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Qtly div common 2-1/2 cts vs 2-1/2 cts prior
Qtly div special common one ct vs one ct
Pay May Eight
Record April Three
Reuter
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Dutch port and transport union, FNV,
has called off the strikes against planned redundancies that
have hit Rotterdam port's general cargo sector for the past
eight weeks, strike leader Paul Rosenmuller told a mass
meeting.
The decision followed yesterday's ruling by an Amsterdam
court preventing the sector's employers continuing with current
plans for 350 redundancies this year until the court sits again
on May 7, Rosenmuller told a meeting of the general cargo
sector's 4,000 workers today.
The court ruled the employers had made a mistake in the
complicated legal procedure for obtaining official permission
for the redundancies, and therefore could not proceed.
"There is no need to continue the strikes for the moment now
the immediate pressure of redundancies has been lifted,"
Rosenmuller said.
But he added that the strikes, which began on January 19 in
protest against plans for 800 redundancies by 1990, could
resume at any time before May 7 if the employers made any moves
to re-apply for permission for the redundancies.
SVZ labour relations manager Gerrard Zeebregts said they
would be meeting their lawyers today with a view to re-applying
for this permission next week in the hope of gaining approval
for the redundancies within a month.
Reuter
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The Bank of England said it provided the
money market with a further 195 mln stg assistance during the
afternoon.
This brings total help today to 841 mln stg compared with a
liquidity shortage it has estimated at a revised one billion
stg.
The Bank bought 176 mln stg of band two bank bills outright
at 10-5/16 pct and 13 mln stg of band one bank bills at 10-3/8
pct. In addition, it bought four mln stg of bills for resale to
the market on March 30 and two mln stg for resale on April 8,
at a common interest rate of 10-7/16 pct.
REUTER
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Oper shr 51 cts vs 43 cts
Oper shr diluted 47 cts vs 43 cts
Oper net 3,182,000 vs 2,462,000
Revs 101.7 mln vs 87.0 mln
Avg shrs 6,246,664 vs 5,671,607
Avg shrs diluted 7,501,209 vs 5,671,607
Year
Oper shr 1.84 dlrs vs 1.48 dlrs
Oper shr diluted 1.76 dlrs vs 1.48 dlrs
Oper net 11.5 mln vs 8,312,000
Revs 349.2 mln vs 307.0 mln
Avg shrs 6,238,720 vs 5,616,019
Avg shrs diluted 6,969,389 vs 5,616,019
NOTE: 1986 net both periods excludes charge 1,205,000 dlrs
from distribution system restructuring costs.
1986 year net excludes 440,000 dlr debt retirement gain and
gain 12.8 mln dlrs from sale of HPSC Inc <HPSC> stock.
1986 net both periods includes charge 768,000 dlrs from
reversal of investment tax credits.
Reuter
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Shr two cts vs 36 cts
Net 182,000 vs 3,433,000
Revs 20.1 mln vs 21.4 mln
Year
Shr 71 cts vs 98 cts
Net 6,706,000 vs 9,275,000
Revs 85.7 mln vs 75.4 mln
NOTE: 1985 net both periods includes gain 743,000 dlrs from
cancellation of debt.
1986 quarter net includes reversal of 216,000 dlrs in
investment tax credits.
Reuter
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Shr 10 cts vs 14 cts
Net 913,000 vs 1,273,000
Revs 37.7 mln vs 24.7 mln
12 mths
Shr 61 cts vs 60 cts
Net 5,529,000 vs 5,448,000
Revs 123.6 mln vs 96.8 mln
NOTE: net for qtr and yr 1986 and 1985 adjusted to reflect
retroactive effect of three-for-two stock splits distributed to
shareholders in July 1986 and August 1985.
1986 net includes results of operations of Parmed
Pharmaceuticals Inc, acquired May 29, 1986.
Reuter
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Shr 26 cts vs 10 cts
Net 2,867,000 vs 1,208,000
Revs 100.0 mln vs 85.0 mln
Avg shrs 10.4 mln vs 9,791,671
Nine mths
Shr 57 cts vs 34 cts
Net 6,327,000 vs 3,951,000
Revs 284.4 mln vs 225.4 mln
Avg shrs 10.1 mln vs 9,831,097
Current year net both periods includes gain 1,755,000 dlrs
from change inestimation of useful lives used in depreciation
of property and equipment.
Reuter
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Schweizerische Aluminium AG, Alusuisse,
plans to reduce share and participation certificate capital by
50 pct to cover losses in 1986 and those carried forward from
the previous year, chief executive Hans Jucker said.
Jucker told a news conference that the greatest drain on
its financial resources had been stopped, but after
extraordinary charges the net loss of 688 mln francs in 1986
was only slightly under the 756 mln loss of the previous year.
The losses in 1986 and those carried over from 1985 made it
necessary to reduce capital by 50 pct, he said.
However, Jucker said the company improved liquidity through
a recovery in cash flow and conversion of 300 mln Swiss francs
of credit into a subordinated loan.
Trading in Alusuisse shares was suspended on the Zurich
stock exchange after today's announcement by the company that
it would cut its share capital by 50 pct, the bourse said.
Trading would resume again on Monday.
Reuter
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Davis Water and Waste
Industries Inc said it has restated its earnings on a pre-
stock split basis for fiscal 1987's third quarter and nine
months ended January 31, which were reported March 10 on a post
four-for-three stock split basis.
The company said its earnings per share for the third
quarter on a pre-split basis, converts to 16 cts from 12 cts
post-split, versus three cts pre-split from two cts post-split
for fiscal 1986's third quarter.
For the nine months, Davis said, earnings per share would
convert to 77 cts and 44 cts for fiscal 1987 and 1986
respectively, from 58 cts and 33 cts, respectively.
Reuter
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Shr loss 15 cts vs loss 1.09 dlrs
Net loss 19.3 mln vs loss 139.6 mln
Revs 611.7 mln vs 868.6 mln
Year
Shr profit 12 cts vs loss 1.31 dlrs
Net profit 16.1 mln vs loss 167.9 mln
Revs 2.68 billion vs 3.35 billion
Avg shrs 134.7 mln vs 128.1 mln
Reuter
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Elder-Beerman Stores Corp said
owners of about 70 pct of its stock have offered to take the
company private by offerring 30 dlrs per share for the
remaining 30 pct of its stock.
The company said the proposal will be considered at a
regularly scheduled board meeting on March 17.
It said the offer was made by members of the Beerman family
holding about 70 pct of the company's stock, Chairman Max
Gutmann, and certain members of the board.
Reuter
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Qtly div 14 cts vs 12.5 cts in prior qtr
Payable April 18
Record April two
Reuter
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Jan 31 end
Shr six cts vs eight cts
Net 177,000 vs 252,000
Revs 3,209,000 vs 1,070,000
Nine mths
Shr 12 cts vs eight cts
Net 365,000 vs 247,000
Revs 7,156,000 vs 2,960,000
NOTE: Prior year net both periods includes 91,000 dlr tax
credit.
Reuter
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National Entertainment Corp
said shareholdersapproved a one-for-25 reverse stock split and
a name change to Major Video Corp, both effective March 16.
It said its new ticker symbol will be <MAJV>.
The company also said it expects to add nine company-owned
and franchised Major Video stores in the next 60 days. It now
operates 64.
