.7 mln vs 79.9 mln
NOTE: 1986 results include gain on sale of land of 571,000
dlrs, or six cts a share
1986 results include loss from discontinued operations of
403,000 dlrs, or four cts a share in the quarter and 598,000
dlrs, or six cts a share in the six months
Reuter
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First Financial Management Corp said
its board declared a three-for-two stock split of its common
stock.
The split will be effected by a 50 pct stock dividend for
shareholders of record March 23 to be distributed on April six.
Reuter
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|
Shr loss two cts vs profit 10 cts
Net loss 79,000 vs profit 507,000
Revs 10.6 mln vs 2,238,000
12 mths
Shr profit two cts vs profit 23 cts
Net 89,000 vs 1,130,000
Revs 21.4 mln vs 7,766,000
Reuter
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Brown Transport Co Inc said its board
declared an initial quarterly dividend of four cts a share,
payable April 10 to stockholders of record March 31.
Reuter
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|
Summit Petroleum Corp said it
sold 11.3 mln shares, or 29.4 pct, of its common stock to
<Halbert and Associates Inc>.
The company said the shares were previously held by
<Consolidated Energy Corp> and Harken Oil and Gas Inc <HOGI>.
In addition, David D. Halbert, president and chief
executive officer of Halbert, an Abilene investment firm, was
named chairman and chief executive of Summit, the company said.
Halbert, Charles M. Bruce and James O. Burke were also named
directors, expanding the board to five, Summit added.
The company said Burke is president and chief executive of
<Allied Comprehensive Health Inc>, Abilene, while Bruce is a
partner in the Washington law firm of Butler and Binion.
Summit said it intends to actively seek acquisitions to
increase its asset base.
Reuter
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Federal Reserve Board Chairman Paul
Volcker said current data does not give a clear sign that the
deterioration in the U.S. trade balance has yet been reversed.
"The data we have in hand do not provide clearcut evidence
that the deterioration in the trade balance has yet been
reversed," Volcker said in remarks prepared for delivery to a
luncheon for community leaders here.
However, Volcker said there are encouraging signs,
particularly the rising volume of exports over the past year,
achieved despite relatively slow growth abroad.
Volcker warned it is not sustainable from an economic
perspective to pile up foreign debt while failing to make the
investment needed to generate growth and earn the money to
service the debt.
He said the process of restoring external balance to the
U.S. economy requires dealing with the budget deficit. He said
needed economic adjustment will require a relative shift of
financial and real resources into internationally competitive
industry. "More of our growth will need to be reflected in net
exports and business investment and less in consumption,"
Volcker said.
Reuter
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Shr profit nil vs loss 61 cts
Net profit 3,000 vs loss 1,148,000
Revs 18.4 mln vs 17.8 mln
Year
Shr loss 94 cts vs loss 28 cts
Net loss 1,762,000 vs loss 524,000
Revs 58.5 mln vs 67.3 mln
NOTE: 1986 net includes extraordinary gain of 569,000 dlrs
or 30 cts per share.
Reuter
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Allied-Lyons PLC <ALLD.L> and Canada's
Reichmann brothers are working well together as partners and
currently do not plan any change in their joint ownership of
distiller Hiram Walker-Gooderham and Worts, Allied-Lyons
chairman Derrick Holden-Brown said.
Allied-Lyons got 51 pct control of Hiram Walker-Gooderham
last year for about 600 mln U.S. dlrs, while the Reichmanns'
<Gulf Canada Corp> acquired 49 pct in an out-of-court pact
after a hostile battle for the wine and spirits division of
<Hiram Walker Resources Ltd>.
"We are getting along very well as partners ... I hope
there won't be any change, but there could be," Holden-Brown
told reporters after a speech in Toronto.
He said Allied-Lyons has a two-year call option that could
force Gulf Canada to sell its 49 pct stake to Allied-Lyons, and
Gulf Canada has a two-year put option that could obligate
Allied-Lyons to buy its 49 pct.
"Both we and Gulf hope very much there will be no occasion
for either the put or call to be exercised," Holden-Brown said.
In answer to a reporter's question, Holden-Brown said it
would be possible for Gulf Canada to sell off part of its 49
pct in a public offering with Allied-Lyons' consent. "I don't
think we would have any objection to it," he added.
Allied-Lyons maintains control of Hiram Walker-Gooderham's
board of directors and has total responsibility for its
management. "We cannot contemplate giving up our control," he
said.
Holden-Brown would not disclose how big a profit
contribution the distiller will make in Allied-Lyons' financial
results, but he said "it will be substantial."
"I am not able to give profit forecasts," he said.
Holden-Brown said Allied-Lyons was able to finance the
Hiram Walker-Gooderham acquisition with cash and borrowings,
and has no current plans for a stock issue.
He said the company is not currently negotiating any more
acquisitions in Canada but has a team of officials evaluating
possible purchases of wines, spirits, soft drinks or food
concerns. "I don't think we shall be looking at the brewery
scene (which is) highly concentrated already," he added.
Holden-Brown said Allied-Lyons plans to list its shares on
Canadian stock exchanges, possibly later this year.
Reuter
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Shr 53 cts vs 34 cts
Net 2,253,742 vs 1,332,652
Avg shrs 4,251,553 vs 3,932,064
Reuter
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Div 12 cts vs 12 cts
Pay April 20
Record April 8
NOTE: company pays dividend of 12 cts three times annually
with a bulk payment at the end of the fiscal year to equal
annual dividend of 50 cts.
Reuter
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The use of generic in-kind commodity
certificates has helped ease storage problems and is a
necessary part of export promotion programs, a senior executive
for the world's largest grain company said.