Reuter
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Shr 48 cts vs 81 cts
Net 3,986,000 vs 6,760,000
Revs 77.3 mln vs 40.5 mln
Reuter
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Computer Memories Inc, which ended
its disk drive operations in June 1986, agreed to acquire
<Hemdale Film Corp> in a transaction which will give Hemdale's
owner control of the resulting company.
Computer Memories' principal asset is about 29.4 mln dlrs
in cash and cash equivalents. It has agreed to exchange newly
issued shares equaling 80 pct of the aggregate issued to
acquire Hemdale. That company's owner, John Daly, would then
become chief executive officer of the combined company which
would be renamed Hemdale Film Corp.
Computer Memories said the proposed transaction is subject
to the results of certain corporate reviews and approval of its
shareholders, who will hold a special meeting as soon as
practicable.
The company said it has 11,109,190 shares outstanding, of
which about 1,734,000 are held by Intel Corp <INTC>. It is
anticipated the FIntel shares will be purchased for 2.75 dlrs a
share in connection with the merger with Hemdale, Computer
Memories said.
Reuter
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KLM Royal Dutch Airlines <KLM.AS>
said it is negotiating for a minority stake in a British and
Commonwealth Shipping Plc <BCOM.L> courier service in a
transaction which might include a convertible loan issue.
KLM, already active in the fast growing door-to-door
delivery market through a 50-pct stake in a Dutch courier
service, is seeking to buy one-third of <IML Air Services Group
Ltd> from British and Commonwealth.
The two companies agreed earlier this month for KLM to take
a 15-pct stake in British and Commonwealth commuter airline Air
U.K. Ltd in a deal worth around two mln stg.
Reuter
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The European Monetary System marks its
eighth anniversary still vulnerable to turmoil in world money
markets despite creating an island of currency rate stability
in Europe, economists say. But many economists say the system,
which holds eight European Community currencies within narrow
fluctuation bands, remains in its infancy.
Its new currency, the European Currency Unit (Ecu), has
been a runaway success with investors and borrowers alike
seeking an alternative to the volatile dollar.
And on Wednesday, the long term vision of the Ecu as
Europe's common currency took a step nearer to becoming reality
when Belgium minted the world's first Ecu coin.
But economists say members such as West Germany have so far
blocked a second stage of development envisaged by the system's
founding fathers, ex-West German Chancellor Helmut Schmidt and
former French President Valery Giscard d'Estaing.
Under this phase, originally due to have started two years
after the EMS was set up, decision-making was to have been
transferred from national governments and central banks to an
autonomous European Monetary Fund.
But members have jealously guarded their sovereignty in
economic and monetary matters. "The basic problem of the EMS is
that governments are not prepared to make the quantum leap to a
situation where certain decisions are taken in common," said one
economist who has closely watched the system's development.
The result is that the EC is often divided over policy on
third currencies, accentuating what the economists say is the
system's greatest weakness, its vulnerability to a weak dollar.
Over the past 18 months, as the U.S. Dollar plunged and
investors moved into strong currencies, the resulting sharp
rise of the West German mark severely strained the system. MORE
As the mark soared against the dollar, it also rose against
EMS currencies less favoured by international investors. And as
West Germany last year refused to give in pressure from several
EC partners and the United States to cut interest rates to slow
the mark's rise, the EMS had to be realigned twice to ease
financial and trade strains within the community.
Two months ago the mark and the Dutch guilder were revalued
by three pct and the Belgian and Luxembourg francs by two pct
against other currencies in the system -- the French franc,
Italian lira, the Irish punt and Danish crown.
Another frustration has been Britain's failure to lend the
EMS political support by keeping the pound, still a major world
currency, outside the system.
No change in the British government's attitude is expected
before the country's next general elections, due by mid-1988.
Meanwhile, the system's last realignment, the 11th since it
was set up, prompted European finance ministers to ask the EC's
highly-secretive Monetary Committee and Committee of Central
Bank Governors to come up with suggestions for reinforcing it.
Their ideas are due to be unveiled when finance ministers
hold an informal meeting in Belgium early next month.
But economists said the proposals are unlikely to involve
more than tinkering with technical details. They are sceptical
about the chances for any fundamental change.
"Technical measures won't be enough to protect the EMS
against external factors such as dollar weakness. For that we
must take the step forward to the institutional level," said Leo
de Corel of Kredietbank's economic research department.
Economists say the system's fortunes now will depend
largely on the success of an agreement last month among major
industrial nations to stabilise exchange rates. If the dollar
resumes its slide the EMS could be in for more turbulence, they
predict.
REUTER
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General Mills Inc, reporting
stronger results for the third quarter ended February 22, said
it expects the momentum to continue in the fourth quarter.
The company said it expects to report "strong earnings per
share growth and a record return on equity in fiscal 1987." It
said this should be achieved despite expected non-operating
charges in the final quarter.
General Mills said these charges will likely offset
non-operating gains, which included six cts a share in the
first half.
General Mills said at the end of the third quarter, its
return on average equity was 31.6 pct.
It said major factors contributing to the third quarter
improvement were an 11 pct gain in unit volume by Consumer
Foods, continuing good profit growth at Red Lobster USA and
strong performance in Specialty Retailing.
The company reported quarterly earnings of 56.9 mln dlrs,
or 64 cts a share, up from 46.4 mln dlrs, or 52 cts a share a
year ago. Sales rose to 1.31 billion dlrs from 1.13 billion
dlrs. Year-ago data reflect a two-for-one common stock split.
Reuter
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Packaging Systems Corp said
it agreed to acquire <Walter-Richter Labels Inc>, a privately
held maker of woven labels based in Paterson, N.J.
Terms of the acquisition, which is expected to be completed
within 60 days, were not disclosed.
Reuter
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Shr 53 cts vs 85 cts
Net 2,033,425 vs 3,718,325
Revs 120.6 mln vs 79.5 mln
NOTE: 1986 net includes 3,300,000 dlr provision for credit
loss.
1985 net includes charge 504,571 dlrs from cumulative
effect of accounting change.
Reuter
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Holiday Corp and Communications
Satellite Corp said they closed the previously announced sale
to Comsat of Holiday's 50 pct interest in Hi-Net
Communications, their joint venture that provides in-room video
entertainment to hotels by satellite.
Under terms of the deal, Comsat paid Holiday 25 mln dlrs in
cash and assumed half of the venture's 50 mln dlrs of
outstanding debt, the company's said.
Hi-Net, they added, will continue to provide programming to
Holiday's hotels.
Reuter
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Shr 61 cts vs 42 cts
Net 6,247,000 vs 5,587,000
Rev 65.4 mln vs 53.6 mln
NOTE: 1986 net includes investment gains of 25 cts a share,
versus six cts a share for 1985, and extraordinary gain of
seven cts a share.
Reuter
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Shr 21 cts vs 60 cts
Net 156,576 vs 443,404
Sales 5,309,519 vs 5,381,264
Year
Shr 1.06 dlrs vs 1.55 dlrs
Net 788,220 vs 1,151,330
Sales 22.3 mln vs 23.6 mln
Reuter
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Qtly div 11 cts vs 11 cts prior
Pay May 15
Record May One
Reuter
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The Bank of England said it gave the
money market late, unspecified assistance of around 185 mln
stg.
This takes the total liquidity injected into the system by
the bank today to 1.026 billion stg compared with a shortage it
estimated at around one billion stg.
Overnight interbank sterling dipped to 10 nine pct after
the bank's announcement compared with levels around 10-1/2 pct
shortly before and 11-1/4 11 pct initially today, dealers said.
REUTER
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The Soviet Union is rumored
this morning to have bought up to 1.5 mln tonnes of U.S. corn,
export trade sources said.
The amount was not confirmed, but the talk was widespread
through the trade. Gulf cash barge basis levels jumped two to
three cents this morning on the rumors, which were expected to
boost futures prices on today's open.
The Soviet Union recently bought over 1.0 mln tonnes of
U.S. corn, ostensibly as a conciliatory gesture ahead of trade
talks with U.S. agriculture officials.
Purchases rumored today were seen as a positive factor in
light of a Soviet trade official's statement that the previous
purchase had satisfied near-term needs.
Reuter
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Shr one ct vs three cts
Net 66,922 vs 194,531
Rev 4.2 mln vs 5.7 mln
Nine months
Shr two cts vs four cts
Net 93,802 vs 260,702
Rev 10.1 mln vs 13.2 mln
NOTE: Nine months 1987 period includes gain of 196,043 dlrs
from sale of Meston Lake Resources shares and a credit of
127,000 dlrs from a favroable settlement of s state income tax
assessment. 1986 nine months period includes gain of 160,431
dlrs, or two cts a share, from sale of Ferrotherm Co.
Reuter
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France today repaid 21.95 billion francs
of short-term currency intervention debt to the European
Monetary Cooperation Fund, EMCF, the Finance Ministry said.
It said the debt was part of a 33.90 billion franc
liability incurred through the activation of EMCF swap
facilities to defend the franc before the January 11 European
Monetary System realignment.
The realignment, following several weeks of speculative
pressure, produced a three pct revaluation of the West German
mark and the Dutch guilder against the French franc and a two
pct revaluation of the Belgian franc.
REUTER
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CORRECTION - TWO BRAZIL SHIPPING FIRMS SETTLE
In today's Sao Paulo story headlined "TWO BRAZILIAN SHIPPING
FIRMS SETTLE WITH STRIKERS" please read in second para ... Offer
from the companies, Global and Flumar ... instead of ... Offer
from the companies, Globo and Flumar ... corrects name of first
company.
Reuter

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Soviet-West German trade is expected
to develop favourably due to Moscow's increasing openness to
East-West economic relations, Dresdner Bank AG's Moscow
representative Michael Stein said.
He told a bank presentation the Soviet Union was last year
hit by the fall in world oil prices, which cut export revenue
from oil-related products and natural gas, and its overseas
buying power was also adversely affected by the lower dollar.
Dresdner Bank economist Alfred Apholte said the Soviet
Union's large currency and gold reserves had softened the
impact of the dollar weakening and oil price drop.
REUTER
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National Pizza Co said it reached an
agreement in principle to buy seven Straw Hat pizza restaurants
and certain related real estate for approximately three mln
dlrs in cash.
The acquisitions will be converted to Pizza Hut
restaurants, said National Pizza, and are expected to generate
annual sales of approximately eight mln dlrs.
When the sale is complete, it will bring to 24 the number
of restaurants operated by National Pizza, the company said.
Reuter
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The Port of Singapore Authority (PSA)
will spend 1.2 billion dlrs to develop port facilities and
cargo-handling equipment over the next five years,
Communications Minister Yeo Ning Hong told parliament.
Yeo said the improvements were needed to cope with an
expected growth of ship tonnage and cargo handled by the port,
but gave no further details.
The PSA handled 529 mln gross-registered tonnes of cargo in
1985, according to the latest available statistics from the
port authority.
Reuter
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<ORS Corp> said <Dominion
Securities (Alberta) Inc> has been appointed to offer common
shares in a new Canadaina company being organized to exploit
heavy oil production opportunities in Canada and Western
Europe.
ORS said the offer for private sale of the stock being made
on a best efforts basis is designed to raise five mln Canadian
dlrs which the new company will invest in properties and
projects using the Electromagnetic Well Stimulation Process
developed by IIT Research Institute under sponsorship of ORS.
Reuter
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Chrysler Corp said its Chrysler
First Inc acquired a major portion of the commercial lending
portfolio of Beneficial Business Credit Corp, a subsidiary of
Beneficial Corp.
It said the acquisition involves about 84 mln dlrs of net
receivables.
Chrysler First, a subsidiary of Chrysler Financial Corp,
had receivables of 4.3 billion dlrs at the end of 1986.
Reuter
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Brazil's state-oil company
Petrobras has asked the Army to withdraw the troops which were
occupying its oil installations since Tuesday, Petrobras said
in a statement.
The statement said the request for the withdrawal of the
troops was made because of the calmness reigning in all of its
refineries.
"The request was also due to the end of the seamen's strike
and the willingness of the oil industry workers to sit again by
the negotiating table," the statement said.
Even though the Petrobras statement said the seamen's
strike was over, a union spokesman said only two small shipping
companies had reached a pay agreement. The overwhelming
majority of Brazil's seamen remained on strike.
The statement said a meeting between Petrobras and oil
industry leaders was set for next Wednesday in Rio, with the
presence of Labour Minister Almir Pazzionotto as a mediator.
Petrobras said the request for the withdrawal of the troops
was made at 1100 local hours (1400 GMT), but a company
spokesman said he did not know if the troops had already been
removed.
Reuter
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Italy's average interbank rate
rose to a provisional 12.18 pct in February from 12.05 pct in
January, figures from the Bank of Italy show.
Weighted average rate on bank lending was a provisional
13.78 pct in February compared with 13.83 in January, while
average weighted rate paid on deposits eased a provisional 7.49
pct from 7.66 pct.
Italy today announced that its official discount rate would
be cut to 11.5 pct from 12 pct effective tomorrow.
REUTER
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U.S. Trade Representative Clayton
Yeutter said that whether the exchange rate of the dollar would
fall or rise in the coming decade would depend on nations'
financial, monetary and tax policies.
But, he said, in a speech and remarks to the Heritage
Foundation, that in the end "the marketplace will ultimately
rule the day."
Asked about the future of the dollar, he said that whether
or not it would rise or fall depended on economic policies and
coooperation among trading nations.
Yeutter said "if nations do the right kinds of things in
financial, monetary and tax policies, then a lesser burden of
adjustment is placed on exchange rates, and one could envision
a situation of the major trading nations moving back far closer
to what most of us would consider equilibrium and exchange
rates becoming relatively stable."
But he said, on the other hand, that if nations did not
exhibit greater self discipline and international cooperation,
"It is simply inevitable that the exchange rates will make that
adjustment."
Reuter
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Metropolitan Consolidated Industries
Inc, a New York paint company, said it has acquired 278,709
shares of Metex Corp, or 21.2 pct of the total, and left open
the possibility that it might acquire more through a merger.
In a filing with the Securities and Exchange Commission,
Metropolitan said it bought the Metex stock as an investment.
It also said it may buy additional shares, or sell some or
all of its current stake. If it buys more shares, Metropolitan
said it would consider doing so in the open market, in private
deals, or through an exchange offer, tender offer or merger.
Metropolitan said it may acquire an option on or may buy
some or all of the Metex shares owned by William Hack, a Metex
director, who, together with this wife, holds 149,750 of the
company's common shares, or 11.4 pct of the total.