Testifying before the House Agriculture subcommittee on
wheat, soybeans and feedgrains, Robbin Johnson, vice president
of Cargill, Inc., disputed claims that U.S. grain companies
have made huge profits from certificate trading.
"The certs program is not in any way a windfall to the
trade," he said. Johnson said that Cargill has been dealing
with a two pct spread in certificate transactions, and that
this is within the normal grain marketing levels.
Johnson recognized current concern over the cost of
certificates as compared to cash, but said that critics need to
look more closely at the savings caused by certs, noting for
example that widespread use of certs in the PIK and Roll
marketing technique last summer helped ease storage costs.
Certificates are also an important part of any export
promotion program, he said.
"The more you look at ways to expand export markets, the
more you have to look at ways to expand certs to put more grain
into the market to meet demand," he said.
Subcommittee chairman Dan Glickman (D-Kans.) said his
committee would be looking at the certificate program later
this year and studying the General Accounting Office report on
certificate costs.
Reuter
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House Speaker Jim Wright endorsed a
proposal to require the president to take action to reduce oil
imports if they threaten to top 50 pct of U.S. consumption.
Wright told reporters the plan by Sen. Lloyd Bentsen, a
fellow Texas Democrat, was positive and useful. Oil imports
peaked in 1977 at 47 pct, were short of 36 pct last year and
this year are up over 40 pct, Bentsen said.
The Bentsen proposal, supported by 24 other Senators, would
would require the president to issue annual three-year oil
import forecasts. In any year they threatened to top 50 pct, he
would be ordered to propose quotas or other solution.
Reuter
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Princeville Development Corp and
<Aloha Inc>, parent of Aloha Airlines Inc, jointly said they
agreed to terms for the sale of Princeville Airways Inc to
Aloha. Terms of the agreement were not disclosed.
Under the proposed sale, the companies said Aloha would
acquire the entire Princeville Airways commuter operation and
access to the Princeville Airport on the island of Kauai.
They said Princeville Airways is expected to operate as a
subsidiary of Aloha Inc and will continue to use the
Princeville Aiways name.
Reuter
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New Hampshire Savings Bank Corp
said it agreed to buy <Seashore Bankshares Inc> in an exchange
of stock.
According to the terms of the deal, it said Seashore's
61,000 shares will be exchanged for 9.8 mln dlrs of New
Hampshire Savings stock.
It said Seashore Bankshares has assets of about 46 mln
dlrs.
Reuter
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] |
A marketing loan for U.S. wheat,
feedgrains and soybeans would do nothing to help the surplus
production situation and would be extremely costly, Sen. Rudy
Boschwitz (R-Minn.) said.
"I think I would not support a marketing loan now," he told
the House agriculture subcommittee on wheat, soybeans and
feedgrains. Boschwitz was one of the original supporters of a
marketing loan for cotton and rice, but has since focused
support on decoupling legislation, the Boren/Boschwitiz bill.
A market loan for grains and soybeans would encourage more
production, especially in high-yielding areas, would be much
more expensive than the current cotton and rice marketing loans
and not increase exports significantly, he said.
Reuter
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AmVestors Financial Corp said it
declared a 25 pct stock dividend payable June 19 to holders of
record June one, subject to an increase in authorized shares.
It said shareholders will vote at the April 23 annual
meeting to increase authorized shares to 25 mln from 10 mln.
The company also said it plans to pay an initial quarterly
dividend of five cts a share on the shares.
Reuter
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The House Ways and Means Trade
Subcommittee unanimously approved a toned-down version of
legislation designed to toughen U.S. trade laws and wedge open
foreign markets to more U.S. goods.
The measure now goes to the full House Ways and Means
Committee next week, but major changes are not expected,
congressional sources said.
"This product could very well be toughening our trade policy
and doing it in a manner that opens markets without this
frightening word 'protectionism'," Ways and Means chairman Dan
Rostenkowski, an Illinois Democrat said.
The trade subcommittee backed away from mandating specific
retaliation against foreign countries for unfair foreign trade
practices as the House had approved in a trade bill last year.
But it held over for the full Ways and Means Committee
debate on a controversial plan by Rep. Richard Gephardt to
mandate a reduction in trade surpluses with the U.S. by
countries such as Japan, South Korea and Taiwan.
Gephardt, a Missouri Democrat, has not decided the exact
form of his amendment, an aide said. Last year the House
approved his idea to force an annual ten pct trade surplus cut
by those countries.
The trade bill will be wrapped in with legislation from
other committees dealing with relaxation of export controls,
incentives for research, expanded worker training and education
and other efforts to increase U.S. competitiveness.
The comprehensive trade bill is to be considered by the
full House in late April and then will be considered by Senate
committees.
It requires President Reagan to retaliate against foreign
unfair trade practices but do not mandate quotas or tariffs and
allow an exemption if U.S. economic security would be harmed by
U.S. actions against other countries.
The bill would make it easier for U.S. industries to win
relief from surges of imports of competitive products.
It extends until January 1993, the administration's
authority to negotiate trade agreements as part of the new
round of multilateral talks under the General Agreements on
Tariffs and Trade.
And, it includes provisions to tighten trade rules on
copyrights, patents and telecommunications goods.
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Qtr ends Jan 30
Oper shr loss 45 cts vs profit 44 cts
Oper Net loss 225,815 vs profit 219,593
Revs 175,247 vs 827,748
NOTE: oper net 1987 excludes loss from discontinued
operations of 125,047 vs loss 34,055 for prior qtr.
excludes tax carryforward 150,000 for prior qtr.
Reuter
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