Metropolitan said it already has an option to buy another
42,750 Metex common shares at 11.25 dlrs each. The option is
not exercisable until April 12, 1988, it said.
If Metropolitan were to exercise the option and acquire all
of Hack's stake, it would have 471,208 Metex common shares, or
35.9 pct of the total. Metropolitan's SEC filing was
made as a shareholder group with Hack.
Metropolitan, which said it spent 3.1 mln dlrs to acquire
its Metex stake, listed its recent stock purchases as 54,993
common shares on March 67 at 10 dlrs each and 83,916 shares on
March 11 at 11.25 dlrs.
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BPI Systems Inc said it is
holding discussions that could lead to the sale of all its
outstanding shares for about 12 mln dlrs.
BPI president and chief executive officer David R. Fernald
declined to identify the other party involved in the talks.
For the nine months ended December 31, BPI lost 1,286,000
dlrs on sales of 6,452,000 dlrs.
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(Telemedia Inc) said its (Telemedia
Publishing Inc) subsidiary agreed to buy privately-owned
Harrowsmith and Equinox magazines for an undisclosed amount of
cash.
Telemedia said the acquisition is expected to have a small
positive impact on short-term earnings.
Harrowsmith, an alternative life-style magazine, is
Canada's seventh-largest paid circulation English-language
magazine while Equinox is the country's eighth largest. Each
has a circulation of about 160,000 copies.
The magazine group had revenues of eight mln dlrs last
year and employs 50 people, Telemedia said.
Telemedia said it will also acquire a 10 pct interest in
the company which recently launched the U.S. edition of
Harrowsmith.
The magazine's U.S. editiion, begun last year, now has a
paid circulation of 180,000, the company said.
It said a final deal is expected in mid-April.
Telemedia said the magazines' founder has agreed to
continue to provide editorial and publishing direction for the
magazines.
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Shr profit 36 cts vs profit 14 cts
Net profit 1,162,000 vs profit 464,000
Revs 16.6 mln vs 11.3 mln
Nine mths
Shr loss 89 cts vs loss 79 cts
Net loss 2,988,000 vs loss 2,673,000
Revs 35.1 mln vs 25.1 mln
NOTE: Nine months fiscal 1987 includes extraordinary gain
of 16 cts per share.
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Bally Manufacturing Corp said it is
considering the sale of its Six Flag theme amusement park unit
and would use the proceeds to pay off debt.
In addition to the possible sale of the amusement parks,
Bally plans to sell a minority stake in its health club chain
to the public. The company will register a proposed offering
with the Securities and Exchange Commission for 20 to 30 pct of
the health clubs soon, spokesman William Peltier told Reuters.
"Selling Six Flags is definitely under consideration,"
Peltier said in response to an inquiry. He said the company
would use much of the income from the amusement park chain,
were it to be sold, to repay debt.
Six Flags might sell for as much as 300 mln dlrs, analysts
said. The health club chain, the nation's largest, is valued at
350 to 375 mln dlrs, they said.
Bally reportedly already has been approached about Six
Flags by several prospective buyers.
The company needs the cash to begin paying back a 1.6 mln
dlrs mountain of debt.
Bally recently completed a 439 mln dlrs acquisition of the
Golden Nugget casino hotel in Atlantic City from Golden Nugget
Inc <GNG.N>.
The purchase pushed its long-term debt to 1.6 billion dlrs,
or almost 2.7 times its equity of 600 mln dlrs.
Bally's 325-unit health and tennis clubs had revenues in
1986 of more than 450 mln dlrs, or about 28 pct of Bally's
total revenues of 1.64 billion dlrs.
Bally acquired Six Flags for 147.4 mln dlrs in January 1982
from Penn Central Corp. Bally bought the Great America theme
park in Gurnee, Ill., in May 1984 for 113.2 mln dlrs from
Marriott Corp <mhs>.
In 1986 the parks had pretax operating profit of 48.6 mln
dlrs on revenues of 369.4 mln dlrs.
The clubs and equipment unit combined to post operating
profit of 60.4 mln dlrs on revenues of 475.6 mln dlrs in 1986,
of which 456.2 mln came from the clubs.
The company earlier this month said it will take a charge
to earnings in the first quarter of 17.3 mln dlrs as a result
of its deal to buy back 2.6 mln of its common shares from real
estate developer Donald Trump.
Under a February 21 deal, Bally agreed to buy the 2.6 mln
of the 3.06 mln shares held by Trump at 24 dlrs a share, or
62.4 mln dlrs, plus 6.2 mln dlrs related expenses in exchange
for Trump not seeking control of the company for 10 years.
The deal also requires Bally to buy Trump's remaining
shares for 33 dlrs a share if the stock price does not reach
that level by February 21, 1988.
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Franklin Resources Inc said
it believes earnings could double this year as compared to a
year ago when the company reported income of 32 mln dlrs on 143
mln dlrs in revenues.
Franklin Resources is a financial services company. Its
fiscal year ends September 30.
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Qtly div 10 cts vs nine cts
Payable June one
Record May 15
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Shr loss 45 cts vs profit 20 cts
Net loss 1,841,000 vs profit 983,000
Revs 56.2 mln vs 102.9 mln
Six mths
Shr loss 13 cts vs profit 80 cts
Net loss 534,000 vs profit 4.4 mln
Revs 121.4 mln vs 209.3 mln
NOTE: Six months fiscal 1987 includes loss of 17 cts per
share from discontinued operations.
Per share figures also reflect partial three-for-one stock
split effected December 1985.
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White House spokesman Marlin
Fitzwater said the administration had some disagreements with
the trade bill that cleared a House subcommittee yesterday but
generally felt good about the bill.
"Generally we feel very good about the bipartisan
consideration of the trade legislation. I think we are
progressing very well," he told reporters.
"There are wide areas of agreement. There are some areas of
disagreement," he said.
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Grain traders and analysts look for a
10 to 12 mln acre sign-up in the USDA's conservation reserve
program, scheduled to be announced after 1400 CST today.
The USDA probably will accept about 80 to 90 pct of the
acres submitted, they said.
Total enrollment in the first three years of the program is
only 8.9 mln acres, so the sharp increase expected this year
has underpinned new crop corn futures all week.
However, some analysts said a 10 to 12 mln acre sign-up may
end up being negative to new crop corn prices, citing trade
talk earlier this year that 14 to 15 mln acres may be submitted
by farmers. Also, acres set-aside under the conservation
program are by definition poor yielding, so the impact on total
corn production will be minimal, they added.
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Bryson Oil and Gas plc, a Belfast,
Northern Ireland, oil company which has said it is considering
seeking control of Cenergy Corp, said it raised its stake in
the company to 1,281,887 shares, or 13.2 pct of the total.
In a filing with the Securities and Exchange Commission,
Bryson said it bought 440,000 Cenergy common shares on March 10
at eight dlrs each. Previously it had held 841,887 shares, or
8.5 pct.
Bryson has request detailed shareholder information from
Cenergy in case it decided to communicate with shareholders.
But it said Cenergy has made legal challenges to the request.
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Allegheny International Inc said
Sunter Acquisititon Corp, formed by First Boston Inc, began a
cash tender offer in accordance with their previously announced
merger agreement for all the outsanding shares of Allegheny's
common stock, 2.19 dlr cumulative preference stock and 11.25
dlrs convertible preferred stock.
The offer expires April 9, unless extended.
Under terms of the agreement, tendering shareholders will
receive 24.60 dlrs per common share, 20 dlrs per preference
share and 87.50 dlrs per preferred share.
Allegheny said the offer is conditioned upon the valid
tender of stock representing a majority of the voting power and
at least two-thirds of outstanding shares of preference stock
and preferred stock.
The merger agreement was announced earlier this week.
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Shr 35 cts vs 13 cts
Net 531,840 vs 188,362
Revs not given
Year
Shr 83 cts vs 41 cts
Net 1,249,000 vs 620,000
Revs 10,800,000 vs 5,600,000
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Oper shr loss six cts vs profit four cts
Oper net loss 58,388 vs profit 34,101
Revs 2,419,203 vs 2,145,967
1st half
Oper shr profit six cts vs profit 18 cts
Oper net profit 61,763 vs profit 172,166
Revs 5,731,582 vs 4,458,040
NOTE: Prior year net excludes extraordinary credits of
4,500 dlrs in quarter and 46,000 dlrs in half.
Current quarter net includes 47,470 dlr tax credit.
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A group of affiliated New York
investment firms said they lowered their stake in Cyclops Corp
to 200,500 shares, or 5.0 pct of the total outstanding, from
260,500 shares, or 6.4 pct.
In a filing with the Securities and Exchange Commission,
the group, led by Mutual Shares Corp, said it sold 60,000
Cyclops common shares since February 26.
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Shr loss 1.41 dlrs vs profit 27 cts
Net loss 8,225,052 vs profit 1,566,936
Revs 4,028,231 vs 6,725,462
Note: 1986 shr and net after 6,606,646 dlr writedown on
property and other assets
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<Transit Financial Holdings Inc>,
earlier reporting higher fourth quarter and full year earnings,
said it expects 1987 share profit to increase to 1.27 dlrs from
83 cts in 1986.
The company said the 1987 share forecast is based on 2.5
mln shares outstanding, after a one mln common share issue on
December 30, 1986. Its 1986 and 1985 earnings were based on 1.5
mln shares outstanding.
The company earlier reported 1986 profit rose to 1,249,000
dlrs or 83 cts a shares from year-earlier 620,000 dlrs or 41
cts a share.
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Shr loss 45 cts vs profit 20 cts
Net loss 1,841,000 vs profit 983,000
Revs 56.2 mln vs 102.9 mln
Avg shrs 4,127,000 vs 4,835,000
1st half
Oper shr four cts vs 80 cts
Oper net 172,000 vs 4,359,000
Revs 121.4 mln vs 209.3 mln
Avg shrs 4,127,000 vs 5,439,000
NOTE: Current half net excludes 706,000 dlr loss from
discontinued oil and natural gas operations.
Share adjusted for three-for-one stock split and
recapitalization in December 1985.
Prior year net both periods includes pretax charge of
2,300,000 dlrs from recapitalization costs.
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Cyclops Corp said its board rejected
a request by Cyacq Corp, an investor group, for more non-public
information about Cyclops, a maker of specialty steels and an
electronics retailer.
Cyclops cited its agreement to be acquired by Britain's
Dixons Group PLC for 90.25 dlrs a share under a tender offer
that expires midnight March 17.
Cyacq, comprising Audio/Video Affiliates Inc, Citicorp
Capital Investors Ltd and other investors, yesterday said it
would increase its tender offer for Cyclops to 92.50 dlrs a
share from 80 dlrs, subject to certain conditions.
The conditions were that Cyclops provide Cyacq with
non-public data given to Dixons and that Cyacq be satisfied
with financial projections made by Dixons in its offer.
Cyclops also said its board determined that Cyacq's
announcement was not an offer. "Cyacq's press release does not
amend Cyacq's outstanding tender offer which remains at 80 dlrs
per share and it does not state that Cyacq has financing
commitments necessary to carry out its original offer or any
increased offer that it may make," Cyclops said in a statement.
Its agreements with Dixons are binding and Dixons indicated
it will not rescind or waive any provisions of the pacts,
Cyclops said.
The company also said it was advised that Dixons'
shareholders approved the merger, satisfying that condition of
the agreement.
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Shr 22 cts vs 22 cts
Net 915,911 vs 970,141
Revs 8.0 mln vs 8.0 mln
Nine months
Shr 69 cts vs 56 cts
Net 3.0 mln vs 2.4 mln
Revs 23.5 mln vs 22.1 mln
NOTE:1987 3rd qtr and nine months include extraordainry
gain of 341,145 dlrs and 480,412 dlrs, respectively, on sale of
land.
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A group led by New York investor
Asher Edelman said he lowered its stake in Lucky Stores Inc
<LKS> to 1,827,734 shares, or 4.8 pct of the total outstanding
common stock, from 1,930,734 shares, or 5.1 pct.
In a filing with the Securities and Exchange Commission,
the Edelman group said it sold 103,000 Lucky Stores common
shares on March 9 and 10 at prices ranging from 28.625 to
30.375 dlrs a share.
So long as Edelman's stake is below five pct he is not
required to report his dealings in Lucky Stores stock.
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The Soviet Union has been a heavy
buyer of Yugoslav corn since October, purchasing close to 1.5
mln tonnes in the 1986/87 marketing year, according to a report
from the U.S. agriculture counselor in Belgrade.
Approximately 1.5 mln tonnes of Yugoslav corn have already
been committed to foreign buyers for 1986/87, with most of this
sold to the Soviet Union, the Yugoslav Grain Association
reported to the U.S. official.
In a report dated March 10, the official said that about
800,000 tonnes of the corn has been delivered, with the balance
of 700,000 tonnes to be shipped between now and June.
An additional 500,000 tonnes of corn can be shipped from
July-September, the grain associaiton said, so total Yugoslav
corn exports could reach 2.0 mln tonnes, the counselor said.
Heavier than normal monthly shipping rates for Yugoslav
corn exports are due to the increased use of river barges for
exporting corn to the Soviet Union, the counselor said.
Monthly corn shipments out of Yugoslavia have averaged
around 160,000 tonnes since October 1, higher than earlier
estimates of 150,000, the official said.
The Soviet Union has taken an increased share of Yugoslav
corn sales during this marketing year, he said.
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U.S. February reports reflecting slim
gains in industrial output and moderating inflation pressures
reinforced expectations that the Federal Reserve will continue
to follow a stable course of monetary policy, economists said.
"If you're the Fed, there's no reason to do anything," said
Steve Slifer of Lehman Government Securities Inc.
"There are hints that GNP is picking up. On the inflation
front, all is well," he said. "Money supply is well under
control. It's an absolutely ideal situation."
February U.S. industrial production rose 0.5 pct, slightly
less than the 0.7 pct gain the financial markets had expected.
This compared with a slim 0.1 pct rise in January's production
number, previously reported as a 0.4 pct increase.
The February U.S. producer price index gained only 0.1 pct,
less than a 0.3-0.4 pct expected rise. This followed a 0.6 pct
rise in the PPI in January.
"The Fed is going to look at this positively," said Allan
Leslie of Discount Corporation. "Certainly inflation is not as
bad as what Volcker (Fed Chairman) has said lately. Industrial
production growth is along the lines of what the Fed wants."
The energy products component of PPI rose 4.0 pct in
February, after a 9.8 pct increase in January.
"This shows that the impact of energy prices on inflation
is behind us in terms of the move from 15 dlrs to 18 dlrs per
barrel," said Maria Ramirez of Drexel Burnham Lambert Inc. "The
trend is still 3.5 pct in the first half of the year."
In 1986, declining energy prices contributed to a 2.5 pct
decline in the PPI.
Economists said that a rise in energy prices was expected,
but a sharp drop in auto prices was not. Passenger car prices
fell 3.4 pct and light truck prices dropped 1.3 pct.
Yesterday, Federal Reserve Chairman Paul Volcker said that
a possibility of renewed inflation remains a concern in both
the financial markets and the Federal Reserve.
"The Fed may be lowering its own inflation expectations
today," said Robert Brusca of Nikko Securities International.
While low inflation permits the Fed to maintain an easier
monetary policy, Brusca said if import prices do not rise this
could necessitate a weaker dollar.
"The outlook for the dollar is still up in the air," he
said. "We need inflation for U.S. producers to compete with
foreign producers."
Brusca said prices of electronic equipment dropped 0.8 pct
in February's PPI. With many electronic goods produced
overseas, this may show that foreign producers are not raising
prices which bodes ill for U.S. competitiveness, he said.
If further dollar declines are needed, this could diminish
overseas investment in U.S. debt, Brusca added, which might
necessitate higher interest rates and lower bond prices.
By contrast, Slifer said imported goods prices rose 11.8
pct from first quarter 1985 to first quarter 1986 reflecting to
a large degree a 22 pct drop in the trade-weighted real value
of the dollar from February 1985 to February 1987.
Slifer said import prices may rise further as
manufacturers' contracts put in place before the dollar dropped
to current levels expire, and new contracts are made that
reflect a weaker dollar.
David Wyss of Data Resources Inc noted that imported
manufactured goods prices rose 8.5 pct at an annual rate in the
second half of 1986, which has contributed to rising U.S.
industrial output.
"It's the other side of the lower dollar," Wyss said.
"Producers are beginning to find themselves more competitive
and they are increasing output."
Wyss said that the latest data point to an average
industrial production gain of 0.3-0.4 pct in the first quarter.
"It's an encouraging sign that the manufacturing sector is
beginning to revive."
But Stephen Roach of Morgan Stanley and Co Inc was not
convinced that the February reports portend economic gains. He
said much of the strength came from factors that do not point
to a sustained rise in industrial output.
Roach pointed out that stikers returning to work in farm
equipment industries helped account for a one pct rise in
February business equipment production.
Utilities output rose 0.7 pct in February after gaining 1.2
pct in January, but Roach said it shows mostly that more energy
was produced, not that manufacturing activity gained.
Finally, he pointed out that auto production accounted for
half of the industrial production gain as production of auto
assemblies rose to 8.3 million units at an annual rate from 7.5
million units.
"In the first quarter, it looks like automakers are
producing at an 8.5 mln unit annual rate, but selling at
roughly a seven mln unit rate," Roach said. "The disparity
between output and sales is showing up in inventories."
Economists pointed to sharp rise in January U.S. business
inventories as a sign that production may be outstripping
demand in the first quarter of 1987.
January business inventories rose 0.9 pct, the largest gain
since July 1979 when inventories rose 1.7 pct, the Commerce
Department said. Business sales dropped 4.5 pct in January, the
largest monthly sales drop on record.
Nonetheless, economists do not expect the Fed to react to
month-to-month changes. "The Fed has been standing pat for the
last seven months," Ramirez said. "They will continue to stand
pat for at least the next couple of months."
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Mobil Corp chairman Allen E. Murray
said in the annual report issued today that the company's total
1987 capital expenditures would be lower than the three
billion dlrs spent in 1986.
"Overall capital and exploration expenditures will fall
slightly below the level for 1986 although we'll be ready to
increase spending whenever the outlook becomes more promising,"
Murray said.
Mobil data in the annual report shows capital expenditures
have been cut every year since 1984's 3.6 billion dlrs to 3.5
billion dlrs in 1985.
Murray told shareholders that despite the cuts "the company
has promising acreage to explore as well as major oil and gas
reserves to develop in the U.S., Canada, Europe, Africa and
Indonesia.
Over the past two weeks Mobil has announced restructuring
of its domestic exploration and development organization and
this week a restructuring of its oil services units, which
support the new affiliate.
"Mobil's chairman has explained this change by saying we
need a leaner organization to get more efficient usage from our
assets," said John Lord, a Mobil Corp spokesman.
Murray said in announcing the first reorganization, which
will combine its current three exploration and producing
affiliates into one organization, Mobil Exploration and
Production U.S. Inc, that it is more effective than the present
organization and will improve the company's upstream
competitive position.
Yesterday the company said that it will restructure its
Mobil Exploration and Producing Services Inc, MEPSI, to enhance
the development and transfer of technology supporting critical
areas of exploration, drilling, resevoir management and
computer systems.
Earnings from Mobil's upstream operations in 1986 were 827
mln dlrs, down 54 pct from the previous year's 1.8 billion dlrs
in earnings.
Mobil's strategy in the exploration and production sector
will be to give most attention to exploration possibilities
with the greatest long term potential, the company said.
In its annual report, Mobil said that this will include
greater emphasis on "frontier plays that, although riskier, fit
our strengths of technology and size...This probably also means
a shift toward emphasis in the foreign area since selective
overseas exploration offers greater potential."
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<Interconnect Capital> said it
seeks to acquire Gates Learjet Corp on friendly terms.
Late yesterday the company said it has offered 7.07 dlrs
per share for all Gates Learjet shares.
Interconnect Capital said it intends to purchase the <Gates
Corp> loan to Gates Learjet for 13 mln dlrs should its bid be
successful.
Interconnect Capital is controlled by <Interconnect Inc>.
Gates Corp owns 64.8 pct of Gates Learjet.
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Brazil's labour troubles eased a
little today as the authorities announced they were withdrawing
troops from the country's main oil installations occupied three
days ago.
The troops went in at the request of the state-oil company
Petrobras because of the threat of a strike by 55,000 oil
industry employees.
Petrobras said in a statement today it had requested the
withdrawal of the troops. The situation in the refineries was
calm, it said, and the employees had indicated their
willingness to negotiate a pay deal.
A national seamen's strike, however, continued and marines
remained in the country's main ports. The marines were
despatched to the ports after the seamen's strike, now two
weeks old, was ruled illegal last Friday.
A spokesman at the national strike headquarters in Rio de
Janeiro said today a total of l63 ships were strike-bound, 135
in Brazil and 28 in foreign ports.
Yesterday two small companies specialised in the transport
of chemicals, Global and Flumar, struck a pay accord with their
seamen who have secured a 120 pct increase.
Brazilian newspapers today hailed these agreements as a
sign that the national strike could soon come to an end.
Both companies employ fewer than 200 seamen and union
leaders said the vast majority of Brazil's 40,000 seamen were
still on strike.
The threat of a stoppage by oil industry employees appeared
today to be receding. Petrobras said in its statement that the
company would meet union leaders for pay talks in Rio de
Janeiro next Wednesday.
Labour Minister Almir Pazzionotto would act as a mediator.
Besides industrial troubles, there has also been
considerable unrest this week in the agricultural sector.
On Tuesday hundreds of thousands of farmers held rallies
throughout the country to protest against high interest rates.
Television reports showed some of these protests still
continuing today, with farmers blockading banks with their
vehicles in several towns in the states of Sao Paulo and
Parana.
The strikes in Brazil come as the government is trying to
extricate itself from a serious debt crisis brought on by a
deterioration in its trade balance.
On February 20 President Jose Sarney announced that Brazil
was suspending interest payments on 68 billion dlrs of debt to
private banks.
Because of the seamen strike exports are being delayed and
the country is losing badly needed foreign exchange.
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Shr profit two cts vs loss 11 cts
Net profit 31,734 vs loss 190,677
Sales 1,325,978 vs 1,029,921
Nine Mths
Shr profit eight cts vs loss 53 cts
Net profit 142,200 vs loss 939,435
Sales 4,066,777 vs 2,793,479
Reuter
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(Mindscsape Inc) said it
agreed to buy the educational software unit of Holt, Rinehart
and Winston Inc, a subsidiary of Harcourt Brace Jovanovich Inc,
for undisclosed terms.
Sales of the division, which had been purchased by Holt,
Rinehart from CBS, peaked at about 10 mln dlrs in 1985,
Mindscape said.
Reuter
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Qtly dividend 17 cts vs 17 cts
Pay April 10
Record March 26
Reuter
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|
Mobil Corp increased net proven
reserves of natural gas liquids in 1986 from the previous year
according to data in its 1986 annual report.
The report states that total net proved reserves at year's
end stood at 2.5 billion barrels, an increase of 94 mln barrels
or four pct above the previous year and detailed data show that
the gains resulted from an increase in net proved reserves of
natural gas liquids.
Mobil said gains were in Indonesia where a sixth production
facility began operation in October with a capacity to
manufacture 1.7 mln tonnes of liquified natural gas.
The company also said that new capacity brought onstream
last year replaced 120 pct of Mobil's production, which
declined by about four pct in 1986 from the previous year.
Detailed data on reserves shows that U.S. net proved
reserves of crude oil fell to 837 mln barrels from 853 mln
barrels in 1985, natural gas liquid reserves were also lower in
1986 from the previous year.
Net proved crude oil reserves also fell in Canada to 224
mln barrels and in Europe to 403 mln barrels from the previous
year's level of 231 mln barrels and 439 mln barrels,
respectively.
Reuter
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Atlantic Richfield Co said it sold
its Plan Cell Research Institute unit and its Arco Seed Co
operations in two transactions for undisclosed prices.
The company said it sold Dublin, Calif.-based Plant Cell
Research to Montedision SpA of Milan, Italy, and ARCO Seed Co
to U.F. Genetics of Hollister, Calif.
Atlantic Richfield said the divestitures are in line with
its policy of focusing resources on oil, gas, chemical and coal
operations.
Reuter
| [
1,
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0,
0,
0,
0,
0,
0,
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] |
Caesars World Inc, in rejecting a 28
dlr a share takeover bid by New York investor Martin Sosnoff,
said it is considering alternatives that include a
restructuring of the company and the sale to someone else.
In a filing with the Securities and Exchange Commission,
Caesars World said its board decided at a special meeting
yesterday to "explore and investigate" several alternatives in
an effort to thwart Sosnoff's takeover attempt.
More
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] |
ChemLawn corp said it has asked
potential purchasers of the company to submit their proposals
by 1700 EST on March 18.
ChemLawn said if Waste Management Inc <WMX> intends to
participate in the bidding process, it will have to submit a
confidentiality agreement to Chemlawn financial advisor Smith
Barney, Harris Upham and Co Inc.
Waste Management has a 27 dlr per share tender offer for
Chemlawn underway that Chemlawn has already rejected as
inadequate.
Chemlawn has already said it is holding talks with various
parties on the sale of the company and said it has informed all
potential purchasers that they mnust sign confidentiality
agreemnents to receive confidential information on Chemlawn.
ChemLawn said if Waste Management were to sign such an
agreement, ChemLawn would supply it with the same information
being supplied to other potential purchasers. But it said it
will not make an exception for Waste Management which would
give that company an advantage in the bidding process.
Reuter
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Shr loss 48 cts vs loss 10 cts
Net loss 1,234,000 vs loss 259,000
Revs 715,000 vs 1,941,000
Year
Shr loss 1.26 dlrs vs loss 34 cts
Net loss 3,229,000 vs loss 870,000
Revs 3,001,000 vs 9,767,000
NOTE: 1986 net both periods includes 672,300 dlr writedown
of value of seismic laboratory and 165,000 dlr increase in
reserve for doubtful accounts.
Reuter
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Oper shr loss 44 cts vs oper loss eight cts
Oper net loss 3,158,000 vs profit 2,035,000
Rev 166.0 mln vs 162.3 mln
Year
Oper shr loss 34 cts vs loss 93 cts
Oper net profit 7,599,000 vs loss 283,000
Rev 643.3 mln vs 576.3 mln
NOTE: Per share results after provision for pfd dividends.
Fourth qtr earnings exclude loss from discontinued
operations of 67.6 mln dlrs, or 4.72 dlrs a share, and a loss
of 25.8 mln dlrs, or 1.81 dlrs a share, from tax reverse,
versus a gain from discontinued operations of 1.8 mln dlrs, or
14 cts a share, in 1985's 4th qtr.
1986 oper earnings excludes loss from discontinued
operations of 62.5 mln dlrs, or 4.41 dlrs a share, versus a
loss of 166.8 mln dlrs, or 12.24 dlrs a share, in 1985.
Reuter
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SmartNames Inc said it reached
an agreement in principle to buy American Information Network.
Terms of the agreement were not disclosed.
The company said the purchase of American will allow it to
meet the needs of a broader range of direct mail industry
customers.
Reuter
| [
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0,
0,
0,
0,
0,
0,
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] |
Atlantic Richfield Co said it sold
its Plan Cell Research Institute unit and its Arco Seed Co
operations in two transactions for undisclosed prices.
The company said it sold Dublin, Calif.-based Plant Cell
Research to <Montedision SpA> of Milan, Italy and ARCO Seed Co
to U.F. Genetics of Hollister, Calif.
Atlantic Richfield said the divestitures are in line with
its policy of focusing resources on oil, gas, chemical and coal
operations.
Reuter
| [
1,
0,
0,
0,
0,
0,
0,
0,
0,
0
] |
Construction workers today began building
a 26 km (16 mile) pipeline to link Ecuador's jungle oilfields
to a pipeline in Colombia through which Ecuadorean crude could
be pumped to the Pacific Coast, Ecuadorean energy minsitry
officials said.
They said it would take about two months and at least 15
mln dlrs to build the pipeline from Lago Agrio in Ecuador to
Puerto Colon, Colombia for connection to the Colombian
pipeline, which goes to the port of Tumaco on Colombia's
Pacific Ocean coast.
The Lago Agrio to Puerto Colon pipeline is designed to
transport between 30,000 to 50,000 barrels of day (bpd) of
Ecuadorean crude to the Colombian pipeline, they said.
The Colombian pipeline to Tumaco has ample room for
Ecuadorean crude, they said. It is currently transporting about
17,000 bpd out of its 100,000 bpd capacity, an Ecuadorean
energy ministry official said.
The Ecuadorean crude reaching Tumaco will be shipped by
boat to Ecuador for refining into oil products to meet domestic
demand.
The completion of the pipeline would allow Ecuador to
resume some of production, paralysed since March six by an
earthquake the night before.
The tremor ruptured the country's main pipeline from jungle
oilfields to the Ecuadorean port of Balao, on the Pacific
Ocean.
Ecuador was pumping about 260,000 bpd before the
earthquake. It would take about five months to repair the
pipeline to Balao, government officials said.
Ecuador estimates that it will cost between 145 to 150 mln
dlrs to repair oil installations damaged by the earthquake,
energy ministry Javier Espinosa said.
Reuter
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The Netherlands recorded a flat trade
balance in January, with both exports and imports totaling 14.2
billion guilders, a modestly lower compared with December but
sharply down from January last year, an Economics Ministry
spokesman said, quoting official statistics.
January 1986 exports compared with a December figure of
15.0 billion guilders and were 25 pct below last year's level
of 18.9 billion.
January 1986 imports compared with 15.3 billion guilders in
December and fell 18 pct from 17.4 billion in January last
year.
REUTER
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A greater than anticipated need,
competitive prices and political motivations could be sparking
Soviet interest in U.S. corn, industry and government officials
said.
As rumors circulated through grain markets today that the
Soviet Union has purchased an additional 1.5 mln tonnes of U.S.
corn, industry and government sources noted a number of factors
that make Soviet buying of U.S. corn likely.
First, there are supply concerns. Some trade sources said
recent speculation has been that last year's Soviet grain crop
be revised to only 190 mln tonnes, rather than the 210 mln
announced, therby increasing the Soviet need for grain.
A drop in Argentine corn crop prospects could also affect
Soviet corn buying, an Agriculture Department source said.
Dry weather in Argentina -- a major corn supplier to the
USSR -- and reported crop problems prompted USDA to lower its
Argentine 1986/87 corn crop estimate this week to 11.0 mln
tonnes, down from 11.5 mln. Argentina corn exports were also
cut by 500,000 tonnes to 6.8 mln tonnes.
Argentina has already committed four mln tonnes of this
year's corn for export, a USDA official said, with two mln
tonnes of that booked for April-June delivery to the USSR.
"Significant downside potential" still exists for the
Argentine crop, the official said, which will decrease the
amount of additional corn that country can sell to Moscow.
"If the Soviet needs are greater than we have been
thinking, then they might need more than what Argentina can
provide during the April to June period," he said.
Current competitive prices for U.S. corn have also sparked
Soviet buying.
U.S. corn was reported to be selling on the world market
earlier this week for around 71 dlrs per tonne, Argentine corn
for 67 dlrs -- a very competitive price spread, U.S. and Soviet
sources said.
"This price difference makes American corn competitive,"
Albert Melnikov, commercial counselor for the Soviet Union,
told Reuters.
Impending crop problems in Argentina will likely cause
those prices to rise, and with the recently strong U.S. corn
futures prices, the Soviets might feel corn prices have
bottomed and that this is a good time to buy, sources said.
Finally, some industry sources said that by buying the
minimum amount of corn guaranteed under the U.S./USSR grains
agreement (four mln tonnes), the Soviet Union may be hoping to
convince the USDA to offer Moscow a subsidy on wheat.
In an inteview with Reuters this week, USDA secretary
Richard Lyng said that no decision had been made on a wheat
subsidy offer, but that such an offer had not been ruled out.
Reuter
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Qtly div 35 cts vs 35 cts previously
Pay April 17
Record March 31
Reuter
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Qtly div Class B 1-1/2 cts vs 1-1/2 cts prior
Class A two cts vs two cts prior
Pay April 30
Record April 15
Reuter
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Qtly div 15 cts vs 15 cts prior
Pay April 30
Recrod April nine
Reuter
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Shr 25 cts vs 18 cts
Net 109,131 vs 75,793
Revs 1,811,636 vs 1,280,618
Reuter
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PLM Cos Inc said its PLM Power Co
unit broke off merger discussions with Sunlaw Energy Corp of
Beverly Hills, Calif.
In January PLM Power entered into a letter of intent to
negotiate a potential acquisition of Sunlaw, subject to
substantial due diligence, the company said.
But it also said the two companies were not able to agree
on mutually satisfactory final terms and conditions.
Reuter
| [
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The U.S. Agriculture Department has
accepted 10,572,402 more acres of highly erodable cropland into
the Conservation Reserve Program, USDA announced.
In the latest signup, farmers on 101,020 farms submitted
bids on a total of 11,254,837 acres.
The accepted bids for annual rental payments ranged up to
90 dlrs per acre with an average of 51.17 dlrs per acre.
Land entered into the Conservation Reserve Program will be
ineligible for farming for ten years and must be planted with
permanent vegetative cover.
Producers enrolled 1,894,764 acres of corn base acreage in
the conservation program to take advantage of a corn "bonus"
rental payment that was offered by USDA.
The corn bonus, to be paid in generic comodity
certificates, amounts to two dlrs per bushel, based on the ASCS
program payment yield for corn, for each acre of corn based
accepted into the reserve.
The state showing the biggest enrollment in the
conservation program during this signup was Texas with
approximately 1.225 mln acres, followed by Iowa with 1.030 mln
acres, Minnesota with 890,000 acres, Montana 875,000 acres, and
Kansas with 842,000 acres.
Other states showing big enrollment were Missouri with
646,000 acres, North Dakota with 588,000 acres, and Nebraska
with 554,000 acres.
In the corn belt states of Illinois and Indiana, 217,000
acres and 116,000 acres respectively were enrolled.
Farm land signed up to date in the conservation program
totals 19,488,587 acres. Bids on the previous signups ranged up
to 90 dlrs per acre with an average of 45.52 dlrs.
Reuter
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Qtrly 15 cts vs 15 cts prior
Pay May Eight
Record April 24
Reuter
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Shr loss 30 cts vs loss 20 cts
Net loss 1,553,000 vs loss 1,031,000
Revs 10.0 mln vs 8,696,000
Reuter
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Shr loss six cts vs profit 55 cts
Net loss 414,000 vs profit 3,936,000
Sales 109.4 mln vs 126.8 mln
Year
Shr loss 1.75 dlrs vs profit 55 cts
Net loss 12,589,000 vs profit 3,965,000
Sales 341.7 mln vs 389.5 mln
NOTE: Year results include 14.0 mln dlr restructuring
charge in 2nd Qtr of 1986
Reuter
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|
Shr profit three cts vs loss 18 cts
Net profit 124,000 vs loss 370,000
Rev 11.3 mln vs 11.7 mln
Avg shares 3,673,000 vs 2,368,000
Reuter
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Maxtor Corp and U.S. Design
Corp <USDC>, said they reached definitive agreement covering
the acquisition of U.S. Design by Maxtor.
They said the arrangement, which is subject to a number of
conditions including U.S. Design shareholder approval, calls
for Maxtor to issue 12 mln dlrs worth of its own common stock
in exchange for all of U.S. Design.
The number of Maxtor shares to be issued will be determined
by the average closing price of Maxtor stock over the 10
trading day period prior to the day the acquisition becomes
effective, the companies also said.
Reuter
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Qtly div 18 cts vs 18 cts prior
Pay April 15
Record March 31
Reuter
| [
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Shr 18 cts vs 16 cts
Net 348,298 vs 308,927
Sales 4,166,750 vs 3,740,970
Year
Shr 72 cts vs 52 cts
Net 1,409,867 vs 1,020,096
Sales 16.5 mln vs 15.0 mln
Avg shrs 1,974,529 vs 1,956,214
Reuter
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